COURSE CODE : ECO120 ( PRINCIPLES OF ECONOMICS )

REPORT WRITING : INFLATION IN ZIMBABWE

COURSE GROUP : JCS1102H

LECTURER : HUSNIZAM BIN HOSIN

NAME MATRIC NO.

IMAN AMIRUL HADZIM BIN JAMALUDDIN

KHAIRUL IMRAN BIN KHALIP

MUHAMMAD RIZAL BIN ABD RAZAK

MUHAMAD AMIRUL HAMIM BIN MANHADZIR

MUHAMMAD HAZIQ BIN ABDUL RAUF

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 REPORT CONTENTS

NUM TOPIC PAGE

1. INTRODUCTION 3
1.1 OBJECTIVES
1.2 WHAT IS INFLATION?
1.3 HOW TO MEASURE?
1.4 DEGREE OF INFLATION

2. HISTORY OF ZIMBABWE’S HYPERINFLATION 5

3. CAUSES OF HYPERINFLATION IN ZIMBABWE’S 7

4. EFFECT OF HYPERINFLATION IN ZIMBABWE’S’ 9

5. CAUSES OF HYPERINFLATION FROM THE POINT 11

OF VIEW OF ZIMBABWE’S GOVERNMENT

6. ZIMBABWE’S SOLUTIONS TO RECOVER FROM 12

HYPERINFLATION

7. SUGGESTIONS ON HOW TO RECOVER AND 12

CONTROL HYPERINFLATION IN ZIMBABWE

8. CONCLUSION 14

9. REFERENCES 15

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 1. INTRODUCTION

One of the assessment in Principles of Economics subject is to discuss and write a report
based on chapter 9 or 10. Students are required to choose one country as a case study.
Therefore after a few discussions, we decided to write a report on inflation, subtopic of chapter
10 for this semester’s report.

The country that we chose as a case study is Zimbabwe. The reason we chose Zimbabwe
is because this country had experience serious inflation in recent years. To be more precise,
the country suffered from hyperinflation, one of types of inflation that is considered highly
dangerous because the effects are so severe.

In this report, we will look deeper on the issue of hyperinflation in Zimbabwe. Firstly, we
will identify the factors that cause hyperinflation in the history of Zimbabwe. Secondly, we will
examine the effects of hyperinflation during it occurred and also the current status quo of
Zimbabwe’s economy. At the end of the report, we will try to suggest new ideas on how to
avoid, overcome and control inflation.

With the publishing of this report, we believe it will give a complete understanding of
inflation from the fundamental concepts to the technical aspects while giving a few different
perspectives. Therefore, we hope the readers will find our report informative and satisfied with
the way we present it.

1.1 OBJECTIVES

i. To gain more knowledge on macroeconomics problems.

ii. To learn the fundamental concept of inflation in general.
iii. To analyse the causes and effects of inflation particularly in Zimbabwe.
iv. To brainstorm new ideas and suggest methods to overcome inflation.
v. To become independent learners that self-explore this topic.
vi. To have a deeper understanding of inflation not just theoretically but also practically.
vii. To find reliable sources that can be retrieved as valid references.

1.2 WHAT IS INFLATION?

Inflation is defined as a sustained increase in the average price level of goods and
services in an economy over a period of time. It is the opposite of ‘deflation’. An inflation implies
that there is an increase in the cost of living that causes lower purchasing power. The higher
the inflation, the lower the value of money and vice versa. This is because the consumers’
money will no longer buy the same amount of goods as it could before.

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1.3 HOW TO MEASURE?

Inflation is measured by the consumer price index (CPI) data over a period of months
or years. The CPI also known as the cost of living index because it measures changes in
the averages price of consumer good and services. An increase in this called inflation and a
decrease in this cost is called deflation. Hence, CPI will tell you what has happened to the
value of money that you hold.

1.4 DEGREE OF INFLATION

There are six main types of inflation, categorized by their speed : creeping, walking,
running, galloping, hyperinflation and stagflation.

Creeping inflation :

1. The mildest form of inflation.

2. Known as mild or low inflstion.
3. Prices are gently rising.
4. Prices rise by not more than or by up to 3% per annum.

