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Friday, February 18, 2011

Have you seen 500 million dollars note?

Zimbabwe_Currency.JPGDo you know how much Zimbabwe Dollars you will get if you have 1 USD. The answer is 27301616030 Zimbabwe Dollar. This is one of the greatest disadvantages of high inflation rate which has completely ruined this country. The snap in this article shows a 500 million dollar note. Recently, Zimbabwegovernment has introduced $100 billion banknotes so as to ease the recurrent cash shortages in this inflation-ravaged economy. The official inflation rate in Zimbabwe is now 2.2 million percent. Gideon Gono, who is the governor of the Reserve Bank of Zimbabwe, said the new notes are for “the convenience of the banking public and corporate sector in light of price hikes.
The RBZ has noted with concern the unjustifiable and incessant general increases in prices of goods and services. It is therefore appealing to the business community to follow ethical business practices as well as take an interestin the plight of the general public.”
Inflation_Rate.jpgNo doubt, the economy of Zimbabwe is collapsing due to economic mismanagement of Robert Mugabe’s government, resulting in 85% unemployment and spiraling hyperinflation. This great country has been deteriorated from one of Africa’s strongest economies to one of the world’s worst. The country is facing problems like shortage of foreign exchange, soaring inflation, and supply shortages. Zimbabwe’s involvement from 1998 to 2002 in the war in the Democratic Republic of the Congo drained hundreds of millions of dollars from the economy. The condition is so pathetic that if you buy 1 KG sugar then it will cost you 10 billion Zimbabwe dollars at the government’s fixed price, and 45 billion on the black market. What a horrible situation! One thing comes in my mind what international community is doing to help Zimbabwe. Where is USA?
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