Friday, February 6, 2009

What is 12 Zero's Amoung Friends?

Zimbabwe dollar sheds 12 zeros

Z$500 million note
Notes valued at millions of Zimbabwe dollars have been virtually worthless

Zimbabwe is revaluing its dollar again, removing twelve zeros from the currency with immediate effect.

The country's central bank is introducing seven new notes in an effort to stave off economic collapse.

The country is in the grip of world-record hyperinflation. The most recent estimate in July 2008 put it at 231m%.

Only last month, a Z$100 trillion note was introduced and the government moved to allow people to use foreign currencies alongside Zimbabwe's dollar.

The announcement will see Z$1 trillion reduced to Z$1.

The denominations of the new notes are Z$1, Z$5, Z$10, Z$20, Z$50, Z$100 and Z$500. (More)

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