Coins DIG

The central bank of Zimbabwe introduced new banknotes with the following denominations: Z$1 million, Z$5 million and Z$10 million.

In order to fight extreme shortage of money the bank of Zimbabwe decided to issue the new 10 million dollar banknote. Till now purchasing ordinary goods in the country required a bag of money, this especially concerns stores and financial institutions.

It is worth mentioning that the country faces high hyperinflation. Some news agencies reported the increase of inflation in Zimbabwe by 50,000 percent. The government of Zimbabwe still hasn't published the official figures of the inflation.

In order to provide an overview of the inflation crisis in the country, reports showed that the new $10 million dollar banknote is worth around $4-5 US dollars. The governor of the Central Bank, Gideon Gono, was quoted as saying:

"… to provide relief and convenience to the transacting public, daily cash withdrawals have been increased from the current 50 million zimdollars to 500 million per individual …"

According to the policy that dates 2003, the new Zimbabwe dollar notes are in fact temporary "bearer cheques," which include a stamp of the date of expiry. Despite this fact the banknotes can be renewed when their date expires.

The bank tried to issue the new banknotes just weeks ago. The Zimbabwe Reserve or Central Bank introduced the banknotes in such denomination as: Z$250,000, Z$500,000 and Z$250,000 in the middle of December. However, the attempt proved to be unsuccessful.