The E-Sylum:  Volume 9, Number 23, June 4, 2006, Article 20

ZIMBABWE $100,000 NOTE BUYS LOAF OF BREAD

The Times of London published an article Wednesday about a
new high-denomination note needed as a result of high inflation:

"A New $100,000 banknote will be issued in Zimbabwe today. With
a value of about 67p, it is worth only the price of a loaf of
bread. Its introduction comes as the economy buckles under the
highest rate of inflation in the world, currently at 1,042 per
cent. The note makes its debut barely four months after the
Reserve Bank introduced the $50,000 note, the highest denomination
at the time. In only two weeks the Zimbabwe dollar has lost
half of its value."

Last week I filled a single trolley with $30 million of
groceries, and I had to count out 600 notes of $20,000 at
the checkout counter, John Robertson, an economist, said."

To read the complete story, see: Full Story

  Wayne Homren, Editor

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