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Zimbabwe introduces Z$100bn note
BBC
Friday, July 18, 2008
Zimbabwe is to introduce a bank-note worth Z$100bn in response to rampant inflation – but the note will barely cover the cost of a loaf of bread.
Some Zimbabweans are already calling for higher denominations in a country where the official annual inflation rate has exceeded 2,200,000%.
Independent economists believe the real rate is many times higher.
(Article continues below)
Zimbabwe’s meltdown has left at least 80% of the population in poverty, facing mass shortages of basic goods.
The country’s central bank has introduced several new notes already this year in response to the hyperinflation.
In January, a Z$10 million note was issued, followed by a Z$50 million. By June the denominations had reached tens of billions.
Daily bread
In a notice in the state-controlled Herald newspaper, central bank governor Gideon Gono said the Reserve Bank of Zimbabwe would introduce the new notes – known as special agro-cheques – to help consumers.
“This new $100 billion special agro-cheque will go into circulation on Monday,” the notice said.
But Zimbabwe residents say the latest note is already worthless, and does not even cover their daily lunch.
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12 Responses to “Zimbabwe introduces Z$100bn note”
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July 20th, 2008 at 9:05 am
OK, so how much is a loaf of bread in US $?
July 20th, 2008 at 10:57 am
Don´t worry – the FED will get US there as well.
July 20th, 2008 at 11:05 am
a loaf of bread in the us is about $2.50 to $3.00
July 20th, 2008 at 4:59 pm
Here in Southern BC Canada…a whole grain loaf of ‘decent’ bread is around 4.50 and up, depending on whether you buy from a bakery of a major supermarket.
I’m baking my own. This is ridiculous!!!
July 20th, 2008 at 10:05 pm
In Kalifornia a CHEAP loaf of bread with all the additives is $3-$4. A decent loaf of quality is MORE than $4.
July 20th, 2008 at 11:20 pm
$100,000,000,000 bill? 2,200,000% hyperinflation? It boggles the mind.
July 21st, 2008 at 2:48 am
In the US, we seem to have enough money to continue our survival at the moment.
July 21st, 2008 at 3:46 am
If you even casually glance at any pre world war history you’ll see that the same thing has happened each and every time. Pre WWII germany it required a virtual wheelbarrow of cash to but a loaf of state approved bread
July 21st, 2008 at 3:50 am
gold is the real money on this planet and most of it has gone into the construction of the illuminati’s new paradise city. Astana. Feel free to verify this for yourself.
July 21st, 2008 at 7:57 am
Are these the same Zimbabweans who, upon seeing their white farmers gets singled out and attacked, did the “hey they are only after that color and I am not that color so I don’t care” thing?
(They must have learned that from America).
Let the bastards starve.
And JEH, I think I can answer your question. Consider that a dollar today is worth 4 percent of what it was in 1903. Take the price of a loaf of bread during that time (I don’t know it and it must be close though) and compare to now, and adjust for inflation. Bread prices are affected lately by grain shortages and crop failure, but the monetary value overall will not be far off.
Look at is this way: in Euros the price of a barrel of oil is up 120 percent since 2000. In dollars, over 300 percent. Yet if you bought gold coin at the rate it was in 2000, and used that gold o buy oil today, then you would be getting the same amount of oil.
Thus it’s only the dollar that has gone down.
A good place to get information on these issues of economics would be http://www.lewrockwell.com
July 21st, 2008 at 8:56 am
Paul E.
My Friend, I am from Kazakhstan. Although I live in the US currently, I still have my Kazakh passport. This is the first time I am hearing a theory that Astana (the capital city of Kazakhstan) could be the illuminati paradise city:))) It certainly makes sense. but only if you’ve never been there:)))
True, Kazakhstan is a wealthy country. The oil reserves at the Caspian see are vast. But the country is also incredibly corrupt. If you know the history of Central Asia, it has been like this for centuries. A perfect combination for illuminati.
But what you don’t take into account, is that this country is also bordering Russia and China. More that 30% of Kazakh population are Russians. The country is bilingual: Kazakh and Russian. Chinese are building a railroad to cross the entire country. Both Russia and China have huge economic and political interest in Kazakhstan. If the western government is to set up any kind of control there, they would first need to deal with those two giants. But on the other hand if you go to the two major oil cities in Kazakhstan (Atyrau and Aktau) they are dominated by the western oil giant corporations. English speech on the streets everywhere:)
Bottom line: I don’t think Astana is a good place for illuminati. Too dangerous. And the climate is just horrible! But the idea is interesting. Maybe I should move back:)
July 22nd, 2008 at 4:12 am
Coming to America soon. JUst waiting for China and Japan to release their reserves post Olympics.