Archive for the ‘inflation’ tag

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.