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 Zim prints bigger notes to tame inflation

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Number of posts : 1056
Age : 70
Location : Pretoria - South Africa
Registration date : 2007-10-18

PostSubject: Zim prints bigger notes to tame inflation   Thu Dec 20, 2007 3:08 pm

Zim prints bigger notes to tame inflation
Harare, Zimbabwe - 19 December 2007

Zimbabwe's top banker announced on Wednesday the immediate introduction
of higher denominations of banknotes in a bid to tackle cash shortages
fed by runaway inflation.

With effect from Thursday, Z$250 000, Z$500 000 and Z$750 000 notes will
come into circulation while Z$200 000 notes (about 8 USD, introduced only last
July, will cease to be legal tender from the end of the year.

Reserve Bank Governor Gideon Gono said in a live broadcast on state-run
radio and television stations he hoped the new notes will mean
"cash shortages will be a thing of the past".

He apologised to Zimbabweans for their suffering and blamed the crisis on
senior officials.

"Our economy has fallen prey to a high level of indiscipline and corruption
prevalent in the economy as well as diminished economic patriotism on
the part of most people holding positions of authority in our economy
and society.

"The greater part of the corruption afflicting our economy is being
perpetrated by senior people in tourism, agriculture, manufacturing,
industry, banking and in politics...," he said, stressing the "politics".

The Southern African country is gripped by an economic crisis,
characterised by the world's highest rate of inflation at nearly 8 000%,
shortages of basic foodstuffs like sugar and cooking oil, and mass
unemployment. - Sapa-AFP

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