Zimbabwe has issued three new denominations of banknotes, including a one-hundred-million-dollar note, as the impoverished country struggles to cope with runaway inflation, state media reported on Wednesday.
The Reserve Bank of Zimbabwe (RBZ) said the release of the new notes followed a recent review of the limit on cash withdrawal.
The limit has been revised upwards to 50 million Zimbabwe dollars for individuals and 100 million for company account holders, The Herald said.
Before the recent increase, the withdrawal limit for individual account holders was 500,000 dollars while companies were allowed to withdraw one million dollars a day, it said.
The introduction of the new notes -- 100 million, 50 million and 10 million -- comes at a time when depositors have been spending hours in long queues at banking halls and cash dispensers to withdraw, the newspaper said.
The new notes will come into circulation on Thursday, it said.
RBZ governor Gideon Gono, whose five-year term has just been renewed, recently announced that the bank was working to ensure that workers had enough cash during the festive season.
The new move comes less than a month after the central bank introduced one million, 500,000 and 100,000 notes, to deal with the skyrocketing prices of basic goods
Source: *timesofindia.indiatimes.com/Inflation-hit_Zimbabwe_issues_100m_dollar_note/articleshow/3788070.cms
The Reserve Bank of Zimbabwe (RBZ) said the release of the new notes followed a recent review of the limit on cash withdrawal.
The limit has been revised upwards to 50 million Zimbabwe dollars for individuals and 100 million for company account holders, The Herald said.
Before the recent increase, the withdrawal limit for individual account holders was 500,000 dollars while companies were allowed to withdraw one million dollars a day, it said.
The introduction of the new notes -- 100 million, 50 million and 10 million -- comes at a time when depositors have been spending hours in long queues at banking halls and cash dispensers to withdraw, the newspaper said.
The new notes will come into circulation on Thursday, it said.
RBZ governor Gideon Gono, whose five-year term has just been renewed, recently announced that the bank was working to ensure that workers had enough cash during the festive season.
The new move comes less than a month after the central bank introduced one million, 500,000 and 100,000 notes, to deal with the skyrocketing prices of basic goods
Source: *timesofindia.indiatimes.com/Inflation-hit_Zimbabwe_issues_100m_dollar_note/articleshow/3788070.cms
