An official assessment of the African country has revealed the shocking figure which has only surged from last February when it was more than half of what it is now.
Once a prosperous African country, one of the richest in the continent has been reduced to a poverty stricken, economically chaotic country facing massive political upheavals.
The world blames Robert Mugabe, the President of Zimbabwe, a man widely hated for probably some of the worst economic policies brandished upon a nation. And yet, there seems to be little standing in his way as even the only opposing party, the Movement For Democratic Change (MDC), was forced to pull off from elections after having to suffer brutal violence on its supporters.
Mugabe, now re-elected, continues to impose a strong hold over the country even after having reduced it to a ruined nation where poverty is rising, and inflation still sores high for rising costs force retailers to only hike their prices. Not surprisingly, Mugabe refuses to accept the damage his policies have induced upon the economy and blames international sanctions and policies, especially referring to US and the EU imposing a travel ban and an all assets freeze.
Recently, the central bank, the Reserve Bank of Zimbabwe, issued a 500 million Zimbabwe Dollar note to curtail cash shortages the extraordinarily high inflation rate. A 500 million Zimbabwe dollar would only amount to 2 USD, which is in stark contrast to after independence in 1980 when One Zimbabwe Dollar was worth more than $1 USD.
