I have been out of the loop for a couple months. Whats the Bank/blended/black market rates with the USD currently? No I'm not investing, I was just wondering I like to know whats going on, sorry I'm in the wrong forum but its the best forum so here I am, thanks in advance.

eric

Eric,

I'm sure someone has more up-to-date info, but last month it was about 15,000:1, and more on the black market.

1 US Dollar = 24,502.0 Zimbabwe Dollar
1 Zimbabwe Dollar (ZWD) = 0.00004081 US Dollar (USD)

That's the official rate, don't know the black market rate.

Last month the common rate in stores was 32000 to 1 US. Their money is worth nothing and most items were bought with SA Rand. Shops did not want Zim $$'s

I bought a steak dinner for three including drinks in Harare and used my Visa card to pay for it. I just got the billing was $1,000,5000 Zim and I paid $41 US. The pricing sure looked weird on my statement! Steaks were good and we had a nice time.

Black Market 52-55000:1 it is now two mozambique mets to the zim dollar.

NB for the PH salaries argument, most local PH's are paid at the tourism rate of 32000:1

Does Zim money cost more to print than it is worth?

Something to think about and be grateful for what we have:

Zimbabwe must be one of the few places in the world where the largest note,
a Z$500 - can't buy you a beer, which costs $650, but if that's not bad enough,
then consider that a roll of single-ply toilet paper costs $1000.

There are about 72 sections on the average roll, so it is cheaper to take your $1000,
change it into $10 notes, wipe with 72 of your notes, and keep the other $280 as change.
Financial Mail, 13 June 2003 issue, page 82.

(It is cheaper to wipe your ass with bank notes) .... (save the toilet paper)

truvellshooter

good point!

That is bad advice from financial mail. They might know about money and business but they know nothing about toilet paper. By law in the countries governed by the southern african trade agreements a roll of single ply toilet paper must have 500 sheets. Do not ask why I know this it is a long story. :-))

quote:

Originally posted by Rat Motor:
That is bad advice from financial mail. They might know about money and business but they know nothing about toilet paper. By law in the countries governed by the southern african trade agreements a roll of single ply toilet paper must have 500 sheets. Do not ask why I know this it is a long story. :-))

Rat Motor

Good advice,

BUT you forgot to mention the marketing aspect ...

The reason is because the toilet roll has a picture of the PRESIDENT on every sheet, therefore he gets more publicity per WIPE (-:

Peter

The last time I went to Zim, one of the guys in camp did indeed use Zim dollars for toilet paper!

Our largest proper note is Z$1000 - ie 2c

We generally use paper which used to be money- explanation - the governmunt had a huge pile of brand new yet useless Z$50 notes, so they overprinted on them and called them "bearer Cheques." These come in 5000, 10,000 ans 20,000 dollar denominations, but all carry the $50 markings in the corners. Also, bearer cheques were meant to be a short term expediency and so have an expiry date on them. Either december 2004 or december this year. Due to the shortage of actual cash money everybosy, including the reserve bank still treat the "expired" bearer cheques as cash. ie paper that used to be money.

A mate of mine draws 50 billion a day in cash for his gold buying busness. That is over three tonnes of $20,000 bearer cheques.

A air fair to the USA is now 28 million - and nobody in their right mind would accept a cheque in this country and we don't use credit cards.

We used to laugh about the zambian who went to the shops with a supermarket trolley full of kwatcha, a thief knocked him over, tipped the money out and just stol the trolley.

There are now 4 zim to the kwatcha

quote:

Originally posted by Ganyana:
Our largest proper note is Z$1000 - ie 2c

We generally use paper which used to be money- explanation - the governmunt had a huge pile of brand new yet useless Z$50 notes, so they overprinted on them and called them "bearer Cheques." These come in 5000, 10,000 ans 20,000 dollar denominations, but all carry the $50 markings in the corners. Also, bearer cheques were meant to be a short term expediency and so have an expiry date on them. Either december 2004 or december this year. Due to the shortage of actual cash money everybosy, including the reserve bank still treat the "expired" bearer cheques as cash. ie paper that used to be money.

A mate of mine draws 50 billion a day in cash for his gold buying busness. That is over three tonnes of $20,000 bearer cheques.

A air fair to the USA is now 28 million - and nobody in their right mind would accept a cheque in this country and we don't use credit cards.

