I started tracking articles on Zimbabwe's currency crisis starting in August 2006 when their old banknotes ceased to be legal tender. Inflation reached the million percent, a 100 billion note bought a loaf of bread, and cholera became epidemic. The collapsing Zimbabwe economy plodded along over the last several years in this hyper-inflation mode. As Zimbabwe money became completely useless, an underground economy emerged using commodities and other competing currencies and loans – namely China and the USA. In March 2009, Zimbabwe agreed to peg to the dollar and recently the IMF has supplied funds. Zimbabwe no longer controls its own currency. Now they’re fighting for control over the diamond mines
This is not the first time a country has experienced hyper-inflation. White describes the French Revolution experience of hyper-inflation. There's the more recent experience of hyper-inflation in 1930s Germany. Whether through incompetence or deliberate interference, the outcome of hyper-inflation is the same - severe societal disruption. Beware of billion dollar bailouts and stimulants. And now, in America, trillion is the new billion.
America's trillion dollar question
http://news.bbc.co.uk/2/hi/programmes/from_our_own_correspondent/7914572.stm
28 Feb 2009
In the world of American government, the trillion is the new billion. There was a time when only astral-physicists and accountants practicing in Zimbabwe had any use for a word which means a million millions. The speed of that verbal inflation is staggering. Most of us still use the word millionaire to describe someone of enormous wealth, but it has actually been around since the mid-19th century in its current form and once conjured an image of someone with limitless spending power.
Zimbabwe diamond sales ban urged
http://news.bbc.co.uk/2/hi/africa/8337385.stm
02 Nov 2009
Zimbabwe is facing calls to be suspended from the international diamond trade following allegations of brutality by its soldiers. Rights groups are lobbying members of the Kimberley Process, the body which regulates the trade in rough diamonds, to halt exports from Zimbabwe. Activists say soldiers killed about 200 people at a diamond field. Human Rights Watch said the police and army have turned what was a peaceful area into a "nightmare of lawlessness and horrific violence". Activists say local people are now being forced to search for diamonds, with all the profit being taken by Zanu-PF. The government denies the claims.
Zimbabwe to get $500m IMF loans
http://news.bbc.co.uk/2/hi/business/8238111.stm
04 Sep 2009
The International Monetary Fund is making loans available to Zimbabwe for the first time in a decade, the BBC has learnt. The $500m (£305m) will be used to replenish Zimbabwe's dwindling foreign currency reserves. The loans send a clear signal the US dollar will remain the official currency.
IMF refuses new aid for Zimbabwe
http://news.bbc.co.uk/2/hi/business/8131707.stm
02 Jul 2009
The International Monetary Fund has told Zimbabwe that it will not provide the country with more funds until its existing $1bn debts are settled. Zimbabwe's government estimates it will need $10bn (£6bn) of foreign aid to help rebuild its battered economy. The IMF said that Zimbabwe would need to clear its debts and show a sustained record of sound policies before it could give financing. China recently agreed to give Zimbabwe a loan of $950m. China is one of the few countries to retain economic support for Zimbabwe in recent years.
China 'agrees huge Zimbabwe loan'
http://news.bbc.co.uk/2/hi/africa/8126555.stm
30 June 2009
China has agreed to give Zimbabwe a loan of $950m (£573m) to help it revive its battered economy, Prime Minister Morgan Tsvangirai has said. "We will encourage and facilitate more Chinese companies to seek development in Zimbabwe," Chinese official Zhou Yongkang told state news agency Xinhua.
Zimbabwe army 'runs diamond mine'
http://news.bbc.co.uk/2/hi/africa/8120931.stm
26 Jun 2009
Lobby group Human Rights Watch has accused Zimbabwe's army of using forced labour, including children, to mine diamonds in the east of the country. On the face of it, the military takeover was an attempt to seize control from unlicensed miners, the lobby group says. But in reality it was a systematic attempt to enable key army units, whose support President Mugabe needed following June's elections, to have access to riches, Human Rights Watch says.
