“From now on the pound is worth 14pc less on the foreign exchanges. That does not mean, of course, that the pound in your pocket or in your purse or in your bank has been devalued” So said Harold Wilson in November 1967.

That’s not quite how Zimbabweans see things! And not the way we Brits saw it over 40 years ago. Devaluation means things cost more whether it’s in �’s or Zim$.

Here is the ever smiling, happy, Zimbabwean who last appeared here only 13 days ago when each of his 10 million Zim$ notes was worth less than 3 pence.

At lunchtime today I chatted with one of our Zimbabwean drivers at the Depot and commented on the exchange rate currently being 520 million Zim$ to the pound. “No” said Norman “The rate is now 550 million Zim$ to the pound”! I got home and told my wife of this new rate and she then told me that during the afternoon the rate had gone to 600 million Zim$ to the pound! Each note he’s holding is now only worth 1.66 pence.