Скачать или смотреть 30. Zimbabwe's currency crisis: Hyperinflation and its effects | Learn to apply this in stock market

We'll be talking about how the US $1 became equivalent to 2.62 billion Zimbabwe dollars (Z$2,621,984,228). This is a true story of hyperinflation in Zimbabwe in the year 2008.

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Zimbabwe recorded the second-highest hyperinflation in history: the inflation rate for November 2008 was a staggering 79.6 billion percent month-on-month, essentially a daily inflation rate of 98%. This means prices of goods in Zimbabwe nearly doubled every day

There were numerous economic shocks that triggered this hyperinflation. The national debt was rising, so the government increased the money supply in the economy. There were significant declines in economic output and exports and political corruption which lead to a weak economy.

The peak month of hyperinflation occurred in mid-November 2008 with a rate estimated at79.6 billion percent per month, with the year-over-year inflation rate reaching an astounding 89.7 sextillion percent. This resulted in US$1 becoming equivalent to 2.62 billion Zimbabwe dollars (Z$2,621,984,228).

This spiraled out of control in 2009 and Zimbabwe stopped printing its currency Causing foreign currencies such as the South African rand, and the United States dollar to be used as a medium of exchange. By end of 2015, Zimbabwe switched to the United States dollar.

In June 2019, the Zimbabwean government reintroduction the RTGS dollar, simply known as the "Zimbabwe dollar", and that all foreign currency was no longer legal tender. They have managed to reduce the inflation rate and presently its 30%.

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🤔 ABOUT ANISTON ANTONY 😃

A Designer by graduation, an Engineer by passion, A Teacher by dedication, and a self-taught content creator. I am here to convey my message to the world through YouTube. First and foremost I want to bring financial education to all the people out there with quick on the go videos. YouTube shorts. Secondly through mind-opening sessions on YouTube to create self-development and Financial literacy for all the people out there.
I hope you enjoy my videos.

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😃ADDITIONAL RESOURCES😃

Additional Video source: https://www.pexels.com/
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The video was taken in Canon 600D
Microphone used: Sony Stereo Lavalier Microphone ECM-LV1
Video edited in Adobe Premiere Pro
Thumbnail photo edited in Adobe Photoshop

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#Zimbabwe #Hyperinflation #crisis #corruption #finance