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Not a fun situation to be in. We (Zimbabwe) took off something like 25 zeroes (3, 12 then 10). Dollarization was the only sensible option for anyone wanting to
by Yenrabbit 5y ago
Not a fun situation to be in. We (Zimbabwe) took off something like 25 zeroes (3, 12 then 10). Dollarization was the only sensible option for anyone wanting to buy things with a currency that didn't devalue daily. Unfortunately a 2-currency system like this is ripe for exploitation, especially once the government starts trying to manipulate exchange rates.
Thanks for that article.
- nverno 5y agoDid the government still bother to collect taxes, and did they accept US dollars instead?
- groundthrower 5y agoI cycled into Zimbabwe sometime 2008 and exchanged one usd to 500.000.000 Zim dollars. One week later I left the country and it had increased to 1.2 bn. The shops were almost empty - except for large quantities of Heinz ketchup.
- number6 5y agoWere you able to repay debts with the inflated money?
- dzonga 5y agoas a Zimbabwean too, I wish the best of luck to Venezuelans. the hyper-inflation era, was rough. prices changing every 30 mins. people stopped counting money, it was about how thick it looked while boarding public transit. But yeah Venezuela need to get off the 2 currency system as it's prone to manipulation. I wonder, how it will work for them though, since they're under massive sanctions from the US