Zim Currency reforms

Saule said:
From the first of August ten zeros have been knocked off the Zim currency and the ATM limit has been increased to ZIM$2trillion (ZIM$200 in the new currency).

http://www.rbz.co.zw/pdfs/2008Julymps/mps.pdf
Click to expand...

How long do they think they can keep doing this?

Every time they are just de-valuing their own currency more and more.

Currency value is based on esteemed value in relation to other world currencies.

If you have to do this over and over again everybody is going to think your value is ****e.

The paper that the currency is printed on is now worth more than the stated currency on note.
 
Is it just me or is it strange that soon after their paper supply ran out they slash 10 zeroes off their currency and now they can use their old notes and coins again...
 
Keeper said:
impossible.
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WTF do you know, Doo$?

http://www.newzimbabwe.com/pages/inflation66.14226.html

http://www.latimes.com/news/nationworld/world/la-fg-money14-2008jul14,0,3947241.story

http://www.economist.com/world/mideast-africa/displaystory.cfm?story_id=11751346

http://allafrica.com/stories/200808041611.html

They can't even afford to buy the special fabric paper that they print the money on. They have started using fuel as currency...

http://www.independent.org/blog/?p=156

... only problem is there is not enough fuel in the country.

Foreign printing firms are refusing to print the money because it is no longer economically viable.... (and because they refuse to deal with Zim anymore)...

http://www.newsweek.com/id/144387
 
Pilgrim said:
Is it just me or is it strange that soon after their paper supply ran out they slash 10 zeroes off their currency and now they can use their old notes and coins again...
Click to expand...

It won't last... in fact it is already past crisis stage. No country in the world recognises the Zimbabwean dollar as currency anymore. It is impossible to trade in it since it changes value by the billions within the hour. They can slash as many Zeroes off as they want, it will be exactly where it was with a few weeks. It is a pointless measure.
 
Garyvdh said:
It won't last... in fact it is already past crisis stage. No country in the world recognises the Zimbabwean dollar as currency anymore. It is impossible to trade in it since it changes value by the billions within the hour. They can slash as many Zeroes off as they want, it will be exactly where it was with a few weeks. It is a pointless measure.
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Ja and the notes have expiry dates

where in your life did you ever see crap like that????
 
Everything is currently being traded in Rand or US$. the former being the currency of choice for anything from fuel to firewood. this can't be good for our currency...
 
Current exchange rate from www.xe.com:

1.00 ZAR = 2.47658 ZWD
Click to expand...

This note is also mentioned:

Notice: The Zimbabwe government redenominated the ZWD on August 1, 2008 at a rate of 10,000,000,000 old ZWD to 1 new ZWD. No new currency code has been issued, but the old ZWD currency remains legal tender until December 31, 2008.
Click to expand...

The_Librarian said:
Become an instant billionaire - just convert your paycheck over to Zim dollahs! :D
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R1 would have made you a billionaire. So a whole South African salary would have made you a trillionaire in Zim:D.
 
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