Hyperinflation.
We showed the film, "Robert Mugabe - What Happened" at the cinema tonight, described as being about the man who led a very successful African country, and then ruined it. The blip is of a publicity board compiled by one of our team who is married to a Zimbabwean.
During the peak month of hyperinflation in Zimbabwe, November 2008, the inflation was estimated to be a massive 79.6 billion percent (8 followed by ten zeros). It's impossible to give an accurate figure as the statistics were not published. The board here shows bank notes ranging in value from $20 printed in 1994 to $100 billion printed in 2008; there were even plans to print a $100 trillion note. This totally eclipses the depression suffered by the Weimar Republic.
In 2009, The Central Bank of Zimbabwe stopped printing the ever increasing amount of money (which was the cause of the problem) and just stopped printing, thus forcing the public to use foreign currencies with the US dollar becoming increasingly popular until the current plan comes into effect, which is to formalise the use of the US dollar.
Comments
Sign in or get an account to comment.