Categories: Zim Latest

SECURITY FEATURES: New ZW$100 note out

The new Zimbabwean 100-dollar note, the highest denomination in the market is out.

The note is worth only US$0.40 cents at real exchange rate value in the black market using an average exchange rate of US$1: ZW250.

Officially it is worth US$.67 cents, at US$1: ZW145.9 as inflation surges.

The local currency is continuously losing its purchasing power and trading weakly against major convertible currencies.

Meanwhile, Zimbabwe’s central bank recently raised benchmark interest rates to 80% in a futile attempt to rein in inflation.

At the time, Zimbabwe’s inflation was at 161%/yr, according to renowned economist Steve Hanke.

Hanke said to put real, inflation adjusted interest rates in positive territory, the benchmark would have to be above 160%.

Zwnews

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