Zimbabwe prices 'begin to fall'
http://news.bbc.co.uk/2/hi/africa/7962998.stm
25 March 2009
Prices in Zimbabwe have begun to fall after years of galloping inflation, according to figures from the state Central Statistical Office (CSO). Prices of goods bought in US dollars, Zimbabwe's new official currency, fell by up to 3% in January and February. They were the first official figures since the country's recent adoption of the US dollar. The US dollar was adopted by Zimbabwe's government following the inauguration of the unity government between the MDC and President Mugabe's Zanu-PF.
Zimbabwe rolls out Z$100tr note
http://news.bbc.co.uk/2/hi/africa/7832601.stm
16 Jan 2009
Zimbabwe is introducing a Z$100 trillion note, currently worth about US$30. There is more than 80% unemployment in the country and those with jobs find their salary is worthless unless they are paid in foreign currency.
Soldiers rampage at Harare bank
http://news.bbc.co.uk/2/hi/africa/7759060.stm
01 Dec 2008
Dozens of troops have run amok in the Zimbabwean capital Harare after losing their temper while queuing up to withdraw cash at a bank. Because of a national cash shortage, Zimbabweans can only withdraw small amounts of money every day - often barely enough to buy a loaf of bread. The country's economic freefall has been accelerating and the latest annual inflation rate was 231,000,000%. Just one adult in five is estimated to have a regular job. Earlier, the state-owned Herald newspaper reported that water in the capital had been cut because of a shortage of purification chemicals, as authorities try to contain a cholera outbreak.
Cholera outbreak strikes Zimbabwe
http://news.bbc.co.uk/2/hi/africa/7742762.stm
21 Nov 2008
Nearly 300 people have died in Zimbabwe in recent weeks in a cholera outbreak which has hit about 6,000 people, the World Health Organization reports. The UN body predicted the water-borne disease would continue to spread because of poor sanitation in the impoverished country's urban areas.
Analysis: Zimbabwe's dire forecast
http://english.aljazeera.net/focus/2008/09/2008914221220559820.html
15 Sep 2008
Zimbabwe's economy has passed "tipping point". Inflation escalated from 7,500 percent a year ago to 100,000 percent in January and 11.2 million per cent in June. Current estimates put the annual rate at around 30 million per cent for September. Production in agriculture, mining and manufacturing has more than halved since the political crisis started in 2000, and a recent industrial survey shows that manufacturing industry is operating at less than 20 per cent of capacity. The middle class, once the bedrock of this economy has diminished – doctors, teachers, nurses, engineers, artisans and lawyers have left the country.
Zimbabwe inflation rockets higher
http://news.bbc.co.uk/2/hi/business/7569894.stm
19 Aug 2008
The rate of inflation in Zimbabwe jumped to just over 11,250,000% in June, official figures show. Zimbabwe is in the midst of a dire economic crisis with unemployment at almost 80%, most manufacturing at a halt and basic foods in short supply.
Zimbabwe introduces Z$100bn note
http://news.bbc.co.uk/2/hi/africa/7515823.stm
19 Jul 2008
Zimbabwe is to introduce a bank-note worth Z$100bn in response to rampant inflation - but the note will barely cover the cost of a loaf of bread.
Zimbabwe inflation at 2,200,000%
http://news.bbc.co.uk/2/hi/business/7509715.stm
16 Jul 2008
Zimbabwe's annual rate of inflation has surged to 2,200,000%, official figures have shown. The figure is the first official assessment of prices in the troubled African nation since February, when the rate of inflation stood at 165,000%. Rising costs are forcing retailers to increase prices a number of times a day for goods purchased with billion dollar bank notes and the number of people falling into poverty is on the rise. Mr Mugabe denies that he is ruining the economy, laying the blame on international sanctions he says have been imposed against Zimbabwe. The US and the EU have imposed targeted sanctions, such as a travel ban and an assets freeze, on Mr. Mugabe and his close allies.
