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Wednesday, July 23, 2008

$100 Billion Bank Note in Zimbabwe

500 million dollars bank note in ZimbabweLast Saturday, the Central Bank of Zimbabwe issued the biggest bank note amounting to $100 billion. This was made to ease the cash flow shortage in the country caused by the worsening inflation and economy of Zimbabwe. The new bank note was on circulation just this Monday even it was released last Saturday.

If you think having $100 billion in Zimbabwe makes you a rich man, you have to think again since $100 billion only has a value of four oranges. With that money, you can’t even buy one loaf of bread. $100 billion in Zimbabwe is just equal to one U.S. dollar. Isn’t that frightening and strange?

The Central Bank of Zimbabwe started issuing large amount of bank notes starting December 2007 with the amount $250,000. By January 2008, new denominations of $1 million, $5 million and $10 million were issued. By May 2008, larger denominations like $25 million and $50 million were circulated. That’s a huge amount of money unless you have the worst inflation rate in the world like Zimbabwe at 2.2 million percent. Take note the inflation rate is in million. Woah! No wonder the value of their money are humongous as well.

Picture courtesy of Getty Images

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Miah Laborte said...

wow.. thinking of just the word 'billion' and having that amount feels great... but just don't mention it's value in dollars... hahaha... how much is it in pesos? hehehe... ei makoy can i add u inot my blogroll?

pehpot said...

yay! scary situation..I can't imagine this thing happening here..

Make or Break

Denis said...

hope the money will be in substantial use