2015-12-23 Wed

In mid-January 2009, Zimbabwe was hit by a world record breaking inflation. It was during this time that Zimbabwe began printing 100 trillion dollar banknotes. According to the Reserve Bank of Zimbabwe, this was with the “convenience of the public” in mind.

At the time, the country had the highest inflation rate in the world, and 100 trillion was worth about US$300. In July 2008, the inflation rate reached an alarming 231 million percent. It is said that a single loaf of bread cost roughly 300 billion Zimbabwean dollars!

Doctors and nurses went on strike, and many teachers abandoned their jobs, asking to be paid in foreign currency. Foreign tender was finally legalized in late January 2009, and by April the Zimbabwean dollar was defunct.

As a result Zimbabwe uses many foreign currencies as its legal tender. Recently India’s rupee was also added to the long list.