Zimbabwe Introduced $500 Million, $5 Billion, $25 Billion and $50 Billion Notes

[nutmegcollector]

 

HARARE (Reuters) - Zimbabwe's central bank introduced 500 million Zimbabwe dollar notes worth just $2 on Thursday in the latest sign of spiralling hyperinflation, only a week after issuing the 250 million bill.

 

The new highest denomination note would buy about two loaves of bread.

 

The central bank also introduced special agricultural cheques in 5 billion, 25 billion and 50 billion Zimbabwe dollar denominations to facilitate payments to farmers during the current selling season.

 

Farmers normally have to carry huge stacks of bank notes after selling their produce to state agencies, while consumers often carry large piles of cash with them for simple daily transactions.

 

The country is currently in the middle of the tobacco and maize marketing season.

 

"The Reserve Bank of Zimbabwe is pleased to announce the introduction of special instruments to cater for the marketing needs of our farmers in the form of 'special agro cheques' whose lifespan will run through December 31 2008," the central bank said in a statement.

 

It said the cheques were freely tradable and would start circulating on Tuesday, while the new currency notes are available immediately.

 

Zimbabwe, which has the highest inflation rate in the world at around 165,000 percent, has been beset by long queues at banks as consumers seek banknotes to stock up on basic goods, the prices of which are constantly rising.

 

The Zimbabwe dollar, which had been officially pegged at 30,000 to the U.S. dollar before exchange rules were relaxed recently, currently trades at about 250 million to the greenback.

[Scottishmoney]

They really just need to save effort and money and print "Forever" bills like the new USA postage stamps.

[DreamFLight911]

This remind me of the illfated Intis and Australs of Peru and Argentina

 

And the Mark of Weimar Republic of Germany

[Schmeichelinho]

well they have a chance to break Yugoslav record from the '90s... 500 billion...

i carry one 500 billion dinars banknote everywhere with me... it's a good joke to take that sum out of my pocket in a restaurant...

today 80 dinars = 1 euro...

[Tane]

i carry one 500 billion dinars banknote everywhere with me... it's a good joke to take that sum out of my pocket in a restaurant...

 

Imagine the oooh's and aaah's when you take a $50 billion note out of your pocket in a restaurant

[nutmegcollector]

 

 

 

Here are the three Zimbabwe 5, 25 and 50 billion dollar agro checks.

 

I wouldn't be surprised even higher denominations to come out in the months ahead.

[DreamFLight911]

well they have a chance to break Yugoslav record from the '90s... 500 billion...

i carry one 500 billion dinars banknote everywhere with me... it's a good joke to take that sum out of my pocket in a restaurant...

today 80 dinars = 1 euro...

 

or what about the Weimar Republic of Germany highest denomination was 1 trillion

greece 100,000,000,000,000 drachmai 1944

 

but this take the cake

 

Hungary 1,000,000,000,000,000,000,000 Egymilliard B. pengo 1944-46

[satootoko]

I'm a little surprised to see that Zimbabwe, which was a Commonwealth member until 2003, uses the American convention of defining a "billion" as 1,000 million instead of the British usage where a "billion" equals a million million.

[nutmegcollector]

I'm a little surprised to see that Zimbabwe, which was a Commonwealth member until 2003, uses the American convention of defining a "billion" as 1,000 million instead of the British usage where a "billion" equals a million million.

 

Since 1974, UK has adopted the American convention of calling 1,000 million a billion. Other European countries called 1,000 million a milliard. Zimbabwe, being a former British colony, follows the British tradition.

[satootoko]

Since 1974, UK has adopted the American convention of calling 1,000 million a billion.

I guess today is a successful day - I learned something new.

[henare]

I'm a little surprised to see that Zimbabwe, which was a Commonwealth member until 2003, uses the American convention of defining a "billion" as 1,000 million instead of the British usage where a "billion" equals a million million.

 

nah, they're taking advantage of that. you see, in a few days when the current billion dollar notes become valueless the mugabe government will just redefine the word "billion" and all will be well again.

[jtryka]

so where do you think it will end? Germany peaked at 23 trillion marks to the dollar in 1923, will Mugabe break that level?

[SlavicScott]

so where do you think it will end? Germany peaked at 23 trillion marks to the dollar in 1923, will Mugabe break that level?

 

At the rate the dollar is falling, I doubt that the ratio will beat the 23 trillion:1. But, if you use a stable benchmark, such as the euro or British pound, then maybe they will beat the Weimar legacy.

[thelawnet]

At the rate the dollar is falling, I doubt that the ratio will beat the 23 trillion:1. But, if you use a stable benchmark, such as the euro or British pound, then maybe they will beat the Weimar legacy.

 

Actually the dollar bottomed out against the pound in November, and is up about 10% since then.

 

The pound is certainly not in good shape.

 

The euro is perhaps a different story.

 

Still, against all currencies the dollar is a little up off its lows of a month ago, it doesn't appear to be weakening.

[jtryka]

Actually the dollar bottomed out against the pound in November, and is up about 10% since then.

 

The pound is certainly not in good shape.

 

The euro is perhaps a different story.

 

Still, against all currencies the dollar is a little up off its lows of a month ago, it doesn't appear to be weakening.

