Currency Change (16-06-07)

troduce new Zimbabwe dollar bills soon, to
replace the bearer cheques currently in circulation in a move aimed at
helping consumers battling with worthless bundles of money.
Details of the introduction of the new family of legal tender emerged this
week amid reports that the biggest bill would be a Z$1,000 note while the
smallest would be a Z$1 note.
It is believed the new currency, reportedly designed and printed by a German
company, Giesecke & Devrient (G&D), will return Zimbabwe to stability and
convenience.
Reserve Bank governor Gideon Gono is expected to give Zimbabweans 24 hours
to hand in their bearer cheques for the new currency before it is
demonitised “anytime soon.” The governor believes this is the only way to
rein in speculation and punish black market dealers holding on to huge
amounts of money.
Bearer cheques, essentially money printed on ordinary paper without any
security features, were introduced in 2003 as a temporary expedient.
The largest bearer cheque currently in circulation has a face value of
$100,000 (worth US$2, meaning Zimbabweans have to carry large bundles of
cash for even small purchases.