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Zimbabwe Issuing a new Currency known as Bond Notes that are officially equal to US Dollar

The Reserve Bank of Zimbabwe says the new currency will, among other things, increase the country’s exports

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Holding bills of new Zimbabwean money, a man welcomes the introduction of 'bond notes' saying the move will ease cash shortages in the country, in Harare, Zimbabwe, Nov. 28, 2016. (S. Mhofu/VOA)
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Zimbabwe is issuing a new currency, known as bond notes, that officially are equal to the U.S. dollar. The government has gone ahead with the plan despite warnings the new currency will fuel hyperinflation and worsen the already ailing economy.

On Monday, there were still long queues at most ATMs in Harare, despite the release of the new bond notes, which are intended, in part, to ease long-running cash shortages.

The Reserve Bank of Zimbabwe says the new currency will, among other things, increase the country’s exports.

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But economist Prosper Chitambara, of the Labor and Economic Development Research Institute of Zimbabwe, says the bond notes will worsen the country’s situation.

“The costs may probably outweigh the intended benefits. Most of the economic agents in Zimbabwe have to buy imports from outside our borders. So they would require either U.S. dollars or South African dollars, or other internationally tradable currencies to be able to do business. Actually the bond note has even exacerbated the macroeconomic sustainability. It has eroded confidence within the financial system. It has created a lot of uncertainties in the market. Investors are not going to be interested in doing business in Zimbabwe,” Chitambara said.

A till operator poses with new bond notes at a supermarket in Harare, Nov. 28, 2016, VOA
A till operator poses with new bond notes at a supermarket in Harare, Nov. 28, 2016, VOA

Zimbabwe’s economy has been struggling for nearly a generation now, since President Robert Mugabe’s government embarked on a controversial land reform program in 2000 which displaced white commercial farmers off their land without compensation.

That affected the country’s backbone, agriculture. What followed were hyperinflation and shortages of almost all goods.

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In 2009, Zimbabwe abandoned its own worthless currency and it has been using all major foreign currencies, but mostly the U.S. dollar.

Now it has introduced bond notes, despite calls to abandon the plan as it might cause the economy to take a nosedive. That advice fell on deaf ears. (VOA)

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FIFA World Cup 2018: Indian Cuisine becomes the most sought after in Moscow

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Indian cuisine in FIFA World cup
Indian dishes available in Moscow during FIFA World Cup 2018, representational image, wikimedia commons

June 17, 2018:

Restaurateurs Prodyut and Sumana Mukherjee have not only brought Indian cuisine to the ongoing FIFA World Cup 2018 here but also plan to dish out free dinner to countrymen if Argentina wins the trophy on July 15.

Based in Moscow for the last 27 years, Prodyut and Sumana run two Indian eateries, “Talk Of The Town” and “Fusion Plaza”.

You may like to read more on Indian cuisine: Indian ‘masala’, among other condiments spicing up global food palate.

Both restaurants serve popular Indian dishes like butter chicken, kebabs and a varied vegetarian spread.

During the ongoing FIFA World Cup 2018, there will be 25 per cent discount for those who will possess a Fan ID (required to watch World Cup games).

There will also be gifts and contests on offers during matches in both the restaurants to celebrate the event.

The Mukherjees, hailing from Kolkata, are die-hard fans of Argentina. Despite Albiceleste drawing 1-1 with Iceland in their group opener with Lionel Messi failing to sparkle, they believe Jorge Sampaoli’s team can go the distance.

“I am an Argentina fan. I have booked tickets for a quarterfinal match, a semifinal and of course the final. If Argentina goes on to lift

During the World Cup, there will be 25 per cent discount for those who will possess a Fan ID (required to watch World Cup games).

There will also be gifts and contests on offers during matches in both the restaurants to celebrate the event.

FIFA World Cup 2018 Russia
FIFA World Cup 2018, Wikimedia Commons.

“We have been waiting for this World Cup. Indians come in large numbers during the World Cup and we wanted these eateries to be a melting point,” he added.

According to Cutting Edge Events, FIFA’s official sales agency in India for the 2018 World Cup, India is amongst the top 10 countries in terms of number of match tickets bought.

Read more about Indian cuisine abroad: Hindoostane Coffee House: London’s First Indian Restaurant.

Prodyut came to Moscow to study engineering and later started working for a pharmaceutical company here before trying his hand in business. Besides running the two restaurants with the help of his wife, he was into the distribution of pharmaceutical products.

“After Russia won the first match of the World Cup, the footfall has gone up considerably. The Indians are also flooding in after the 6-9 p.m. game. That is the time both my restaurants remain full,” Prodyut said.

There are also plans to rope in registered fan clubs of Latin American countries, who will throng the restaurants during matches and then follow it up with after-game parties till the wee hours.

“I did get in touch with some of the fan clubs I had prior idea about. They agreed to come over and celebrate the games at our joints. Those will be gala nights when both eateries will remain open all night for them to enjoy,” Prodyut said.

Watching the World Cup is a dream come true for the couple, Sumana said.

“We want to make the Indians who have come here to witness the spectacle and feel at home too. We always extend a helping hand and since we are from West Bengal, we make special dishes for those who come from Bengal,” she added. (IANS)