Mugabe threat to expel US envoy
http://news.bbc.co.uk/2/hi/africa/7419389.stm
25 May 2008
Zimbabwean President Robert Mugabe has threatened to expel the US ambassador, accusing him of meddling in the country's political process.Earlier this month ambassador James McGee warned post-election violence in Zimbabwe was "spinning out of control". "As long as he carries on doing that, I will kick him out of the country," Mugabe said of Mr McGee, a Vietnam War veteran. "I don't care if he fought in Vietnam. This is Zimbabwe, not an extension of America," he said.
Zimbabwe bank issues $500m note
http://news.bbc.co.uk/2/hi/africa/7402943.stm
15 May 2008
The central bank has issued a 500m Zimbabwe dollar banknote, worth US$2, to try to ease cash shortages amid the world's highest rate of inflation. The previous highest denomination note was for Z$250m, issued 10 days ago. Zimbabwe's annual inflation rate is 165,000% and one economist said prices now double every week. At independence in 1980, one Zimbabwe dollar was worth more than US$1.
Zimbabwe inflation hits 165,000%
http://news.bbc.co.uk/2/hi/business/7351086.stm
16 Apr 2008
Zimbabwe's soaring inflation hit an annual rate of almost 165,000% in February, official figures show. Continuing shortages of food and fuel helped to push up inflation from January's rate of 100,000%.The central bank has introduced new banknotes to cope with the spiraling prices. Last month it issued a 10 million Zimbabwe dollar note. The leadership of Zimbabwe is in doubt following elections last month.
Zimbabwe bank to issue $10m bill
http://news.bbc.co.uk/2/hi/africa/7195569.stm
18 Jan 2008
Zimbabwe's central bank is to introduce new higher-denomination banknotes in an effort to ease the critical shortage of cash in the country. Zimbabwe has been in economic decline for the past eight years, with annual inflation widely thought to be in excess of 50,000%. The highest value note that will go into circulation on Friday is worth 10m Zimbabwean dollars.
PM to boycott talks over Mugabe
http://news.bbc.co.uk/2/hi/uk_news/politics/7115205.stm
27 Nov 2007
Prime Minister Gordon Brown has said he will not attend an EU-Africa summit after Zimbabwe's leader Robert Mugabe confirmed he would be there. “Given the circumstances of the last 10 years and our attempts to give assistance in Zimbabwe, which have been thwarted and resisted, it is not possible for us to attend this summit and sit down with President Mugabe." The collapse of the Zimbabwean economy and society therefore was something for which President Mugabe and his policies have got to take full responsibility, he added.
New moves to ease Zimbabwe crisis
http://news.bbc.co.uk/2/hi/business/7023714.stm
2 Oct 2007
Zimbabwe's central bank governor has unveiled a series of measures aimed at easing the country's economic crisis. A new currency will be introduced - striking more zeros off bank notes - in an attempt to curb the black market in currency, Gideon Gono said. Mr Gono has also urged parliamentarians to consult widely before going ahead with the controversial bill that allows black Zimbabweans to take a majority shareholding in foreign owned companies. President Robert Mugabe's government has proposed the new law in a bid to give Zimbabweans more control over the economy, despite fears it could further drive investors from the country.
Zimbabwe Inflation Hits New High
http://news.bbc.co.uk/2/hi/business/6959164.stm
22 Aug 2007
Zimbabwe's annual rate of inflation jumped to 7,638% in July according to the first official figures to be published for three months. Last month, the International Monetary Fund warned annual inflation could reach 100,000% by the end of the year. The Consumer Council of Zimbabwe has said the real year-on-year inflation is far higher than the official rate - claiming it was nearer 13,000% in June. Zimbabwe's economic crisis has led to an estimated three million people fleeing the country for South Africa. Unemployment stands at about 80% and there are mass shortages of fuel and foodstuffs.
