Zimbabwe dollar now 25 million to $1 US

Times:

Shoppers in Zimbabwe no longer need worry about carrying their purchases home: the chances are that their groceries weigh less than the banknotes needed to buy them.

The Zimbabwean dollar tumbled to a new low of 25 million to a single US dollar today, just four months after breaking through the one-million barrier. With Zimbabwe dollars mostly available in bundles of 100,000 and 200,000 notes, a US $100 note now buys nearly 20kg of local notes.

Under Robert Mugabe's economic meltdown, Zimbabwe has the world's highest inflation rate of 100,500 per cent. Currency dealers say that political uncertainty ahead of presidential and parliamentary elections on March 29 is also encouraging people to hang on to their hard currency.

At the same time, they added, the central bank is pumping out Zimbabwean dollars to pay for election costs and buying greenbacks on the black market to pay for power, petrol and vehicle imports ahead of the elections.

...

Unemployment is at 80 percent. Zimbabwe appears to be the way Democrats describe the US. The incompetence of the Zimbabwe government is profound. Most people could not mess up this badly if they tried to do it on purpose.

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