Wikinvest Wire

Can you change a hundred trillion?

Saturday, January 17, 2009

Every time you look away from Zimbabwe for more than a week or two, you come back to find that they've added a bunch more zeros to their currency.
IMAGE After lopping off a serious number of naughts, not long ago, according to this AFP report, many of them are now back in the new $100 trillion bank note.

[Note: The best I could find was the $100 billion note. If anyone can locate a picture of the new, larger denomination bill, I'll be happy to put it up.]

It would be a lot funnier if not for the humanitarian crisis that continues amid the political turmoil of the Robert Mugabe regime and recent elections.

Zimbabwe unveils $100 trillion banknote

HARARE (AFP) – Zimbabwe unveiled a 100 trillion dollar note Friday in the latest grim measure of its staggering economic collapse, heightening the urgency of a new round of unity talks set for next week.

Veteran leader Robert Mugabe and opposition chief Morgan Tsvangirai are set to hold talks Monday with key regional leaders in a bid to salvage a four-month-old unity accord, which has yet to be implemented.

The stalemate over disputed elections last year has only fuelled the economic and humanitarian crisis that has impoverished the country, leaving nearly half the population dependent on food aid as a cholera epidemic sweeps the country.

The Reserve Bank announced in the government mouthpiece Herald newspaper a series of trillion-dollar denominations to keep pace with hyperinflation that has left the once-dynamic economy in tatters.

The new 100,000,000,000,000 Zim-dollar bill would have been worth about 300 US dollars (225 euros) at Thursday's exchange rate on the informal market, where most currency trading now takes place, but the value of the local currency erodes dramatically every day.

The move came just one week after the bank released a series of billion-dollar notes, which already are not worth enough for workers to withdraw their monthly salaries.

Inflation was last reported at 231 million percent in July, but the Washington think-tank Cato Institute has estimated it now at 89.7 sextillion percent -- a figure expressed with 21 zeroes.
It's now much sadder than it is funny, though, how could an inflation rate of almost 90 sextillion percent not give you a chuckle?

7 comments:

Dan said...

why don't they just revolt or turn to barter ersomesuch?

Anonymous said...

indeed, if it were not soooo sad, it would be funny.......

Anonymous said...

Still looking for a picture of a bigger note? BBC has one.

http://news.bbc.co.uk/2/hi/africa/7832601.stm

Anthony J. Alfidi said...

They've surpassed the Weimar Republic's hyperinflation without a regime change. Quite an achievement.

doc holiday said...

This was a fairly good report:
Zimbabwe

Still have to use your imagination I think:

"The $10 trillion note has the image of the RBZ building and the Conical Tower at the Great Zimbabwe National Monuments," says the state-run Herald newspaper. "The $100 trillion note has the image of a buffalo and the Victoria Falls, the $50 trillion the Kariba Dam spilling and an elephant, while a mineworker drilling in an underground shaft and the GMB grain silos appear on the new $20 trillion note."

little larry sellers said...

You mean I could go shopping with my own hundred billion dollar banknote, like the one in the picture? That looks egg-cellent.

Anonymous said...

"why don't they just revolt or turn to barter ersomesuch?"

Because Mugabitch has all the guns and his people are real bastards.

What they don't steal, they destroy.

  © Blogger template Newspaper by Ourblogtemplates.com 2008

Back to TOP