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Zimbabwe: Banks run out of money

Attempts to tame Zimbabwe's multi-million percent annual inflation rate had an inauspicious beginning on 1 August when banks turned customers away after running out of cash.

Reserve Bank governor Gideon Gono sees the introduction of a new currency that will lop off ten zeroes from the old currency, effectively revaluing Z$10 billion to one Zimbabwe dollar, as the solution to the country's hyperinflation.

On 4 August, US$1 was equivalent to Z$75 on the parallel currency exchange market. The largest denomination of the new currency is Z$500 (US$6.60).

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[5 Aug 2008 06:57]

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