As per the official information avilable on the website of Reserve Bank of Zimbabwe July 2008 price inflation was a whooping 231150888.87% more than that of July 2007. Adding to the shock the interbank exchange rate of US$ 1 was ZWD 925,825.00 as of December 17, 2008 (official figure from the same source).
There was a havoc kind of a situation here in India when the inflation rates were increasing steeply to11-12%. One can imagine what could be the situation there in Zimbabwe.
Zimbabwe is full of Billionairs- But in their own Currency
Nikhil Kumar (CA , Qualified CPA) (910 Points)
05 January 2009
CAclubindia
