In a move the central govt refuses to call a currency devaluation, Zimbabwe has announced that three zeros will be taken off every bank note. In other words, that $1,000 Zimbabwe note you have in your wallet is going to be replaced by a $1 Zimbabwe bill.
The move is an effort to help consumers deal with the 1,200% annual inflation rate. No typo. Inflation is running at 1,200%.
President Robert Mugabe, as you would expect, blames shadowy internal and external "enemies" for the current mess. More clear-eyed commentators point to Mugabe's failed land reform and the subsequent collapse of the once-robust agricultural sector.
Oh, and by the way, consumers are being given three weeks to exchange all of their Zimbabwean currency for the new and improved notes.
Start giving to Oxfam now. Zimbabwe is going to need the help sooner rather than later.
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