Monetary officials in Zimbabwe unveiled the $10 million bill this morning. Inflation is out of hand over there:
60 million Zimbabwe bucks… about $23 U.S.
According to the BBC, Zimbabwe’s incredible monetary decline over the last eight years has brought on an estimated 50,000% inflation rate. The new $10 million bill will be little more than a tiny bandage on a gaping, festering wound. Halting the Zimbabwean dollar’s nose dive to worthlessness is all but impossible.
The new bill is mostly “designed” to elevate pressure on banks, which are unable to keep up with monetary demand. Queues form around the corner of banks every morning, and most are out of cash by lunch. At a black market exchange rate of around US$1 per 2.5 million Zimbabwe bucks…. there’s not enough paper bills to fill the demand.
60 million Zimbabwe bucks… about $23 U.S.
According to the BBC, Zimbabwe’s incredible monetary decline over the last eight years has brought on an estimated 50,000% inflation rate. The new $10 million bill will be little more than a tiny bandage on a gaping, festering wound. Halting the Zimbabwean dollar’s nose dive to worthlessness is all but impossible.
The new bill is mostly “designed” to elevate pressure on banks, which are unable to keep up with monetary demand. Queues form around the corner of banks every morning, and most are out of cash by lunch. At a black market exchange rate of around US$1 per 2.5 million Zimbabwe bucks…. there’s not enough paper bills to fill the demand.
No comments:
Post a Comment