Major news organizations are reporting (BBC, CNN) Sunday morning (GMT) that Zimbabwe’s Reserve Bank is set to unveil new $100 billion bank notes on Monday. The new note is equivalent to $1 US, and can only buy 4 oranges. While official inflation rate figures were announced late last week at a staggering 2,200,000%, independent economists and contacts in Zimbabwe believe the inflation to be actually closer to 15-20 million percent.
Just 15 days ago, the Zimbabwean dollar was valued at $60 billion to $1 US. To put this in startling perspective, inflation rates in January hovered around 50,000% and the Zim dollar was valued at $2 million to $1 US.
Tags: zimbabwe
No comments
Jump to comment form | Comments RSS | Trackback URI