Zimbabwe introduces new $50 billion note

[brooklynite]

Source: CNN

HARARE, Zimbabwe (CNN) -- Zimbabwe's central bank will introduce a $50 billion note -- enough to buy just two loaves of bread -- as a way of fighting cash shortages amid spiraling inflation.

The country's acting finance minister, Patrick Chinamasa, made the announcement in a government gazette released Saturday.

While Chinamasa did not give the date on which the $50 billion and new $20 billion notes would come into circulation, an official at the Reserve Bank of Zimbabwe said the notes would be distributed to all banks by the end of Monday.

Zimbabwe is grappling with hyperinflation now officially estimated at 231 million percent and its currency is fast losing its value. As of Friday, one U.S. dollar was trading at around ZW$25 billion

Read more: http://www.cnn.com/2009/WORLD/africa/01/10/zimbawe.currency/index.html