Remember my award-winning post from way back in January about Zimbabwe’s introduction of a $10 million dollar bill? (Nod “yes” and let’s move on.)
Anyway, that was two-and-a-half months ago, and the country’s 100,000% inflation rate has already made it necessary for another impressive-sounding-but-actually-very-sad denomination of currency: the $50 million dollar bill. It’s worth about US$1 on the black market, enough for three loaves of bread.
A quote from Gideon Gono, the governor of the central bank of Zimbabwe, is worth repeating here: “As monetary authorities, we once again assure the nation that we are in full control of the currency situation.”
With all due respect to Mr. Gono, I have as much control over Zimbabwe’s currency situation as he does.
How much longer before the numbers on the bills are written in scientific notation?