$500 Million Bill Introduced in Zimbabwe

by hadsie | December 12, 2008 at 05:28 am

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With everyone upset about the financial downturn happening worldwide right now, I guess just remember that things could be a lot worse. Zimbabwe recently introduced a $500 Million note into their currency, worth less than 2.50 USD.

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Harare - Zimbabwe's central bank on Friday introduced a Z$500-million note, as the African country struggles to cope with the world's highest inflation and crippling currency shortages.

The half-billon note, worth about $10, was released together with a Z$200-million bill, which the central bank said in a statement was introduced for the "convenience" of the public.

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Just last Thursday, Zimbabwe introduced a Z$100-million bill that at the time was worth $14.

One week later, it's worth less than 50 US cents. Zimbabwe's highest inflation was last estimated in July at 231 million percent but is now believed to be much higher.

For reference, at the time of issuing the $100 Million bank note, it's value allowed it to purchase 3 eggs.

Due to currency shortages, cash can now only be withdrawn once a week from banks.

Ordinary people can take out Z$500-million a week while companies are permitted to withdraw Z$50-million.