Wednesday, July 2, 2008

Zimbabwe Can't Paper Over Its Million-Percent Inflation Anymore

Zimbabwe's central bank stopped posting inflation figures in January, when it stood at a relatively modest 100,580%. A loaf of bread costs 30 billion Zimbabwean dollars.

Wow. 30 billion of anything for a loaf of bread is incredible.

Zimbabwe now has a plethora of different bills, most of which have negligible value. An accountant by profession, the MDC treasurer Mr. Mangoma says billions are rarely used in his line of work anymore and have been replaced by quadrillions – a million billion. "Our economy is too crazy to understand," says Mr. Mangoma.

[Elton Mangoma, treasurer for Zimbabwe's opposition party, the Movement for Democratic Change.]

A quadrillion?

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