Saturday, April 5, 2008
Zimbabwe Unveils $50-Million Bank Note
Last Updated: Friday, April 4, 2008 1:28 PM ET
Authorities in Zimbabwe have issued a new mega bank note in an attempt to cope with the troubled African country's runaway inflation.
The size of the new note? Fifty million Zimbabwean dollars.
The new bill, issued Friday, marks the third time in three months that the central bank in Harare has issued a higher denomination note in response to the country's 100,000 per cent annual inflation rate.
In practical terms, the $50-million bill is worth just $1 US in trading on Zimbabwe's widely used black market.
That means it can buy just three loaves of bread.