Zimbabwe rolls out new bank notes

[Mugu]

bbc.co.uk

Zimbabwe's central bank has revalued its currency in an effort to control the effects of hyperinflation. The bank is striking ten zeros off Zimbabwe dollar bank notes, making 10bn dollars now equal to one dollar.

Reports from the capital, Harare, say long queues have formed outside banks as people seek to withdraw money.

The move comes in response to an official inflation rate of more than 2,000,000%, although it is believed the true figure is at least 9,000,000%.

The currency revaluation is intended to make business transactions easier for Zimbabwean retailers who increase their prices several times a day to keep up with inflation.



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