Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

Zimbabwe inflation now estimated at 1,600,000,000,000,000,000,000%

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010) Donate to DU
 
Newsjock Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 07:17 PM
Original message
Zimbabwe inflation now estimated at 1,600,000,000,000,000,000,000%
http://www.guardian.co.uk/world/2008/dec/06/zimbabwe-ch...

... Money is a complicated business in Zimbabwe even if most people do not have much. Cash has been in desperately short supply because the government cannot print fast enough to keep up with hyperinflation. Officially inflation stands at 231m percent, but that was in July. Since then the central bank has regarded economic statistics as a state secret.

John Robertson, one of Zimbabwe's most respected economists, has accurately estimated the rate of inflation in the past. He says it shot through the billions, trillions and quadrillions between August and October until it reached 1.6 sextillion percent last month. A sextillion has 21 noughts.

... As the government grappled with the cash shortage caused by hyperinflation it severely limited the amount Zimbabweans could withdraw from their bank accounts. Until this week it was the equivalent of 18p a day. But after soldiers rioted in central Harare on Monday, looting stores charging in US dollars and snatching money from the illegal currency traders in an informal market known as the Copacabana, the central bank raised the withdrawal limit to Z$100m - the equivalent of 5 a week - from Thursday, though the real value was falling rapidly by the day. But, far from alleviating the crisis, the extra cash in the system drove the Zimbabwe dollar to new depths. It fell from Z$3m to the pound on Wednesday evening to Z$22m yesterday.

Printer Friendly | Permalink |  | Top
mrreowwr_kittty Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 07:38 PM
Response to Original message
1. I'm surprised you were able to put that many digits on your subject line.
Usually DU dings you for no spaces between characters.
Printer Friendly | Permalink |  | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Thu Apr 17th 2014, 08:42 PM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010) Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC