REMEMBER the time when $60 trillion had to be printed to cover the wage increase of the civil servants?
Remember how desperately short of cash the banks were in the days when these increased wages were paid in spite of the extra
trillions that were printed?
And now our Reserve Bank governor wants us, by the end of this month, to have the salaries of all wage earners in the country paid in the new currency. The total wages, not just the increases.
And to top it all, a couple of days later he wants us to pay school fees — nationwide!
Everybody knows how this exercise gobbles up a gigantic chunk of the available cash and how long it takes before this money gets regurgitated into circulation. And now this exercise also has to take place with new bearer cheques only.
The mind boggles.
By the way, can anybody tell me when exactly the old bearer cheques cease to be legal tender? On or before August 21? I always assumed that August 21 was inclusive, but I don’t want to be unpleasantly surprised.
And at what time, if I may ask? Can a shop owner for instance refuse to accept legal tender, say, at 4pm on August 21? He would only be able to bank it on August 22, but the banks will most likely refuse to accept it.