{UAH} People saving with NSSF are excited about the fund's annual interest rate rising from 11% to 15%.

People saving with NSSF are excited about the fund's annual interest rate rising from 11% to 15%.

There is only one problem. We save in shillings and while Jjaja's army is getting stronger and bolder that they have added torture to their credentials, the shilling gets more shitty everyday.

I would be excited if we were saving in dollars. With the current head of state showing as little interest in leaving power as he is in ensuring we have a strong shilling, Shs200m I will have saved in NSSF about 20 years later could be Zimbabwe millions.

Here is simple maths. If I had Shs60m last year with the dollar exchange rate at Shs3,000, I would be worth $20,000. Now if NSSF gives me 15% interest, I would be worth Shs69m. Very good. But if the dollar rate is now Shs3,800, I would be worth $18,157 with my juicy interest. It is actually a 9.2% reduction in my savings after interest when converted to dollars.

If the shilling goes on losing value for the next 20 years like it has steadily done (At this time 10 years ago Shs1,930 would get you a dollar as opposed to today's Shs3,800), all the money I will have saved for more than 30 years might only get me a bicycle like Bosco and I might have to turn to drip irrigation for my retirement farm.

If I had saved Shs30m in 2008, when the dollar rate was Shs1,930, I would be worth $15,544. Now if I have doubled my savings to Shs60m 10 years later, at the current exchange rate of $3,800, I'm worth $15,789 for my Shs60m!!!!! It means in 10 years I have actually increased my savings by only $245 thanks to the shitty shilling.

Now the quagmire is that I cannot pick my money from NSSF to save it from losing value. I have to wait when I'm 55 or when faced with a life threatening situation or beneficiaries picking it in case of demise.

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