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Zimbabwe: 10 billion dollars will be one dollar as Zim devalues currency
Wed. July 30, 2008 08:16 am.- By Bonny Apunyu. -
(SomaliNet) Zimbabwe’s central bank governor said on Wednesday that the Southern Africa nation will be knocking 10 zeroes off its hyper-inflated currency next month, making 10 billion dollars one dollar.
Zimbabwean President Robert Mugabe immediately warned the public in a televised address that he will impose a state of emergency if profiteers take advantage of the change on August 1.
Zimbabwe suffers the highest inflation rate in the world. Inflation is constraining operations of the country's computer systems, central bank Governor Gideon Gono said.
Computers, electronic calculators and automated teller machines at banks have not been able to handle basic transactions in billions and trillions of dollars.
Just last week Gono introduced a new 100 billion-dollar note that is not enough to buy a loaf of bread.
Gono said on August 1 the bank will issue a 500-dollar bill equivalent to 5 trillion dollars at the current rate.-AP
News Category: Africa
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