Zimbabwe inflation hits 100,000%

[busybeeburns]

Zimbabwe's central bank introduced a $10m note in January

 

Zimbabwe's soaring inflation hit an annual rate of 100,000% in January, new official figures show.

 

Ongoing shortages of food and fuel helped drive inflation from December's rate of 66,212%.

 

Government officials say the shortages make it hard to work out inflation with any degree of accuracy.

 

About 80% of the country's population lives in poverty and it is estimated that three million people have left the country for a new life in South Africa.

 

The economy has been in trouble for seven years, with supplies of basic foodstuffs, cooking oil and petrol all running low.

 

The central bank has introduced new banknotes to cope with the spiralling prices.

 

Last month it issued a 10 million Zimbabwe dollar note.

 

President Robert Mugabe stands for re-election next month.

 

He faces a challenge from his former finance minister, Simba Makoni and the leader of the opposition Movement for Democratic change, Morgan Tsvangirai.

 

http://news.bbc.co.uk/1/hi/business/7255588.stm

[busybeeburns]

Mugabe 'confident' of sixth term

http://news.bbc.co.uk/1/hi/world/africa/7260222.stm

 

Opposition anger at party

http://news.bbc.co.uk/1/hi/world/africa/7260683.stm

 

Q&A: Mugabe's Zimbabwe

http://news.bbc.co.uk/1/hi/world/africa/6441529.stm

[bart]

feck me.. do u remember a game on the BBC compluter and they put u charge of the country.

 

And you had to do the budget... I have forgoten what it was called.

[The]

Oh my goodness. This is rather astonishing. It's beyond me how ANY nation's resources could be so unplentiful. Unfortunately, African climate makes it very hard to cultivate and prosper in the long-term. And when you can't even prosper in the short-term, clearly things are horrible. They will never get out of this hole unless they literally sell themselves to a more powerful nation.

[chuck kottke]

There was a time when Germany had inflation like that - essentially, just before the market crash in the late 20's/ early 30's - fiat money was printed to pay a war reparations debt, and the resulting inflation was pure madness. It took wheelbarrow loads of Marks just to ride the street cars!

So, in Zimbabwe, if you get a notice in the mail stating "you may have already won a million dollars!", it really doesn't mean a whole heck of a lot?!:laugh3:

[bart]

I guess if there is a miricale and a change of goverment in Zimbarbwe, somone will make a lot of money as it will improve a little..