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The E-Sylum:  Volume 11, Number 3, January 20, 2008, Article 30

ZIMBABWE ISSUES NEW TEN MILLION DOLLAR BANKNOTE

[Dick Johnson forwarded the latest news on inflation
currency in Zimbabwe. -Editor]

What happens when you have 50,000% inflation? The 200,000
note in Zimbabwe, pictured below, is worth only 3 cents,
and you need new 10,000,000 notes.

President Robert Mugabe's government, stricken by chronic
hyperinflation, announced today it will introduce a 10
million Zimbabwe dollar note (along with 1 million and 5
million notes). Economists said it was the highest
denomination of any currency in the world.

Zimbabwe is in its 10th year of economic crisis, marked
by the world's highest rate of inflation, the fastest
shrinking gross domestic product in a country not in a
state of war, the most rapidly collapsing currency and
unemployment of over 80%.

A year ago, the highest denomination was 10,000 Zimbabwe
dollars, then worth about $7, now worth about 1/3 of 1 cent
(US). The new 10 million Zimbabwe dollar note is worth $3
(US). During the year there were three separate new issues
of notes as inflation continued to soar, including the
200,000 note pictured above, which is worth worth only 6
cents (US).

Full Story

  Wayne Homren, Editor

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