$ 500 Million notes released!!!...( see the pic if you dont believ)
The exchnage rate of Zimbabwe Dollars is such that 1 USD is equivalent to 27301616030 Zimbabwean Dollar. The high inflation rate has completely ruined this country. Recently, Zimbabwe government has introduced $100 billion banknotes to combat the shortage in cash currency, the official inflation rate in Zimbabwe is currently about 2.2 million percent. Gideon Gono, 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 been appealing to the business community to follow ethical business practices as well as take an interest in the plight of the general public." Though this move has atleast helped people from carrying Kilograms of notes to buy a loaf of bread. The person in the picture below carries this much cash just to buy a pint of milk.
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No doubt, the economy of Zimbabwe is collapsing due to Robert Mugabe's government, resulting in 85% unemployment, hyperinflation, roits and what not. It was once the Africa's strongest economies has now been in all kind of troubles like shortage of foreign exchange, soaring inflation, and supply shortages. Another reason for this is the involvement from 1998 to 2002 in the war in the Democratic Republic of the Congo that drained hundreds of millions of dollars from Zimbabwe. The price 1 KG sugar is 10 billion Zimbabwe dollars at the government's fixed price, and 45 billion on the black market. Check the 500 million Zimbabwe dollar note below.