Zimbabwe plans to print new $200 million notes in yet another attempt to ease severe money shortages from out of control inflation, known as hyperinflation.
Reports indicate Zimbabwe Finance Minister Samuel Mumbengegwi made the announcement Saturday, just two days after the country’s Central Bank issued $100 million, $50 million and $10 million dollar notes.
According to CNN, those launches caused prices to spiral further upward, with a loaf of bread surging to $35 million from $2 million.
Zimbabwe’s inflation is pegged at some 231 million percent. A far, far cry away from the current U.S. annual inflation rate of 3.7 percent. Read the rest of this entry »
Like a perpetual broken record repeating nearly monthly, Zimbabwe’s Central Bank introduced new Zimbabwean $10,000- and $20,000-dollar banknotes just two months after slashing ten zeros from their currency to fight inflation. That, after previous months of issuing notes ranging up to $100 billion.
While Americans may be feeling an increased change in the value of its dollar due to inflation (see inflation calculator for examples), it’s nothing compared to the Zimbabwe hyperinflation last reported at 11.2 million percent in June. Some reports indicate economists now estimate it may be has high as 50 million percent.
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Just last week Zimbabwe released $100 billion notes in an attempt to fight inflation. But the new banknote on the day it hit the street wasn’t enough to buy a loaf of bread. Today, reports say it will take $200 billion to buy that loaf, and $600 billion to buy a can of Coke.
While Americans may be feeling an increased change in the value of its dollar due to inflation (see inflation calculator for examples), it’s nothing compared to the Zimbabwe 2,200,000% inflation rate.
It’s the world’s highest, and in an attempt to change that, Zimbabwe will now slash ten zeros from currency, making $10 billion a revalued one dollar.
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The U.S. public may be feeling a pinch of inflation’s rise, but it’s nothing compared to the stranglehold it has on Zimbabweans. On Saturday, the Zimbabwe’s Central Bank issued a new Z$100 billion banknote to try and combat the severe shortages of money.
How much will the new note buy? According to CNN and BBC reports, its not enough for lunch or, for that matter, a loaf of bread. Apparently, it is sufficient — at least for now — to purchase four oranges.
Zimbabwe is stricken by severe hyperinflation that some news agency’s have reported as high as 2,200,000% — the Zimbabwean government stopped providing figures long ago. Contrast that to an already outrageously high of 50,000 percent reported back in January when the central bank issued new $10 million notes.
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Zimbabwe’s Central Bank issued new banknotes, including Z$1 million, Z$5 million and Z$10 million dollar notes.
Notes like the new 10 million were released into circulation to combat extreme shortages of money. Bags of cash are needed to purchase simple goods at stores and extreme waits at financial institutions are normal when withdrawing money.
Zimbabwe is stricken by severe hyperinflation that some news agency’s have reported as high as 50,000 percent. Current official inflation numbers have not been published by the government.
Read the rest of this entry »