Plans Needed for Zimbabwe Exodus
http://news.bbc.co.uk/2/hi/africa/6956383.stm
21 Aug 2007
The head of the UN refugee agency has told the BBC that contingency plans are needed in case the exodus of refugees from Zimbabwe increases. More and more people are fleeing the worsening economic and political situation in Zimbabwe. Zimbabweans are struggling to find even the most basic goods on shop shelves, as an economic crisis pushes inflation above 4,500% and unemployment is estimated at more than 80%. Refugees come into neighboring countries "because they need to survive to a certain extent, to find food security, to try to find some kind of economic activity that they cannot find in their own country."
Zimbabwe Sugar Stampede Kills Two
http://news.bbc.co.uk/2/hi/africa/6950619.stm
16 Aug 2007
Two people have been crushed to death in Zimbabwe when desperate shoppers scrambled to buy sugar. Pressure from the crowd, in Zimbabwe's second city Bulawayo, caused a pillar to fall on top of a security guard and a 15-year-old boy, killing them both. Zimbabweans are struggling to find even the most basic goods, as an economic crisis pushes inflation above 4,500%.
Zimbabwe launches $200,000 note
http://news.bbc.co.uk/2/hi/business/6924062.stm
31 Jul 2007
Zimbabwe is to start circulating a new 200,000 Zimbabwe dollar note, in a bid to tackle the country's inflation, the highest in the world.The new note, issued by the Reserve Bank of Zimbabwe from Wednesday, can buy 1kg (2.2lb) of sugar. The official annual rate of inflation in Zimbabwe is nearing 5,000%. The new note is worth US$13 at the official exchange rate or $1 on the black market.
Mugabe Vows to Save Sick Economy
http://news.bbc.co.uk/2/hi/africa/6913148.stm
24 Jul 2007
President Robert Mugabe has said at the opening of parliament that strict price controls will continue as Zimbabwe tries to turn around an ailing economy. The country, once the bread-basket of the region, is suffering crippling food shortages and rampant inflation. Economic refugees are arriving in neighboring states like South Africa at a rate of around 3,000 a day.
Zimbabwe Crisis 'Threatens Lives'
http://news.bbc.co.uk/2/hi/africa/6288038.stm
10 Jul 2007
Roman Catholic Archbishop of Bulawayo Pius Ncube says the political and economic situation in Zimbabwe has reached "life-threatening proportions". He says there is almost no fuel in the country, and every day, people are reduced to hunting for a loaf of bread. The archbishop said it had reached a point where regional political intervention was now needed. Mr Mugabe blames the worsening economic crisis on a Western plot to remove him from power.
Mass Zimbabwe Arrests Over Prices
http://news.bbc.co.uk/2/hi/africa/6283990.stm
9 Jul 2007
A total of 1,328 Zimbabwean businessmen and women have been arrested and fined for breaking official price controls in the past two weeks, police say. The government ordered that the prices of many goods be cut in half, in order to tackle the world's highest rate of inflation - more than 3,700%. But businesses say the new prices are below cost, so some firms have closed.
Zimbabwe to Cut Prices by Half
http://news.bbc.co.uk/2/hi/business/6240636.stm
26 Jun 2007
Zimbabwe has ordered factories and firms to cut the price of basic goods and services by up to half, in a bid to tackle rampant inflation. The price of basic commodities such as oil and bread must be reduced with "immediate effect" said the government. Economists warn that the measures are likely to lead to shortages, as companies either stop producing because they cannot afford to, or sell their goods on the black market. "Government is aware that these price increases are a political ploy engineered by our detractors to effect an illegal regime change against the ruling party and the government following the failure of illegal economic sanctions." The US and European Union have imposed a travel ban and an assets freeze on President Robert Mugabe and scores of other top officials.
