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Zimbabwe creates $50M bill due to inflation
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by Rob Peters | April 4, 2008 at 10:29 am
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HARARE, Zimbabwe - Authorities in Zimbabwe have issued a new mega bank note in an attempt to cope with the troubled African country's runaway inflation.
The size of the new note - 50 million Zimbabwean dollars.
The new bill issued Friday is the third time in three months that the central bank in Harare has issued a higher denomination note in response to the country's 100,000 per cent annual inflating rate.
In practical terms, the $50-million bill is worth just US$1 in trading on Zimbabwe's widely used black market.
That means it can buy just three loaves of bread.
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Most RecentMost Recommended Comments (2)
at 17:30 on April 4th, 2008
I was at a meeting with a fellow librarian from Zimbabwe, and we started trading currency since he had never seen Canadian money before and I had never seen Zimbabwe money. I traded him a loonie (a Canadian dollar coin) for one hundred thousand Zimbabwe dollars.
Bess Sadler has contributed a photo to this story.
at 03:27 on April 6th, 2008
you got ripped off! ;)