Is this the future of the Egyptian pound?
Tired of counting piles of cash, Venezuelans are now weighing them. The weighing of cash and the printing of higher-denomination banknotes all point to hyperinflation in Venezuela, which listeners of the Planet Money podcast we noted yesterday know is no longer printing official inflation figures. Writes Bloomberg: “At a delicatessen counter in eastern Caracas, Humberto Gonzalez removes slices of salty white cheese from his scale and replaces them with a stack of bolivar notes handed over by his customer. The currency is so devalued and each purchase requires so many bills that instead of counting, he weighs them.” (Read the full story on Bloomberg)
Oh, and a random fact: We’ve been here before. Per Inflationdata.com: Between 276 and 334 AD, Egypt saw “1 mn percent inflation in 58 years. A measure of wheat which sold for 200 drachmae in 276 AD increased to more than 2,000,000 drachmae in 334 AD.”