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 New money for Zimbabweans
    December 12 2008 at 10:30AM Get IOL on your
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Harare - Zimbabwe's central bank on Friday introduced a Z$500-million note, as the African country struggles to cope with the world's highest inflation and crippling currency shortages.

The half-billon note, worth about $10, was released together with a Z$200-million bill, which the central bank said in a statement was introduced for the "convenience" of the public.

Finance minister Samuel Mumbengegwi announced the new bills in a government gazette, bringing to 29 the number of new notes put into circulation this year alone.

Just last Thursday, Zimbabwe introduced a Z$100-million bill that at the time was worth $14. One week later, it's worth less than 50 US cents.
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Zimbabwe's highest inflation was last estimated in July at 231 million percent but is now believed to be much higher.

The central bank struggles to print money fast enough to keep pace with prices that rise several times in a day.

Due to currency shortages, cash can now only be withdrawn once a week from banks.

Ordinary people can take out Z$500-million a week while companies are permitted to withdraw Z$50-million.

Winding queues in banks are commonplace in Zimbabwe as people take hours to withdraw money which is still not enough to see them through the day, while others sleep outside banks to get money the next day.

Once the region's breadbasket, the country is now battling widespread food shortages while cholera has killed nearly 800 people since late August, according to the United Nations. - AFP
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Showing page 1 of 2 comment pages, 18 total comments
60 Weeks ago eximbo exsambo wrote :
Silly... you do not buy toilet paper. You use the notes fresh from the bank for toilet paper. At 9 tonsiltrillion % inflation the notes are worthless by the time you get to the door. The blackrate a week ago was Z$400million to one USD, so the new z$500m note will be worth less than 0.00002c by saturday
60 Weeks ago Anonymous wrote :
If a Z$100 million note is worth less than 50 US cents, how can a Z$500 million note be worth US$10? It just shows you, in Zimbabwe, even numbers are broken.
60 Weeks ago Anonymous wrote :
"Ordinary people can take out Z$500-million a week while companies are permitted to withdraw Z$50-million." Check your facts as this does not make sense. Why should companies get a lower threshold than ordinary people? Unless they have a jerked up EFT system or use cheques, which I doubt. Anyway, let's hope that with this concession, it will allow them to at least purchase toilet paper.
60 Weeks ago Anonymous wrote :
Don't hold your breath. South Africa will go the same way under Zuma.
60 Weeks ago Anonymous wrote :
Pathetic jokes being made while people die. Its your South African government which is to blame for hundreds of deaths. Stick around. There but for the grace of god go you al!!!!
60 Weeks ago milktert wrote :
Ancient Geek. He's way underestimated it. This internation organisation, www. cato.com/zimbabwe, last had ti at 89.7 Sextillion percent. That's 89,700,000,000,000,000,000,000 %. But that was a month ago. I think they've given up keeping track.

HAHAHAHA!! God I love Africa!
60 Weeks ago Anonymous wrote :
Why, and I am serious about this question - not a joke, has Mugabe not been sniped yet ? I mean taken out, killed, his head blown off. Surely, that has been a real consideration by governments across the world.
I promise you, even if I was given the death sentence or jailed for life, if that man ever was in my physical presence, I would do all Zimbabweans a favor. my life in exchange for a whole countries freedom. a no brainer.
60 Weeks ago phila wrote :
somebody should explain this, $10 => R44,000, Africans are dying in Zim and we are sitting on our bums looking, our leadership sucking their thumps...SOMEBODY STAND UP FROM YOUR DUNGEON AND SHOUT FREEDOM!!
60 Weeks ago Mzimbwabwe wrote :
At least it has a positive side, they will learn maths and Malema should join them.
60 Weeks ago Anonymous wrote :
If a Z$500-million note equals to R44000 then I need to get me some Zim Dollar$.
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