Zimbabwe, grappling with a record 2.2 million percent inflation, has introduced a new 100-billion-dollar bank note. The announcement came Saturday, ahead of a Monday release.
Battling a chronic cash shortage this follows the January release of a 10-million-dollar note, followed by a 50-million-dollar note in April. May saw the release of notes for 100 million and 250 million dollars, followed by notes for five billion, 25 billion and 50 billion.
The new 100B note is worth about $10USD.
To keep perspective, when I was there in 1977, the denomination of the largest note was $20. At that time the country was under international sanction to pressure a move to majority government.
Zimbabwe is a mineral-rich, land-rich nation that has suffered under cruel mismanagement for years. The world community has finally begun to speak of its problems, but seems reluctant to act. The recent attempt at elections was a bloody farce. It is time to find a way to effectively transition from the Mugabe government and move this nation forward.
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Comments: 10
But ten U.S. ten dollars are not worth ten U.S. dollars.
What was the inflation rate when Bush took over??
While inflation is a fact of economic life, and I doubt the US inflation will grow to the extent Zimbabwe's has in the near term, America is printing money to try to solve its ills -- which is contributing to the weak dollar overseas and inflation stateside.