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Gas coupons start to replace money in Zimbabwe
18th August 2008
The San Francisco Chronicle reports that gas coupons and barter auctions are replacing notes as a medium of exchange in the hypinflation-ridden Zimbabwean economy. Private financial institutions say Zimbabwe’s inflation rate was about 12,5-million percent in May 2008 and has risen further since.
“Zimbabweans face acute shortages of local currency. Already gas coupons can be used to pay some household accounts. Many businesses also pay workers part of their earnings in scarce foodstuffs, or demand dollars for purchases, which is illegal.”
Geoff Riley
Geoff Riley FRSA has been teaching Economics for over thirty years. He has over twenty years experience as Head of Economics at leading schools. He writes extensively and is a contributor and presenter on CPD conferences in the UK and overseas.