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 Zimbabwe to introduce new Z$10-million banknotes

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Number of posts : 1056
Age : 69
Location : Pretoria - South Africa
Registration date : 2007-10-18

PostSubject: Zimbabwe to introduce new Z$10-million banknotes   Thu Jan 17, 2008 5:20 pm

Zimbabwe to introduce new banknotes
Harare, Zimbabwe - 16 January 2008

New banknotes, including a Z$10-million bill, will go into circulation
in inflation-ravaged Zimbabwe this week, the central bank's governor
said on Wednesday.

Less than a month after announcing a similar move, Gideon Gono said
the new notes would provide much-needed relief to consumers who
often have to go shopping with sacks of cash.

"With effect from Friday, the Reserve Bank of Zimbabwe is releasing the
following bearer cheques into circulation: Z$1-million [officially worth
about $33], Z$5-million and Z$10-million," Reserve Bank Governor
Gono told a news conference.

"Further to provide relief and convenience to the transacting public,
daily cash withdrawals have been increased from the current
Z$50-million to Z$500-million per individual. This takes effect from
Friday," he said.

Last December 19, Gono announced the immediate introduction of higher
denominations of banknotes in a bid to tackle cash shortages fed by
runaway inflation.

The following day, Z$250 000, Z$500 000 and Z$750 000 notes officially
came into circulation.

Gono had expressed hope at the time that the new notes would mean
"cash shortages will be a thing of the past", but they continued unabated.


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