#LightMoment
CENTRAL BANK OF BUS TERMINI(CBBT)
1) Back in the day(2009 to be precise), Zim had a biting small change problem. The market had agreed to peg the kombi price at $0,50c per trip. However the market had no supply of USD small change in lower coins denominations....
CENTRAL BANK OF BUS TERMINI(CBBT)
1) Back in the day(2009 to be precise), Zim had a biting small change problem. The market had agreed to peg the kombi price at $0,50c per trip. However the market had no supply of USD small change in lower coins denominations....
2) Typical of Zimbabweans they had “to find a way”. Vendors weighed in, selling buscuits packets for $1 for two to kombi crews. In the unfortunate event of the crew failing to find change, one would be “blessed” with a packet of buscuits in place of $0,50c. Perfectly acceptable!
3)Kombi crews devised yet another solid innovation- The Central Bank of Bus Termini (CBBT)! They deviced a plan to “issue” coupons which were reedemable for Cash or acceptable as payment for a kombi trip. Commuters accepted this innovation until one thing happened- OVERPRINTING
4) Unscuplous individuals began to flood the market with counterfeit versions of the actual coupons. In no time the market was flooded with coupons and kombi crews were in no position to honour the fake coupons. Before we knew it that system crushed.
5) This scenario is a perfect description of one characteritic of money- Scarcity! Money is good as long as it is in short supply. The moment it is availed in tonnes, load upon load, economic agents will reject it as a medium of exchange! Does this sound familiar?
#LightMoment
#LightMoment
