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Zimbabwe Inflation @ 3,55,000%; Adds 500m dollar note
Zimbabwe adds 500 mln dollar note as prices rocket
Thu 15 May 2008, 7:35 GMT
HARARE (Reuters) - Zimbabwe's central bank introduced 500 million Zimbabwe dollar notes worth just $2 on Thursday in the latest sign of spiralling hyperinflation, only a week after issuing the 250 million bill.
The new highest denomination note would buy about two loaves of bread.
The central bank also introduced special agricultural cheques in 5 billion, 25 billion and 50 billion Zimbabwe dollar denominations to facilitate payments to farmers during the current selling season.
Farmers normally have to carry huge stacks of bank notes after selling their produce to state agencies, while consumers often carry large piles of cash with them for simple daily transactions.
The country is currently in the middle of the tobacco and maize marketing season.
"The Reserve Bank of Zimbabwe is pleased to announce the introduction of special instruments to cater for the marketing needs of our farmers in the form of 'special agro cheques' whose lifespan will run through December 31 2008," the central bank said in a statement.
It said the cheques were freely tradable and would start circulating on Tuesday, while the new currency notes are available immediately.
Zimbabwe, which has the highest inflation rate in the world at around 165,000 percent (in Feb), has been beset by long queues at banks as consumers seek banknotes to stock up on basic goods, the prices of which are constantly rising.
The Zimbabwe dollar, which had been officially pegged at 30,000 to the U.S. dollar before exchange rules were relaxed recently, currently trades at about 250 million to the greenback.
Zimbabweans had hoped elections on March 29 could help put an end to the country's economic meltdown, which has also led to 80 percent unemployment, chronic food and fuel shortages, and a flood of refugees to neighbouring states.
But the parliamentary election results have been disputed, and a run-off for the presidency has been delayed and is now due to take place by the end of July.
Replies to This Discussion
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Permalink Reply by Rahul on
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Zimbabwe inflation reaches 9 million%!!!
Zimbabwe — Zimbabwe’s central bank Governor Gideon Gono is set to chop six zeros off the local currency when he presents his monetary policy expected next week.
Impeccable sources from the Reserve Bank of Zimbabwe (RBZ) told ZimDaily there are plans to slash six zeros from the local currency to facilitate transactions in the purchase of goods and services and accounting procedures.
Zimbabwe’s inflation has hit a record 9 million percent with the smallest purchases costing billions.
The huge numbers have made transactions more difficult to make as the majority of machines can count up to $10 billion, the cost of a bottle of coke.
Computer accounting systems have also been affected as they are not compatible with so many zeros and this has compromised the accuracy of accounting systems.
If implemented this would be the second time the central bank will be slashing zeros.
In 2006 the bank deleted three zeros in an operation dubbed Sunrise but due to the hyperinflation, the local currency has accumulated more zeros than in 2006.
The slashing of zeros will come as a welcome measure to the many Zimbabweans who have been grappling with carrying large sums of money.
Economists, however, say while this would retain the current accounting systems which are failing to cope with the many zeros; it is a short-term measure and an indicator of failure on the part of government in the war against inflation.
In what they said would be a ‘cosmetic measure’ analysts say the decision would not tackle the major problem of inflation and foreign currency insufficiency.
“In a few months the zeros will be back again, they should deal with the root cause not the symptoms,” said a top banker.
Declining agricultural and industrial production, rampant corruption and money-printing are seen as the major catalysts of inflation.
Banks, ZABG and Kingdom have joined other shops and businesses in slashing zeros to make balancing of figures easier and to speed up transactions. -
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Zimbabwe inflation hits 231 million percent
1 day ago
HARARE, Zimbabwe (AP) — Zimbabwe's state Herald newspaper quotes official statistics saying annual inflation in Zimbabwe has hit 231 million percent.
Independent economists say the southern African nation's hyperinflation is running in the billions of percentage points.
The Herald said Thursday that inflation reached 231 million percent in July.
An international economic package to help bail out the embattled nation was expected after the main political parties signed a power-sharing deal last month. But talks have deadlocked over how to divide Cabinet portfolios. -
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