Advertisement

Help
You are here: Rediff Home » India » Business » Slide Shows » Photos
Search:  Rediff.com The Web
  Email  |    Discuss  |   Get latest news on your desktop

Back Next

11.2 million % inflation! How is Zimbabwe surviving?

September 18, 2008

So how are Zimbabweans surviving?

Barely.

You can just about buy a loaf of bread for Z$1,000. And if you want a few bananas, you need to pay a bagful of cash.

The economy faces collapse with consumers resorting to barter as inflation and a slump in the Zimbabwe dollar erodes the value of cash.

Cash-strapped people are resorting to bartering fuel coupons for goods, such as household appliances and furniture. Some retailers prefer payment in coupons instead of local currency because of the rapid devaluation of the Zimbabwe dollar, report Zimbabwean newspapers.

Image: A church aid organizer packs $65 billion Zimbabwean (just over $2,000 USD) into a briefcase in Bulawayo, Zimbabwe. He had received the foreign currency from international doners and changed it into local currency in order to buy food aid for 'tens of thousands of people for a short time,' he said. | Photograph: John Moore/Getty Images

Also read: Ratan Tata's words of inspiration
Back Next

© 2008 Rediff.com India Limited. All Rights Reserved.Disclaimer | Feedback