Wednesday, July 23, 2008 |
22:09 - Oh for the days of the Y2K problem
http://www.aol.com.au/news/story/Zimbabweans-battle-money-shortages-as-collectors-bu
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Egads:
President Robert Mugabe and opposition leader Morgan Tsvangirai signed an agreement Monday to hold talks about power-sharing to end the crisis and restore economic stability. But the news failed to move the exchange rate, since little cash is available.
House prices and lottery prizes are quoted in quadrillions _ that's with 15 zeros. Zimbabweans says it's only a matter of time before big ticket items will be priced in the quintillions, which have 18 zeros.
Official inflation is quoted at 2.2 million percent but independent finance houses say it's closer to 12.5 million percent.
One major commercial bank said its automated teller machines are not configured to dispense multi-zero withdrawals and freeze in what it called a "data overflow error." Software writers are busy writing programs to try to overcome the problem.
Urgent electronic transfers in trillions also take several days as electronic accounting systems grapple with transactions in 12 zeros.
Hurry, get your 100 billion dollar notes before they're worthless...
Via Mark.
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