Trillion Dollar Notes On The Way.
Zimbabwe’s central bank says it will soon introduce a 100 trillion dollar note as the once prosperous country battles to keep pace with hyperinflation that has caused many to abandon the country’s currency. The Reserve Bank of Zimbabwe said the new notes in denominations of 50 trillion, 20 trillion and 10 trillion would be released for the “convenience of the public”, according to statement released Thursday. The new 100 trillion dollar bill would be worth about $300 in U.S. currency. A loaf of bread in Zimbabwe now costs about 300 billion Zimbabwean dollars — and like most commodities, the price increases every day. The currency is in free fall, forcing traders to peg their prices to international currency to hedge against losses. The Zimbabwean dollar is facing extinction, with most traders now accepting other countries’ notes, claiming that they import their products. Even vegetable vendors prefer the U.S. dollar, South African rand or Botswanan pula, and most workers now demand their salaries in foreign currency. Doctors and nurses have been on strike since last September, demanding salaries in U.S. dollars. The strike coincided with a cholera epidemic that now has claimed more than 2,000 lives. More from CNN.