Zimbabwe to introduce 200 million dollar note
The 200 million dollar note, announced in a notice in the government gazette, will bring to 28 the number of notes put into circulation. 10 nations with high inflation
By Agencies |
HARARE: Inflation-wracked Zimbabwe plans to introduce a 200 million dollar note just days after a 100 million dollar note came into circulation, the government announced on Saturday.
The 200 million dollar note, announced in a notice in the government gazette, will bring to 28 the number of notes put into circulation by the central bank this year alone, as the country struggles with the world's highest inflation rate of 231 million percent.
On Thursday the central bank introduced 100 million, 50 million and 10 million dollar notes while at the same time increasing withdrawal limits for individuals and companies.
The 100 million dollar note is worth only about 14 US dollars, and its value erodes by the day.
Cash can now only be withdrawn once a week from banks, according to the latest measures by the central bank.
Ordinary people can withdraw 100 million dollars a week while companies are permitted to withdraw 50 million dollars.
Prices of basic goods and services rose sharply on Thursday when the 100 million dollar note was introduced.
Long queues in banks and cash shortages are commonplace in Zimbabwe as people take hours to withdraw money which is still not enough to see them through the day.
The 100,000 banknote is worth only one US dollar on the widely-used parallel black market and is only half the amount needed to buy a loaf of bread.
Zimbabwe's political leaders are currently deadlocked over who should control key ministries in a power-sharing deal brokered by the Southern African Development Community (SADC) after March elections thrust the country into crisis.
Once the region's breadbasket, the country is facing widespread food shortages while cholera has killed 575 people, the UN said on Friday.
The 200 million dollar note, announced in a notice in the government gazette, will bring to 28 the number of notes put into circulation by the central bank this year alone, as the country struggles with the world's highest inflation rate of 231 million percent.
On Thursday the central bank introduced 100 million, 50 million and 10 million dollar notes while at the same time increasing withdrawal limits for individuals and companies.
The 100 million dollar note is worth only about 14 US dollars, and its value erodes by the day.
Cash can now only be withdrawn once a week from banks, according to the latest measures by the central bank.
Ordinary people can withdraw 100 million dollars a week while companies are permitted to withdraw 50 million dollars.
ADVERTISEMENT
Prices of basic goods and services rose sharply on Thursday when the 100 million dollar note was introduced.
Long queues in banks and cash shortages are commonplace in Zimbabwe as people take hours to withdraw money which is still not enough to see them through the day.
The 100,000 banknote is worth only one US dollar on the widely-used parallel black market and is only half the amount needed to buy a loaf of bread.
ADVERTISEMENT
Zimbabwe's political leaders are currently deadlocked over who should control key ministries in a power-sharing deal brokered by the Southern African Development Community (SADC) after March elections thrust the country into crisis.
Once the region's breadbasket, the country is facing widespread food shortages while cholera has killed 575 people, the UN said on Friday.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