We used to laugh about the zambian who went to the shops with a supermarket trolley full of kwatcha, a thief knocked him over, tipped the money out and just stol the trolley.

There are now 4 zim to the kwatcha

Ganyana

Please can you pass a message onto your reserve or central bank or Robert himself that I have a solution to the problem

Just cross off say 4 zeros or more whatever takes the fancy and that will make it so much easier to work ...

For that suggestion I want 1 trillion in commision please

Balla Balla - that is why the bearer cheques were planned as just a temp measure. Unfortunately word leaked on what the government was planning and suddenly everybody was drawing and hording all the cash they could find. I had 2 million in $100's $50's and $5's. Howevery by the time for the revaluation excersise came virtually every bank account in the country was empty and everyone was looking forward to a 10,000% increase in the value of their cash on hand.

However, we can still laugh- see below!

HAPPY IN ZIM, even though.........
1. A Vienna sausage costs more that a three bedroom house cost 25 years ago

2. Fuel has increased by 59,000% in the last 18 months

3. If you want fuel you have to buy foreign currency on the black market (illegal) drive 120 kms, smuggle your cash through an international border, and fill a container. On return you have to pay duty in Zim $ on the fuel you have purchased but you are not allowed to take out sufficient Zim $ to pay the duty anyway

4. In August you are advised of the new minimum wages for July

5. Kariba Bream now costs $1,200,000 per kg which is double the price of imported Hake

6. Fees in Government schools are increased by 1,000% retrospective for 6 months, whilst private schools are restricted from increasing their fees at all

7. Colgate toothpaste in supermarkets is kept locked in a glass display cabinet otherwise it will be stolen

8. Reserve Bank officials enforce laws on illegal currency deals, yet the Bank uses illegally obtained currency to pay 20 satellite television subscriptions

9. New Zealand butter is half the price of Zimbabwe butter

10. Water rationing is introduced four months after the end of the rains when the dams are already almost empty

11. A $10 note is still in circulation and is worth 0,05 of one US cent

12. A $10 note costs over $3,000 to print

13. Toilet paper costs more than $10 a sheet - so it's cheaper to use the notes

14. Banks charge 300% interest on overdraft but pay 0,001% interest on current account balances

15. It is cheaper to hand deliver mail than to use the postal system

16. Government knocks down houses when there is a housing shortage

17. It can take up to a year to renew a firearms licence which is only valid for three years

18. A replacement drivers' licence can take up to three years

19. Electricity Supply Commission is unable to send out monthly accounts (because of the postal costs), so estimates the usage - a previous average usage of $250,000 p.m. is now estimated at $24 million

20. A monthly govt. pension of $135-oo will buy one small sip of Coke. But this is not an issue because you can't buy cokes anyway.

Pensioners living outside our borders would receive half one US cent per month

21. An ordinary washer costs 20 to 30 dollars. If you are lucky enough to find a coin; drill a hole in it! Our largest coin is $ 5.

If you can find a 1 cent coin you can really "coin" it. It is even made of copper! (value $27)

While in Vic Falls this July, we were advised not to change any currency. None of the stores accepted Zim dollars. None accepted credit cards either. The day we got there the exchange rate was 10,000 Zim D to 1 USD. When we left 4 days later it was 17,500 Zin D to 1 USD.
Never the less we had a great stay at the Victoria Falls Hotel. What was most surprising was the attitude on the people. They were genuinely happy to see us, were very friendly, and at no time did any of us feel unsafe or even uneasy. Considering the economic hardships that they are experiencing that is truely amazing. We would have riots long before things got nearly as bad as they are there.

quote:

Originally posted by TerryR:
While in Vic Falls this July, we were advised not to change any currency. None of the stores accepted Zim dollars. None accepted credit cards either. The day we got there the exchange rate was 10,000 Zim D to 1 USD. When we left 4 days later it was 17,500 Zin D to 1 USD.
Never the less we had a great stay at the Victoria Falls Hotel. What was most surprising was the attitude on the people. They were genuinely happy to see us, were very friendly, and at no time did any of us feel unsafe or even uneasy. Considering the economic hardships that they are experiencing that is truely amazing. We would have riots long before things got nearly as bad as they are there.

Sure they were happy they needed the $$, its terrible whats happened there, I waa sthere in may and it sounds like it has gotten much worse since then