Zimbabwe introduces Z$100bn note

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  • Scorpion
    SBR Hall of Famer
    • 09-04-05
    • 7797

    #1
    Zimbabwe introduces Z$100bn note
    BBC, News, BBC News, news online, world, uk, international, foreign, british, online, service



    Zimbabwe introduces Z$100bn note

    In January, the bank introduced a Z$10m note
    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.

    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.

    "Nowadays, for my expenses a day, I need about Z$500 billion," one resident said.

    "So Z$100 billion can't do anything because for me to go home I need Z$250 billion, so this [note] is worthless."

    Zimbabwe was once one of the richest countries in Africa.

    But it has descended into economic chaos in recent years, with many international observers blaming the policies of President Robert Mugabe.
  • Tsoprano
    BARRELED IN @ SBR!
    • 04-14-08
    • 26374

    #2
    Unreal

    Was gonna post this before. Got caught up with lines.
    Comment
    • wtf
      SBR Posting Legend
      • 08-22-08
      • 12983

      #3
      just another prosperous african nation, nothing new

      at least they have currency
      Comment
      • pico
        BARRELED IN @ SBR!
        • 04-05-07
        • 27321

        #4
        one guy to another: "i like to exchange this wheel barrel of 10k bills for that roll of toilet paper"
        respond: "give me two wheel barrels of paper money and we have a deal"
        Comment
        • Tsoprano
          BARRELED IN @ SBR!
          • 04-14-08
          • 26374

          #5
          Originally posted by pico
          one guy to another: "i like to exchange this wheel barrel of 10k bills for that roll of toilet paper"
          respond: "give me two wheel barrels of paper money and we have a deal"
          Comment
          • curious
            Restricted User
            • 07-20-07
            • 9093

            #6
            Zimbabwe is a prime example of Obabaism at work. Rhodesia was a prosperous, safe, civilized country. Number 2 economy in Africa, the breadbasket of Africa. The liberals forced the Ian Smith government from power in the name of "fairness". The socialists promptly set up an authoritarian state, ran all the white people out of the country, stole their businesses, their farms, their land and "redistributed" them to ignorant people who couldn't run a business or a farm under any circumstances. The economy promptly collapsed, the people are starving, they have no health care. How fair is this?
            Comment
            • Slim
              SBR MVP
              • 11-13-08
              • 4722

              #7
              We may be like Zimbabwe soon enough if we keep printing money and bailing out companies.
              Comment
              • VVET
                SBR High Roller
                • 01-17-09
                • 120

                #8
                What a surprise – check out what the Mrs. was up to when they were printing the new denominations. We live in some world, don’t we? Aint no Znote big enough from Zimbabwe to cover the Shangri-la in Hong Kong.

                Hong Kong - The wife of Zimbabwe president Robert Mugabe was Sunday being investigated by Hong Kong police for an alleged assault on a photographer during a shopping trip to the city. Grace Mugabe, 43, is accused of repeatedly punching Richard Jones - chief photographer of the Hong Kong photo agency Sinopix - after he took pictures of her shopping in Mody Road, Tsim Sha Tsui.
                Jones was on assignment for the Sunday Times in London which yesterday published a front page story about the incident along with pictures of Mugabe and her alleged victim showing his injuries.
                The wife of the Zimbabwean leader was being tailed by Jones and a colleague as she left the five-star Shangri-la hotel she was staying in to go shopping with a bodyguard and a woman friend.
                Comment
                • durito
                  SBR Posting Legend
                  • 07-03-06
                  • 13173

                  #9
                  Originally posted by curious
                  Zimbabwe is a prime example of Obabaism at work.
                  tell us some more war stories
                  Comment
                  • pico
                    BARRELED IN @ SBR!
                    • 04-05-07
                    • 27321

                    #10
                    Originally posted by VVET
                    What a surprise – check out what the Mrs. was up to when they were printing the new denominations. We live in some world, don’t we? Aint no Znote big enough from Zimbabwe to cover the Shangri-la in Hong Kong.

                    Hong Kong - The wife of Zimbabwe president Robert Mugabe was Sunday being investigated by Hong Kong police for an alleged assault on a photographer during a shopping trip to the city. Grace Mugabe, 43, is accused of repeatedly punching Richard Jones - chief photographer of the Hong Kong photo agency Sinopix - after he took pictures of her shopping in Mody Road, Tsim Sha Tsui.
                    Jones was on assignment for the Sunday Times in London which yesterday published a front page story about the incident along with pictures of Mugabe and her alleged victim showing his injuries.
                    The wife of the Zimbabwean leader was being tailed by Jones and a colleague as she left the five-star Shangri-la hotel she was staying in to go shopping with a bodyguard and a woman friend.
                    how much did she spend? 100 gazillion zimbabway dollars?
                    Comment
                    • BrentCrude
                      SBR MVP
                      • 11-16-05
                      • 4665

                      #11
                      I have a hunch that their socialist-fascist leader Mugabee doesn't have his photo on the bank note?Yup,when socialists run their economies in the ground they don't like having their mug shown on the proof.Obama will do it to us too and in his will he will probably have it where his mug can never be shown on a 100,000,000 USA-MEXICO-CANADA common currency note or maybe a world note by then.
                      Comment
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