Walking inflation :

1. Known as trotting inflation.

2. Rate of rising prices is more than that of creeping inflation.
3. Price rises between 3% and 10% per annum.

Running inflation :

1. Rapid rate of rising prices.

2. Price rise between 10% and 20% per annum.

Galloping inflation :

1. Known as jumping inflation.

2. Price rise between 20% and 1,000% per annum.
3. Money become valueless – become a serious economic condition.

Hyperinflation

1. Price skyrocket more than 50% or at an alarmingly high rate of above 1,000% per
annum.
2. Value money reduces almost to zero, using barter system.

Stagflation :

1. High rates of inflation combined with high unemployment and stagnant economic
growth.

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 2. HISTORY OF ZIMBABWE’S HYPERINFLATION

Picture 1: Flag of Zimbabwe Picture 2: Robert Mugabe

The Republic of Zimbabwe attained independence on 18 April 1980. It used to be a

British colony of Southern Rhodesia. Later, the Rhodesian dollar was replaced by
Zimbabwean dollar. Economic growth was steady during the early years of independence so
Zimbabwean dollar was more valuable than the US dollar at the official exchange rates.

In 1997, the government introduced the Land Reform Program which is the first move
that started worsening the economic situation in the country. Zimbabwe experienced a drastic
fell in food production and in all other sectors due to this policy. The banking sector also
collapsed, making the farmers unable to get loans for capital development. The International
Monetary Fund (IMF) refused to make the usual move which includes refinancing and loan
forgiveness when the country was having severe economic problems. This is because the IMF
wanted to punish the country since they disagreed with Zimbabwe’s policy that took lands from
white landowners.

Apart from that, Zimbabwe also involved in Second Congo War so Robert Mugabe,
the President of Zimbabwe needed cash to spend on military and pay salaries to his armies.
So, when a government needs money, they usually will try to generate incomes for the nation
through multiple economic strategies such as increasing exports to other nations and
attracting foreign investors. But Robert Mugabe had a different idea that will shocked the
world. The idea is the government will print more money to pay foreign debts and public
servants such as soldiers and polices. This idea may sound bizarre, but nothing will stop him
from taking the risk.

Unfortunately, things went from bad to worse, the increase in money supply did not
equate to the increase in productivity of Zimbabwe’s economy and there were only a few real
new investments to create new goods. In other words, you now needed more dollars to buy
the same amount of good as before. This is what we called as inflation. Milton Friedman,
American economist described it as too much money chasing too few goods. Hyperinflation
did not only happen in Zimbabwe, it had happened in other countries such as Germany,
Hungary, Yugoslavia and China before.

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 From the Table 1 above, the estimated inflation rate for 14 Nov 2008 was
79,600,000,000%. Prices doubled up every 24 hours. As prices began to rise, the government
again responded with printing more money. So, the cycle continued and the prices of goods
kept rising. Since the prices were too high, the government had to print money in higher
denominations. At first, they printed 1 million Zimbabwean dollars, after that they printed
money in higher denomination which is 100 million. Later, it was 10 billion and then 100 billion
dollars was used. In 2008, prices started rising by thousands of percent per month, so the
government started printing 100 trillion-dollar notes. Zimbabwean became millionaires but
those money were useless because basic goods still cost billions of dollars.

Picture 3: The largest denomination to be printed, 100 Trillion Zimbabwean Dollar.

By late 2008, an ATM for a major bank gave a “data overflow error”, stopping
people to withdraw money with so many zeros.1 Despite some attempts to control
inflation, the Zimbabwean dollar was officially abandoned on 12 April 2009 and in 2014,
the Zimbabwe central bank recognized US dollar and some other currencies as legal
currency to use.

1
“$100 billion for three eggs”. The Herald Sun. 25 July 2008.

