Tag Archives: dollar

Inflation in Zimbabwe

Zimbabwe’s central bank says it will soon introduce a 100 trillion dollar note as the once prosperous country battles to keep pace with hyperinflation that has caused many to abandon the country’s currency.

The new 100 trillion dollar bill would be worth about $300 in U.S. currency. A loaf of bread in Zimbabwe now costs about 300 billion Zimbabwean dollars — and like most commodities, the price increases every day.

Earlier this month, Zimbabwe introduced a 50 billion dollar bill as the country battles to fight cash shortages stemming from the world’s highest inflation rate. The official rate was 231 million percent as of July.

Source: CNN: Zimbabwe to print first $100 trillion note

Inflation and lack of confidence in the Zimbabwe dollar has caused many vendors to prefer the U.S. dollar, South African rand, or Botswanan pula. Doctors and nurses are even requesting their salaries paid in U.S. dollars.