Monday, July 28, 2008

Inflation Effects

100 Billion Zimbabwe Dollars

Inflation likely to remain high
By Joseph Chin http://biz.thestar.com.my Thursday July 24, 2008

PETALING JAYA: The country's inflation rate, which surged to a 26-year high of 7.7% in June, is expected to be sustained at high levels over the next few months, fuelled by the new power tariffs which took effect this month. (There's more at http://biz.thestar.com.my)

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Zimbabwe to remove 'zeros' from currency
By Angus Shaw http://hosted.ap.org Jul 27, 7:42 AM EDT

HARARE, Zimbabwe (AP) -- Zimbabwe's bank chief plans new currency reforms - removing "more zeros" from the plummeting Zimbabwe dollar and raising the limit on cash withdrawals - to tackle the country's runaway inflation and cash shortages, state media reported Sunday.

Previous currency reforms have failed to tame Zimbabwe's inflation - officially pegged at 2.2 million percent a year but estimated by independent analysts to be closer to 12.5 million percent. It also has become virtually impossible to get access to cash as the country's economic collapse worsens. (More at http://hosted.ap.org)

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At present, a single loaf of bread costs nearly 100 billion Zimbabwe dollars. (CNN.com July 17, 2008 -- Updated 1332 GMT)

Zimbabwe was ok up to a few years ago. We will go the same way if we don't avoid similar mistakes.

2 comments:

  1. Woahahaha! 1 BILIION.... pergh

    ReplyDelete
  2. There goes all the money in the world.. just to pay for a loaf of bread.

    ReplyDelete