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Zimbabwe 10 billion Dollars Become One-Dollar

July 31, 2008
tags:
Zimbabwe central bank devalues currency in bid to fight hyper-inflation
500 million-note

500 million-note

 Zimbabwe’s central bank governor Gideon Gonosays is knocking 10 zeros off the country’s hyper-inflated currency to make 10 billion dollars become one dollar. Gono said on Aug. 1, 2008 the bank will issue a 500-dollar bill equivalent to 5 trillion dollars at the current rate. The central bank introduced Z$500 million-note (picture) in May 2008. Just last week Gono introduced a new Z$100 billion-dollar note that is not enough to buy a loaf of bread.

Zimbabwe suffers the highest inflation rate in the world. Computers, electronic calculators and automated teller machines at banks have not been able to handle basic transactions in billions and trillions of dollars.
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