A new million dollar note for Zimbabwe as inflation hits 231 million per cent


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A new million dollar note for Zimbabwe as inflation hits  231 million per cent

The central bank of Zimbabwe Monday introduced three new higher denomination bank notes, up to the one million Zim-dollar note (Z$1,000, 000), as the country battles with record inflation of more than 230 million per cent. The bank said new Z$100,000, Z$500,000 and the Z$1,000,0000 bank notes would enter circulation to make it easier and convenient for the public to trade. Until now, the highest denomination bank note in the country was the Z$50,0000, introduced two months ago. The central bank has introduced a series of new higher denomination bank notes in the last few months, but their have all been rapidly eroded by high inflation. Officially, inflation was pegged at 231 million per cent in July, the last month figures are made available, and is now estimated to be running around 1,000 per cent. In August, the central bank was forced to chop off 10 zeroes from the national currency to make it easier for the public and companies to transact.

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