$1 now equals 25,000,000 Zimbabwe dollars
HARARE, Zimbabwe (AP) -- It's easy being a multmillionaire in Zimbabwe these days, at least if you're counting in local dollars.
Money traders in the economically depressed African country say the Zimbabwe currency has tumbled to a record low of 25 million for a single U.S. dollar.
With Zimbabwe dollars mostly available in bundles of 100,000 and 200,000 notes, one $100 note bought nearly 20 kilograms (40 pounds) of local notes at the new market rate Wednesday.
Currency dealers said uncertainties ahead of elections scheduled March 29 and the world's highest inflation of 100,500 percent led holders of hard currency to hang on to their money at the same time as the state central bank pumped more local cash into the market for election costs.
The price of the U.S. currency was also pushed up by central bank buying on the unofficial market to pay for power, gasoline and vehicle imports ahead of the polling, said one black market dealer who could not be identified out of fear of reprisals.
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