Zimbabwe introduces $10b note

  1. Posted on Saturday 20 December 2008 - 11:14
    Sam Banda Junior
    Image of Sam Banda Junior
    Sam Banda Jnr, AfricaNews reporter in Blantyre, Malawi
    Zimbabwe has introduced a $10 billion note aimed at fighting cash shortage in that country. Things are turning from worse to worst in Zimbabwe. The new development also comes at a time when the southern African country is experiencing the cholera outbreak which has already killed over 1,000 people.
    At over 231 million % inflation, Zimbabwe money has become worthless. Photo by Francis Ncube.jpg
    Media reports in the country say the country’s central bank has introduced the 10 billion dollar note which is worth $20 on the black market.

    The unveiling of the new bank note by the central bank on Friday, also comes on the backdrop of the introduction of other notes Z$ 1 billion and Z$ 5 billion.

    Zimbabwe the once mighty continent of Africa has seen its inflation rise and prices of food and goods have gone up prompting people to migrate to neighbouring countries.

    A Reuters report quoted Zimbabwe’s state run newspaper The Herald as saying hyper-inflation has forced the central bank to continue to unveil new banknotes which quickly become almost worthless.

    The report also said previous issues of new banknotes have done little to curb the cash crunch faced by Zimbabweans, who often line up for hours outside banks to withdraw barely enough to buy a loaf of bread.

    The country is also facing a political crisis following a power sharing deal deadlock between President Robert Mugabe and Movement for Democratic Change (MDC) leader Morgan Tsvangirai.

    Meanwhile Tsvangirai said on Friday he would ask for power-sharing talks with Mugabe to be suspended if the government did not stop persecuting political opponents.

    Tsvangirai and Mugabe agreed to form a unity government three months ago in a power sharing deal which was brokered by former South African president Thabo Mbeki.

    However the two who are billed to become president and prime minister if the deal materializes, have failed to agree on the sharing of cabinet positions.

Reactions

  1. Posted on Saturday 20 December 2008 17:22
    swerbeh
    Image of swerbeh


    1 berichten
    Lid sinds December 2008

    How much is this new currency worth in Ghana. We talking about a billion. I heard on a local radio station that that new currency can only buy 2 loaves of bread in Zimbabwe is it true. thank u

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