Saturday, December 20, 2008
Friday, December 19, 2008
Zimbabwe's central bank introduced a $10 billion note worth less than 20 U.S. dollars, as the once-prosperous southern African nation battles against spiraling hyperinflation.
Zimbabwe President Robert Mugabe at Zanu-PF National Political Commissar Elliot Manyika's burial last week
The new note, expected to buy just 20 loaves of bread, comes just a week after Zimbabwe issued a $500 million note to ease a cash shortage. (More)
Tuesday, December 16, 2008
After rate cuts: The Fed's new ball game
With rate cuts doing little to help boost the economy, the Fed has begun to print money to finance its liquidity programs. But that could spell disaster down the road. (More)
Saturday, December 13, 2008
HARARE, Zimbabwe (CNN) -- Zimbabwe's central bank is introducing a $500 million note -- the highest current denomination -- as the once-prosperous southern African nation battles against spiraling hyperinflation.
A £50 million note introduced earlier in December has failed to clear long lines for cash.
Finance Minister Samuel Mumbengegwi made the announcement about the new note in a government gazette set for release Friday. On the back, the purple cotton bill will feature pictures of dairy cows being milked mechanically and a miner drilling underground, he said.
The Reserve Bank of Zimbabwe (RBZ) last week introduced a new set of denominations, including a $100 million note, but that has not helped to clear long lines for cash at banks. Some people sleep outside banks after failing to get cash.
The RBZ said a $200 million note would be in circulation Friday, together with the $500 million note.
The $500 million note is worth about 8 U.S. dollars and enough to buy just eight loaves of bread. Thursday, the greenback was trading around ZW$60 million and is expected to shoot up in light of the new note's introduction.
Prices change on an almost daily basis as businesses now peg their prices against the U.S. dollar.(more)
Saturday, December 6, 2008
HARARE, Zimbabwe (CNN) -- Cash-strapped Zimbabwe revealed plans Saturday to circulate $200 million notes, just days after introducing a $100 million bill, Finance Minister Samuel Mumbengegwi said.
Zimbabwe central bank governor Gideon Gono shows a new $50 million note at a news conference Thursday.
After the $100 million note began circulating on Thursday, the price of a loaf of bread soared from 2 million to 35 million Zimbabwean dollars. (More)