Now here are new banknotes that do exist, but shouldn't. Zimbabwe's inflation continues to rage, making paper "millionaires" of everyone. This week the government is issuing notes denominated $1million, $5 million and $10 million Zimbabwean dollars. -EditorZimbabwe's troubled central bank introduced $100 billion banknotes Saturday in a desperate bid to ease the recurrent cash shortages plaguing the inflation-ravaged economy.
The bills officially come into circulation Monday, although they were on the foreign currency dealers market Saturday. As high as they are, though, the bills still aren't enough to buy a loaf of bread. They can buy only four oranges. The new note is equal to just one U.S. dollar.
Once-prosperous Zimbabwe has seen an unprecedented economic meltdown since it gained independence in 1980, with the official inflation rate now at 2.2 million percent.
To read the complete article, see: Zimbabwe introduces $100 billion banknotes (http://edition.cnn.com/2008/WORLD/africa/07/19/
Wayne Homren, Editor
The Numismatic Bibliomania Society is a non-profit organization promoting numismatic literature. See our web site at coinbooks.org.
To submit items for publication in The E-Sylum, write to the Editor at this address: firstname.lastname@example.org
To subscribe go to: https://my.binhost.com/lists/listinfo/esylum
All Rights Reserved.
NBS Home Page
Contact the NBS webmaster