I did not know this, although there are historical precedents such as Germany in the 1920’s.
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.
“It’s sad,” Gonzalez says. “At this point, I think the cheese is worth more.”
It’s also one of the clearest signs yet that hyperinflation could be taking hold in a country that refuses to publish consumer-price data on a regular basis. Cash-weighing isn’t seen everywhere but is increasing, echoing scenes from some of the past century’s most-chaotic hyperinflation episodes: Post-World War I Germany, Yugoslavia in the 1990s and Zimbabwe a decade ago.
“When they start weighing cash, it’s a sign of runaway inflation,” said Jesus Casique, financial director of Capital Market Finance, a consulting firm. “But Venezuelans don’t know just how bad it is because the government refuses to publish figures.”
More here – Bloomberg
Hey Chris,
Zimbabwe is still in the same boat basically, but the newest addition to there economic cash grab is, you are only allowed to carry no more than US$200 on your person at any time, if you they search you and you have more than that they confiscate it off you(tourists beware!!!), You can only draw US$20/day from an atm, and the deposit or withdrawal fee is a minimum of US$30. The only country in the world where a trillion dollar note in worth about 1 cent.
It makes you really appreciate the country you live in, and yes our system is a cash grab one for the banks and other institutes, but the Zim system is a blatant cash grab for an ever failing dictator, who should have been pulled into check by the UN a long time ago. Pity as it is a very beautiful country, with a lot of great people.
Have an awe inspiring day.