One of the fascinating aspects of working here at Next Level Purchasing is that we have the pleasure of interacting with purchasing professionals from around the world – employers from over 50 countries around the world have enrolled their purchasers in the SPSM Certification Program. So I try to learn a little bit about many of the countries in which we do business.
A bizarre situation that I’ve become aware of is the runaway inflation in Zimbabwe. If you have a few minutes and an interest in global economics, give this interview on National Public Radio’s Web site a listen. It talks about how people in Zimbabwe have to literally take millions of Zimbabwean dollars with them on a shopping trip and how crazy that is considering that the highest demonination of Zimbabwean dollars (ZWD) is 1,000.
I’ve recently exchanged some emails with a purchasing manager in Zimbabwe. He says that the inflation has a crazy effect on purchasing in many ways including getting quotes that say “Quote is valid for now only” because sometimes prices double or triple overnight!
Makes you glad you’re buying goods and services in your own country, doesn’t it?
On another note, the exchange rate seems to be remaining constant at 250 ZWD per 1 US Dollar. I’m not sure what Zimbabwe’s import restrictions are, but this could result in the US being a low-cost-country to Zimbabwe.
I had to keep this week’s apparent theme of LCCS going somehow, huh?