Zimbabwe is to introduce a bank-note worth Z$100bn in response to rampant inflation - but the note will barely cover the cost of a loaf of bread.

Some Zimbabweans are already calling for[b] higher denominations in a country where the official annual inflation rate has exceeded 2,200,000%.[/b]

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."

Zimbabwe was once one of the richest countries in Africa.

But it has descended into economic chaos in recent years, with many international observers blaming the policies of President Robert Mugabe


Fuente!

Welcome to Mugabenomics - I suggest they just go back to trade by barter.

1.00 ZIM DOLLAR = 0.00000000630168 NAIRA

1.00 ZWD = 0.00000000002678 POUND  

Now THats what is called inflation.

omo dis is gangsta!

1Naira = 235.8million Zimbabwe dollars!!!!!!

the funny thing b say i still check am last week, and na 175million dollars e dey then. .dem currency don depreciate further just within a week!

no be small thing o!

"Mugabe, fighting to retain power after a winning a run-off poll boycotted by his rival, says Zimbabwe's severe economic crisis is due to sabotage by former colonial master Britain, its European Union (EU) allies and the United States."

Is this guy hallucinating or what

A good symptom of delusion is to think everyone is against you.

It's obvious he's still living in the dark ages.



http://www.guardiannewsngr.com/africa/article01//indexn2_html?pdate=210708&ptitle=Mugabe%20plans%20seizure%20of%20foreign%20firms%20over%20sanctions

davidylan:

Welcome to Mugabenomics - I suggest they just go back to trade by barter.

Might not be such a bad idea. This has gotten to obscene ammounts of absurdity and Mugabe is not ashamed yet?