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Zimbabwe brings in new currency to tackle inflation crisis

People in Zimbabwe Zimbabwe, ruined city, Zimbabwe
Zimbabwe (zĭmbäb`wā) [Bantu,=stone houses], ruined city, SE Zimbabwe, near Fort Victoria. It was discovered by European explorers c.
 will tomorrow start to use a new currency introduced by the central bank to halt the African country's runaway increase in the cost of living.

Gideon Gono Gideon Gono is the Governor of the Reserve Bank of Zimbabwe<ref name=>Zimbabwe: 'Mugabe downfall within six months', June 24, 2007. BBC News and former CEO of the Jewel Bank, formerly known as the Commercial Bank of Zimbabwe. , the central bank governor, said he was no longer prepared to print notes of ever higher denominations. "Ten billion dollars today, will as from August 1 be revalued to one zimdollar dollar," he said earlier this week. The move follows an increase in Zimbabwean Zim·bab·we 1   also Great Zimbabwe

A ruined city of southeast Zimbabwe south of Harare. First occupied by Iron Age peoples in the third century a.d., it was rediscovered c.
 inflation to 2.2m%, and represents an attempt to get to grips with the economic crisis in what was once one of sub-Saharan sub-Sa·har·an
adj.
Of, relating to, or situated in the region of Africa south of the Sahara.

Adj. 1. sub-Saharan - of or relating to or situated in the region south of the Sahara Desert
 Africa's richest countries. The $100bn note came into circulation only 10 days ago.

Gono's move follow the example of the president of the Reichsbank
For a detailed discussion of the English translation of Reich, see Reich.


The Reichsbank, German for "Reich Bank", was the central bank of Germany from 1876 until 1945.
 in the 1920s, Hjalmar Schacht, who helped end Weimar Germany's financial crisis by striking nine zeros from the currency and turning 10bn old marks into one new rentenmark.
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Author:guardian.co.uk
Publication:guardian.co.uk
Date:Aug 1, 2008
Words:148
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