Want to win a cool $1.2 quadrillion? Those are the prizes offered in this weeks Zimbabwe lotto. Unfortunately, that is Zimbabwean dollars. Hyperinflation does not explain the inflation rate in Zimbabwe. Worthless does not describe its currency. A single sheet of toilet paper is worth more than the currency printed a few months ago.
People band together to go shopping because they are fearful of being robbed. Robbed of their Zimbabwean dollars? Nope. Robed of the groceries they bring back. Bread is a luxury unaffordable by most.
In Zimbabwe, nearly everyone is a billionaire, but a billion will not buy much, if anything. It costs $50 billion to buy a single egg. Inflation is ripping along at 9 million percent. It is expected to hit 100 million percent in three months. Every few days the currency loses half its value.
With 80 percent unemployment, industry is at a standstill. Even if a job is available, who wants to work if the pay is worthless in a few days? Most Zimbabweans are getting by selling off their possessions piecemeal.
The government cannot print the currency fast enough to meet demand. As soon as someone gets a hold of a $100 billion note, it is spent before it loses value. Checks are still accepted, but merchants require the check writer to make it out for twice the amount of the purchase, as it will lose half its value in the time it takes to clear the bank. Transaction limits on debit cards require a dozen swipings for groceries.
Zimbabwe makes $4.50 for a gallon of gasoline look like a bargain.
wow really i want to move there