ZimbabweanEquities.com has printed yesterday’s OMIR at somewhere north of 164 trillion to the USD. Now, even for Zimbabwe, that seemed kinda high. But…
- Old Mutual’s closing price yesterday in Harare was ZW$300,000,000,000;
- Ditto in London was 92.8p. The ratio is 1:1, so 1 GBP is worth 300 billion / 0.928, or about 323 billion ZWD;
- GBP/USD late yesterday (the WM Company fixing is close enough for government work) was 1.99015… so 1 USD is 323 billion / 1.99015 … whaddadya know, 162 billion and a bit ZWD.
Interestingly, this still works out to, very roughly, a doubling every three days – or, as I posted previously, 430 trillion trillion trillion percent per annum.
Edit: fixed “trillions” that should’ve been “billions”.