Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

World

12 zeros removed from Zimbabwe currency

HARARE, February 2 – Zimbabwe\’s central bank on Monday knocked 12 zeros off the local currency — reducing one trillion dollars to one dollar — and introduced seven new notes as it battles to revive its battered economy.

"The Central Bank unveils yet another programme through the removal of 12 zeros and the introduction of the following new currency denominations with immediate effect," said Reserve Bank governor Gideon Gono.

The new denominations are one, five, 10, 20, 50, 100 and 500 dollars.

"Yesterday\’s trillionaires, I am sorry, will not be able to buy their favourite drink today," Gono said as he announced the latest bid to keep pace with world-record hyperinflation.

The highest note previously in circulation was 10 trillion, with the central bank indicating last month that it would introduce a 100 trillion note.

On Sunday, one US dollar (0.78 euros) was equal to three or four trillion Zimbabwe dollars.

Zimbabwe\’s economy has collapsed under world-record hyperinflation that was last officially set at 231 million percent in July last year.

Last week, acting finance minister Patrick Chinamasa announced that Zimbabweans can now legally use foreign currencies alongside the local dollar.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...