Sunday, 20th July 2008 at 5:17 pm
$100bn note released in Zimbabwe

When some had thought things could not get any worse in Zimbabwe, a new Z$100bn note is set to be released on Monday (21 July). With inflation already at 2.2m% in the country, adding a higher denomination note is just going to push that rate of inflation even higher. With increasing cash shortages in Zimbabwe, the move to release the new note is seen as a way to try help ease the cash shortage. For many years now, the Zimbabwe government has been printing hoards of notes to try keep the economy afloat but at the same time the continual printing of the cash has led to hyperinflation in the country.

In January, a 10-million-dollar note was issued, then a 50-million-dollar note in April. In May, notes for 100 million and 250 million dollars were issued, swiftly followed by those for five billion, 25 billion and 50 billion. Now with the 100 billion note in circulation, do not be surprised to see a 500 billion note very soon.

Related Posts
  • More zeros off in Zimbabwe
    As the economy continues to fall in Zimbabwe, the Reserve Bank in the country looks sets to take off some more zeros from the local currency. Just las...
  • The value of the Zimbabwe dollar
    Images like this seen on the left are being beamed across the world showing how bad the situation in Zimbabwe is. The local currency in Zimbabwe has b...
  • Zimbabwe will have no more cash
    According to a report on Fin24 yesterday; The manufacturer of Zimbabwe's banknote paper will not supply any more notes to the country. This comes off ...
Share and Enjoy: These icons link to social bookmarking sites where readers can share and discover new web pages.
  • Digg
  • del.icio.us
  • Netvouz
  • DZone
  • ThisNext
  • StumbleUpon
  • Technorati

Comments

More zeros off in Zimbabwe | The Rand Today on 28 July, 2008 at 8:40 pm #

[…] Bank in the country looks sets to take off some more zeros from the local currency. Just last week, a new $100 billion note was released to help ease the current cash shortages in Zimbabwe. Currently, one person is allowed […]


Post a Comment
Name:
Email:
Website:
Comments:
Afrigator