The Zimbabwe Introduced a Banknote of 250 million Zimbabwe dollars.

I believe all of you have heard about Zimbabwe, tightly controlled by the dictator Mugabe (at least for now because it seems that he could lose his position as president after the second round for the national election).

Thanks to this man, the country became a mess.

                                  

The Zimbabwe introduced today a new banknote of 250 million Zimbabwe dollars!

“The governor of the central bank of Zimbabwe Gideon Gono unveiled two new banknotes of 100 million and 250 million dollars to be put into circulation from today”, announced on television.

Inflation continues to break records in Zimbabwe, where the latest official statistics showed a rate of 165,000% (yes, no mistake!) in February.

Harare has recently decided to float the exchange rate of its currency in an attempt to fight against speculation on the black market.

The official exchange rate for the Zimbabwean dollar is 30,000 against one USD since September 2007 but on the black market, the U.S. dollar is traded against some 100 million Zimbabwe dollars!

The rest of the economy is not doing better with an unemployment rate of around 70% and at least 80% of the population living below the poverty line.

It seems that no one in this area look worrying…

It is a perfect study case showing what stupid and criminal political decisions could bring to a country.

May I remind you that before the dictator took power, Zimbabwe was once one of the most developed countries in Africa?

Here, an article about the unbelievable stock market in Zimbabwe.

 

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