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Zimbabwe knocking 10 zeros off currency

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Zimbabwe knocking 10 zeros off currency

Post  Admin on Wed Jul 30, 2008 4:44 pm

HARARE, Zimbabwe (AP) -- Zimbabwe will knock 10 zeros off the country's hyper-inflated currency next month, making 10 billion dollars one dollar, the nation's central bank governor said Wednesday.

President Robert Mugabe immediately warned in a televised address that he will impose a state of emergency if profiteers take advantage of the change on August 1."Don't drive us further. If you drive us even more we will impose emergency measures. We don't want to place our country under emergency rule," Mugabe said.

Zimbabwe suffers the highest inflation rate in the world. Inflation is constraining operations of the country's computer systems, central bank Gov. Gideon Gono said.

Computers, electronic calculators and automated teller machines at banks have not been able to handle basic transactions in billions and trillions of dollars.

Just last week Gono introduced a new 100 billion-dollar note that is not enough to buy a loaf of bread.Gono said on August 1 the bank would issue a 500-dollar bill equivalent to 5 trillion dollars at the current rate.


http://www.cnn.com/2008/WORLD/africa/07/30/zimbabwe.money.ap/index.html

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