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Zimbabwe introduces $500 million note

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Zimbabwe’s central bank is introducing a $500 million note – the highest current denomination – as the once-prosperous southern African nation battles against spiraling hyperinflation.

The Reserve Bank of Zimbabwe (RBZ) last week introduced a new set of denominations, including a $100 million note, but that has not helped to clear long lines for cash at banks. Some people sleep outside banks after failing to get cash.

The RBZ said a $200 million note would be in circulation Friday, together with the $500 million note.

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admin @ December 13, 2008

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