>Zimbabwe Revalues Currency


This FT article states the inevitable news that Zimbabwe has decided to revalue its currency by removing 10 zeroes from the amounts. Essentially, $10,000,000,000 old Zimbabwe dollars is now a single new zimbabwe dollar, although it’s still only worth one US cent. The revaluation is supposed to help electronic transactions deal with the ever growing prices. Under the old currency, it took 500,000,000,000 to equal one US dollar.
Unless the government gets the printing presses under control, I would not expect this revaluation to have any more effect than the last two.

About perkinsms

I'm an engineer and father interested in transit, parking and economics.
This entry was posted in budget, economics, fiscal, government, inflation, international, zimbabwe. Bookmark the permalink.

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