Friday May 16, 2008

Zimbabwe adds $500 million dollar note as hyperinflation runs on

africa.reuters.com :

Zimbabwe's central bank introduced 500 million Zimbabwe dollar notes worth just $2 on Thursday [15 May 2008] in the latest sign of spiralling hyperinflation, only a week after issuing the 250 million bill. The new highest denomination note would buy about two loaves of bread. Zimbabwe, which has the highest inflation rate in the world at around 165,000%, has been beset by long queues at banks as consumers seek banknotes to stock up on basic goods, the prices of which are constantly rising. The Zimbabwe dollar, which had been officially pegged at 30,000 to the U.S. dollar before exchange rules were relaxed recently, currently trades at about 250 million to the greenback.

- Everyone can be a billionaire by picking up just two of these $500 million dollar notes. The photo shows a Zimbabwe $50 million dollar note which was released in Apr 2008. All the people there including children have to learn to count money in terms of millions and billions of dollars and yet the government somehow doesn't seem to be able to count a couple of million votes in an election that has been held more than a month ago. Read Cathy Buckle's site for ongoing articles reporting from the frontlines of the fastest hyperinflation going on in recent history.

See also :

1. Zimbabwe inflation hits 165,000% (Apr 2008)
2. Zimbabwe: IMF estimates inflation at 150,000% (Jan 2008)
3. Zimbabwe : Not Reality TV
4. Peak Oil Crisis : Zimbabwe

(2008-05-16 08:19:23 SGT) [Biz] Permalink

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