Zimbabwe unveils Z$20 000-dollar notes

HARARE – Zimbabwe’s central bank introduced Z$10 000- and Z$20 000 bank notes to ease a cash crunch in the country struggling to cope with the world’s highest inflation rate.

The central bank has unveiled a series of ever-larger bills since August, when the central bank struck 10 zeros off the local currency that had become so weak that billions of dollars were required just to buy bread. The new notes are meant to help Zimbabwe, once one of Africa’s most prosperous nations, keep up with crushing hyperinflation last reported at 11,2 million per cent.Cash currency is in such short supply that banks are essentially rationing money, allowing businesses and consumers to withdraw only Z$20 000 dollars a day – worth only US$20 on the black market.The restrictions have led to long queues outside banks, with some people sleeping on the pavements in the hope of being the first person to reach the teller window in the morning.Zimbabwe’s economy has been on a downturn for a decade with high unemployment and food shortages in a country where at least 80 per cent of the population live below the poverty line.The country’s chronic economic crisis has condemned 80 per cent of the population to poverty, amid mass shortages of basic goods in shops.Nampa-AFPThe new notes are meant to help Zimbabwe, once one of Africa’s most prosperous nations, keep up with crushing hyperinflation last reported at 11,2 million per cent.Cash currency is in such short supply that banks are essentially rationing money, allowing businesses and consumers to withdraw only Z$20 000 dollars a day – worth only US$20 on the black market.The restrictions have led to long queues outside banks, with some people sleeping on the pavements in the hope of being the first person to reach the teller window in the morning.Zimbabwe’s economy has been on a downturn for a decade with high unemployment and food shortages in a country where at least 80 per cent of the population live below the poverty line.The country’s chronic economic crisis has condemned 80 per cent of the population to poverty, amid mass shortages of basic goods in shops.Nampa-AFP