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Two and a half nothings...

Zimbabwe - $50,000 bearer cheque (front)

Zimbabwe - $50,000 bearer cheque (back)

When I was doing a crossword puzzle some time ago, one of the clues was "an awful purple dinosaur". It didn't take a second for the penny to drop and "Barney" to come up in flashing purple lights. Well, now, if I came across the same clue today, I'd have to think a bit longer. Why? Because Zim now has its own purple dinosaur - the new Z$50,000 note!

Our very own boot-licking gideon gono (holder of a doctorate, no less - but what in, is anyone's guess), Governor of the Reserve Bank of Zimbabwe, this week unveiled a long-promised and much- trumpeted new issue of currency - one solitary Z$50,000 note! Well, not exactly ......... It's just another of those very Zimbabwean oddities - another "bearer cheque". And that? Well, it's sort of a bank note, but it isn't. It's legal tender, but only for a limited time - it has an expiry date! The Z$50,000 bearer cheque expires on 31st December 2006. It joins the (very slowly) growing list of bearer cheques - Z$5,000, Z$10,000 and Z$20,000.

Now this is from a government and a Reserve Bank that claim they are in control of the country and the country's finances. Yeah right! So, if you're in control of the situation mr gono, why didn't inflation slow right down by the end of 2005 as you predicted (to an unbelieving public)? Why do you have to you introduce new currency notes at all? It seems to me that the public has more financial savvy than you!

Another question mr gono - seeing as you've got a firm grasp on the financial situation - why do you insist on producing "bearer cheques" instead of genuine currency? Then again, why produce "bearer cheques" in useless denominations? Okay - it is useful to be able to buy a loaf of bread (at Z$45,000 a loaf) with only one note, or even a bottle of beer (Z$50,000 each), but what if you want to pay for a tank of petrol? That's a normal enough thing isn't it? Okay, so you it's hypothetical in Zim - big deal! A forty litre tank will cost you about Z$6 million to fill at the going black market rate of Z$150,000 per litre. That means you will need 120 of Zim's largest note to pay for it! Now you can understand the problem of any one who wants to pay their workers in cash, or do a cash deal on a second washing machine, or a car or .......the mind boggles! We need a Z$500,000 note - at least - to help people in the street turn Zim's cash bottleneck into a cash flow again. A Z$1,000,000 note would probably be better!

Seeing as you really do not seem to get the picture, mr gono, can I try and put it a bit more simply for you? If a Z$20,000 bearer cheque is worth nothing, two and a half nothings is still nothing!

[tags]Zimbabwe, currency, economy, money, bearer cheques, Gideon Gono, Reserve Bank of Zimbabwe[/tags]


Max says:

Boot-licking gideon gono?

Submitted by Max on 8 February 2006 - 1:43pm

Congratulations for your blog.
I'm very interested in Zimbabwe current life experiences.
I will use this entry and the images of the Z$50,000 notes to comment in my blog.
Thanks in advance.

Submitted by Santiago Tazón on 9 February 2006 - 2:34am
B. Wabbit says:

Thank you for writing your blog. I am in Australia and have written a post over here about some of the posts I have read here today.
I too have linked the 50,000 dollar note on my blog. Thank you in advance.
My blog is a personal blog not a political one.
I hope you do not mind that I have linked to you. My trackback does not work.

Submitted by B. Wabbit on 12 February 2006 - 2:12pm
John Murney says:

So what can you buy with Z$50000?

Submitted by John Murney on 13 February 2006 - 6:50am

[...] Nuestro amigo Dad en Sokwanele pide que emitan billetes de un millón de dólares de Zimbabwe y reflexiona que si los de 20.000 Z$ ya eran prácticamente nada, estos de 50.000 Z$ serán dos veces y media nada, es decir NADA. [...]

Submitted by HispaLibertas »... on 13 February 2006 - 11:23am
Aidan Work says:

It is a very lovely note,but what a real pity that it is worth nothing. I would love to have one of these in my collection of British Commonwealth banknotes.

Submitted by Aidan Work on 28 February 2006 - 4:43am
J P Morgan says:

Hey Mr Work. Are you still showing them how to do it over at Wikipedia or were you tossed out of there too?

Submitted by J P Morgan on 25 March 2006 - 11:15pm
Aidan Work says:

JP Morgan,they biffed me out of Wikipedia. I have done some work on .

Submitted by Aidan Work on 2 April 2006 - 5:12am

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