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HARARE, ZIMBABWE — Zimbabweans will be soon lining their pockets with $10 million bills.
The central bank announced Thursday it would increase the denomination of the nation’s highest bank note more than tenfold to keep pace with the world’s highest inflation rate, officially estimated at 25,000 percent annually. Independent financial institutions say real inflation is closer to 150,000 percent.
The new $10 million bill is the equivalent of about $4 at the dominant black market exchange rate.
A hamburger at an ordinary cafe costs about 15 million Zimbabwe dollars ($6).
Zimbabwe’s economy began to crumble when President Robert Mugabe’s government stripped white Zimbabweans of their farms to give to blacks in 2000. The economic decline has caused runaway prices, chronic unemployment and acute shortages of basic goods.
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