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| Zimbabwe introduces new currency | Zimbabwe introduces new currency |
| (10 minutes later) | |
| Zimbabwe's central bank has said it will introduce a new currency on 1 August as part of efforts to fight the effects of hyperinflation. | Zimbabwe's central bank has said it will introduce a new currency on 1 August as part of efforts to fight the effects of hyperinflation. |
| The governor, Gideon Gono, has announced zeros will be lopped off the Zimbabwe dollar, making 10bn dollars one dollar. | The governor, Gideon Gono, has announced zeros will be lopped off the Zimbabwe dollar, making 10bn dollars one dollar. |
| Only last week, the government introduced the Z$100bn note. | |
| Inflation is officially running at more than 2,000,000%, but economists believe the real rate is far higher. | |
| "The Zimbabwe dollar will be redenominated by a factor of one to 10, which means we are removing 10 zeros from our monetary value. Ten billion dollars today will be reduced to Z$1... effective from 1 August," Mr Gono said in a television broadcast. | |
| He said the high rate constrained the operations of the country's computer systems. | |
| Computers, calculators and banks' cash machines have not been able to handle basic transactions in billions and trillions of dollars. | |
| The new Z$100bn note introduced last week was not enough to buy a loaf of bread. | |
| So far this year, Zimbabwe has been forced to print Z$100m, Z$250m and Z$500m notes in rapid succession, now mostly worthless. |