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Spare me a quadrillion – only in a land of zeros By Prieur du Plessis, on September 3rd, 2008 posted in: Currencies, Markets, Money  8 people had their say - chime in!
1,000,000,000,000,000. That’s right, a quadrillion is a thousand trillion. These are the numbers Zimbabweans have to deal with when going about fairly modest everyday transactions. The sad truth is that hyperinflation is just one of the many items the country’s despotic ruler, Robert Mugabe, can list on his bio. The check below, drawn on the MBCA bank in Zimbabwe, has just crossed my path. It is for Z$1.072 quadrillion which, as far as I can establish, equates to about US$27, but that is a rapidly moving target. Adding “only” to the amount in words and the “00” cents to the figures must be a matter of habit! The check is dated July 23, just prior to the Zim dollar having had 10 zeros cut off on August 1. But don’t hold your breath for an end to the erosion of the currency value, at least not while crazy Bob is calling the shots. PS: Also see “Dinner for ONE in Zimbabwe“.
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I think you’re off by 3 orders of magnitude; at the time this was written, I think it was worth around 15,000 EUR. Now, 5 weeks later, it would be less than 2,000 EUR.
Great. Now I have the account number and a copy of the signature, I am going to withdraw … one million dollars.
Congrats on your great growth lately of your blog – saw a mention in The Big Picture today about this post.
Cheers.
– Richard
Richard Wilson
Hedge Fund Group (HFG)
any idea how much is lost during clearing house processing?
banks must make a package on the float
Spare me a quadrillion – only in a land of zeros…
Have you ever seen a check for 1.072 quadrillion? Let me add that it is in Zimbabwean dollars. The sad truth of hyperinflation is that this astronomical number equates to only a tiny amount of US dollars….
That is incredible, and incredibly sad. With the inflation moving so quickly, by the time the cheque clears it must be worth less!
[…] You know inflation has gone crazy when there isn’t enough space on a cheque to write out an amount that is equivalent to a few hundred US Dollars. Yes that is a cheque written out in Zim dollar’s. Found it on Investment Postcards From Cape Town […]
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