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Article: A confusion of currencies. (African currencies)(Editorial)
- Article from:
- African Business
- Article date:
- February 1, 1997
- Author:
CopyrightCOPYRIGHT 1997 IC Publications Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Take a look at the currency table on page four and prepare to be amazed. The current conversion rate for Angola's new kwanza is 352,736 against one pound sterling! Three hundred and fifty thousand new kwanza against one pound! The zaire is not far behind - 254,314.20 against one pound. Anyone would be forgiven for thinking these were telephone numbers instead of currency conversion rates. Of what use are these currencies?
Mind you, in both cases, the current rates are an improvement from the recent past when the new kwanza scaled the dizzying heights of half a million against sterling. These are not serious currencies - they are a joke. Three pounds sterling and you ...