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Home » Articles » Finance & Business

Zimbabwe has issued banknotes in $ 500 million

The Central Bank of Zimbabwe has issued banknotes in circulation dignity of 500 million Zimbabwean dollars, reported BBC News. On the black market the new banknote is worth no more than two U.S. dollars. At that money can buy about two loaf of bread (at time of publication: D). Banknotes dignity 250 million Zimbabwean dollars were issued on May 5, 2008.

The reason for the issuance of new banknotes has an acute shortage of cash in the country and extremely high rates of growth of consumer prices. As of April 2008, inflation in the country amounted to 165 thousand per cent. This means that until the end of the year products in the country went in at least two thousand times.

Recall that in early April in Zimbabwe was released into circulation banknote worth 50 million Zimbabwean dollars, and early in the year citizens of this country saw the face value of banknotes in 10 million dollars.

Source: http://lenta.ru/news/2008/05/15/money/

Category: Finance & Business | Added by: slavko1 (2008-05-16)
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