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 3. CAUSES OF HYPERINFLATION IN ZIMBABWE

Hyperinflation is a problem that is difficult to handle. By identifying the causes that can led
to hyperinflation, we can avoid it in near future. Generally, there are 3 main causes of inflation.
The first one is demand-pull inflation which is when aggregate demand exceeds the aggregate
supply. Secondly, the cost-push inflation that occurred when the increase in cost of production
decreases the aggregate supply, making price increases. Lastly, monetary inflation which
happened when there is a sustained increase in money supply. Therefore, in this report we
will analyse the causes that led to hyperinflation in Zimbabwe.

i. Land Reformation Program

Firstly, the main cause that led to hyperinflation in Zimbabwe around the year 1997 – 2008
is “Land Reform Program”. During the colonization of Zimbabwe and through the early years
of independence, Zimbabwe experienced large scale agricultural exports and relative
economic success, closely behind South Africa. After the independence, majority of the
country’s productive farmland were still owned by white people. However, throughout the
period of 1990s, the government of President Robert Mugabe started to transfer the
ownership.

The Zimbabwe government redistributed land from the existing white farmers to black
farmers. However, the new farmers had little experience so the farm lands were managed by
people who have a little knowledge about agriculture and related activities. They struggled to
maintain the previous large-scale production. Therefore, the Land Reform Program had
lowered agricultural output, especially in tobacco, which accounted for a third of Zimbabwe's
foreign-exchange earnings. The wheat production which once stands 300,000 tonnes in 1990
also decrease to 50,000 tonnes in 2007.

ii. War Funding

Picture 4: Robert Mugabe and his army generals.

Next, Zimbabwe participated in Second Congo War Congo from 1998 to 2002. Mugabe
government was printing more money to help financing the war. In 1998, even though the
economic condition continued to worsen, the President still sent 11,000 troops to the
Democratic Republic of the Congo (DRC) to support Lauren Kabila. Their involvement in the
war drained much of its monetary reserves and Zimbabwe was under reporting its war
spending to the International Monetary Fund by perhaps $22 million a month.

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 iii. Government Instability

A government that had serious instability will not seems attractive for foreign investors.
Companies do not want to operate their business in a country that is not safe to invest and do
not guarantee security in property ownership.

Besides the war with Democratic Republic of Congo, there are conflicts between the
Ndebele ethnic minority and Mugabe's majority Shona people have led to many clashes.
White people and black people also have conflicts. It happened mainly due to the Land
Reform Program. The whites disagree because they lost their business ownership so some
of the white business owners who were experienced and trained in farming leave the
country. There is also violence to suppress opposition politicians thus undermines
confidence in the future of the country’s politics.

iv. Lack of Confidence

The people and foreign investors have lack of confidence in the future of the country and
lost faith in its currency. This is largely due to: -

1. Corruption - Robert Mugabe’s government has a lot of bribery and corruption scandals
allegations. Zimbabwe was ranked 166th out of 180 countries in the world according
to Transparency International's Corruption Perceptions Index (CPI) in 2008.

2. Widespread poverty and unemployment – In 2007, nearly 80% of the population are
below poverty line. Unemployment rates is also high even before the hyperinflation
happened.

3. Higher denomination of currency – Even though the Reserve Bank of Zimbabwe kept
issuing a higher denomination of the currency, Zimbabwean did not trust that the new
money would be more stable than the old one.

4. Wrong economic decision – A mistake in judgement of the economic by the

government can make the people unproductive because they must focus on fixing the
mistakes. Though this harms the economy, it does not necessarily undermine the value
of the currency but may harm confidence in the future.

v. Price Control

The government wanted to keep prices affordable to the consumers and stop the growing
inflation. One of the things they did was imposing a price control (ceiling price) towards goods
and services in the country. Unfortunately, this had made the shortage in supply before
became even worse. This is because as cost of production such as salaries of workers, prices
of raw materials and prices of imported goods increased, it was hard for suppliers to continue
supplying the goods and services at the ceiling price, unless they sell it through the black
markets. So, the price control imposed by the government had backfired and made the
shortage and actual inflation worsen.

