Zimbabwe introduces $100B bank note
HARARE, Zimbabwe, July 19 (UPI) -- Hyperinflation in
Zimbabwe hit another milestone Saturday when the central bank
introduced a $100 billion bill.
The new bills can circulate legally beginning Monday, CNN
reported. But as large as the amount might seem, it is only enough
to buy four oranges and not enough to cover the cost of one loaf of
bread.
The country has been in an economic tailspin for several
years. President Robert Mugabe, blaming profiteers and speculators
for the destruction of the economy, announced this week that the
government would provide basic necessities at a low subsidized price
to end the inflation.
The government announced this week inflation had hit 2.2
million percent.
Outsiders blame much of the inflation on the
government-backed takeover of white-owned farms by "war veterans"
loyal to Mugabe. The country went from being an agricultural
exporter to being unable to feed itself.
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