Now hyper-inflation-hit Zimbabwe to release a 100 billion dollar note

Melbourne, July 19 : Grappling with record 2.2 million per cent inflation, Zimbabwe has introduced a new 100-billion-dollar bank note in a bid to tackle rampant cash shortages.

According to The Australian, the new note will go into circulation from Monday.

In January, a 10-million-dollar note was issued, then a 50-million-dollar note in April. In May, notes for 100 million and 250 million dollars were issued, swiftly followed by those for five billion, 25 billion and 50 billion.

The southern African nation has been ravaged by hyperinflation, which shot up from 165,000 per cent in February to 2.2 million in June.

Independent economists however believe the official inflation figure is grossly understated, estimating it could be running between 10 million and 15 million per cent.

Zimbabwe's chronic economic crisis has left at least 80 per cent of the population living below the poverty threshold and shortages of basic goods in shops.

ANI