With rising inflation and election turmoil, the prices of basic food items have skyrocketed in Zimbabwe. A loaf of bread now costs 16 million Zimbabwe dollars.Zimbabwe has had monetary problems for a long time, and it isn’t getting better with the recent elections. The opposition claimed it won the elections, but Mugabe is reluctant to give up power.
The rate of inflation is rising at a staggering rate and has reached 100,000 per cent. A loaf of bread now costs 16 million Zimbabwe dollars.
In January, the Zimbabwe government issued a 10 million currency note, this week they introduced a new 50 million dollar bill which is equivalent to $1.25 USD on the black market (officially it is worth $1,666 USD).
Zimbabwean's currency has tumbled to a record low of 25 million Zimbabwe dollars to one US dollar. 100 US dollars could exchange for nearly 20 kg of local currency.
Frankly, it's hard yo imagine how a country would manage to get themselves into the troubled situation. My countrymen would be crying like babies if our annual inflation rates reached 10% .... 100.000% inflation? that unthinkable.
The new 50 million bank note will help Zimbabwean people buy three loaves of bread.
Other recent news reported peanuts now cost 700 million dollars a bucket in the region.
According to AP, this is the third time the nation’s central bank has issued a higher denomination note in response to record inflation. Furthermore, some of these currencies have an expiration date.
Most people will probably agree this is a sad state of affairs for Zimbabwe; Mugabe should leave before he does any more lasting damage to his country.
