Zimbabwe bank issues $10million bill

Posted on January 21, 2008 

Zimbabwe bank issues $10million bill – but it won’t even buy you a hamburger in Harare

Zimbabwe bank issues $10million bill

The central bank of the southern African country has a issued a 10million Zimbabwe dollar note. The move increases the denomination of the nation’s highest bank note more than tenfold.

Even so, a hamburger in an ordinary cafe in Zimbabwe costs 15 million Zimbabwe dollars.

Zimbabwe faces the world’s highest official inflation of an estimated 25,000 per cent. Independent financial institutions say real inflation is closer to 150,000 per cent.

Acknowledging the inflation crisis, Gono said individuals would be allowed to withdraw an increased limit of 500 million Zimbabwe dollars (£100) in a single daily withdrawal, up from 50 million (£10).

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