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News › Zimbabwe Preparing To Release $500 Billion Note
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News: Zimbabwe Preparing To Release $500 Billion Note

News The Reserve Bank of Zimbabwe are preparing to issue a $500 billion note which is equal to less than 4 U.S. dollars.

But due to cash shortages, Zimbabweans are finding it difficult to get hold of currency to purchase essential goods. At present people are limited to withdrawing $100 billion a day which isn't enough to buy a loaf of bread.

Zimbabwe Introduces $100 Billion Banknotes
With inflation spiralling out of control, Zimbabwe has introduced a $100 billion note (CNN has a photo of a $500 million note). $100 billion is the equivalent to one U.S. dollar and is enough to buy four oranges.



Zimbabwe Introduces $100 Billion Banknotes

With inflation spiralling out of control, Zimbabwe has introduced a $100 billion note (CNN has a photo of a $500 million note). $100 billion is the equivalent to one U.S. dollar and is enough to buy four oranges.

The official inflation rate is currently at official inflation rate now at 2.2 million percent although it is likely to be a lot higher.

According to Wikipedia, Hungary suffered the highest rate of hyperinflation ever recorded shortly after the Second World War. The value of the Pengő was doubling every 15 hours and in mid-1946 the 100,000,000,000,000,000,000* (100 quintillion) Pengő banknote was issued - the highest denomination banknote ever issued. a one sextillion Pengő was also printed but was never issued.

100,000,000,000,000,000,000 (100 quintillion) Pengő

By the end of July 1946 one U.S. dollar was worth 460 octillion Pengő (460 000 000 000 000 000 000 000 000 000)! To stabilise the economy a new currency was introduced - the Forint. One Forint was worth 400 octillion Pengő.

Posted by Daimos on Sunday, July 27, 2008 (18:19:02) (3639 reads)
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