Saturday, December 20, 2008

Zimbabwe Can't Paper Over Its Money Woes

PRICELESS: The new Z$100-million note issued this month will, like its predecessors, soon lose any worth it has. Aaron Ufumeli / EPA

From The L.A. Times:

As inflation soars, the state keeps issuing bigger notes -- Z$10 quintillion, anyone? -- but even then, with bizarre exchange rules, it's hard to figure out what, if anything, they're actually worth.

Reporting from Harare, Zimbabwe -- It's confusing.

The pale blue bank note that says 1,000,000 Zimbabwean dollars really means 10,000,000,000,000,000,000. Yes, that's 10 quintillion, taking into account the 13 zeros Zimbabwe's central bank has lopped off in the last couple of years to make the country's currency somewhat more manageable.

Read more
....

No comments: