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
Obama Requests Changes to Afghan Options

  More Stories
Pakistan Seeks Role in US-Afghan Policy
At Least 10 Soldiers Killed in Pakistan Clashes
Obama Honors US Military Veterans  Video clip available
French, German Leaders Commemorate Armistice Day  Audio Clip Available
Obama's Middle East Strategy Stalls
Body of Missing US Soldier Found in Afghanistan
Yemen, US Sign Military Cooperation Deal
Pirates Seize Cargo Ship in Indian Ocean
Clinton: Naval Clash Won't Stop Outreach to North Korea  Audio Clip Available
Japan to Tell Obama It Wants Okinawa Marine Base Closed  Audio Clip Available
APEC Foreign Ministers Discourage Protectionism  Audio Clip Available
Zimbabwe Land Seizures Reportedly Intensify  Audio Clip Available