$250m bank note released in Zimbabwe
by Richard Kilner
Story link: $250m bank note released in Zimbabwe
Yesterday the Reserve Bank of Zimbabwe responded to the country’s continuing economic woes with the release of two new denominations: $100m and $250m bearer cheques.
The new releases come after numerous requests from a range of Zimbabwean sectors, including banking and farming.
It is hoped that the new denominations will be able to keep up with the rampant inflation, which is officially stated to be 165,000%.
However, a constantly low source of supplies makes it difficult to accurately compare prices of even vital goods, making any inflation statements no more than estimates.
Cash has itself become somewhat scarce, with lengthy queues common outside bank branches and ATMs.
Because of this, a withdrawal limit of $5bn has been enforced by the government.
Only last month the Reserve Bank issued $25m and $50m bearer cheques for the same purpose, sums which are already becoming notably less valuable.
However, some believe that the release of such high denomination bearer cheques merely fuels the country’s hyperinflation and pushes prices up still further.
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