Zimbabwe: Who Wants To Be A Trillionaire?
BBC NEWS -- On Tuesday, a 50 billion Zimbabwean dollar note was issued (see above), less than a month after a Z$500m bill was released. Prices can double every day, and food and fuel - for those without US dollars - are in short supply. Now Zimbabwe is introducing a new Z$100 trillion note, currently worth about US$30. Other notes in trillion-dollar denominations of 10, 20 and 50 are also being released to help Zimbabweans cope with hyperinflation.
However, the dollarization of the economy means that few products are available in the local currency.
BBC NEWS -- Increasingly it is only US dollars that are accepted in Zimbabwe's shops. Gas stations are among those now turning away people who offer fistfuls of local currency (see picture below). Even water bills - for what little clean water there is - have to be paid in hard US cash. And bread is now a dollar commodity in many parts of the country. John Makombe, professor of political science at the University of Zimbabwe, estimates that 80% of the population here has no access to US dollar bills.
HT: Greg Mankiw