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Zimbabwe releases $100 billion note

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  • Zimbabwe releases $100 billion note

    Zimbabwe releases $100 billion note

    From correspondents in Harare | July 19, 2008

    ZIMBABWE, grappling with record 2.2 million per cent inflation, has introduced a new 100-billion-dollar bank note in a bid to tackle rampant cash shortages.

    The new note will go into circulation on Monday, the central bank said in a statement cited by state media.

    In January, a 10-million-dollar note was issued, then a 50-million-dollar note in April. In May, notes for 100 million and 250 million dollars were issued, swiftly followed by those for five billion, 25 billion and 50 billion.

    The southern African nation, gripped by a post-election crisis as controversial President Robert Mugabe clings to power, has been ravaged by hyperinflation which shot up from 165,000 per cent in February to 2.2 million in June.

    Independent economists however believe the official inflation figure is grossly understated, estimating it could be running between 10 million and 15 million per cent.

    Zimbabwe's chronic economic crisis has left at least 80 per cent of the population living below the poverty threshold and shortages of basic goods in shops.

    "There's one way to find out if a man is honest-ask him. If he says 'yes,' you know he is a crook." Groucho Marx

  • #2
    Hopefully it won't be long before Robert Mugabe, another African Dictator is forced out of a once beautiful country, previously the bread basket of Africa. He leaves an economy in ruins, the entire infrastructure destroyed, over 85% unemployment with a starving and terrified people. Over a third of the population has left the country and the only meaningful income remaining is from Western aid.

    This is from an ex commercial farmer, one of over 4500, who used to employ over 300 workers and provide schooling, medical and sporting facilities for them and their dependents. Never take for granted what you have in New Zealand.