Zimbabwe 'collapse in six months'
http://news.bbc.co.uk/2/hi/africa/6751671.stm
14 Jun 2007
Zimbabwe will collapse within six months, possibly leading to a state of emergency, says a leaked briefing report for aid workers in the country. Rampant inflation will mean shops and services can no longer function and people would resort to barter, it said. Zimbabwe's inflation is already 3,714% - the highest rate in the world. It said power and water suppliers were already near collapse. Electricity was last month rationed to just four hours a day to save power for farmers. Just one adult in five is believed to have a regular job. Mr Mugabe denies responsibility for Zimbabwe's economic problems, blaming a western plot to bring down his government because of his policy of seizing white-owned land.
Huge Rise in Zimbabwe Inflation
http://news.bbc.co.uk/2/hi/business/6665749.stm
17 May 2007
Zimbabwe's rate of inflation surged to 3,731.9%, driven by higher energy and food costs, and amplified by a drop in its currency, official figures show. Zimbabwe will be forced to import maize, a basic food staple, to make up for a lack of home-grown produce. The government has also recently warned of shortages of bread and flour, which may cause even more hardship. Critics have blamed President Robert Mugabe's policies, particularly the seizure of white-owned farms, for damaging the once self-sufficient country - in the past described as the bread basket of Africa. President Mugabe, meanwhile, has accused foreign governments of trying to sabotage Zimbabwe's economy and topple him.
Electricity Rationed in Zimbabwe
http://news.bbc.co.uk/2/hi/business/6638993.stm
May 9, 2007
Households in Zimbabwe are to be limited to four hours power supply a day in the latest setback to hit the country's struggling economy. Rampant inflation has led to widespread shortages of fuel and food. The monthly rate of inflation rose to 2,200% in March, the highest in the world.
Zimbabwe Inflation Reaches 2,200%
http://news.bbc.co.uk/2/hi/business/6597993.stm
07 May 2007
Inflation in Zimbabwe reached a record 2,200% in March amid a deepening economic and political crisis. This is the highest rate in the world. The figures had been due for release earlier this month but were delayed. Zimbabweans spend any money they have as soon as they can, before prices rise even higher.Exporters claim their businesses have been devastated by this skewed exchange rate. Mr Gono earlier that month said Zimbabwe was suffering from "economic HIV". President Robert Mugabe's critics accuse him of destroying what was one of Africa's most developed economies. He blames the economic problems on western countries trying to topple him.
Bread, Net Disasters Hit Zimbabwe
http://news.bbc.co.uk/2/hi/africa/5359504.stm
19 Sep 2006
Shops in the Zimbabwe capital Harare are running short of bread after three top food-makers were arrested for over-charging for their products. Prices of bread and other staple foods are controlled by the government and bakers say the official price does not even meet production costs. The bakers said last week that their costs had risen by up to 289% in the month of June alone. Zimbabwe's annual inflation is running at 1,200% - the highest rate in the world. Earlier this year, Zimbabwe knocked three zeros off the denomination of its banknotes in an effort to contain inflation. The opposition says President Robert Mugabe has destroyed one of Africa's most developed economies through his policies. He blames the problems on a western plot to remove him from power.
Rush to Spend Old Zimbabwe Money
http://news.bbc.co.uk/2/hi/africa/5271154.stm
21 Aug 2006
People in Zimbabwe have been rushing to shops to spend their old banknotes before they cease to be legal tender at midnight on Monday. Three weeks ago Zimbabwe adjusted its currency, removing three zeros from the values after years of high inflation. The central bank has indicated that it may allow extensions to the deadline in exceptional circumstances. But the authorities insisted that the roll-out of the new currency, meant to tackle hyper-inflation, would go ahead.The new currency is intended to end the necessity of carrying bags of cash for even small purchases, and eliminate the multiple zeros that Zimbabweans have become used to seeing on price tags. A loaf of bread, for example, will now cost 220 Zimbabwe dollars, as opposed to 220,000 old Zimbabwe dollars. Critics say the measure does not tackle the underlying causes of Zimbabwe's inflation. They accuse President Robert Mugabe of ignoring economic principles and trying to bribe voters by seizing productive white-owned farms to give to poor black families. He maintains that Zimbabwe's economic woes are the result of a western plot intended to bring down his government.
