Zimbabwe: As Americans worry about the rate of inflation exceeding 4 percent, we should consider Zimbabwe, where the inflation rate broke the shocking 100,000 percent mark and the country released a 10 million-dollar note (now valued below $4 on the black market). But Zimbabwe’s currency is hardly the only one inflated beyond reason. —George Quraishi
Vietnam: 500,000-dong note. U.S. value: $31.37. An early-1980s U.S. embargo hobbled exports, leading to price controls and the printing of excess currency.
Indonesia: 100,000-rupiah note. U.S. value: $11.05. During the 1997 Asian financial crisis, the rupiah lost 80 percent of its value within months, sparking riots in Jakarta (and soon ending President Suharto’s 32-year rule).
Iran: 50,000-rial note. U.S. value: $5.35. Since the 1979 revolution, Iran’s inflation rate has hovered around 15 percent, thanks in part to ever-rising oil prices.
São Tomé: 50,000-dobra note. U.S. value: $3.47. This African island nation’s economy is tied to the volatile price of its chief export, cocoa, and is measured against its trading partners’ robust euro.
Guinea: 10,000-franc note. U.S. value: $2.33. In 2002, the mineral-rich African country refused to implement reforms mandated by the International Monetary Fund; foreign cash dried up, and the central bank printed too much money.
(Photos by Tim Hout and Dalia Nassimi)
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