$10 million note arrives
A new demomination in our funny currency was released very recently. I still haven’t seen it, but can tell you that it is a $10,000,000 bill. I haven’t seen it because I haven’t yet mustered the energy and patience required to stand for hours and hours in a queue to get cash. (Or, should I say, I’m not desperate enough yet!). Despite the new big note, cash is still in short supply and people are still being rationed in how much they can withdraw in one go.
Chovva (taxi/public transport) rates went up at the beginning of this week. A one way trip costs $2,000,000. So our largest note in our currency can buy 5 trips in a chovva.
I was told yesterday that the South African Rand was trading on the blackmarket for $500,000 to R1. So our new massive big hitting note buys us a teeny weeny R20. That was yesterday: today the Rand is trading at $600,000 to R1. So our new note buys even less today. And so it goes on, obliterated by inflation on a daily basis. How long will it be until it buys utterly nothing?
What does the largest note in your currency buy you?
January 23rd, 2008 20:34
in Israel, the 200 shekel note will buy you about 45 trips on the bus.
January 23rd, 2008 23:22
£50 note = Z$ 2,992,643
January 24th, 2008 08:32
Kutambura maface. Zim is in trouble only prayers can move mountains so they can move a president, with our faith.
January 24th, 2008 10:38
In my home country a 500€ note will buy… a laptop computer!
In my adoptive country a $100 note will buy between one and two weeks’ worth of meat and groceries for one person.
But all hope is not lost, Hope! Look here, Zimbabwe has still some way to go to reach the 500-billion note (what? two months? three?)
http://www.rogershermansociety.org/yugoslavia2.htm
January 24th, 2008 16:51
In Gainesville, FL, USA, a $100 bill will buy five bus passes…good for all the rides you want for a month, anywhere in the city.
Effectively, a month’s worth of public transportation for the average family of four with enough left over to stop at WalMart and buy each person a soft drink each day.
Suddenly I feel a combination of very sad and slightly guilty. The sadness makes perfect sense - I feel for you folks in Zimbabwe. The guilt doesn’t, I think.
I suspect that in another few years we’ll catch up with you. Our Federal Reserve Bank is running the printing presses 24×7 and dumping huge amounts of ‘digital money’ into the banking system. With any luck, we’ll pass each other going in opposite directions.
(grin) I’m picturing myself running a blog in 2018, and seeing comments from people in Harare saying, “Where’s your bus pass now, Jeff?”
January 25th, 2008 02:01
In Canada, our largest legal tender bill is $1000. However, in the opposite of your situation, the Bank of Canada has begun removing them from circulation to fight money laundering! They are still valid, but when deposited into a bank, they are destroyed.
$1000 in Canadian funds will buy 28 months of student-rate Montreal bus passes. They are valid for unlimited trips anywhere within the city on the bus or subway.
January 27th, 2008 23:37
Khumbulani
January 24th, 2008 08:32
Kutambura maface. Zim is in trouble only prayers can move mountains so they can move a president, with our faith.
Suggest you pray harder, much harder, muggers aint moving.