 

For us Americans, the easiest diversification out of the dollar is gold or silver, foreign currency is just a pain.

[Scottishmoney]

For us Americans, the easiest diversification out of the dollar is gold or silver, foreign currency is just a pain.

 

I wouldn't mind having a few €500 notes to flutter around in my paws.

[jtryka]

While I can understand your desire, which is easier for you to obtain, a 500-euro note, or an ounce of gold?

[Scottishmoney]

Frankly I would rather have a Lib $20.

[thelawnet]

While I can understand your desire, which is easier for you to obtain, a 500-euro note, or an ounce of gold?

 

I find kilogram coins a bit more appealing, it's just quite a nice concept to have a coin weighing 1kg.

 

 

 

Of course you could get a Kookaburra which is probably a bit closer to melt in price

[nutmegcollector]

Zimbabwe Cost of Living Update (July 17, 2008):

 

Official annual inflation rate had surged to a record 2.2 million percent, way lower than independent analysts’ projections but still the highest in the world.

 

An average family of six people requires at least 13 trillion Zimbabwe dollars (US$500 at the official exchange rate) a month to meet basic needs such as food, rent and transport costs.

 

The amount translates to just over US$50 a month if converted at the black market exchange rate.

 

An average employee earns 100 billion Zimdollars a month, way below poverty line, and most workers have to rely on informal trading to supplement their incomes.

 

A 2kg packet of bread-making flour, according to statistics, now costs over $260 billion – a 100 percent jump from last month’s price.

 

A 20kg bag of mealie meal, which is the staple food in the southern African country costs $720 billion up from $300 billion.

[Johnny 1989]

Zimbabwe Cost of Living Update (July 17, 2008):

 

Official annual inflation rate had surged to a record 2.2 million percent, way lower than independent analysts’ projections but still the highest in the world.

 

An average family of six people requires at least 13 trillion Zimbabwe dollars (US$500 at the official exchange rate) a month to meet basic needs such as food, rent and transport costs.

 

The amount translates to just over US$50 a month if converted at the black market exchange rate.

 

An average employee earns 100 billion Zimdollars a month, way below poverty line, and most workers have to rely on informal trading to supplement their incomes.

 

A 2kg packet of bread-making flour, according to statistics, now costs over $260 billion – a 100 percent jump from last month’s price.

 

A 20kg bag of mealie meal, which is the staple food in the southern African country costs $720 billion up from $300 billion.

 

I read in the Daily Mirror yesterday that Mugabe blame the Western world, especially Britain for the crisis with the economy of Zimbabwe

 

Someone shoot him now (and I'd never normally say that)

[nutmegcollector]

Zimbabwe Introduces $100 Billion Banknotes

 

HARARE, Zimbabwe (CNN)

July 19, 2008

 

Zimbabwe's troubled central bank introduced new $100 billion banknotes Saturday in a desperate bid to ease the recurrent cash shortages plaguing the inflation-ravaged economy.

 

The new bills officially come into circulation Monday, although they were already on the foreign currency dealers market Saturday.

 

As high as they are, though, the new bills still aren't enough to buy a loaf of bread. They can only buy four oranges.

 

The new note is equal to just one U.S. dollar

[mgk920]

Zimbabwe Introduces $100 Billion Banknotes

 

HARARE, Zimbabwe (CNN)

July 19, 2008

 

Zimbabwe's troubled central bank introduced new $100 billion banknotes Saturday in a desperate bid to ease the recurrent cash shortages plaguing the inflation-ravaged economy.

 

The new bills officially come into circulation Monday, although they were already on the foreign currency dealers market Saturday.

 

As high as they are, though, the new bills still aren't enough to buy a loaf of bread. They can only buy four oranges.

 

The new note is equal to just one U.S. dollar

Not quite. As of this typing (09h49 CDT on 2008-07-19), http://www.zimbabweanequities.com/ says that USA$1.00 equals Z$4.043^11, or a Z$100G note = about USA$0.247.

 

 

Another thing that I noted a while ago is that besides via the inflation, their government took the step of preventing its people from saving money privately (as in holding banknotes) by putting those expiration dates on them, forcing them to be exchanged at regular intervals and, I assume, by limiting the quantity that could be exchanged at any given time.

 

 

The sooner that Mugabe's gone, the better - and I'd hate to say it, but it is getting to the point that 'by whatever means necessary' is fast becoming more and more appropriate.

 

Mike

[nutmegcollector]

 

This note is the highest denomination banknote currently in circulatation.

 

This note also has the most zeros (11) printed on the note. The only other note has 11 zeros is Yugoslavia 500,000,000,000 Dinars 1993.

[Johnny 1989]

 

This note is the highest denomination banknote currently in circulatation.

 

This note also has the most zeros (11) printed on the note. The only other note has 11 zeros is Yugoslavia 500,000,000,000 Dinars 1993.

 

Woah, makes my $500 one look p*ss poor in comparison.

 

They're rather interesting but exist for all the wrong reasons sadly I really hope someone comes along & saves Zimbabwe soon, I really hate to think it could get much worse over there.

 

EDIT: Actually I have the old $1, $10, $20, $50 & $100 bearer cheques, god I'm really behind on these. Does anyone know what they've released over the last couple of years?