Saturday, January 31, 2009
Tuesday, January 27, 2009
Thursday, January 22, 2009
Friday, January 16, 2009
THE Reserve Bank of Zimbabwe has introduced a new family of trillion-dollar banknotes in denominations of $100 trillion, $50 trillion, $20 trillion and $10 trillion that go into circulation today, starting with the $10 trillion note.
The $20 trillion, $50 trillion and $100 trillion notes will be introduced gradually.
In a statement yesterday, the Reserve Bank of Zimbabwe said the notes would ensure that those in formal employment withdraw their salaries with minimal hassle.
‘‘In a move meant to ensure that the public has access to their money from banks, the Reserve Bank of Zimbabwe has introduced a new family of banknotes which will gradually come into circulation, starting with the Z$10 trillion,’’ read the statement from the RBZ.
With effect from January 12, workers can now withdraw their entire January salary in cash as long as they produce their current payslips.
The new notes have the same security features as the existing ones: a colour shift stripe with RBZ printed on it, the Zimbabwe Bird colour shift on the front, and see-through of the values on either side which are in perfect register.
The $10 trillion note has the image of the RBZ Building and the Conical Tower at the Great Zimbabwe National Monuments.
The $100 trillion note has the image of a buffalo and the Victoria Falls, the $50 trillion the Kariba Dam spilling and an elephant, while a mineworker drilling in an underground shaft and the GMB grain silos appear on the new $20 trillion note.
RBZ last week introduced $10 billion, $20 billion and $50 billion notes with a view to enabling workers to access their full salaries
Wednesday, January 14, 2009
Saturday, January 10, 2009
Zimbabwe's central bank will introduce a $50 billion note -- enough to buy just two loaves of bread -- as a way of fighting cash shortages amid spiraling inflation.
Zimbabwe's dollar is virtually worthless with foreign currency now being used to purchase basic items.
The country's acting finance minister, Patrick Chinamasa, made the announcement in a government gazette released Saturday.
While Chinamasa did not give the date on which the $50 billion and new $20 billion notes would come into circulation, an official at the Reserve Bank of Zimbabwe said the notes would be distributed to all banks by the end of Monday.
Zimbabwe is grappling with hyperinflation now officially estimated at 231 million percent and its currency is fast losing its value. As of Friday, one U.S. dollar was trading at around ZW$25 billion.
When the government issued a $10 billion note just three weeks ago, it bought 20 loaves of bread. That note now can purchase less than half of one loaf.(more)
Tuesday, January 6, 2009
NEW YORK (CNNMoney.com) -- Sitting down? It's time to tally up the federal government's bailout tab.
There was $29 billion for Bear Stearns, $345 billion for Citigroup. The Federal Reserve put up $600 billion to guarantee money market deposits and has aggressively driven down interest rates to essentially zero.
The list goes on and on. All told, Congress, the Treasury Department, the Federal Reserve and other agencies have taken dozens of steps to prop up the economy.Total price tag so far: $7.2 trillion. (more)