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 4. EFFECTS OF HYPERINFLATION IN ZIMBABWE

As we all know, hyperinflation can bring a lot of bad effects to any country that is
experiencing it. This can be seen throughout the history of hyperinflation in the world before.
Professor Steve H. Hanke, an American applied economist at the Johns Hopkins University
published a journal with Cato Institute that lists the all-time worst episodes of hyperinflation :-

From the table above, we can see that even Germany’s hyperinflation in 1923 is no match
to the Zimbabwe’s hyperinflation which is the second worst inflation rates in history. All of
these countries in the table experienced severe economic problems during their peak of
inflation. Apart from the problems that arise during the period of hyperinflation in Zimbabwe,
there are also a lot of long-term effects that can only be seen after 2009, which are a few years
after the country reached the peak of inflation. Some of the problems included :-

i. Reduce Value of Saving and Pension Money

People lost their saving deposits since their purchasing power decreased. Those with
certain types of asset saw the value shrink in a blink of an eye. Old retirees with fixed income
were the worst affected as the pension money that they received became worthless.

ii. Unemployment

The World Factbook ranks Zimbabwe's unemployment rate as the world's largest which is
at 95% in 2009. Many Zimbabwean entrepreneurs went bankrupt between 2000 and 2014
driven by the shrinking economy so a lot of people lost their jobs.

iii. Food crisis

People in Zimbabwe experienced a huge scarcity of food and most of them continue to
survive by having as low as a meal per day if they are lucky enough. The droughts in mid
2000s caused the food production output to reduce, which adding fuel to the fire. Millions of
people were depending upon food aid.

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 iv. Life Expectancy Dropped

The life expectancy of people in Zimbabwe dropped and it achieved a status as the country
with the lowest margin of life expectancy in the world. This is because of the food crisis, high
rate of unemployment, widespread diseases and high prices of medicines.

v. Population Displacement

People were either fleeing to neighbouring countries or displaced within Zimbabwe itself.
3 million Zimbabweans are estimated to live outside the country to get a better life.

vi. Menu Costs

The entire country must absorb the cost of reprising the price lists, ticket fares, labels and
restaurant menus since they need to be constantly updated. Businesses had to spend time
and money to adjust their price. For example, tickets for bus had a different price in the
morning and in the evening.

vii. People became Poor Billionaires

Prices of goods and services rise faster than salaries and wages. Although people got a
salary of quadrillion Zimbabwe dollars, there is no use of it because prices of foods are way
higher. For example, a piece of sheet of toilet paper (not a roll) costs $417.

Pictures above shows 2 demonstrators holding a sign saying “Starving Billionaire”, a kid
holding millions of dollars and a man bringing money with a wheelbarrow. This indicates
that even though Zimbabwean have millions of cash, they are actually still poor because
the prices of goods and services are way higher than their incomes so resulting them
with low purchasing power.

The Guardian reported that at a point of Price of chicken rose more than 236000%
time, a loaf of bread costs one-third of to 15 million dollars per kilogram between
teacher's monthly wage. January 2007 and January 2008.

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 5. CAUSES OF HYPERINFLATION FROM THE POINT OF VIEW OF ZIMBABWE’S
GOVERNMENT

In this report, we noticed that most of the sources that analyse the causes and effects of
hyperinflation in Zimbabwe are actually outsiders who do not live in Zimbabwe. So, we felt it
is unfair if we do not look out and find sources from inside of Zimbabwe itself. Therefore, we
included the causes of inflation as stated by Robert Mugabe, his government, supporters and
The Reserve Bank of Zimbabwe.

Some of the reasons behind the hyperinflation as claimed by them are :-

1. Hyperinflation was caused by speculators who manipulated the foreign-exchange

market. The speculators were charging extremely high rates for U.S. dollars. This had
cause a drastic devaluation of the Zimbabwe currency.

2. The Reserve Bank of Zimbabwe also blamed it on economic sanctions imposed by

Western powers which included the IMF, United States of America and the European
Union. These countries claimed that the sanctions are targeted to Mugabe, 200 people
of his inner circle and their companies by freezing their foreign assets. George W. Bush
signed Zimbabwe Democracy and Economic Recovery Act in 2001 to weaken
Zimbabwe’s economy. The bill claimed that the sanctions imposed are to support
democratisation, respect for human rights and the rule of law. EU terminations of all its
projects in Zimbabwe and the trading restrictions have had significant economic impact
on Mugabe Government.

3. Some Mugabe supporters tried to blame the inflation on goods imported from Western.
They said the prices of goods increased because goods imported from Western
countries are also experiencing inflation, making the cost increased. However, this
claim is quite strange because the rate of inflation in Western countries is relatively low
at that time when we checked.

