Post by Charles Martel on Feb 2, 2009 17:48:28 GMT
Zimbabwe removes 12 zeroes from currency
HARARE, Zimbabwe (CNN) -- Zimbabwe slashed 12 zeroes from its currency as hyperinflation continued to erode its value, the country's central bank announced Monday.
"Even in the face of current economic and political challenges confronting the economy, the Zimbabwe dollar ought to and must remain the nation's currency, so as to safeguard our national identity and sovereignty. ... Our national currency is a fundamental economic pillar of our sovereignty," said Gideon Gono, governor of the Reserve Bank of Zimbabwe.
"Accordingly, therefore, this monetary policy statement unveils yet another necessary program of revaluing our local currency, through the removal of 12 zeroes with immediate effect."
The move means that 1 trillion in Zimbabwe dollars now will be equivalent to one Zimbabwe dollar.
More at: CNN
This comes only about a year after 10 zeros was removed in the previous currency adjustment.
HARARE, Zimbabwe (CNN) -- Zimbabwe slashed 12 zeroes from its currency as hyperinflation continued to erode its value, the country's central bank announced Monday.
"Even in the face of current economic and political challenges confronting the economy, the Zimbabwe dollar ought to and must remain the nation's currency, so as to safeguard our national identity and sovereignty. ... Our national currency is a fundamental economic pillar of our sovereignty," said Gideon Gono, governor of the Reserve Bank of Zimbabwe.
"Accordingly, therefore, this monetary policy statement unveils yet another necessary program of revaluing our local currency, through the removal of 12 zeroes with immediate effect."
The move means that 1 trillion in Zimbabwe dollars now will be equivalent to one Zimbabwe dollar.
More at: CNN
This comes only about a year after 10 zeros was removed in the previous currency adjustment.
