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Written by THE ASSOCIATED PRESS
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Saturday, 02 August 2008 |
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HARARE, Zimbabwe - Zimbabwe will knock 10 zeros off the country's hyper-inflated currency next month, making 10 billion dollars one dollar, the country's central bank governor said Wednesday.
President Robert Mugabe immediately warned in a televised address that he will impose a state of emergency if profiteers take advantage of the change on Aug. 1.
"Don't drive us further. If you drive us even more we will impose emergency measures. We don't want to place our country under emergency rule," Mugabe said.
Zimbabwe suffers the highest inflation rate in the world. Inflation is constraining operations of the country's computer systems, central bank governor Gideon Gono said.
Computers, electronic calculators and automated teller machines have not been able to handle basic transactions in billions and trillions of dollars.
Just last week Gono introduced a new 100-billion-dollar note that does not suffice to buy a loaf of bread.
Gono said that on Aug. 1 the bank will issue a 500-dollar note equivalent to five trillion dollars at the current rate.
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Last Updated ( Saturday, 02 August 2008 )
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