Quintillion per cent inflation and a 100 trillion dollar note in Zimbabwe


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Quintillion per cent inflation and a 100 trillion dollar note in Zimbabwe

As hyper-inflation in Zimbabwe soars unabated, the central bank Friday unveiled a new higher denomination bank note of Z$100 trillion. Official figures of inflation in the country are unavailable, but economists estimate it to be running into quintillion percent. The government stopped issuing the figures in July last year, when it was 231 million percent, fearing they would trigger speculation and profiteering. The central bank also issued Friday new Z$10 trillion, Z$20 trillion and Z$50 trillion bank notes to help the public grapple with hyper-inflation, the highest in the world. But inspite of the new higher denomination bank notes, the purchasing power of the money remains low. The new Z$100 trillion note can only buy 20 loaves of bread. The country is mired in political, social and economic problems widely blamed on President Robert Mugabe’s mismanagement and refusal to step down after almost three decades in power.

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