Zimbabwe's new money to have 100 trillion-dollar notes

Source: Agencies | January 18, 2009, Sunday |

Print Edition

ZIMBABWE'S central bank will issue a 100 trillion Zimbabwe dollar banknote, worth about US$33 on the black market, to try to ease desperate cash shortages.

As well as the Z$100 trillion dollar note, the Reserve Bank of Zimbabwe plans to launch Z$10 trillion, Z$20 trillion and Z$50 trillion notes, the state-run Herald newspaper reported on Friday.

"The Reserve Bank of Zimbabwe has introduced a new family of banknotes which will gradually come into circulation, starting with the Z$10 trillion," the Herald said, citing a central bank statement.

Prices are doubling every day and food and fuel are in short supply.

A cholera epidemic has killed more than 2,000 people and a deadlock between President Robert Mugabe and the opposition over power sharing has dampened hopes of any ending of the crisis.

Hyper-inflation has forced the central bank to keep issuing new banknotes which quickly become almost worthless. There is an official exchange rate, but most Zimbabweans resort to the informal market for currency transactions.

Previous banknote issues have done little to ease the plight of Zimbabweans.

World

About Us
|
Terms of Use
|
RSS
|
Privacy Policy
|
Contact Us
|
Shanghai Call Center: 962288
|
Tip-off hotline: 52920043

沪ICP证：沪ICP备05050403号-1
|
互联网新闻信息服务许可证：31120180004
|
网络视听许可证：0909346
|
广播电视节目制作许可证：沪字第354号
|
增值电信业务经营许可证：沪B2-20120012

Zimbabwe's new money to have 100 trillion-dollar notes

Email this to your friend