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Zimbabwe releases $10 million bill
As the US economy inches ever closer to a recession, it might provide a little perspective to look at what a real economic crisis looks like. Plagued by hyperinflation of over 50,000% a year, Zimbabwe's central bank recently decided to issue $10 million notes-- believed to be the highest denomination of currency in the world today. The bill, worth less than US$4, is barely enough to purchase a hamburger. One writer illustrates the rampant inflation:
"The bill is exactly the same color, layout and design as a $20 bill I've been carrying in my wallet since my trip to Zimbabwe 15 months ago... When I wrote about that $20, it was worth about $0.025 USD - a silly amount of money to represent with a bill, but still a functional piece of currency. At the moment, that bill is worth $0.00000005 cents, or 5 hundred-millionths of a cent."
Residents of Zimbabwe have been forced to use brick-shaped stacks of worthless bills to purchase even everyday items, like groceries. This is what it took to buy a beer just a month ago-- today the situation is still worse. The introduction of the $10 million bill is a response to this, but given the astronomical rate of inflation, the bill will only hold its value for a few weeks before it too becomes worthless
Despite the dismal economic situation, the central bank's much-maligned governor, Gideon Gono, offers this risible bit of encouragement: "As monetary authorities, we once again assure the nation that we are in full control of the currency situation."
Reader Comments (Page 1 of 2)
Faz Jan 23rd 2008 8:54PM
I want one!
mequeenb Jan 28th 2008 7:06PM
if it's not worth the paper it's printed on why would you want one ? My daughter has an exchange student comming this week from Zimbabwe should I have her bring some :)
RblWthACoz Jan 29th 2008 3:08AM
First off, it is technically illegal to bring the currency out of Zimbabwe. But they really can't do anything to stop you.
Second, you cannot get it at any foreign exchange. No way any exchange house will touch such a volatile currency.
I personally experienced the lunacy of all of this 18 months ago when I visited. I won $18,000,000 on a slot machine at Victoria Falls (about $70 at the time).
Always interesting when it costs you $15,000,000 for dinner.
TroyP Jan 14th 2009 5:58PM
mequeenb PLEASE contact me.
new here, but you can reach me at long54659@mypacks.net
Sharon Jan 23rd 2008 9:58PM
This is actually very sad. I feel so bad for this country. I attempted to contact the University of Zimbabwe almost a year ago to verify someone's degree for a job they were trying to get here in the U.S. The university was closed because of rioting and water shortages. This country is so distraught with bad government and mismanagement. We think we have it bad. This is so sad. I've known some wonderful people who have come to the U.S. from Zimbabwe.
bill Jan 23rd 2008 10:14PM
I would like to buy ten. Who can do that?
CincyJoe Jan 28th 2008 10:01AM
So everyone in Zimbabwe are millionaires???
bill Jan 23rd 2008 10:11PM
I woujd like to ten. How do I do that?
mike Jan 23rd 2008 10:41PM
i am going to the bank currency exchange to see if i can get some
jim Jan 23rd 2008 11:26PM
So when you get that email saying the prince of Zimbabwe has selected you to recieve $35 million dollars, it is only worth approx. $16 US currancy. And they need you to send them $2500 in US currancy to collect. Just kidding I know that is a scam, but, that is what it is saying basically.
Laine Jan 24th 2008 12:23AM
You'll be able to buy them on ebay, soon. They have $200,000 notes now.
Michael Jan 24th 2008 5:11AM
I traveled through this country when in my twenties, now 36 years later. At that time I said the friendliest and one of the most hospitable people in the world live there. Now it seems like a crime that all those people were forced to migrate and leave their livelyhood behind. They came from a group of people who left a desciminatory society to be free, and now opressed by the ruler, and the world pays no attention. God have mercy on what is to come.
jim Jan 24th 2008 2:00AM
And being the US $ is like .72 that means these bills are like $2 bills. One reason gas here is so expensive now. Could you imagine having to pay $15,000,000 for a gallon of gas....lol
Bubba Jan 24th 2008 3:48AM
read the fine print...it is a hoax, don't believe everything you read, it is b$hit
bigalthegal Jan 24th 2008 6:29PM
This story is actually true. It's all over the news. Check the New York Times.
http://www.nytimes.com/aponline/world/AP-Zimbabwe-Money-Chaos.html
yossi Jan 24th 2008 7:59PM
i have a 10 000 000 turkish bill in my pocket right now.
but i think they overhauled their currency since i got it.
it was worth about $8 in 2005
voidSkipper Jan 26th 2008 12:54AM
Jesus, imagine if you kept a few and their economy magically revived itself.
Dr. Evil Jan 25th 2008 4:04AM
Here's the plan. We get the warhead, and we hold the world ransom for.....One MILLION DOLLARS!!
ozgur alaz Jan 27th 2008 4:26AM
in the beginning of this decade we (Turkiye) used to have 20.000.000 Turkish liras bill (worth 40$)
http://images.habervitrini.com/haber_resim/20_milyon_sahte_para.jpg
Jay Jan 28th 2008 12:54PM
I think that voidSkipper might have something there...lol.