4. Robert Mugabe also blamed it on ‘Greedy Businesses’ for charging higher prices. This
made him to set up price control, but as explained in this report, it was ineffective and
backfire the government.

We can conclude from the above reasons given that most of the time, Zimbabwe’s
government were trying to blame foreign powers especially Western countries for causing the
hyperinflation.

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 6. ZIMBABWE’S SOLUTIONS TO RECOVER FROM HYPERINFLATION

By June 2016, nine foreign currencies were legally used in Zimbabwe since trading will be
easier when dealing with more stable currencies like the US dollar. Zimbabwe also adopted
the use of Rand to facilitate easy trading with neighbouring countries such as South Africa,
Lesotho, Namibia and Swaziland which constitute the Rand Zone. It was estimated that 90%
of transactions were in US dollars, 5% in Rand and 5% in other currencies 2.

Shortly before the Zimbabwean government adopted the use of foreign currency, there
was one last effort made by them to control the damages. Gideon Gono, the governor of the
Reserve Bank of Zimbabwe announced a new Zimbabwean dollar, this time with 10 zeros
removed in July 2008. This means that the Z$10 billion would be redenominated to become
Z$1. This move was not meant to slow down inflation, but it made computations, ATMs and
cash registers more manageable.3

When the country implemented the multiple foreign currencies environment, there were a
shortage of small change in coins. In 2014, the Reserve Bank of Zimbabwe began to release
Zimbabwean bond coins. The coins are denominated at 1, 5, 10, and 25 cents and are pegged
to the corresponding values in United States Dollar. This move resulted in reduced prices of
goods as before the coins were introduced, retailers usually rounded up prices due to lack of
coins as change.4

2
Hawkins, Tony (2016), "Dollar shortage highlights Zimbabwe's woes", New Zimbabwe.
3
"Zimbabwe introduces new currency". BBC. 30 July 2008.
4
"Zimbabwe launches new coins to solve change shortage". The Telescope News. 24
December 2014.

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 7. SUGGESTIONS ON HOW TO RECOVER AND CONTROL HYPERINFLATION IN
ZIMBABWE

Generally, there are 3 ways to control inflation which is contractionary fiscal policy,
contractionary monetary policy and direct control. The government should do whatever
measures it takes to control inflation and not just sticking to one policy out of those three. In
the context of Zimbabwe, they did the opposite of contractionary monetary policy when they
decided to increase money supply.

After we analysed all the facts and figures about Zimbabwe’s hyperinflation, we tried to come
up with some original ideas on how to help Zimbabwe recover from the hyperinflation and
strengthen back the economy. Based on our discussions, we think Zimbabwe should :-

i. Revise economic policy and construct a better one.

Although some western countries disagree with Zimbabwe’s Land Reform Program and
want to abolish it, we just think it should be revised and implemented correctly. We believe the
intention of this policy is good because it is unfair for the majority of the population which is
black Zimbabweans when white people still owned the farmlands even after independence.
This policy has the same goal as what Malaysia did after independence. Under Dr Mahathir’s
leadership, Malaysia tried to regain back the lands owned by British companies through
various strategies such as the Dawn Raid 1981. However, the mechanism in implementing
Land Reform is bad because most new owners did not know how to manage it. The
government should select new owners with knowledge in agricultural business or create a
state-owned company to manage it.

ii. Control money supply.

The money supply must be regulated. This is to ensure that money supply does not grow
faster than the real output of the economy and suitable with productivity of Zimbabwe’s
economy. Robert Mugabe’s idea to print more money to pay foreign debts and finance the war
is the main cause of this economic disaster. The Reserve Bank of Zimbabwe must have
discipline over the creation of additional money. The government should had learned from the
history of Germany where they also printed too much money and experienced hyperinflation.

iii. Attract foreign investors by getting rid of corruption

Mugabe’s government has a lot of corruption scandals going around in the country. USA
and EU imposed economic sanctions targeting 200 people from Mugabe’s family and close
friends. Foreign assets owned by them were froze in Europe. Besides, Land Reform Program
was misconducted. Many farmlands taken from white farmers ended up in the hands of people
with political connections. Some army generals also received it as a reward. The policy may
succeed if it was not given to these people with no knowledge of agricultural business.

