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Zim introduces Z$500m note
15/05/2008 10:40 - (SA)
Harare - Zimbabwe has introduced a new half billion dollar bank note in a bid to tackle cash shortages fed by rampant inflation, the central bank said on Thursday.
"Introducing the new Z$500 000 000 bearer cheque for your convenience," read a Reserve Bank of Zimbabwe full-page advert in the state daily, The Herald, displaying specimens of the new note.
The note, comes into circulation 10 days after the introduction of a quarter-of-a-billion one early this month.
This is the fourth set of high denomination notes to be issued this year, the first being in January when a Z$10m note was put into circulation. The next was on April 2 when a Z$50m note came into being before the Z$100m and Z$250m notes were introduced on May 2.
The southern African nation, currently gripped by a post-election crisis, has been ravaged by hyperinflation which reached 165 000% in February. No latest inflation figures have been released since then.
The country's chronic economic crisis has condemned millions to grinding poverty with at least 80% of the population living below the poverty threshold amid mass shortages of basic goods in shops.
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Zimbabwe Special Report
