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)