Zimbabwe Devalues Currency
HARARE, Zimbabwe (AP) — Zimbabwe’s central bank says it’s dropping 10 zeros from the country’s hyper-inflated currency — turning 10 billion dollars into one dollar.
The move comes a week after the central bank introduced a 100-billion-dollar note that was not enough to buy a loaf of bread.
Meanwhile, President Robert Mugabe is threatening a state of emergency if businesses are found to be profiteering from the country’s economic and political unraveling.
Store shelves are empty and there are chronic shortages of everything. Eighty percent of the work force is unemployed.
One third of Zimbabweans are economic and political refugees, with another third dependent on foreign food aid.
Mugabe has been engaged in power-sharing talks with an opposition leader. A disputed election four months ago has led to violence in Zimbabwe.