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| Africa Subsaharan | |
| Zimbabwe introduces Z$100bn note | |
| 2008-07-20 | |
Some Zimbabweans are already calling for higher denominations in a country where the official annual inflation rate has exceeded 2,200,000%. Independent economists believe the real rate is many times higher. Zimbabwe's meltdown has left at least 80% of the population in poverty, facing mass shortages of basic goods. The country's central bank has introduced several new notes already this year in response to the hyperinflation. In January, a Z$10 million note was issued, followed by a Z$50 million. By June the denominations had reached tens of billions. In a notice in the state-controlled Herald newspaper, central bank governor Gideon Gono said the Reserve Bank of Zimbabwe would introduce the new notes - known as special agro-cheques - to help consumers. "This new $100 billion special agro-cheque will go into circulation on Monday," the notice said. But Zimbabwe residents say the latest note is already worthless, and does not even cover their daily lunch. "Nowadays, for my expenses a day, I need about Z$500 billion," one resident said. "So Z$100 billion can't do anything because for me to go home I need Z$250 billion, so this [note] is worthless." | |
| Posted by:Steve White |
| #7 Yup, you won't be Billionaires any more, but you'll have enough food to eat. Choices, Choices. (I got my ten megabucks bill all framed and hanging by the door.) |
| Posted by: Redneck Jim 2008-07-20 17:05 |
| #6 You see! Get rid of white rule and you will all be millionaires!!! If you ask real nice, maybe they will come back and "subjugate" you back to a healthy economy. |
| Posted by: bigjm-ky 2008-07-20 10:40 |
| #5 Remember that they are spending large amounts of real money to pay the krauts to do the printing. I'm amazed that ZimBob hasn't imploded yet. |
| Posted by: Spot 2008-07-20 10:33 |
| #4 I see little humour in the PRINTING. The Zim solution is not unlike what we'll soon be seeing from our own government in support of Fannie Mae and Freddie Mac. |
| Posted by: Besoeker 2008-07-20 10:19 |
| #3 Now Bob Mug-a-bee can claim that ZimBobWe has the most of billionaires in the world. By a sheer coincidence, the Sumerian hell, Abzu, is thought that it was located in ZimBobWe. |
| Posted by: Spike Uniter 2008-07-20 03:30 |
| #2 They need logarithmic currency notes introduced; the trailing zeros are giving people migraines. |
| Posted by: Alaska Paul 2008-07-20 03:08 |
| #1 They're up to 11 zeroes already? I guess lopping off 3 awhile back didn't work out as well as they hoped. They'll have to start using scientific notation soon. |
| Posted by: PBMcL 2008-07-20 00:24 |