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 When a government is transparent, it will gain confidence from the people and foreign
investors. This will attract Foreign Direct Investments (FDI). It is good for the country’s
economy because the money that flows in can create jobs to reduce unemployment.

iv. Reduce spending on military and avoid conflicts

The money that is spend on war with Democratic Republic of Congo can be used to
improve infrastructure such as schools, hospitals and roads in the country. There are also
internal conflicts between the Ndebele ethnic minority and Mugabe's majority Shona people.
These conflicts have led to many violence and it is disliked by foreign investors. People
conducting business will not felt safe and they also need to spend more money on security. A
country with safe environment is going to attract foreign direct investment and increase
confidence in its future.

v. Strengthen relationship with other countries

Zimbabwe must start to make peace with United States, United Kingdom, Germany and
other European countries. Since Robert Mugabe now has step down, new president,
Emmerson Mnangagwa is open to new deal with the IMF. Zimbabwe should renegotiate with
foreign lenders such as World Bank and IMF.

The country also need donations from international community. China and neighbouring
African countries are some of the candidates that can give cash injections. Zimbabwe must
find a win-win agreement such as promising to give them some projects after Zimbabwe’s
economy recover. Former finance minister, Tendai Biti said Zimbabwe has to find a new
relationship with Beijing based on equality and respect as well as with New Delhi, as India has
become so important.5 Therefore, if Zimbabwe can get new debts or donations from other
countries, they can use it to boost their economy.

5
'Marc Davies (23 November 2017). 10 Crucial Steps to Fix Zimbabwe': Former Finance
Minister. The Huffington Post.

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 8. CONCLUSION

Through the process of making this report, we are able to brainstorm new ideas on the
matter of inflation. We were able to achieve the objectives that we set up right before the
completion of this report. We have indeed gained more knowledge on basis of
macroeconomics problems. Based on our research alone, we have learned the fundamental
concept of inflation through the articles and reports that we’ve read and discussed on. Through
our findings, we have analysed the causes as well as the effects of inflation particularly on the
nation that we chose to report on which is Zimbabwe. We came up with ideas and have
suggested a few methods to overcome inflation such as revising the economic policy, control
the flow of money and attracting foreign investors. We have also learned to become
independent learners as we have self-explored this topic regarding the inflation in the nation
of Zimbabwe and made a deeper understanding of inflation both theoretically and practically.
And through the process, we’ve found reliable sources that can be retrieved as valid and
reliable references.

As discussed and reported, every other nation or country in this world should take
major and high priority to avoid macroeconomics problems. Countries and nations from all
over the world must take precautions and fear the matter of inflation as it has bad effects on
the economy of that country and more so its beloved citizens. The effects are as we’ve
reported such as the problem of unemployment among the citizens of the country, food crisis
all throughout the country leaving the people starving to the point that it may costs the lives,
the displacement of population itself as well as the negative effect on the livelihood of the
country’s people. From this report, we have learned that leaders should understand the very
basics of economics to make the best decision in a critical situation. They must know the
effects of their decision because making the wrong economic decision will have its
consequences, as it will affect the country and the people badly. The economy will be
unproductive because most of time will be spend on controlling the damage instead of steering
the economy.

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 As discussed, hyperinflation is nothing more than a nightmare towards a country as
well as its beloved people, its passionate and patriotic leaders and not to mention its whole
economy. The nation of Zimbabwe has entered the hell of inflation, hyperinflation to be exact.
At present time, according to Steve H. Hanke of the Johns Hopkins University on Forbes.com,
the nation of Zimbabwe inflates again. By 29 th of September in the year 2017, Zimbabwe’s
annual inflation rate has sky-rocketed to 242.72%. This makes it the second highest inflation
rate in the world after Venezuela.

