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When Buying Sugar in Zimbabwe

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Tags Money and BanksCapital and Interest TheoryMoney and Banking

...it's easier to use the new $200,000 note issued by the RBZ. It is worth US$13 at the official exchange rate or $1 on the black market.

Addendum: Lest anyone reading this blog harbor any doubts that the Zimbabwean central bank is anything less than an exemplary organization, let me assure you that you are wrong. I write this with confidence after reading the 16 values that the RBZ lists on its web site. They are:

1. Fairness and equality in employment opportunities;

2. Openness without offence;

3. Honesty, integrity and uprightness;

4. Transparency in whatever we do in the name of the Bank;

5. Commitment to teamwork and cooperation;

6. Learning organization;

7. Respect for one another without discrimination;

8. Helpfulness and approachable;

9. Clients and customer focused;

10. Involvement and commitment;

11. Decisiveness, action and results oriented;

12. Accountability;

13. Professionalism;

14. Success-driven;

15. Time conscious;

16. Respect for the environment.

The Bank also notes that it "will express itself through leadership in the formulation, implementation and monitoring of policies and action plans for fighting inflation, stabilisation of the internal and external value of Zimbabwe's currency and of the financial system in a manner that gives pride of achievement to Zimbabweans across the board."

Christopher Westley a professor of economics in the Lutgert College Business at Florida Gulf Coast University and an associated scholar at the Mises Institute.

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