$10 billion will become $1
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Zimbabwe announced that it is knocking 10 zeros off its hyper-inflated currency -- a move that turns $10 billion into $1.
Reserve Bank chief Gideon Gono announced that he was dropping the zeros, effective Friday. The move comes a week after the issue of a $100-billion note, which is still not enough to buy a loaf of bread.
Gono said the new money would be launched with $500 bills.
He also said he was reintroducing coins, which have been obsolete for years.
Fungai Matambo said she had a large pail full of old coins. “I’m very happy now,” she said with a laugh. “In the old terms, I’m a multitrillionaire!”
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