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9. REFERENCES

1. Marc Davies (23 November 2017). ‘10 Crucial Steps to Fix Zimbabwe' : Former
Finance Minister. The Huffington Post. Retrieved on 20 May 2018 from
https://www.huffingtonpost.co.za/2017/11/23/10-crucial-steps-to-fix-zimbabwe-
former-finance-minister_a_23286194/
2. Tejvan Pettinger (13 November 2017). Hyper Inflation in Zimbabwe. Economics Help.
Retrieved on 20 May 2018 from
https://www.economicshelp.org/blog/390/inflation/hyper-inflation-in-zimbabwe/
3. Various Authors. Hyperinflation in Zimbabwe. Wikipedia. Retrieved on 20 May 2018
from https://en.wikipedia.org/wiki/Hyperinflation_in_Zimbabwe
4. Kimutai Gilbert (6 June 2017). The Story Of Hyperinflation In Zimbabwe. World Atlas.
Retrieved on 20 May 2018 from https://www.worldatlas.com/articles/the-story-of-
hyperinflation-in-zimbabwe.html
5. Inflation. Investopedia. Retrieved on 20 May 2018 from
https://www.investopedia.com/terms/i/inflation.asp
6. Mithun Mohan (23 August 2013). What can be explained about the hyperinflation in
Zimbabwe? What were the causes of it and its impact on the economy of the
country? . Quora. Retrieved on 20 May 2018 from https://www.quora.com/What-can-
be-explained-about-the-hyperinflation-in-Zimbabwe-What-were-the-causes-of-it-and-
its-impact-on-the-economy-of-the-country
7. Matthew Davis (22 November 2017). Five Ways to revive Zimbabwe’s economy.
BBC News. Retrieved on 20 May 2018 from http://www.bbc.com/news/world-africa-
42079584
8. Various Authors. Economy of Zimbabwe. Wikipedia. Retrieved on 20 May 2018 from
https://en.wikipedia.org/wiki/Economy_of_Zimbabwe
9. Various Authors. Zimbabwean Dollar. Wikipedia. Retrieved on 20 May 2018 from
https://en.wikipedia.org/wiki/Zimbabwean_dollar
10. Martin Armstrong (1 June 2018). How Did Zimbabwe End its Hyperinflation? The
Same as Japan. Arsmstrong Economics. Retrieved on 20 May 2018 from
https://www.armstrongeconomics.com/uncategorized/how-did-zimbabwe-end-its-
hyperinflation-the-same-as-japan/
11. Angus Shaw (22 February 2008). Zimbabwe inflation passes 100,000%, officials say.
The Guardian. Retrieved on 20 May 2018 from
https://www.theguardian.com/world/2008/feb/22/zimbabwe
12. Tinashe Mushakavanhu (12 June 2015). I was a quadrillionaire in Zimbabwe, but
could barely afford to buy bread. Quartz. Retrieved on 20 May 2018 from
https://qz.com/426925/i-was-a-quadrillionaire-in-zimbabwe-but-could-barely-afford-to-
buy-bread/
13. Michael Wines (2 May 2006). How Bad Is Inflation in Zimbabwe? The New York
Times. Retrieved on 20 May 2018 from
https://www.nytimes.com/2006/05/02/world/africa/02zimbabwe.html
14. Reuters (12 June 2015). That’ll be 175 quadrillion Zimbabwean dollars, please. The
Telegraph. Retrieved on 20 May 2018 from
https://www.telegraph.co.uk/finance/11669652/Thatll-be-175-quadrillion-
Zimbabwean-dollars-please.html

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15. Steve Hanke (30 September 2017). Zimbabwe Inflates…Again. Forbes. Retrieved on
20 May 2018 from https://www.forbes.com/sites/stevehanke/2017/09/30/zimbabwe-
inflates-again/#3fd831b810d6

16. Hyperinflation in Zimbabwe. Federal Reserve Bank of Dallas. Globalization and

Monetary Policy Institute 2011 Annual Report. Dallas Fed. Retrieved on 30 May 2018
from
https://www.dallasfed.org/~/media/documents/institute/annual/2011/annual11b.pdf

17. Tey Hwei Choo, Nabila Ahmad, Zulkhairi Nisa, Irlisuhaya Mohd Ramli, Rosmaiza Abd
Ghani ( 2017 ). Fundamentals of Economics. Oxford Fajar Sdn. Bhd.

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