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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: RJA_ who wrote (31340)	3/19/2008 4:28:00 AM
From: TobagoJack	Read Replies (1) \| Respond to of 217501

just in in-tray, just a single link dailymail.co.uk that says it all quote Zimbabwe bank issues $10million bill - but it won't even buy you a hamburger in Harare Last updated at 12:47pm on 19th January 2008 Forget the glitzy restaurants of New York and London: only in Zimbabwe would a hamburger actually cost millions of dollars. 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. A new high: The ten million dollar note introduced by the Reserve Bank of Zimbabwe The hope is that such a move will help end chronic cash shortages and disperse long, chaotic lines at banks and automated teller machines. Reserve Bank Governor Gideon Gono said in a statement the 10 million Zimbabwe dollars notes will be issued along with 1 million and 5 million Zimbabwe dollars bills. Previously, the highest existing note, introduced last month, was for 750,000 Zimbabwe dollars. The new 10 million note is the equivalent of about £2 at the dominant black market exchange rate. A hamburger at an ordinary cafe costs about 15 million Zimbabwe dollars (£3). That hamburger has trebled in price this month amid shortages of bread, meat and most basic goods. This is how many Zimbabwe dollars were needed to buy a loaf of bread 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). He said special arrangements were being made to pay soldiers, police and other uniformed services "because it is not desirable to see them queuing for cash". Gono said with higher denomination bills businesses might be tempted to again raise prices of scarce goods. "If this happens the whole objective of solving the cash shortages and to bring convenience to the people will be defeated," he said. In August 2006, the central bank slashed three zeros from the nation's old currency. unquote