Saturday, January 17, 2009

Zimbabwe rolls 100 trillion Z$ note.

Zimbabwes Reserve Bank on Tuesday released this 100 Tn Z$ note.
What are you thinking. But the fact is this 100 trillion $ = 30USD or 20 Pounds or one can also say it as 1500 Rs odd in Indian Currency.
So this means you have 30 USD then you are a trillionaire in Zimbabwe.
The main reason why Zimbabwe has done this is because of their inflation numbers which are running over 230 million% odd.
If they have 1 Z$ note it would be difficult for a person to purchase any product as he has to carry his cash in bags along with him. So this 100 Tn Z$ note serves the puprose.
Other notes in trillion-dollar denominations of 10, 20 and 50 are also being released.
However, the dollarisation of the economy means that few products are available in the local currency.

As per forecasts, the inflation of Zimbabwe can go as high as 89.7 sextillion.

The economic situation in Zimbabwe would then worsen more than it is now.

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1 comment:

Rohit. said...

I would say Zimbabwe should get some aid from foreign countries which would be useful.