December 10, 2008

Zimbabwe issue $200 million notes

It is amazing to see that Zimbabwe have issued a $200 million note, this comes just a few days after the treasury issued the first $100 million note.

However, this is a sign of severe problems with the economy of the country where a single loaf of bread is currently priced at $35 million and rising almost every day.

There are fears that the country is on the verge of becoming totally bankrupt and this can only be bad news for region, which has already seen bank customers sleeping outside of their banks in order to be first in the queue to withdraw their cash.

As if that was not enough, there are shortages of food, fuel, power and medicines; this is because the official rate of inflation is currently standing at 231 million per cent.

Source [Aittv USA]