BIG WAVE
05-15-2008, 10:32 AM
The central bank has issued a 500m Zimbabwe dollar banknote, worth US$2, to try to ease cash shortages amid the world's highest rate of inflation.
http://newsimg.bbc.co.uk/media/images/44574000/jpg/_44574212_zimbabwecash226b_ap.jpg
A 10m Zimbabwe dollar note was issued earlier this year
The previous highest denomination note was for Z$250m, issued 10 days ago.
Meanwhile, the opposition has rejected the move to delay the presidential run-off, possibly until July, saying it was a government ploy to stay in power.
It called for an emergency regional summit, urging neighbouring countries to take "firm resolutions".
Movement for Democratic Change (MDC) leader Morgan Tsvangirai gained more votes than President Robert Mugabe in the first round on 29 March, but did not pass the 50% threshold to be elected, according to the official results.
"We would like to express our great outrage at that disregard of Zimbabwe's laws and the people's will," MDC Secretary General Tendai Biti told a news conference in South Africa.
In a statement, he said that Southern African Development Community (Sadc) should "take note of the massacres taking place in the country".
Zimbabwe's annual inflation rate is 165,000% and one economist said prices now double every week.
'Survive'
"Prices are now doubling every week instead of every month and it is hard to see how we can survive to the end of June or how an election will be feasible at all if things continue to deteriorate at this pace," said Harare economist John Robertson, according to the AP news agency.
http://newsimg.bbc.co.uk/media/images/44609000/jpg/_44609731_b51ca227-6ddd-4914-84f5-75aa11b45645.jpg
The two rivals are to face each other again before the end of July
This is the fourth set of new banknotes to be introduced this year.
At independence in 1980, one Zimbabwe dollar was worth more than US$1.
Just one in five of the adult population is believed to have a formal job and some three million people have left the country for a new life in South Africa.
The economy has been in trouble for several years, with supplies of basic foodstuffs, cooking oil and petrol all running low.
The run-off was due to be held by 23 May - 21 days after the results of the first round were announced - but the government has issued an emergency law to give it 90 days to organise the new poll.
The Zimbabwe Electoral Commission (Zec) said it was not possible to hold the run-off so quickly.
http://news.bbc.co.uk/2/hi/africa/7402943.stm
http://newsimg.bbc.co.uk/media/images/44574000/jpg/_44574212_zimbabwecash226b_ap.jpg
A 10m Zimbabwe dollar note was issued earlier this year
The previous highest denomination note was for Z$250m, issued 10 days ago.
Meanwhile, the opposition has rejected the move to delay the presidential run-off, possibly until July, saying it was a government ploy to stay in power.
It called for an emergency regional summit, urging neighbouring countries to take "firm resolutions".
Movement for Democratic Change (MDC) leader Morgan Tsvangirai gained more votes than President Robert Mugabe in the first round on 29 March, but did not pass the 50% threshold to be elected, according to the official results.
"We would like to express our great outrage at that disregard of Zimbabwe's laws and the people's will," MDC Secretary General Tendai Biti told a news conference in South Africa.
In a statement, he said that Southern African Development Community (Sadc) should "take note of the massacres taking place in the country".
Zimbabwe's annual inflation rate is 165,000% and one economist said prices now double every week.
'Survive'
"Prices are now doubling every week instead of every month and it is hard to see how we can survive to the end of June or how an election will be feasible at all if things continue to deteriorate at this pace," said Harare economist John Robertson, according to the AP news agency.
http://newsimg.bbc.co.uk/media/images/44609000/jpg/_44609731_b51ca227-6ddd-4914-84f5-75aa11b45645.jpg
The two rivals are to face each other again before the end of July
This is the fourth set of new banknotes to be introduced this year.
At independence in 1980, one Zimbabwe dollar was worth more than US$1.
Just one in five of the adult population is believed to have a formal job and some three million people have left the country for a new life in South Africa.
The economy has been in trouble for several years, with supplies of basic foodstuffs, cooking oil and petrol all running low.
The run-off was due to be held by 23 May - 21 days after the results of the first round were announced - but the government has issued an emergency law to give it 90 days to organise the new poll.
The Zimbabwe Electoral Commission (Zec) said it was not possible to hold the run-off so quickly.
http://news.bbc.co.uk/2/hi/africa/7402943.stm