Hyper Inflation of this Era

Zimbabwe have been experiencing a record 2.2 million percent inflation as of 22 July 2008. It has been ravaged by hyper inflation which shot up from 165,000 percent in February 2008 to 2.2 million in June 2008. It was reported that it have at least 80 percent of the population living below the poverty threshold and mass shortages of basic goods in shops.

Its central bank introduced a new multi-billion-dollar bank note in a bid to tackle rampant cash shortages. Below are the chronological of the introduction of the notes;

In January 2008, a 10-million-dollar note was issued,

In April 2008, 50-million-dollar note was issued,

In May 2008, notes for 100 million and 250 million dollars were issued,

Swiftly following are those of 5 billion, 25 billion and 50 billion notes issued,

16 May 2008, a new five hundred million dollar and 100-billion-dollar bank note issued.

Some independent economists however believe the official inflation figure is grossly understated, estimating it could be running between 10 million and 15 million percent.

231 million percent inflation and 80% unemployment rate in Zimbabwe.