A billion Zimbabwe dollars = 10 U.S. cents.A German company that has been supplying paper used by Zimbabwe's central bank to print bank notes said Tuesday it is stopping shipments immediately at the request of Germany's government.
The move could be a new problem for the regime of President Robert Mugabe, which has been churning out currency amid skyrocketing inflation that forces Zimbabweans to shop with bundles of cash.
The move could be a new problem for the regime of President Robert Mugabe, which has been churning out currency amid skyrocketing inflation that forces Zimbabweans to shop with bundles of cash. A pint of milk can cost 3 billion Zimbabwe dollars, or about 30 U.S. cents.
Zimbabwe's currency needs have spiraled upward as a shattered economy spurs overheated inflation. Prices rose 165,000 percent in February, according to government figures, but independent experts say the real inflation rate is closer to 4 million percent.
This should put an end to ridiculous talk of hyperinflation in the U.S., but it won't.
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
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