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Zimbabwe Central Bank Adds Z$1,000 Bill As Hyperinflation Churns


The Reserve Bank of Zimbabwe on Wednesday issued a new Z$1,000 bill while at the same time increasing the limit on how much consumers can withdraw on a daily basis from their bank accounts - though Z$1,000 is about how much it costs to get to work and home.

RBZ Governor Gideon Gono said he would regularly review public requirements..

Economist Eric Bloch told reporter Patience Rusere of VOA's Studio 7 for Zimbabwe that the central bank must raise withdrawal further so people can afford basics.

Political sources said Gono was likely to be one of the first casualties of the power-sharing arrangement now taking shape, amid indications his revamp of the currency last month has failed to do anything to rein in hyperinflation of at least 11 million percent.

The central bank slashed 10 zeroes from the currency in early August and the currency then traded at Z$200 to the U.S. dollar. The greenback now fetches Z$15,000.

From Harare, reporter Sylvia Manika has more.

More reports from VOA's Studio 7 for Zimbabwe...

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