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Item specifics - World Coins

Era:	2000s	Pattern:	--
Material:	PAPER MONEY	Proof:	--
Origin:	Africa	Set:	--
Mint Marked:	--

ZIMBABWE BANK NOTES

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Use the FREE Counters 1 million sellers do - Andale! Zimbabwe introduces new banknotes as inflation bites:::::::::::
APA-Harare (Zimbabwe) Zimbabwe's central bank has introduced new 20
billion and 50 billion Zimbabwe dollar banknotes, worth about US$1 and US$2
on the black market, as the country battles runaway inflation estimated at
more than one trillion percent, APA learns here Saturday.

The higher denominated notes were announced in a government gazette
published on Friday, in what has become a regular ritual in the
inflation-ravaged southern African country.

New 1 billion, 5 billion and 10 billion Zimdollar notes were also put
into circulation on December 19 when the central bank also raised monthly
cash withdrawal limits fivefold to 10 billion Zimdollars.

Prices are doubling every day in Zimbabwe where hyper-inflation has
rendered the Zimdollar almost worthless.

Most traders no longer accept the Zimdollar, preferring the more
stable US dollar, South African rand, Botswana pula and British pound
sterling.

Zimbabwe has the world's highest inflation rate, officially pegged at
231 million in July 2008 but believed to be much higher today.

Critics blame the economic meltdown on mismanagement by the Robert
Mugabe government, including the seizure and redistribution of thousands of
white-owned farms. The once thriving agricultural sector has fallen into
ruin.

The veteran Zimbabwean leader, however, blames Western sanctions for
the economic crisis.

JN/daj/APA
2009-01-10

On 16-Jan-09 at 23:47:02 AEDST, seller added the following information:

Zimbabwe rolls out Z$100tr note

A Zimbabwean looks at a new 50 billion dollar bank note issued on 13 January

A 50bn Zimbabwean dollar note was issued on Tuesday

Zimbabwe is introducing a Z$100 trillion note, currently worth about US$30 (£20), state media reports.

Other notes in trillion-dollar denominations of 10, 20 and 50 are also being released to help Zimbabweans cope with hyperinflation.

However, the dollarisation of the economy means that few products are available in the local currency.

On Thursday, the opposition leader said he was still committed to power-sharing intended to rescue the failing economy.

Since September, when the deal was signed, talks have stalled over who should control key ministries.

Movement for Democratic Change (MDC) leader Morgan Tsvangirai said he was due to hold talks with President Robert Mugabe "within this coming week" to try to resolve the political crisis.

Jestina Mukoko (left) arriving at the magistrate's court in Harare on Wednesday 24 December 2008

The experience was frightening. I would not wish it upon anyone

Jestina Mukoko on her abduction
Zimbabwe Peace Project director

He described Mr Mugabe as "part of the problem but also part of the solution".

The latest annual figure for inflation, estimated in July last year, was 231m% - the world's highest.

"In a move meant to ensure that the public has access to their money from banks, the Reserve Bank of Zimbabwe has introduced a new family of banknotes which will gradually come into circulation, starting with the Z$10 trillion," Zimbabwe's state-run Herald newspaper quotes a bank statement as saying.

But previous issues of new banknotes - and the dropping of several zeros from the currency - have done little to help Zimbabweans cope with inflation.

On Tuesday, a 50bn Zimbabwean dollar note was issued, less than a month after a Z$500m bill was released.

Correspondents say prices can double every day, and food and fuel - for those without US dollars - are in short supply.

Last month, the daily bank cash withdrawal limit - which at one stage was only enough for several loaves of bread - was abandoned.

However, most banks do not have enough cash to meet demand.

Some shops are licensed to sells goods in foreign currency but everyone from vegetable sellers to mobile phone service providers peg their prices to the US dollar.

Most groceries are brought in by Zimbabweans from neighbouring South Africa, Botswana or Zambia, further driving up prices.

There is more than 80% unemployment in the country and those with jobs find their salary is worthless unless they are paid in foreign currency.

Tears

Mr Tsvangirai is expected to return to Zimbabwe on Saturday after two months abroad.

At a press conference in Johannesburg, Mr Tsvangirai again appealed for prominent human rights activist Jestina Mukoko, who appeared in court on Thursday, and other such detainees, to be released.

Robert Mugabe has resisted growing calls for his resignation

"Those abducted and illegally detained must be released unconditionally if this agreement is to be consummated," Reuters news agency quotes Mr Tsvangirai as saying.

