Value and Currencies in the world
August 5, 2008 coin & banknote No CommentsFROM:
MIHIR SHAH
Value and Currencies in the world
Zimbabwe
How would you like to be a billionaire? It’s easy, just move to the countries below.
Zimbabwe as an example, this country’s entire population of over 12,000,000 are billionaires. In fact, many are trillionaires, or even quadrillionaires. in case you’re unfamiliar with “quadrillions, ” a quadrillion is a million billion, or a 1 followed by 15 zeros
The least valued currency unit is the currency in which a single unit buys the least number of any given other currency or the smallest amount of a given good. Most commonly, the calculation is made against a major reserve currency such as the euro (EUR) or the United States dollar (USD
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 250 million-dollar note (now valued below $4 on the black market). But Zimbabwe’s currency is hardly the only one inflated beyond reason.
Last month, a pint of milk (if you were lucky enough to find one in the store) cost Z$3 billion, a single egg, Z$4 billion. A pound of margarine cost Z$25 billion and a pack of 10 cookies costs Z$19 billion. That was last month. Prices are even higher today.
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.
Early this month, the Vietnamese dong rate in the black market has strengthened towards the official level after the government released more dollars into the economy and cracked down on state banks’ currency transactions, which traded at 16,849.50 per dollar.
