Thursday, December 20, 2007

Zimbabwe to issue new banknotes

Zimbabwe is to issue new banknotes in an effort to tackle the serious cash shortages afflicting the country.

From Thursday, notes worth 250,000, 500,000 and 750,000 Zimbabwean dollars will enter circulation.

At the same time, the highest value note now in use - the 200,000 dollar bill - will be phased out, despite only being introduced in July.

Rampant inflation above 8,000%, mass unemployment and shortages of fuel and basic goods have blighted the economy.

Zimbabwe's central bank governor, Gideon Gono, blamed the economic crisis on the country's senior officials.

"Our economy has fallen prey to a high level of indiscipline and corruption prevalent in the economy as well as diminished economic patriotism on the part of most people holding positions of authority in our economy and society," he said.

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