Wednesday, January 28, 2009

Endangered Species: the Zimdollar

GoWayBird never thought he would be a Randlord.

But that day has finally arrived, along with the imminent extinction of the Zimbabwe dollar.

According to a bright new idea from the inimitable Gideon Gono, he of the infinite Zeroes, all property owners must open a special foreign currency account with a local authorised dealer (these are all ZanuPF cronies) for the purpose of depositing rentals, which can now be paid in foreign currency. My tenant works in Botswana part of the time, so he will pay in Rands!
But - there is always a but - I will have to sell 10 % of my rental income to the Reserve Bank, at official exchange rate of course.

This poses a bit of a problem: If the Zim dollar is no longer in existence, how will Gideon know what the exchange rate is? My birdbrain cannot figure this one out, but perhaps Gono will just 'think of a number and double it'. Would this be legal?

And there's more! I will now also have to declare my rental income in forex. Will they have to reprint the Tax Returns?