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January 21, 2008
Zimbabwe unveils $10 million bill - Won't even buy a hamburger
Rick Moran
There's inflation...and then there's what's happening in Zimbabwe:
Zimbabwe faces the world's highest official inflation of an estimated 25,000 per cent. Independent financial institutions say real inflation is closer to 150,000 per cent.
Acknowledging the inflation crisis, Gono said individuals would be allowed to withdraw an increased limit of 500 million Zimbabwe dollars (£100) in a single daily withdrawal, up from 50 million (£10). There was a saying in the Weimar Republic during Germany's hyperinflation of the 1920's that you took your money to the store in a wheelbarrow and brought your purchases home in a basket. Zimbabwe has solved that dilemma by simply adding a few more zeroes to their worthless currency: The central bank of the southern African country has a issued a 10million Zimbabwe dollar note. The move increases the denomination of the nation's highest bank note more than tenfold.
Even so, a hamburger in an ordinary cafe in Zimbabwe costs 15 million Zimbabwe dollars. And that's if you can find the ingredients to even make a hamburger. Meat and bread are in very short supply.
At the official exchange rate, the $10 million note is worth 3 pounds - about $6.
Perhaps Zimbabwan dictator Robert Mugabe should change his economic policies. Executing shopkeepers isn't working out so good.
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