The head of the commission charged with policing Zimbabwe’s draconian price control plan is selling chickens for at least 50% above the allowable maximum. Godwills Masimirembwa is chairman of the National Incomes and Pricing Commission (NIPC).
Masimirembwa, who was appointed by President Robert Mugabe to chair the NIPC last month, is selling a bird weighing about 2kg for $1,5 million when the commission gazetted the producer price at $434 567 while the wholesale and retail prices are $478 023 and $573 628 per kg respectively.
The chickens at his farm, located south of Harare, are raised and slaughtered in unsanitary conditions.
Not only that, Mr Masimirembwa’s appointment as head of NIPC caused a stir in Zimbabwe’s legal community because he was struck off the register of lawyers in March 1997 for "unprofessional and dishonourable conduct".
Despite price controls, inflation continues on up into the stratosphere. Figures leaked from the Central Statistical Office show that annual inflation reached the mind-boggling rate of 14,840.6% in October, up from September’s 6848.5%.
Why are prices rising so rapidly? Here’s a clue: The money supply (as measured by M3) grew 17,806.8% in August.
Finally, Zimbabwe’s central bank is considering issuing a $1 million note and eliminating all denominations smaller than $10,000. The US dollar, worth Z$50,000 four months ago, now trades for about Z$1.3 million.
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An interesting juxtaposition of items appeared today concerning Episcopal Church Presiding Bishop Katharine Jefferts Schori.