By Faith Nyasuguta
Zimbabwe’s Central Bank has introduced a new 50 dollar note, which is the nation’s highest denomination equal to $0.60 in US currency.
The currency cannot even purchase a loaf of bread. The entrance of a new note into circulation has sparked memories of when hyperinflation hit the country 10 years ago.
As commodity prices shot to very high amounts, denominations went up to a 100-trillion-dollar note.
Government critic doubling as an award-winning reporter Hopewell Chin’ono decried the fresh banknote stating that it will be worth only $0.35 at the unofficial black market exchange rate.
“It tells you something about inflation in your country if you need 3 notes of your highest currency denomination to buy a premium beer in a supermarket,” Chin’ono tweeted.
Since Zimbabwe slipped back to using the local currency in 2019, the new note is the most valuable.
The fresh banknote will be worth only $0.35 at the unofficial black market exchange rate.
Hopewell Chin’ono
Zimbabwe had used US dollars from 2009, immediately the nation dismissed its notes dubbed worthless after hyperinflation hit 500 billion percent.
The new note is sparking fears that the nation could jump back into the hyperinflation that previously scraped away savings and collapsed the economy.
In 2030, Zimbabwe’s inflation hit over 800 percent but has been dropping and is set to slow down to 55 percent.
