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Zimbabwe introduces $100B bank note

July 19, 2008 at 6:47 PM   |   Comments

HARARE, Zimbabwe, July 19 (UPI) -- Hyperinflation in Zimbabwe hit another milestone Saturday when the central bank introduced a $100 billion bill.

The new bills can circulate legally beginning Monday, CNN reported. But as large as the amount might seem, it is only enough to buy four oranges and not enough to cover the cost of one loaf of bread.

The country has been in an economic tailspin for several years. President Robert Mugabe, blaming profiteers and speculators for the destruction of the economy, announced this week that the government would provide basic necessities at a low subsidized price to end the inflation.

The government announced this week inflation had hit 2.2 million percent.

Outsiders blame much of the inflation on the government-backed takeover of white-owned farms by "war veterans" loyal to Mugabe. The country went from being an agricultural exporter to being unable to feed itself.

© 2008 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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