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Zimbabwe to Drop 10 Zeros in Currency Revaluation
Zimbabwe will issue new bank notes from August 1 that will knock 10
zeros off the dollar and revalue a 10 billion dollar note to equal one zimdollar http://tomchao.com/archive.html |
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Zimbabwe to Drop 10 Zeros in Currency Revaluation
On Jul 30, 12:10*pm, wrote:
Zimbabwe will issue new bank notes from August 1 that will knock 10 zeros off the dollar and revalue a 10 billion dollar note to equal one zimdollarhttp://tomchao.com/archive.html Hi, I was watching the Zim dollar for the last while at http://www.oanda.com/convert/classic One US Dollare = 22/7/08 30,394,000,000 26/7/08 46,730,000,000 29/7/08 54,200,000,000 1/8/08 6.57 !!!!!!!!!!!!!! Says it all. Since I have a 50 million Zimbabwe note will someone give me 50/6.57 = 7.6 Million US Dollars ( 7 million at a snip, thank you very much) I have just realized my note is out of date :-( Am I correct in saying that the only reason for dropping off zeroes is to save paper and the problems with the calculation machines. It will be interesting to see when/if these new notes reach the mad denominations that were in print for the first half of the year. DM |
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Zimbabwe to Drop 10 Zeros in Currency Revaluation
Since the German company who used to print the notes for Zimbabwe had stopped supplying them there may be a paper problem soon. |
#5
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Zimbabwe to Drop 10 Zeros in Currency Revaluation
According to news reports, Giesecke & Devrient GmbH supplied the paper but
the notes were printed in Zimbabwe by Fidelity. The thing that doesn't make sense is that G&D is a printer, not a paper mill. I suspect that in actuality, it was Papierfabrik Louisenthal, G&D's subsidiary, that used to supply Zimbabwe with the paper substrate. In any event, Zimbabwe could just use ordinary paper to print its notes because nobody in their right mind would bother counterfeiting a currency that's likely to lose so much value so quickly. On 8/1/08 4:32 PM, in article , " wrote: Since the German company who used to print the notes for Zimbabwe had stopped supplying them there may be a paper problem soon. |
#6
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Zimbabwe to Drop 10 Zeros in Currency Revaluation
In article ,
says... I don't think that saving paper has anything to do with this revaluation. More like trying to save face, if you ask me. Obviously dropping the zeros makes calculations (manual and computerized) much easier, but it will do nothing to prevent the inevitable erosion of value due to hyperinflation. The paper may be an issue on this. I seem to recall that, the European company that was selling them the banknote paper stock is refusing any more shipments. And that there is only a couple months' supply of paper on hand, at the current rate of usage. I am guessing that the Zimbabwe central bank doesn't have any hard currency to pay for more paper? They certainly can't use the hyperbux to buy anything from other countries. My guess is that, they will start printing the notes on regular paper. After all, who would want to counterfeit that stuff anyway? -- Get Credit Where Credit Is Due http://www.cardreport.com/ Credit Tools, Reference, and Forum |
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Zimbabwe to Drop 10 Zeros in Currency Revaluation
On 3 Aug, 06:58, Coffee's For Closers
wrote: My guess is that, they will start printing the notes on regular paper. *After all, who would want to counterfeit that stuff anyway? Poor desperate people, of which there are ever growing number in Zimbabwe. FWIW, Indonesia adopted a similar strategy in its revolutionary period. The paper was said to be of such poor quality that it would be difficult to copy. Of course that was nonsense, and fakes proliferated, including ones done by hand. The best way to identify them is by checking the check code built into the serial number/letters. |
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Zimbabwe to Drop 10 Zeros in Currency Revaluation
Hello,
Zim dollar is not doing too bad?? 1 Aug 08 6.57 US Dollars 14 Aug 8.90 22 Aug 21.28 2 Sept. 38.41 10 Sept. 58.95 Not a complete collapse. It has a long way to fall before it gets to the ridiculous denominations of the first half of the year. |
#9
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Zimbabwe to Drop 10 Zeros in Currency Revaluation
wrote:
Hello, Zim dollar is not doing too bad?? 1 Aug 08 6.57 US Dollars 14 Aug 8.90 22 Aug 21.28 2 Sept. 38.41 10 Sept. 58.95 Not a complete collapse. It has a long way to fall before it gets to the ridiculous denominations of the first half of the year. ? Checking http://www.zimbabweanequities.com/ as of this typing the effective rate is about (new)Z$11608 = USA$1. -- ___________________________________________ ____ _______________ Regards, | |\ ____ | | | | |\ Michael G. Koerner May they | | | | | | rise again! Appleton, Wisconsin USA | | | | | | ___________________________________________ | | | | | | _______________ |
#10
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Zimbabwe to Drop 10 Zeros in Currency Revaluation
Hi Michael,
mmmmmmmmmmmmmmmmmmm............. I guess I won't be getting a job any time soon with a currency trading firm!!!!!! I was using this to convert: http://www.oanda.com/convert/classic It was giving hugh amounts of Zim dollars per US Dollar before the 10 zero's were dropped off. 1 USD = 30394 million Zim's (22 July '08) Guess the effective rate was rather larger. |
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