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Zimbabwe prints $100 trillion notes

Posted By admin On January 16, 2009 @ 4:34 am In Money Watch | Comments Disabled

Press TV [1]
Friday, Jan 16, 2009

Zimbabwe’s central bank has introduced a 100 trillion dollar note in the face of a hyperinflation that has paralyzed the economy.

State media announced the plans for the new 100,000,000,000,000 Zim-dollar bill on Friday.

The bank is introducing three other notes in trillion-dollar denominations of 10, 20 and 50, Harare-based Herald newspaper said.

The new family of bank notes was introduced to “ensure that the public has access to their money from banks,” the Reserve Bank of Zimbabwe said in a statement quoted by the Herald.

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Zimbabwe prints $100 trillion notes 121208banner3 [2]

The move comes just a week after the printing of billion-dollar bills which have since been rendered too small.

The last official estimate in July put inflation at a staggering 231 million percent, possibly standing at a much higher figure currently.

The economic crisis in the country which is currently under US and EU sanctions has virtually dismantled Zimbabwe’s health services, while the impoverished country suffers from chronic shortages of basic needs.


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URLs in this post:

[1] Press TV: http://www.presstv.ir/detail.aspx?id=82529&sectionid=351020506

[2] Image: http://www.efoodsdirect.com/products.html

[3] Zimbabwe introduces Z$100bn note: http://www.prisonplanet.com/zimbabwe-introduces-z100bn-note.html

[4] Zimbabwe Says Days Of The US Dollar Are Numbered, Pushes For Gold-Backed Local Currency: http://www.prisonplanet.com/zimbabwe-says-days-of-the-us-dollar-are-numbered-pushes-for-gold-backed-local-currency.html

[5] Nikkei Surges As BOJ Injects Another ¥3.5 Trillion: Just Add It To The Existing ¥23 Trillion Plunge Protection Tab: http://www.prisonplanet.com/nikkei-surges-as-boj-injects-another-%c2%a53-5-trillion-just-add-it-to-the-existing-%c2%a523-trillion-plunge-protection-tab.html

[6] Zimbabwe proposes introduction of gold-backed Zim dollar: http://www.prisonplanet.com/zimbabwe-proposes-introduction-of-gold-backed-zim-dollar.html

[7] Update: Make That 15 Trillion; BOJ Raises Liquidity Injection To JPY12 Trillion ($146 Billion): http://www.prisonplanet.com/update-make-that-15-trillion-boj-raises-liquidity-injection-to-jpy12-trillion-146-billion.html

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