Back in February, I blogged about Zimbabwe’s $10 million note and received a ton of hits when it got stumbled. At that time, Zimbabwe had an official annual inflation rate of over 150,000%. Now that Mugabe has blatantly stole the elections, inflation has again shot up so ridiculously high that it makes the previous rate look like just a milk run.
According to this report in the Guardian, the official, and hence woefully under-reported, inflation rate is now at 2.2m% and the largest bank note is now denominated at $50 billion, with a value of around 18 British pence. The government can’t even print money fast enough, so that ordinary people are now limited to only $100 billion of withdrawals a day.
Just another day in the ongoing trainwreck that is Zimbabwe.