The new 10-million Zimbabwe note is the equivalent of about $4(US) at the dominant black market exchange rate. Zimbabweans will be soon lining their pockets with 10-million-dollar bills. The central bank announced last thursday it would increase the denomination of the nation's highest bank note more than tenfold to keep pace with the world's highest inflation rate, officially estimated at 25,000 percent annually. Independent financial institutions say real inflation is closer to 150,000 percent.
Zimbabwe is in there 10th year of economic crisis, marked by the world's highest rate of inflation, the fastest shrinking gross domestic product in a country not in a state of war, the most rapidly collapsing currency and unemployment of over 80%. A year ago, the highest denomination was 10,000 Zimbabwe dollars, then worth about $7, now it is worth about 1/3 of 1 cent (US).
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