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The E-Sylum: Volume 10, Number 31, August 5, 2007, Article 17 ZIMBABWE ISSUES NEW BANKNOTES AS RUNAWAY INFLATION CONTINUES "The Reserve Bank of Zimbabwe will on Wednesday unveil a new 200,000-Zimdollar banknote as runaway inflation continues to erode the purchasing power of the local currency. "The new bearer cheque begins its circulation from Wednesday, becoming the highest denomination in an economy battling world record inflation now estimated at more than 5,000 percent. "Zimbabwe has not had real banknotes since 2004 and uses temporary paper money known as bearer cheques. "The original idea was for the cheques to run for a year up to 31 December 2004, while the government stabilised the economy and reined in inflation. "The lifespan of the bearer cheques has repeatedly been extended after the government has failed to control inflation." To read the complete article, see: Complete Article Wayne Homren, Editor The Numismatic Bibliomania Society is a non-profit organization promoting numismatic literature. See our web site at coinbooks.org. To submit items for publication in The E-Sylum, write to the Editor at this address: whomren@coinlibrary.com To subscribe go to: https://my.binhost.com/lists/listinfo/esylum | |
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