Out Of Control Inflation In Zimbabwe

Shoppers in Zimbabwe are now paying for goods using $10,000 and $20,000 notes. Prices are rising so fast that people are using up all their paper money, and the country's running out of cash. To alleviate the shortage, Zimbabwe's central bank issued the new banknotes Monday.

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And today's last word in business comes from the shopping aisles of Zimbabwe where shoppers can now pay for goods using 10 and $20,000 dollar notes. It is almost impossible to wrap your mind around the pace at which prices are rising in Zimbabwe. The official inflation rate is 11.2 million percent. 11.2 million percent, that's the official inflation rate in Zimbabwe. Prices are rising so quickly that people are using up all their paper notes. The country is running out of cash and this is Zimbabwe's version of a financial recovery package. The Central Bank has issued new bank notes with more zeros. The government also raised the limit on how much people can withdraw from their bank accounts from the equivalent of $20 to $35 each day. And that's the business news on Morning Edition from NPR News. I'm Steve Inskeep.

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