
In a bid to tackle rampant cash shortages, the central bank of Zimbabwe has introduced a new 100-billion-dollar bank note. The new note will go into circulation on July 28, 2008.
Grappling with a record 2.2-million percent hyperinflation recorded in June, this Mugabe-ran southern African nation has already issued a number of new notes this year, starting with a 10-million-dollar note in January, and a 50-million-dollar note in April. Then in May, 100-million-dollar and 250-million-dollar notes were issued, swiftly followed by five-billion-dollar, 25-billion-dollar and 50-billion-dollar notes.
Currently, one U.S. dollar value is equivalent to 27.215-billion Zimbabwe dollars. In fact, a cheese burger could cost 50-billion dollars in Zimbabwe. A full meal with a softdrink could cost around 80-million dollars.
Some economists, however, believe that the inflation figure is grossly understated as based from their estimates the inflation rate is between 10-million and 15-million percent.
The country's chronic economic crisis has left at least 80 percent of the population living below the poverty threshold.
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