Thursday, July 31, 2008

Zim knocks ten zeros off currancy

From the UKGuardian:

Zimbabwe is knocking 10 zeros off its currency because its computers and ATMs cannot handle basic transactions in billions and trillions of dollars.

The revaluing - which turns Z$10bn into Z$1 - was announced by the central bank governor, Gideon Gono yesterday and will take effect tomorrow.

It comes a week after the issue of a Z$100bn note....

Zimbabwe has the world's highest inflation rate, which is officially running at 2.2m% but which independent economists say is closer to 12.5m%.

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