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Zimbabwe's inflation hits 231 million %

Discussion in 'General and Trending Stories' started by admin, Oct 24, 2008.

  1. admin

    admin Administrator
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    Annual inflation in Zimbabwe hit a record 231 million per cent in July, with basics, such as a loaf of bread now costing more than £22 (Z$7,000). Skip related content
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    There is now pressure on the ruling party and opposition to break a deadlock in negotiations and form a cabinet that can rescue the ruined economy.

    President Robert Mugabe's ruling Zanu-PF party and the opposition MDC again held more unsuccessful talks to end stalled power sharing negotiations on Wednesday, frustrating Zimbabweans who hoped new leadership would bring relief from hardship.

    Many Zimbabweans have resorted to bartering goods and rely on help from relatives abroad, mostly in South Africa, for supplies of scant basic foodstuffs like maize, sugar and cooking oil.

    A loaf of bread which cost Z$500 (£1.60) when the central bank redenominated the Zimbabwe dollar on August 1, now goes for at least Z$7,000.

    An outline agreement signed on September 15 has stalled over key cabinet posts, angering Zimbabweans who have had to endure the world's fastest price rises, shortages of food, foreign currency and crumbling infrastructure. Both sides accuse each other of jeopardising the process.

    Eldred Masunungure, a political science lecturer at University of Zimbabwe, said: "What is baffling is that the political players seem to take a cavalier attitude over the political crisis whose resolution is tied to the economic turnaround.

    "The consequences of such a rate of inflation is absolute desperation, despair and poverty. The politicians don't seem to realise that what they do or don't do has an effect on the economy."

    One United States dollar fetches Z$180 at the bank, Z$7,000 at the black market when using cash and Z$1.5 million when transacting with a cheque.

    I know this is not Trinidad And Tobago News but we should still discuss this Have you seen the pic their they have a one billion dollar note. This is to extreme for me to talk about what you think guys
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  3. RauCous

    RauCous New Member

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    So they live in a land of billionaires then... let we not hope for that. I rather be poor with money that actually worth something than be a billionaire fighting up for three eggs.
     
  4. brbk4498

    brbk4498 New Member

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    wayy that is real skills. how much for a car... lol
     
  5. LadyDeath

    LadyDeath Senior Marketing Officer
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    I mean Zimbabwe.....I Billion dollar bill...Omg Is this real
     
  6. admin

    admin Administrator
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    Guys al yuh not getting the point they have a one billion bill because the value of their money is next to nothing. An average zimbabwe person works for less than a dollar a day.
     
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