We've been following the hyperinflationary banknotes of Zimbabwe. Jon Radel forwarded the latest development - the country is revaluing its currency yet again. -Editor In yet another desperate bid to control spiralling inflation, Reserve Bank of Zimbabwe governor Gideon Gono on Monday revalued the currency of Zimbabwe by dropping 12 zeros.
Gono also announced that the South African Rand would now trade at Z$2 while the US dollar would trade at Z$20.
The move was accompanied by the introduction of new currency denominations of $500, $100, $50, $20, $10, $5 and $1. The new denominations will co-circulate with the old currencies.
This means the current $100 trillion note will be equivalent to the re-valued $100 note; $50 trillion note to the re-valued $50 note and the current $10 trillion note to the re-valued $10 note and so on.
After June 30, the old family of denominations will cease to be legal tender.
To read the complete article, see: Reserve Bank drops 12 more zeros (http://www.thezimbabwetimes.com/?p=10832)
Wayne Homren, Editor
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