Zimbabwe introduces $10M bill
Published: Jan. 19, 2008 at 7:31 PM
HARARE, Zimbabwe, Jan. 19 (UPI) -- The central bank in Zimbabwe has introduced banknotes going up to $10 million -- the equivalent after hyperinflation of less than $4 U.S.
Inflation in the country has been estimated at 50,000 percent a year, and the government has stopped publishing statistics on it, the BBC reported. Zimbabwean currency has become effectively worthless, while the government continues to print more of it.
The economy of Zimbabwe began declining sharply about eight years ago.
The central bank said the new notes -- or "bearer checks" -- are aimed at reducing a shortage of cash, SW Radio Africa said.
The banknotes were not distributed to building societies Friday, so people who wanted to withdraw their savings were unable to do so unless they had accounts at commercial banks.
Inflation in the country has been estimated at 50,000 percent a year, and the government has stopped publishing statistics on it, the BBC reported. Zimbabwean currency has become effectively worthless, while the government continues to print more of it.
The economy of Zimbabwe began declining sharply about eight years ago.
The central bank said the new notes -- or "bearer checks" -- are aimed at reducing a shortage of cash, SW Radio Africa said.
The banknotes were not distributed to building societies Friday, so people who wanted to withdraw their savings were unable to do so unless they had accounts at commercial banks.
© 2008 United Press International. All Rights Reserved.
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This material may not be reproduced, redistributed, or manipulated in any form.
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