Zimbabwe Currency -- 500 Million Dollars
Image Courtesy : Rediff.com Website
The Indian people and the government are facing inflation hovering at around 8%. But what about other countries -- You may wonder.
Rediff, the top most purveyor of news often has projected pertinent news coverage about essential and significant events. Recently I came across a nice article in their Website about the top most nations with highest inflation. The article was revealing and refreshing. Zimababwe stands as Number one in the list.
The inflation in Zimbabwe for the month of March 2008 rose to 355,000%! Yes, 355,000 per cent! It more than doubled from the February figure of 165,000%.
Almost 80% of the nation is unemployed. The Zimbabwean central bank has introduced $500 million bearer cheques (or currency notes) for the public, and $5 billion, $25 billion, $50 billion agro-cheques for farmers. Just last fortnight the nation had introduced $250 million bearer cheques.
A sausage sandwich sells for Zimbabwean $50 million. A 15-kg bag of potatoes cost Zimbabwean $260 million. But then, Zimbabwean $50 million is roughly equal to US$ 1!
Economists say that it is a miracle that the Zimbabwean economy is still surviving and prices have been rising to unprecedented proportions.
The fact that Zimbabwe continues to exist - that people go to work, to the market, to the bars and cafes - is a tribute to the resilience and flexibility of the Zimbabwean people.