(SomaliNet) Zimbabwean central bank said on Monday that Zimbabwe will soon introduce higher denomination banknotes, of up to one million Zimbabwean dollars, in a bid to ease the effects of hyperinflation.
| That doesn't make a bit of sense ... |
Zimbabwe trimmed 10 zeros off the currency on August 1, but it continues to lose value as inflation surges.
| The Zim government put inflation at 230 million percent for July. |
The Zimbabawe government put inflation at 230 million percent for July, the world's highest, although the Washington-based Cato Institute foundation estimates it now at 10,2 quadrillion percent.
Currently, the highest denomination banknote is Z$50,000, not enough to buy a loaf of bread, and the central bank plans to introduce Z$100,000, Z$500,000 and Z$1-million (about $8) banknotes in a bid to help consumers battling to make simple purchases.
"In the measures underway, the Reserve Bank plans to introduce a number of new, higher denominations; review the cash withdrawal limits, as well as commence aggressive campaigns for increased usage of alternative means of payment," the central bank said in a statement. |