Published by the government of Zimbabwe
12 December 2008
Harare — THE Government yesterday indicated its intention to introduce a new $500 million note, ahead of the increase in the maximum cash withdrawal limit to $500 million a week with effect from today.
According to Statutory Instrument 174 of 2008 published in an Extraordinary Government Gazette yesterday, the new note will go into circulation in terms of the Reserve Bank of Zimbabwe Act.
"There shall be issued, in terms of the Act, a five hundred million dollar banknote," the notice, published by the Minister of Finance, Cde Samuel Mumbengegwi, said.
The new note will have the RBZ logo of three balancing rocks on the front. On the back it will have an impression of dairy cows being milked mechanically and a miner drilling underground.
It will be purple in colour and have an iridescent strip with the letters "RBZ" embedded on the front of the note.
The notice, however, did not say when the $500 million note would go into circulation.
Last week, the RBZ gave notice to introduce a new $200 million note, which is largely expected to go into circulation today when the maximum withdrawal rises to $500 million weekly.
Dr Gono last week reviewed the cash withdrawal lim-it following a meeting with the Zimbabwe Congress of Trade Unions. -- Herald Reporter.
A week ago, the RBZ unveiled new $10 million, $50 million and $100 million notes.
This followed a review of cash withdrawal limits for individual account holders from $500 000 to $100 million per week and $1 million to $50 million weekly for companies.
Dr Gono recently announced that the central bank was working to ensure workers have enough cash during the festive season.
However, the new higher denomination notes have spawned sharp price increases while change had become extremely difficult to get owing to the scarcity of lower denomination notes. -- Herald Reporter.
Read comments. Write your own.
Copyright © 2008 The Herald. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.
AllAfrica aggregates and indexes content from over 125 African news organizations, plus more than 200 other sources, who are responsible for their own reporting and views. Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica.
Why don't they just slash it all off because that's what it's worth ZERO! It's all pretend money like in a board game, the only other people who care are the other game players. With the exception of those with FOREX, most of the unfortunate population is forced to play this deadly game run by Mugabe and Gono.
Do people realise, that with the 10 zeros slashed off the currency in August, that would actually make this a 5 Quintillion note under the old currency. Thats a 5,000,000,000,000,000,000 note.
When are they going to slash another 10 zeros off it?