Everything You Need To Know About Hundred Trillion Dollar Note
If you are baffled about the current demonetization going on in the country, you must look at the 100 trillion dollar bill that was introduced in Zimbabwe as a result of a crashing economy. Read on…
#1 It was introduced as a result of hyperinflation in Zimbabwe in 2009.
When the bill was introduced, Zimbabwe’s annual figure for inflation was the highest across the world.
#2 It is one of the lowest valued currencies in the history of the world.
The currency had dipped so low that a loaf of bread was priced above 100 billion Zimbabwe dollars. Such was the condition of the economy that 1.2 trillion Zimbabwean dollars were worth the same as one British pound.
#3 It was rendered obsolete in April 2009, a few months after it was issued.
There were many reasons for the abandonment of the Zimbabwean currency. Technical reasons were among the deciding ones. The IT tools were unable to handle so many zeroes at the end of denominations, and it led to the systems crashing every other day.
#4 Before it reached the 100 trillion level, it was revalued multiple times.
Multiple attempts were made to save the economy with the existing currency. So, the currency was revalued several times before its final abandonment in 2009.
#5 Once it was demonetized, the bill was a hot property for sale
The bill had many takers once it was demonetized, as people wanted to keep it as a souvenir. So, from being a worthless paper, it started selling itself for 5 US Dollars, and more.
#6 Zimbabwe is using other currencies at present.
The country is currently using US dollars, South African Rand, Botswana pula, Pound sterling , Euro , Indian rupee and the likes.