Zimbabwe

F

Communications

Although the media in Zimbabwe is theoretically free, in practice it is very much state-dominated. The government controls the 2 main daily newspapers. Independent or foreign journalists who refuse to toe the government line have found themselves facing harassment or even expulsion. An Access to Information Bill instigated in December 2001 (see History below) made it increasingly difficult for journalists to operate in the country. A wide variety of periodicals are published. Zimbabwe has national radio and television broadcasting stations based in Harare, with secondary studios in Bulawayo. Independent radio stations find it almost impossible to obtain licences. In 1999 the country had about 4 million radio receivers and 410,000 television sets.

G

Currency and Banking

The monetary unit is the Zimbabwe dollar (Z$; formerly known as the Rhodesian dollar), of 100 cents (Z$259.16 equalled US$1; early 2007). The Reserve Bank of Zimbabwe (established 1964) is the central bank and the sole note-issuing bank. The country has the most developed financial services sector in Africa, apart from South Africa, with five commercial and four merchant banks, five finance houses, several discount houses, and a stock exchange. The Zimbabwe Development Bank (1983) is a development finance institution, 51 per cent government owned. The Agricultural Finance Corporation makes advance loans to farmers for seed, fertilizer, and equipment purchases. In 1994 the Zimbabwe dollar was devalued by 17 per cent, and in 1995 IMF assistance was suspended for six months because of the government’s failure to reduce public spending. The currency continues to decline against major world currencies.

H

Commerce and Trade

Until 1990 annual export earnings were usually greater than import costs. In 1991 the trade balance shifted into deficit, with export earnings of US$1,760 million and import costs of US$1,800 million. After 1994 the system of strict foreign exchange allocations for imports, inherited from the pre-independence era, was abolished. Although the system had badly inhibited the modernization of existing industry and curtailed the development of new industries (because it was hard for them to get allocations), it had enabled some equilibrium in the trade balance and limited the size of the overall balance of payments deficit. In 2002 there was a trade deficit, with exports earning an estimated US$2,327 million and imports costing US$2,467 million.

The leading exports included tobacco, asbestos, gold, cotton, steel, ferrochrome, nickel, textiles, and meat. Among the major imports were petroleum products, machinery, and transport equipment. The United Kingdom, South Africa, the United States, and Germany are the leading trade partners.

I

Tourism

Zimbabwe became one of the fastest-growing African tourist destinations during the 1980s, able to support attractions like the Victoria Falls on the Zambezi and numerous game parks, with a well-developed transport infrastructure and international-class hotels. However, the industry faced a downturn at the end of the 1990s and early 2000s with many prospective tourists being deterred by the worsening political situation. Around 1.56 million visitors a year were recorded in 2005, with receipts amounting to US$110 million.

V

Government

According to the April 1980 constitution, amended in November 1987, Zimbabwe is a sovereign republic, and guarantees the fundamental rights and freedoms of the individual, regardless of race, tribe, or place of origin.