Zimbabwe's Billion-Dollar Bill Nearly Worthless
SCOTT SIMON, host: ..TEXT: This is how grave the economic crisis in Zimbabwe has become. Banknotes issued just a few months ago are not enough to buy even a single sheet of toilet tissue. And this week, the Mail & Guardian newspaper of South Africa reported that, in any case, there is no toilet tissue to be found in the stores of Zimbabwe. The Zimbabwean 50-billion-dollar note is worth just 33 U.S. cents. By the time you hear this, possibly even less than that. ..TEXT: The financial throes of Zimbabwe are so severe that officials have had to find new language to express it. This week, the Harare Herald advertised the Lotto bonanza prize being offered was 1.2 quadrillion Zimbabwean dollars. Now, quadrillion is what comes after a trillion, and 1.2 quadrillion Zimbabwean dollars are worth about 4,000 U.S. dollars. [POST-BROADCAST CORRECTION: If 50 billion Zimbabwe dollars are worth 33 U.S. cents, then 1.2 quadrillion Zimbabwean dollars would be worth $8000.]
Correction July 22, 2008
The story includes two inconsistent exchange rates between the U.S. and Zimbabwe currencies. If 50 billion Zimbabwe dollars are worth 33 U.S. cents, then 1.2 quadrillion Zimbabwean dollars would be worth $8,000.