x1,000 and x1,000,000
x1000 and x1,000,000 : everyone in Zim will know what this means.
It appears on signs everywhere on cash registers, scales and invoices. What this means is that you take the amount displayed or recorded and multiply by one thousand (add three zeros) or one million (add six zeros) and that’s the figure you pay.
This is the simple, quick way of coping with the ever increasing zeros being added to our currency by hyper-inflation.
It does not, however, resolve how the computer systems will cope. I know I have mentioned this problem before but during those early mumblings I was still a bit naive! We have become programmed to cope with a crisis as it arises and then move forward, but this crisis is never ending and many people have found themselves in PC-system HELL!
Like for example, in the business where I work the maximum data field in the accounting programme is 999,999,999,999.99 , so anything above that has to be divided into lots not exceeding that amount. They are then referenced accordingly and processed by multiple line entry.
Although this is tedious, it works, and that’s how we coped with the zero-problem.
Now, however, (just a few weeks after this first happened), the line entries are no longer being divided by 2 or 3. Today we have an entry which we have to divide 31 times. We then have to do a cash-flow and bank reconciliation matching all the line entries.
Our accounting staff are no longer ‘coping’ and one of our team broke down recently and cried, saying she felt like she was going to have breakdown because her workload has increased 10-fold. I have huge sympathy because I feel the same.
My usually tolerant patience levels have deteriorated drastically. My brain cells… well, no comment.
June 3rd, 2008 18:54
It looks as though the President of the USA is getting pissed off with RGM. Inzim.com have posted details of an white House announcement. text below
Zimbabwe: Statement From the U.S. President
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The White House (Washington, DC)
DOCUMENT
3 June 2008
Posted to the web 3 June 2008
Washington, DC
The following is a statement from the president of the United States of America:
The continued use of government-sponsored violence in Zimbabwe, including unwarranted arrests and intimidation of opposition figures, to prevent the Movement for Democratic Change from campaigning freely ahead of the June 27 presidential runoff election is deplorable. We call on the regime to immediately halt all attacks and to permit freedom of assembly, freedom of speech, and access to the media. We urge the Southern African Development Community, the African Union, the United Nations, and other international organizations to blanket the country with election and human rights monitors immediately.
We also are concerned by reports that misguided government policies are projected to result in one of the worst crop harvests in Zimbabwean history. While Robert Mugabe makes political statements in Rome, his people continue to face empty markets at home. The United States currently feeds more than 1 million Zimbabweans and spent more than $170 million on food assistance in Zimbabwe last year. We will continue these efforts to prevent government-induced starvation in Zimbabwe.
June 4th, 2008 01:45
Ho on earth can the UN (& Italy) can allow this murderous despot to waltz in unhindered, hijack the speaking platform at the UN food summit, no doubt indulge his love for expensive shopping in Rome then go back to Zimbabwe to continue his oppression and illegal rule. He is simply NOT the legitimate elected leader of Zimbabwe.
Story (ABC Australia) re Mugabe hijacking the platform at the UN food summit and blog open for comment:
http://www.abc.net.au/news/stories/2008/06/04/2264257.htm
June 5th, 2008 20:06
The Z$ plummeted to new record lows today, 5/6 trading at now over Z$1 billion to the US$, up from an average Z$700m at the beginning of the week. all prices of goods, which are all imported, have gone up sharply. A loaf of bread is now put at Z$600m, before the election it was Z$15m. The currency has now reached the stage of hyperinflation2 (squared)
and until production and exports are restored it will simply continue to depreciate ever more sharply.
This is equal to a situation where on a Monday a monthly wage will buy a two litre bottle of cooking oil, but by the Friday of the same week that same monthly wage would only buy one loaf of bread. Therefore the only respite would be to obtain some hard currency to survive. But there’s the catch, this demand for a hedge against the inflation backfires on itself as the scramble for hard currency over-extends itself and the supply dries up. That’s when you reach meltdown, and normal trading and bartering ceases, even the black market dries up and the result is chaos and anarchy.