How many zeroes does one country need?
Because the last post was so popular:
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.