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Still going higher in Zimbabwe
The last time I wrote about a new note being introduced in Zimbabwe was two months ago when a $500 million note was introduced but now the highest note will be $100 billion.
This is not surprising when official inflation stands at 2.2 million percent and I think the problem is that they are not introducing high enough notes.
At this point it was better to introduce a $1 trillion note as the highest denomination because the $100 billion will not be worth that much especially in an environment of such high inflation.
The Reserve Bank of Zimbabwe introduces a higher note when people are already looking past it.
I am also hoping that the introduction of the $100 billion note will mean that the daily maximum withdrawal limit will be
increased to a higher value possibly a trillion dollars.
This has been going on for a long time now and it cannot continue to go on like this because this is very sad indeed. What I don't understand is why the daily maximum withdrawal limit can be set at just above the price of a loaf of bread. People should be allowed to withdraw as much as they can or at least some practical amounts and not these token amounts.
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You're right Chris. Its hard to imagine that the current maximum daily withdrawal limit is less than AUD$1. I think the limit should be based on what the money can buy and be revised every two days or so because these are big numbers but don't mean a lot in that hyper-inflation environment.
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