750,000 won't buy a burger in Zimbabwe

AP/Houston Chronicle:

The central bank of unveiled new currency notes Thursday with denominations as high as 750,000 dollars as the government tries to ease chronic shortages of cash in a hyperinflationary economy.

Official inflation is 8,000 percent — the highest in the world — although independent estimates put it substantially higher. The International Monetary Fund forecast inflation would reach 100,000 percent by the end of the year.

The government is withdrawing all 200,000-dollar notes, currently the largest currency note, and will question those attempting to exchange them to root out "cash barons" who hoarded them for illegal deals, said Gideon Gono, governor of the Reserve Bank.

The 200,000-dollar note is expected to be phased out by Jan. 1. People exchanging large sums of 200,000 dollar notes will be asked to explain how they were acquired or face forfeiture and criminal charges.

...

Mugabe seems determined to keep anyone from acquiring wealth. This is just his latest scam to catch those who have some how evaded his other attempts to make everyone poor and hungry. Why do African leaders have any respect for this despot?

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