Billonaires lose their billions

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Zimbabwe’s central bank, grappling with inflation of more than 2 million percent, Wednesday slashed off 10 zeros from the national currency to make transacting easier.

In a statement, bank governor Gideon Gono said new currency was also due to be put into circulation, replacing bearer cheques.

Only two weeks ago, the central bank introduced a 100-billion-dollar bearer cheque, which it said was meant to ease transacting which involved carrying huge bundles of bank notes.

Gono said the new bank notes, with slashed zeros, would be introduced 1 August and will run concurrently with the old notes until December.

The currency reforms will also see the return of coins.

High inflation, currently pegged at 2.2 million percent, has rendered the country’s currency worthless, with most people now demanding foreign currency in daily transactions.

This is the second time in two years that Gono has had to slash off zeros from Zimbabwe’s currency. Panapress .

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