Text Only
Search

Zimbabwe to Introduce $100 Billion Bank Note

20 July 2008

Zimbabwean foreign currency dealers conduct transaction using money stashed in cooler box in Harare (Oct 2007 file photo)
Zimbabwean foreign currency dealers conduct transaction using money stashed in cooler box in Harare (Oct 2007 file photo)
Zimbabwe will introduce a $100-billion bank note as the nation continues to struggle with the world's highest inflation rate.

The latest addition to the country's currency will begin circulating Monday, less than a week after Zimbabwe's bank chief announced the country's inflation rate had skyrocketed to 2.2 million percent.

The Reserve Bank of Zimbabwe released six other high-value notes earlier this year, including a $50-billion note in May.

Zimbabwe's economy is in a free-fall with 80 percent unemployment.

The country, which is in the middle of a political crisis, is also suffering from chronic shortages of food, fuel, and other basic goods.

Critics blame the troubles on the policies of President Robert Mugabe, especially the seizure of white-owned commercial farms.

Mr. Mugabe blames interference by outsiders, led by former colonial power Britain.

Some information for this report provided by Reuters and AFP.

 

emailme.gif E-mail This Article
printerfriendly.gif Print Version

  Related Stories
Zimbabwean Workers Overwhelmed By 2 Million Percent Hyperinflation
Zimbabwe Moves to Formal Talks to End Political Crisis
Police In Gweru, Zimbabwe, Raid NGO Offices, Arrest Organizer
 
  Top Story
Stocks Soar on Wall Street as Markets Bounce Back from Worst Rout in 20 Years  Audio Clip Available

  More Stories
Obama, McCain Detail US Economic Proposals
Early Voting Begins Ahead of US Presidential Election  Video clip available
US Economist Paul Krugman Wins Nobel Prize  Audio Clip Available
Economy Takes Toll On Health  Video clip available
Mbeki Arrives in Zimbabwe in Effort to Save Power-Sharing Deal
Pakistani Troops Kill More than 38 Militants in Tribal Area
Critics of US-North Korea Nuclear Deal  Say US Concedes Too Much  Audio Clip Available
New Impeachment Case Filed Against Philippine President  Audio Clip Available
Indian Prime Minister Calls for Tough Steps to Stem Growing Violence  Audio Clip Available