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At the peak of Zimbabwe’s 2008 meltdown, prices doubled roughly every day. The central bank answered by printing a hundred-trillion-dollar note worth only about US$30 when it appeared.
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That was the Z$100 trillion note.
The Reserve Bank of Zimbabwe introduced the Z$100 trillion note on 16 January 2009, roughly two months later.
What the central bank thought it was doingThe logic behind ever-bigger notes is simple, and it is also the trap.
When the central bank offered to buy the notes back in 2015, it valued a Z$100 trillion note at 40 US cents.
The market found a use for the Z$100 trillion note only once it stopped pretending to be money.