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The E-Sylum:  Volume 9, Number 34, August 20, 2006, Article 12

ZIMBABWE CURRENCY DROPS THREE ZEROS

According to an August 20 report, "Banks and other deposit-taking
financial institutions in Zimbabwe will be closed Saturday to allow
a controversial currency change-over, the central bank announced Friday.

The central bank introduced currency reforms, including introduction of
a new currency, at the end of the last month ostensibly to fight
corruption and money laundering.

The deadline for switching to the new currency is 21 August, and the
central bank said the closure of banks Saturday would allow the
institutions to gear up for the introduction of the new currency.

Three zeroes have been lopped off the old currency, among other
currency reforms, to make it convenient to transact."

To read the complete article, see: Full Story

  Wayne Homren, Editor

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