Written by:Kayle
8/22/2008 9:22 AM

     Changing money has gotten to an all time ridiculous point.  Since inflation has been out of control and the currency has been revalued (10 zeros were dropped off and a new set of notes was printed), there are several different exchange rates:

1. Cash for cash black market coin rate: this is where you exchange us dollars for zim dollars on the streets.  If you want zim coins, then the rate is $1=85 zim dollars
2. Cash for cash black market bill rate: this is where you exchange us dollars for zim dollars on the streets.  If you want zim dollar bills, then the rate is $1=80 zim dollars.  (It is slightly a worse rate from the coin rate as people prefer bills rather than coins).
3. RTGS Bulawayo rate: this is when one does a bank transfer from their bank account to your bank account.  In Bulawayo, this RTGS rate is lower than in Harare.  $1=200.
4. RTGS Harare rate: this is when one does a bank transfer from their bank account to your bank account.  In Harare the rate is much higher.  $1=800.
5. Diesel rate: some people prefer to exchange zim dollars based on the price of diesel as that is a stable price here in the country.  Diesel is currently $1.40 so they peg the zim dollar against the price of diesel.
6. Old currency cash.  This is when one trades US cash for the old currency cash (the old notes that don't have the zeros taken off of them)
7. Old currency rtgs.  This is when one does a bank transfer from one account to another, transfering the old currency amount (the old notes that don't have the zeros taken off of them).
8. You'll get a different rate based on which currency you are dealing: You can trade zim cash for the South African Rand, the British Bound or the Botswana Pula, but typically the strongest currency here is the US dollar. 
9. Not only do you grapple with trading money, but you also grapple with buying items in a store.  If you write a check the store wants you to pay 50-75% on top of your total because by the time the check clears, inflation has taken off and the store has lost money.  By charging a fee,the store doesn't lose money.
10. Many stores don't take checks at all (since they'll lose money due to inflation), but only take cash or bank checks/cashier's checks.  Bank checks currently have a 500 zim dollar fee.

Are you confused yet?  The easiest thing to do is not to shop at all.  If I have to shop, lately I've just been using dollars or rand to buy anything I need (this is technically illegal, but it is what everyone is doing to survive).

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