The E-Sylum:  Volume 10, Number 9, March 4, 2007, Article 26

ZIMBABWE ROLLS OUT HIGHER DENOMINATION BANKNOTES AS INFLATION RAGES

"Zimbabwe cranked up the face value of its highest banknote fivefold
on Thursday as black-market trading in scarce gasoline and hard
currency spiralled.

"On the illegal market, a single United States dollar bought up to
Z$8 000, up from Z$5 000 last month. The fixed official exchange rate
is Z$250 dollars to US$1.

"The central bank released a new Z$50 000 note. The new note bought
just one-sixteenth of what it would have bought a year ago.

"Phonies Zombi, a shopper in Harare, said she used it for a pack of
low-grade meat, soap, a household cleaner, eggs and vegetables."

To read the complete article, see: Full Story

  Wayne Homren, Editor

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