Who Wants To Be A Billionaire?

Unfortunately having a billion dollars in Zimbabwe does not do much for you.  Zimbabwe introduces new $50 billion note.

Zimbabwe’s central bank will introduce a $50 billion note — enough to buy just two loaves of bread — as a way of fighting cash shortages amid spiraling inflation. Zimbabwe’s dollar is virtually worthless with foreign currency now being used to purchase basic items.  The country’s acting finance minister, Patrick Chinamasa, made the announcement in a government gazette released Saturday.

Zimbabwe is grappling with hyperinflation now officially estimated at 231 million percent and its currency is fast losing its value. As of Friday, one U.S. dollar was trading at around ZW$25 billion.  When the government issued a $10 billion note just three weeks ago, it bought 20 loaves of bread. That note now can purchase less than half of one loaf.  Grocery purchases, government hospital bills, property sales, rent, vegetables and even mobile phone recharge cards are now paid for in foreign currency, as the worthless Zimbabwe dollar virtually ceases to be legal tender.

However tough we may have it in other countries, please spare a moment for all those trying to cope with a situation like that in Zimbabwe. It must be disastrous.

Related articles by Zemanta

• Zimbabwe tackles cash shortage amid riots and looting