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Zimbabwe has economic problems too!

Zimbabwe has been in the news the better part of the last two years with particular attention paid to their political situation – a contested election and many random ethnic killings.

Much of that hate stems from the spiraling economy. The past several years the national inflation rate has been around 40,000 %. An awful situation for a poor country.

In August, 2006 the Reserve Bank of Zimbabwe instituted a monetary reform, and this year several new notes have been issued in a series which began with denominations of 1, 5, 10 50 cents and 1 dollar.

ZIM50.jpg

Within the last few weeks the Reserve Bank has issued a 50 Billion Dollar  and a 100 Billion Dollar note.

Yikes.

George

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One Response to Zimbabwe has economic problems too!

  1. Aidan Work says:

    George,
    Zimbabwe has carried out a ‘currency reform’ in which 1 new Zimbabwean Dollar is worth $10,000,000,000 old Zimbabwean Dollars.

    A whole new banknote issue (as opposed to Bearer Cheques & Agro-Cheques) has been issued in a series of denominations ranging from $1 right up to $500,plus there are also the old Zimbabwean coins that have been remonetised.In addirion to this,bimetal $10 & $25 coins dated 2003 have now finally been issued.

    I reckon that the ‘currency reform’ is an exercise in futility,as the real problem in Zimbabwe has still not been sorted out – Robert ‘Crackpot Bob’ Mugabe & his barbaric Z.A.N.U.-P.F. regime,who have run Zimbabwe right into the ground.The inflation rate is in reality 100,000,000,000% & climbing!

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