Our favorite African leader, “Wonderful Bobby” Mugabe appears to still be the proud owner of the world’s highest inflation rate. And he seems pretty dedicated to keeping it that way.
Reserve Bank Governor Gideon Gono said in a statement 10 million Zimbabwe dollars notes will be issued tomorrow along with 1 million and 5 million Zimbabwe dollars bills.
The highest existing note, introduced last month, is for 750,000 Zimbabwe dollars.
The new 10 million note is the equivalent of about £2 at the dominant black market exchange rate. A hamburger at an ordinary cafe costs about 15 million Zimbabwe dollars (£3).
That hamburger has trebled in price this month amid shortages of bread, meat and most basic goods.
Zimbabwe faces the world’s highest official inflation of an estimated 25,000 per cent. Independent financial institutions say real inflation is closer to 150,000 per cent.
When I last posted in early September, the inflation rate was only about 7600%.
Good job, Bobby.
Sounds like a location screaming for an nobrainer political run in its infancy.