Ms Mukoko - director of the Zimbabwe Peace Project - denies charges of organising military training to topple President Mugabe.

She broke down in tears in court as she spoke about her ordeal when she was abducted from her home by armed security agents at the beginning of December.

She described how she was beaten on her feet during questioning.

"The experience was frightening. I would not wish it upon anyone," she said.

Under September's power-sharing agreement, Mr Tsvangirai is to become prime minister while Mr Mugabe remains as president.

But the deal faltered after the MDC accused Zanu-PF of keeping the most powerful ministries - including the one that controls the police - to itself.

As the political wrangling continued, Zimbabwe has been hit by a cholera epidemic that has claimed more than 2,000 lives, made worse by the collapse of the water, health and sanitation systems.

Mr Tsvangirai, and Western nations, accuse Mr Mugabe of not being sincere about power-sharing.

Mr Mugabe insists he welcomes the power-sharing deal, and has resisted growing international pressure to resign.

On 23-Jan-09 at 03:36:02 AEDST, seller added the following information:

Inflation at 6.5 quindecillion novemdecillion percent

Photo: Wikimedia Commons

The new Zim dollar?

JOHANNESBURG, 21 January 2009 (IRIN) - The Zimbabwe dollar now seems to have lost all its appeal, and calls for the adoption of a foreign currency to replace the struggling monetary unit and put an end to the country's crippling hyperinflation are becoming louder.

"We have to accept the economy has been 'dollarised' and all companies should be registered to trade in hard currency," Obert Sibanda, president of the Zimbabwe National Chamber of Commerce, told the state-run The Herald newspaper on 19 January.

Dollarisation, or the use of a foreign currency - not necessarily the US dollar - in parallel to, or instead of, the domestic currency, has long been a daily reality for most Zimbabweans. Record-breaking inflation has made them reluctant to accept the local currency, preferring either to trade in a more stable currency, or to barter.

They could not get their hands on their Zimbabwe dollar savings and salaries even if they wanted to - banks have been limited by law to a ceiling on withdrawals that no longer covers the cost of a loaf of bread.

The US dollar and South African rand are in use across the country, while Botswana's pula is favoured in Bulawayo and the west of the country, the Zambian Kwacha is used in the northern areas, and the Mozambican metical in Mutare and the country's eastern regions.

The Reserve Bank of Zimbabwe (RBZ) had already endorsed semi-official dollarisation in September 2008 by introducing 'Foreign Exchange Licensed Warehouses and Shops' when some 1,000 retail outlets and 250 wholesalers were permitted to trade in foreign currency.

In a statement released earlier in January 2009, the Zimbabwe Congress of Trade Unions (ZCTU) demanded that "all workers should be paid in foreign currency, given the fact that shops are now selling their goods in foreign currency - even those that have not been licensed to do so."

The ZCTU was previously opposed to introducing foreign exchange as legal tender, but the reality on the ground has caused it to reconsider. "Workers are even forced to pay rentals and fares in foreign currency ... public hospitals can now charge for their services in foreign currency, but the majority of workers who utilise these hospitals do not earn in foreign currency."

Various reports in the local media this week noted that a draft economic recovery plan, purportedly issued by the RBZ, had said: "It is imperative that Zimbabwe informally adopts the rand alongside the Zimbabwe dollar", in a bid to stem the rampant economic crisis.

However, RBZ governor Gideon Gono distanced himself from these reports by telling The Star newspaper, a South African daily published in Johannesburg: "The Zimbabwean dollar will not be overtaken by any other currency, formally or otherwise, now or at any point in the future."

Stop printing money

Zimbabwe's out-of-control hyperinflation has become the symbol of its unprecedented economic decline, and most people simply treat the two local currencies (original and "revalued") as beyond salvation.

Prices double every 24.7 hours... Shops have simply stopped accepting Zimbabwean dollars.

The monthly inflation rate passed the 50 percent mark - the threshold for defining 'hyperinflation'- in March 2007; in January 2009 the RBZ issued the world's first 100 trillion dollar note.

"Since then, it's gotten much worse," said Steve Hanke, professor of applied economics at Johns Hopkins University, Baltimore, in the US, and a senior fellow at the Cato Institute, a Washington-based think-tank. The latest official RBZ figure, dating back to July 2008, put year-on-year inflation at more than 231 million percent.

In the absence of credible official statistics, Hanke developed a hyperinflation index for Zimbabwe and in an article in the December 2008 issue of the financial magazine, Forbes Asia, put the annual inflation rate at around 6.5 quindecillion novemdecillion percent - 65 followed by 107 zeros. "Prices double every 24.7 hours," he noted. "Shops have simply stopped accepting Zimbabwean dollars."

