Zim: New $100tr note buys little bread

  1. Posted on Friday 16 January 2009 - 06:15
    conrad
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    Conrad Dube Mwanawashe, AfricaNews reporter in Harare, Zimbabwe Photo: Francis Ncube
    Zimbabwe's central bank has introduced $100 trillion notes, enough to buy only six dozens of bread, as inflation continues to erode the value of worthless Zimbabwe dollar. The Reserve Bank also introduced $10 trillion, $20 trillion and $20 trillion notes. The notes are already in circulation.
    Whither to Zimbabwe? Photo by Francis Ncube.jpg
    “In a move meant to ensure that the public access their money from banks, the Reserve Bank of Zimbabwe has introduced a new family of notes,” The RBZ said.

    Most Zimbabweans are no longer accepting the local currency as a form of payment preferring the South African rand and the United States dollar. Due to the worthlessness of the local currency, the RBZ, licensed about 1000 shops to sell goods in foreign currency.

    Zimbabwean economy has been on a free-fall since 2000 when the government condoned the often violent seizure of white owned land. Once a regional bread basket, Zimbabwe is in economic meltdown which the opposition Movement for Democratic Change (MDC) blames on President Robert Mugabe’s rigid administration.

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