Wednesday, May 31, 2006

Zimbabwean's load lightened :: BBC

Zimbabwe is introducing a bank note worth 100,000 Zimbabwe dollars, to help consumers as inflation exceeds 1,000%.
The note will be worth about $1 at the official exchange rate, but only $0.30 on the informal market.

The 50,000 Zimbabwe dollar bill, introduced only four months ago, is not enough to buy a loaf of bread.
. . .
The issuing of bearer cheques began with a note worth 10,000 Zimbabwe dollars, to reduce the need to carry large bundles of paper money.
. . .
Zimbabwe is suffering from shortages of food, fuel and foreign currency. In April, inflation passed 1,000% per annum for the first time.

Via Greg Mankiw's Blog.


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