Zimbabwe to Release 500 Billion Dollar Bank Note

From the Zimbabwe Independent:

CASH shortages worsened further this week amid speculation that the Reserve Bank of Zimbabwe was working on plans to introduce yet another higher denomination agro-bearers’ cheque.

Businessdigest understands that the RBZ is finalising the introduction of a $500 billion note which is equal to less than US$4, barely a week after introducing a new $100 billion note.

The $100 billion note joined a family of bearer notes with the imprint “Special Agro Cheque” in the $5 billion, $25 billion and $50 billion denominations.

But with the highest denomination note hardly enough to afford — for Zimbabwe’s shrinking working class — a trip to and from work using public transport, most Zimbabweans see nothing special about the so-called agro-cheques. The RBZ has however ordered banks to give special dispensation to uniformed forces to withdraw $1 trillion daily.

The $500 billion bearer cheque is likely to be introduced next week or early August.

It comes at a time when the RBZ continues to limit cash withdrawals for individuals and corporates.

Corporates and individuals are allowed to withdraw only $100 billion daily, which is barely enough to buy a single candle in a country where frequent power cuts are the norm.

I feel like a cheapskate now giving out only 10 million the other day.