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

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I have just realized my note is out of date :-(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

Zimbabwe to Drop 10 Zeros in Currency Revaluation
 

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.


On 8/1/08 7:17 AM, in article
,
" wrote:

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I have just realized my note is out of date :-(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

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.

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.

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?


--
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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.

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.

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 | | | | | |
___________________________________________ | | | | | | _______________

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.