I don’t know who needs to hear this but a number of media outlets put out a story today stating that $500M is missing after the polymer exchange. This story is misleading and total nonsense.

According to the story, as of Jan 31 2020, $7.525 billion in old cotton $100 notes were converted into polymers as part of the demonetization exercise conducted last year. This amount represents 94% of the total $8 billion in circulation.

This Anansi story implies that $500 million is missing because the entire amount of old notes in circulation wasn’t converted into new plastic money. However, given that part of the reason for the exercise was to force people to declare their source of income and to fight corruption, one would expect there to be less money converted than the total in circulation.

The idea that money is somehow missing is inaccurate and makes no sense. The unconverted money has no value. The polymers that would have been exchanged for those cotton notes are presumably still sitting in the Central Bank’s vault.

If the story was that $500M in polymers that were to be used to convert the old bills are somehow now unaccounted for then that would be a HUGE problem and worthy of printing. As is, this story sounds like someone with a blindfold on, searching for a Leprechaun Sloth riding a unicorn on a rainbow made of Skittles.

Let’s not even get into the fact that they keep confusing the amount of bills in circulation with the value of bills. Someone should tell these news people it’s 80 million bills not $80 million.

What makes this even worse, if the rest of the story is accurate, is that politicians are wasting the people’s time discussing this bollocks in parliament. I mean really? Does it matter where the useless money is? Are you really gonna arrest people, take them before the courts and secure a conviction? Just be glad that whoever has it can’t fund whatever nefarious activities earned them the funds in the first place.

Plus don’t you all have more important things to bicker over like who’s paying the bill for Stuarty shoulder and why that one gentleman in the front row in the video seemed unperturbed??

I don’t know where these journalists learning their trade these days but more and more it seems like they went to class behind the school.

TANA

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