Welcome to Zimbabwe! Welcome to the Land of new bank notes!
The Reserve Bank of Zimbabwe has introduced new ZW$500 000 000 bank note in a bid to tackle cash shortages caused by runaway inflation estimated to be about 165 000 percent according to figures released in February. Since then no inflation figures have been released.
Zimbabwe is now surely a country of new bank notes, as the new ZW500 million comes only 10 after the introduction of ZW$100 million and ZW$250 million.
The Reserve Bank also introduced something they are calling ‘Agro Cheques’, in ZW$5 billion, ZW$25 billion and ZW$50 billion denominations, which will expire in December. These are meant to facilitate the “Implementation of the grain mobilisation programme”, in the face of the global food crisis.
“Introducing the new the new ZW$500 million bearer cheque for your convenience”, read a Reserve Bank of Zimbabwe advert in the government’s mouth piece The Herald.
This is the fourth time Zimbabwe has introduced new bank notes this year.
In January higher denomination ZW$10 000 000 bank note
April 2……higher denomination ZW$50 million
May 2………ZW$100 million and ZW$250 million
Now………..ZW$500 million
The country has gone to the dogs! Is anyone in control of the monetary situation in Zimbabwe?
Zimbabwe’s chronic economic crisis has condemned many it’s people to unprecedented levels of poverty. 80 percent of the population are said to live below the poverty datum line.
Why has the country resorted to printing these valueless papers?
Surely they must be printing these bank notes on bond paper. How can they afford the real paper to print money every week?
Always interested in what you have to say,
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Thu, May 15, 2008
In the townships, Money Matters, Zimbabwe News