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ZIMBABWE TO ISSUE YET ANOTHER NEW HIGH-DENOMINATION NOTE
Zimbabwe continues its hyperinflationary downward spiral. As this article published today notes, the central bank has issued 29 new notes this year, the latest with a face value of half a billion Zimbabwean dollars. -EditorZimbabwe’s central bank yesterday introduced a Z$500million note, as the African country struggles to cope with the world’s highest inflation and crippling currency shortages.
The half-billion note, worth about 10 US dollars, was released together with a Z$200m bill, which the central bank said was introduced for the “convenience” of the public. They brought the number of new bills put into circulation this year to 29. Last week a Z$100m bill was introduced; at the time it was US$14 or about R140. One week later, it’s worth less than R5.
Zimbabwe’s highest inflation was last estimated in July at 231 million percent but is now believed to be much higher. Due to currency shortages, cash can now only be withdrawn once a week from banks.
To read the original article, see: Hyper-inflation forces Zim to introduce Z500m banknote (http://www.dispatch.co.za/article.aspx?id=279566)
Wayne Homren, Editor
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