3 April 2008
THE central bank last night introduced new $50 million and $25 million bearer cheques as inflation rose to 164 900,3% for February.
The new notes coincide with a review of the daily cash withdrawal limits which move up from $500 million to $5 billion with effect from today.
"With effect from Friday April 4, the Reserve Bank of Zimbabwe is releasing new $50 and $25 million bearer cheques into circulation," the bank said in a statement.
The bank said the review of the daily cash withdrawals was meant to provide relief and convenience to the transacting public.
The bank has been fighting a losing battle against inflation which continues to spiral out of control.
On January 18 this year, the central bank introduced a batch of new notes, the $10 million, $5 million and $1 million bearer cheques.
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