World
Harare - Reeling from the highest inflation rate in the world, barred by the government from using U.S. dollars for purchases, Zimbabweans turned to a new money source Wednesday: gasoline coupons.
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The move reflected the complete chaos of Zimbabwe's financial system, where prices are openly quoted in the American currency, in Zimbabwe's own new currency that came out Friday, and in its old denominations, which have 10 more zeros than the new bills.
Even coins have returned to circulation after being abandoned in 2002.
Auctioneers Hammer and Tongues announced the first "auction by barter" to be held Friday. Dozens of cars and other goods will be up for bids payable in gas coupons instead of hard currency and the government says the system is legal, the auction house said Wednesday.
"Homegrown solutions for Zimbabweans. Now we are selling in liters (gallons) not in dollars," the statement said.
Bidders must put down a deposit of 1,000 liters (220 gallons) of gas coupons, worth about $1,500 at the current gas price in Zimbabwe, and pay the rest in coupons when they pick up their purchases.
Don't expect the expected from Dibakar Banerjee.
There is no proposal for government-run State Bank of India to take over any oth...
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