A report released by the Cato Institute in June 2008 - Zimbabwe, From Hyperinflation to Growth - said the RBZ's money machine was the source of the hyperinflation. "The government spends, and the RBZ finances the spending by printing money. The RBZ has no ability, in practice, to resist the government's demands for cash ... To stop hyperinflation, Zimbabwe needs to immediately adopt a different monetary system," the report said.

The RBZ sees itself in a different light, as evidenced by its strategic vision: "to become the financial cornerstone around which Zimbabwe's economic fortunes and developmental aspirations are anchored ... the pursuit of the Bank's vision will express itself through leadership in the formulation, implementation and monitoring of policies and action plans for fighting inflation, stabilisation of the internal and external value of Zimbabwe's currency and of the financial system in a manner that gives pride of achievement to Zimbabweans across the board."

The price of monetary stability

Most economists agree that ditching Zimbabwe's discredited currency would help pave the way to recovery. "This is an idea we have been suggesting for years. We need to tie up the Zimbabwe dollar with a stronger currency," Zimbabwean economic analyst John Robertson told IRIN. "We need the confidence in the South African rand to help us out of economic problems."

According to Dawie Roodt, a government finance expert in South Africa, the benefits to Zimbabwe would be considerable: "First of all, they would be importing the South African inflation rate. The Zimbabwe inflation problem is purely a Zimbabwe dollar issue, so over time the inflation rate would be equal to the inflation rate in South Africa."

This would mean the adoption of real interest rates, allowing banks to resume lending - essential to kick-start the country's ailing industrial sector.

The notion of adopting the rand is not new to the region: the Common Monetary Area (CMA) of the rand fixes relative values of the currencies of neighbouring Namibia, Lesotho and Swaziland to the South African unit.

But Roodt cautioned that there was also a downside: "The most obvious [drawback] of using another currency is that you lose control of monetary policy," and Zimbabwe would also be adopting South Africa's monetary framework.

The legal tender could also become an issue of sovereignty and national pride, which, he commented, were sensitive matters. "You don't have the president's picture on the currency."

[ENDS]

[This report does not necessarily reflect the views of the United Nations]

Zimbabwe shelves own currency for a year:

Sun Apr 12, 2009 12:00pm BST

HARARE (Reuters) - Zimbabwe will not use its own local currency for at least
a year, a state newspaper reported on Sunday, while it tries to repair an
economy which critics say was destroyed by President Robert Mugabe.

The southern African state has allowed the use of multiple foreign
currencies since January to stem hyperinflation which had rocketed to over
230 million percent and left the Zimbabwe dollar almost worthless.

The state-controlled Sunday Mail said the unity government of Mugabe and
opposition leader Morgan Tsvangirai decided the Zimbabwe dollar should only
be reintroduced when industrial output reaches about 60 percent of capacity
from the current 20 percent average.

"The Zimbabwe dollar will be out for at least a year. We resolved that there
will be no immediate plans to (re)introduce the money because there is
nothing to support and hold its value," the newspaper quoted Economic
Planning and Development Minister Elton Mangoma as saying.

"Our focus is to first ensure that we have a vibrant industry. If we try to
reintroduce the local currency now, it will face the same fate of being
wiped out of its value within weeks."

On Thursday, Zimbabwe's Central Statistical Office (CSO) said consumer
prices fell for a third straight month in March after the government
abandoned its worthless currency.

The CSO said inflation stood at -3.0 percent month-on-month in March
compared with -3.1 percent in February, as food prices fell.

Critics say Mugabe, who has led Zimbabwe since independence from Britain in
1980, has destroyed one of Africa's most promising economies through
controversial policies, including the seizure of white-owned commercial
farms for redistribution to inexperienced black farmers.

Mugabe, 85, denies the charge and says the economy has been sabotaged by
enemies opposed to his nationalist policies.

Zimbabwe is seeking an urgent cash injection of $2 billion to stabilise an
economy suffering unemployment above 90 percent and a severe shortage of
foreign currency.

Western donors have held back aid, demanding the unity government in which
Tsvangirai is the prime minister undertakes political and other reforms.

(Reporting by Cris Chinaka; Editing by Sophie Hares)

00048

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2 X $250,000,000 ZIMBABWE NOTES ABSOLUTE UNC

Zimbabwe rolls out Z$100tr note

Inflation at 6.5 quindecillion novemdecillion percent