Members of the public have this week advocated for the slash of several zeros from the local currency by Reserve Bank of Zimbabwe (RBZ) to facilitate transactions in the purchase of goods and services and accounting procedures, a survey revealed.
Zimbabwe's inflation has hit a record approximately nine million percent with the smallest purchases costing over three billion. A cigarette by the street side is going for five billion while an ordinary t-shirt at a flea market costs over a trillion dollars. Some newspapers especially the privately owned are going for $ 70 billion dollars.
The majority of machines can count up to $10 billion, an amount which is equal to a charge per trip by commuter omnibuses from location to town in Gweru. Even the Automated Teller Machines (ATM), once the pride of banks and building societies are no longer functional due to many zeros. Mobile phone operators have already slashed zeros to make it easier for transactions.
Computer accounting systems have also been affected, as they are not compatible with so many zeros and this has compromised the accuracy of accounting systems.
If implemented this would be the second time the central bank will be slashing zeros.
In 2006 the bank deleted three zeros in an operation dubbed Sunrise but due to the hyperinflation, the local currency has accumulated more zeros than in 2006.
The slashing of zeros will come as a welcome measure to the many Zimbabweans who have been grappling with carrying large sums of money.
"It would be better if the zeros are slashed because business is greatly inconvenienced by many zeros and large sums of money are difficult to handle. What does it benefit to be called a trillionnare when you are still very poor? We appeal to RBZ to consider slashing of zeros as soon as possible," said an interviwee
Economists, however, say while this would retain the current accounting systems, which are failing to cope with the many zeros; it is a short-term measure and an indicator of failure on the part of government in the war against inflation.
In what they said would be a 'cosmetic measure' analysts say the decision would not tackle the major problem of inflation and foreign currency insufficiency.
"In a few months the zeros will be back again, they should deal with the root cause not the symptoms," said a top banker.
