Zimbabwe Introduces $100 Billion Banknotes
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Submitted by CARPE DIEM
HARARE, Zimbabwe (CNN) — Zimbabwe’s troubled central bank introduced $100 billion banknotes Saturday in a desperate bid to ease the recurrent cash shortages plaguing the inflation-ravaged economy.
As high as they are, though, the bills still aren’t enough to buy a loaf of bread. They can buy only four oranges. The new note is equal to just one U.S. dollar.
Once-prosperous Zimbabwe has seen an unprecedented economic meltdown since it gained independence in 1980, with the official inflation rate now at 2.2 million percent.
MP: The entire U.S. money supply of currency is $770 billion.
HT: Ben Cunningham
