Over the last two years the Zim dollar has seen an unprecedented billion percent inflation. Recently a $100 trillion dollar note was introduced and last year ten, yes ten zeros were slashed. This has caused chaos in a country that is already suffering. It has meant people struggle to buy food as their money becomes worthless over a few days. Imagine paying for your bus ticket to work with a whole wheel barrow of cash!
At Victoria Falls you can purchase a variety of billion dollar a notes for as little as one US dollar. The notes even have a use by date on them.
An announcement by the finance minister Mr Chinamasa to allow both licensed and unlicensed Zimbabwe business to conduct transactions in foreign currency could stabilise the situation.
Today Zimbabwe have knocked 12 zeros off their currency. So what does this mean:
ReplyDeleteTeachers wage in Zim last week ~ US3 or ZIM$3trillion
This $3 trillion is now worth just ZIM$1!!
This latest bid to tackle the hyper inflation has a poor history as simply taking zeros off the currency has not helped in the past.