Zimbabwe's central bank has revalued its dollar again, cutting another 12 zeros off its currency in a bid to tame hyperinflation and avert economic collapse.
Reserve Bank of Zimbabwe Governor Gideon Gono said: "This Monetary Policy Statement unveils yet another necessary programme of revaluing our local currency, through the removal of 12 zeroes, with immediate effect."
Mr Gono gave no updated inflation figures but said broad money supply growth rose from 81,000 per cent in January to 658 billion per cent in December.
The last time inflation was officially recorded in mid-2008 it had soared to 231 million per cent.
More here.
Some goldbugs claim it's now at a rate of several hundred quintillion percent.
Cross-posted over at The Economic Way of Thinking.
More insights from Mr Gono.
http://www.catallaxyfiles.com/blog/?p=4076
Interviewer "So will 2009 be a year of improvement or disaster?"
Mr Gono "It’s got to be a good year. What keeps me bright and looking forward to every day is that it can’t be any worse."
Posted by: Rafe Champion | February 02, 2009 at 08:38 AM
Stupid assholes.
... that what get with redistributive policies
Posted by: alwaysright | February 02, 2009 at 11:19 AM
Yes, but they have abolished price controls and will allow people to use other media of exchange instead of their dollar.
Posted by: Mario Rizzo | February 03, 2009 at 12:33 AM