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| author/source:Zim Online (SA) |
| published:Mon 30-Jul-2007 |
| posted on this site:Mon 30-Jul-2007 |
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| Article Type : News |
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| Inflation-hit Zimbabwe is considering introducing a Z$500 000 bearer cheque |
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By Thulani Munda
Harare - Inflation-hit Zimbabwe is considering introducing a Z$500 000 bearer cheque note as the country's currency continues on its free-fall, Zim Online has learnt. Sources within Zimbabwe's central bank said the new note together with another new Z$200 000 bearer cheque, could be introduced any time soon. "The $200 000 note could be introduced anytime from now, although the idea was to have the two new notes launched together," a government source said. "The problem is that some senior officials within government are not keen to have the Z$500 000 note insisting this would an admission that things are not well in this country," he added. Zimbabwe's current highest denomination is the Z$100 000 bearer cheque, which, on the official foreign currency market, can only buy four loaves of bread. Finance Minister Samuel Mumbengegwi could not be reached for comment on the matter yesterday. Zimbabwe is battling a severe economic crisis that has manifested itself in the world's highest inflation rate of nearly 5 000 percent. In addition to rampant inflation, the southern African country is also grappling with unemployment of around 80 percent, food shortages and just about every other survival commodity. Western governments and the main opposition Movement for Democratic Change (MDC) party blame the crisis on repression and bad policies by President Robert Mugabe, in power over the past 27 years. Bearer cheques are promissory notes first were introduced by the central bank at the height of cash shortages four years ago. Bearer cheques are used in the same way as money.
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