What was the highest inflation rate in Zimbabwe?

What was the highest inflation rate in Zimbabwe?

The worst of the inflation occurred in 2008, leading to the abandonment of the currency. The peak month of hyperinflation occurred in mid-November 2008 with a rate estimated at 79,600,000,000% per month, with the year-over-year inflation rate reaching an astounding 89.7 sextillion percent.

How high did inflation get in Zimbabwe?

Zimbabwe: Inflation rate from 1986 to 2026 (compared to the previous year)

Characteristic Inflation rate compared to previous year
2019 255.29%
2018 10.61%
2017 0.91%
2016 -1.56%

What caused Zimbabwe inflation?

The cause of Zimbabwe’s hyperinflation was attributed to numerous economic shocks. The national government increased the money supply in response to rising national debt, there were significant declines in economic output and exports, and political corruption was coupled with a fundamentally weak economy.

What African country has the worst inflation?

Sudan was expected to have the highest inflation rate in Africa in 2021, at 197.1 percent….Projected inflation rate in Africa as of 2021, by country (compared to the previous year)

Characteristic Inflation rate
Sudan 197.1%
Zimbabwe 99.3%
South Sudan 40%
Angola 22.3%

How much debt is Zimbabwe in?

Zimbabwe’s total public debt is $11.1 billion (53.9% of GDP), of which 95.6% is external. including $6.4 billion in arrears to international financial institutions, bilateral, and private creditors.

What does the economy of Zimbabwe depend on?

The economy is heavily dependent on mining and agriculture, but political instability and protracted economic crisis have severely damaged the country’s economic potential.

What was the hyperinflation rate in Zimbabwe in 2007?

A selection of Zimbabwe Reserve Bank bearer cheques printed between July 2007 to July 2008 (now expired) illustrate the hyperinflation rate in Zimbabwe. Gono has printed enormous quantities of money against the advice of economists, but with full support from Robert Mugabe.

How much money did Zimbabwe print in 2006?

On 16 February 2006, Gideon Gono, announced that the government had printed ZW$20.5 trillion in order to buy foreign currency to pay off IMF arrears. In early May 2006, Zimbabwe’s government announced that they would produce another ZW$60 trillion.

How much money was in circulation in Zimbabwe?

On 24 November 2007, it was reported that the money supply was now $58 trillion revalued Zimbabwean dollars (ZWD) ($41 million US at parallel rates). However, Zimbabwe banks could only account for $1 to $2 trillion of those dollars, meaning that members of the public were holding $56 to $57 trillion in cash.

Why was the Zimbabwean dollar devalued in 2006?

As predicted by the textbook quantity theory of money, this practice has devalued the Zimbabwean dollar and caused hyperinflation. On 16 February 2006, Gideon Gono, announced that the government had printed ZW$20.5 trillion in order to buy foreign currency to pay off IMF arrears.

Why is Zimbabwe inflation so high?

How did inflation get so bad in Zimbabwe?

With the economy in decline, government debt increased. To finance the higher debt, the government responded by printing more money, which caused more inflation. Inflation meant bondholders saw a fall in the value of their bonds and so it was hard to sell future debt.

How much is a loaf of bread in Zimbabwe?

Cost of Living in Zimbabwe

Restaurants Edit
Water (12 oz small bottle) 0.68$
Markets Edit
Milk (regular), (1 gallon) 5.64$
Loaf of Fresh White Bread (1 lb) 0.90$

What is 50 billion Zimbabwe dollars worth?

33 U.S. cents
The Zimbabwean 50-billion-dollar note is worth just 33 U.S. cents.

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