Demonetization is an important and necessary process to comply with the multiple currency system, according to the Reserve bank.
In 2008 the monthly inflation rate hit 3.5 million percent with an egg costing 50 billion Zimbabwean dollars. A loaf of bread then cost as much as 12 new cars could have cost 10 years before. Prices doubled every 25 hours, which gave Zimbabwe the second-worst hyperinflation in history, behind post-war Hungary. The same year, Zimbabwe printed its highest denomination banknote, at 100 trillion dollars it was only enough to buy a weekly bus ticket.
Hyperinflation in Zimbabwe gained momentum in 2000 when Robert Mugabe, who has been the country's President since 1987, changed his economic policy and implemented land reform. Mugabe granted farmland owned by white citizens to indigenous black Zimbabweans, who were uneducated and knew nothing about farming. As a result, Zimbabwe turned from an agriculture exporter into an importer, which resulted in 94 percent unemployment and hyperinflation.
http://rt.com/Linkback:
https://tubagbohol.mikeligalig.com/index.php?topic=80204.0
Topic: Shocking Cost of 3 Eggs in Zimbabwe (Read 1500 times)