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Gas coupons start to replace money in Zimbabwe

Geoff Riley

18th August 2008

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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.”

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Geoff Riley

Geoff Riley FRSA has been teaching Economics for nearly forty 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 and Revision conferences in the UK and overseas.

@tutor2uGeoff

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