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Link Banana

A Vaguely Intelligent Linkblog
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In Zimbabwe, a $10 Million Dollar Bill #

January 18th, 2008 | In Worth Knowing 

As vivid proof that Robert Mugabe has mismanaged Zimbabwe’s economy all the way into hyperinflation, his government is introducing new denominations:

$1 million, $5 million and $10 million notes. The highest existing note, introduced just last month, is $750,000. The new $10 million note is the equivalent of about $4 in American currency at the black market exchange rate used by most Zimbabweans. A hamburger at an ordinary cafe costs about $15 million in Zimbabwe money, or $6 American. Cash has dried up and long lines have become a feature at banks and A.T.M.’s.

For a brief but informative introduction to Zimbabwe, two paragraphs from The Economist’s Backgrounders.

Interested in similar content on Link Banana?

  • A Zimbabwe Update (April 1, 2008)
  • The Situation in Zimbabwe (March 26, 2008)
  • A Inventive Metric For Recessions (January 15, 2008)
  • Inside Zimbabwe (May 1, 2008)
  • A Runoff in Zimbabwe (May 2, 2008)
Tags: economics, inflation, money, ny times, robert mugabe, the economist, zimbabwe

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