Jan 09. In an attempt to fight cash shortages amid spiraling inflation, a
few days ago, Zimbabwe's central bank introduced Zim-dollar notes in
denominations of 10 billion, 20 billion and 50 billion. The 50 billion note
was enough to buy just two loaves of bread.
Today the bank is
introducing new notes in denominations of 10 trillion, 20 trillion, 50
trillion, and 100 trillion, according to the government mouthpiece Herald.
The new 100 trillion
(100,000,000,000,000) Zim-dollar note would be worth about $US300 at
yesterday’s exchange rate on the informal market, where most currency
trading now takes place, but the value of the local currency erodes
dramatically every day.
The trillion zim-dollar
notes, are Zimbabwe’s latest attempt to keep pace with hyperinflation that
has left the once-vibrant economy in tatters. The last official estimate put
inflation at 231 million percent last July, but outside experts now believe
it is many times higher. – CNN