Wednesday, May 31, 2006

Zimbabwe Update

Let's catch up on the hyperinflation in Zimbabwe. Today, the BBC reports:

Zimbabwe is introducing a bank note worth 100,000 Zimbabwe dollars, to help consumers as inflation exceeds 1,000%.

The note will be worth about $1 at the official exchange rate, but only $0.30 on the informal market. The 50,000 Zimbabwe dollar bill, introduced only four months ago, is not enough to buy a loaf of bread.

I like the phrase "to help consumers."