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Zimbabwe Launches $100B Bill

Note likely to prove ineffectual against hyperinflation

By Caroline Zimmerman,  Newser User

Posted Jul 20, 2008 3:29 PM CDT
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(Newser) – Zimbabwe will introduce a new $100 billion bank note tomorrow to offset rampant inflation—a seemingly exorbitant sum that may not even buy a loaf of bread. The official annual inflation rate in the country tops 2,200,200%, but independent estimates peg the actual rate at many times higher. Denominations have grown exponentially since the central bank introduced a $10 million bill in January.

Zimbabwe—once one of the wealthiest countries in Africa—now faces an 80% poverty rate, shortages of basic goods, and continuing post-election violence. The country's central bank governor announced that the new bills, dubbed agro-checks, would help consumers, but most are skeptical. "Nowadays, for my expenses a day, I need about $500 billion," one resident told the BBC.

An unidentified man holds the new $50 million Zimbabwean dollar note introduced by the Reserve Bank of Zimbabwe in Harare, Friday, April, 4, 2008.
An unidentified man holds the new $50 million Zimbabwean dollar note introduced by the Reserve Bank of Zimbabwe in Harare, Friday, April, 4, 2008.   (Associated Press)
An unidentified man buys cooking oil on the streets of Highfileds in Harare, Zimbabwe Tuesday, May, 20, 2008. The cooking oil is made affordable by repackaging into smaller containers.
An unidentified man buys cooking oil on the streets of Highfileds in Harare, Zimbabwe Tuesday, May, 20, 2008. The cooking oil is made affordable by repackaging into smaller containers.   (Associated Press)
A vendor sells sweets and snacks with an average price of 15 million Zimbabwean dollars each, on the streets of Highfileds in Harare, Tuesday, May, 20, 2008.
A vendor sells sweets and snacks with an average price of 15 million Zimbabwean dollars each, on the streets of Highfileds in Harare, Tuesday, May, 20, 2008.   (Associated Press)
An unidentified Zimbabwean woman buys a red rose for 10 million Zimbabwean dollars on Valentines Day in Harare, Zimbabwe Thursday Feb, 14, 2008.
An unidentified Zimbabwean woman buys a red rose for 10 million Zimbabwean dollars on Valentines Day in Harare, Zimbabwe Thursday Feb, 14, 2008.   (Associated Press)
Zimbabwe President Robert Mugabe at his inauguration ceremony at State house in Harare, Zimbabwe.
Zimbabwe President Robert Mugabe at his inauguration ceremony at State house in Harare, Zimbabwe.   (Associated Press)
Zimbabwe President Robert Mugabe leaving the eleventh ordinary session of the assembly of the African Union heads of State and government in Sharm el-Sheikh, Egypt.
Zimbabwe President Robert Mugabe leaving the eleventh ordinary session of the assembly of the African Union heads of State and government in Sharm el-Sheikh, Egypt.   (Associated Press)
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Violence in Zimbabwe still rampant
BBC

More on Zimbabwe's political crisis
Reuters

 
inflation • Zimbabwe • Robert Mugabe • Zimbabwe elections • hyper-inflation

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