Monday, February 2, 2009
Zimbabwe Chops Off 12 Zeros From Currency
As inflation continues to spiral out of control in Zimbabwe, the country's central bank Monday chopped off 12 zeroes from the national currency to make transacting more convenient.
This is the second time in less than six months that the country has had to remove zeroes from the Zimbabwe dollar.
In August last year, the central bank cut off ten zeroes from the dollar, and introduced a series of new smaller denomination bank notes.
But the new notes soon lost value as inflation, estimated to be in the billions of percent, soared unabated.
Only two weeks ago, the central bank introduced new Z$10 trillion, Z$20 trillion, Z$50 trillion and Z$100 trillion in an effort to easy financial transactions.
The denominations of the new banknotes are Z$1, Z$5, Z$10, Z$20, Z$50, Z$100, Z$500.