Indian inflation figure was reeling between 3 and 4% when it all started, then it touched 5 and people started getting scared. It touched 6 and FM started getting scared, it touched 7 and PM started getting scared, and CPI was dancing over all these guys head plus Sonia crying foul. But these figures are kids if you have read anything about inflation in Zimbabwe. Take a wild guess, what can be the inflation rate over there if I tell you that it is much much more than layman may guess? Well ans is, its more than... hold your breath... 355000 percent! Can you believe it?!! Its highest in world and I guess a world record too!
Top government sources said the inflation figures for March had initially been projected at 406 000%, but were still being computed as the Central Statistical Office (CSO) continues to fiddle with the consumer basket. However, the CSO projection, sources said, has placed inflation for May at over 1 200 000% if the trend continues. The central bank introduced the $500 million bearer cheques for the public and the $5 billion, $25 billion, $50 billion agro-cheques for farmers. The new notes come hardly two weeks after the introduction of the $250 million bearer cheques. The Zimbabwe 10 million dollar note pictured below, is currently worth about only $4 (USD) on the black market.
Top government sources said the inflation figures for March had initially been projected at 406 000%, but were still being computed as the Central Statistical Office (CSO) continues to fiddle with the consumer basket. However, the CSO projection, sources said, has placed inflation for May at over 1 200 000% if the trend continues. The central bank introduced the $500 million bearer cheques for the public and the $5 billion, $25 billion, $50 billion agro-cheques for farmers. The new notes come hardly two weeks after the introduction of the $250 million bearer cheques. The Zimbabwe 10 million dollar note pictured below, is currently worth about only $4 (USD) on the black market.
Zimbabwe's economy spiraled downward from Second Congo War, leading to food and oil shortages, hyperinflation, and massive emigration. During this recent period Zimbabwe's President Robert Mugabe's policies have been denounced in the West and at home as racist against Zimbabwe's white minority.
Until 2000, Zimbabwe was the 'breadbasket of Africa', exporting wheat, tobacco, and corn to the rest of the continent and beyond. Zimbabwe contains the most fertile farmland on the continent, and until recently was a tourist Mecca, home of Victoria Falls, one the seven natural wonders of the world, and numerous game reserves, now nearly emptied by poachers and starving peasants. It’s hard to comprehend exactly what living within such a catastrophic economic crisis actually means. Imagine going to the pub buying a drink and then two hours later returning to the bar to order the same drink again but only to learn that the prices have now doubled – would you pay?
Until 2000, Zimbabwe was the 'breadbasket of Africa', exporting wheat, tobacco, and corn to the rest of the continent and beyond. Zimbabwe contains the most fertile farmland on the continent, and until recently was a tourist Mecca, home of Victoria Falls, one the seven natural wonders of the world, and numerous game reserves, now nearly emptied by poachers and starving peasants. It’s hard to comprehend exactly what living within such a catastrophic economic crisis actually means. Imagine going to the pub buying a drink and then two hours later returning to the bar to order the same drink again but only to learn that the prices have now doubled – would you pay?
Subscribe to:
Post Comments (Atom)
0 comments:
Post a Comment