'Zimbabwe’s central bank governor says he is knocking 10 zeros off the country’s hyper-inflated currency to make 10 billion dollars become one dollar.'
By THE ASSOCIATED PRESS
Published: July 30, 2008
HARARE, Zimbabwe (AP) -- Zimbabwe will knock 10 zeros off the country's hyper-inflated currency next month, making 10 billion dollars one dollar, the nation'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 Gov. Gideon Gono said.
Computers, electronic calculators and automated teller machines at banks 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 is not enough to buy a loaf of bread.
Gono said on Aug. 1 the bank will issue a 500-dollar bill equivalent to 5 trillion dollars at the current rate.