Zimbabwe introduces Z$100-billion note

Zimbabwe, grappling with a record 2,2-million percent inflation, has introduced a new Z$100-billion banknote in a bid to tackle rampant cash shortages, the central bank said on Saturday.

The new note will go into circulation on Monday, the bank said in a statement cited by state media, joining about half-a-dozen new high-denomination notes already issued this year.

In January, a Z$10-million note was issued, then a Z$50-million note in April. In May, notes for Z$100-million and Z$250-million were issued, swiftly followed by those for Z$5-billion, Z$25-billion and Z$50-billion.

The Southern African nation, currently gripped by a post-election crisis, has been ravaged by hyperinflation that shot up from 165 000% in February to 2,2-million percent in June.

Independent economists, however, believe the official inflation figure is grossly understated, estimating it could be running between 10-million and 15-million percent.


Zimbabwe’s chronic economic crisis has left at least 80% of the population living below the poverty threshold and mass shortages of basic goods in shops. — AFP

These are unprecedented times, and the role of media to tell and record the story of South Africa as it develops is more important than ever. But it comes at a cost. Advertisers are cancelling campaigns, and our live events have come to an abrupt halt. Our income has been slashed.

The Mail & Guardian is a proud news publisher with roots stretching back 35 years. We’ve survived thanks to the support of our readers, we will need you to help us get through this.

To help us ensure another 35 future years of fiercely independent journalism, please subscribe.

Advertising

The case against Floyd Shivambu

The flow of money from VBS Bank would seem to suggest that the EFF’s second-in-command was an ultimate beneficiary of proceeds of a crime

Cabinet reshuffle rumours: Unlikely to happen any time soon, but…

Persistent rumours of a cabinet reshuffle may be jumping the gun, but they do reflect the political realignment taking place within the ANC

Nigeria’s anti-corruption boss arrested for corruption

Ibrahim Magu’s arrest by the secret police was a surprise — but also not surprising

Eskom refers employees suspected of contracts graft for criminal investigations

The struggling power utility has updated Parliament on investigations into contracts where more than R4-billion was lost in overpayments
Advertising

press releases

Loading latest Press Releases…

The best local and international journalism

handpicked and in your inbox every weekday