Business News: Zimbabwe's Biggest Z$50 Banknote Is Worth a Mere R4

Business News: Zimbabwe's Biggest Z$50 Banknote Is Worth a Mere R4

  • Zimbabwe has introduced a new note denomination of 50 Zimbabwean dollars, becoming the country's highest-valued note
  • February 2019 saw Zimbabwe switch back to trading under their own currency, which evidently did not go as planned
  • Concerns of hyperinflation that were experienced in Zimbabwe in the past were raised with the implementation of the bill

PAY ATTENTION: Click “See First” under the “Following” tab to see Briefly.co.za News on your News Feed!

Zimbabwe's central bank confirmed the addition of a new 50-dollar note, becoming the country's largest denomination while valued at roughly $0.60 in US currency.

The recent addition sits as the highest valued note among a series of notes released in a series introduced from February 2019 while Zimbabwe reverted back to operating under a local currency.

The introduction of the bill into circulation has reawakened fears of hyperinflation, such as what was seen over a decade ago.

Read also

Covid19 update: Over 21 500 new cases recorded as SA nears 2 million mark

Zimbabwe's, biggest banknote, worth a mere $0.60, reports
Zimbabwe's biggest banknote Z$50 is reportedly worth a mere US$0.60. image: JEKESAI NJIKIZANA/AFP
Source: Getty Images

US dollars had been implemented from 2009 due to Zimbabwe ruining its own currency as hyperinflation reached 500 billion percent.

Following reports by eNCA, 2020 saw Zimbabwe's inflation rate reaching over 800% before it began to calm down with the June year-on-year rate officially sitting at 106.64%, according to the National Statistical Agency.

The new Z$50 note is equal to approximately R4 and two of the new notes are required to purchase a loaf of bread, according to reports by News24.

PAY ATTENTION: Never miss breaking news – join Briefly News' Telegram channel

South Africa's richest 1% reportedly hold 41% of the country's wealth

Previously, Briefly News reported that Credit Suisse, a global financial group, has published its Global Wealth Report for 2021 which shows that wealth in South Africa is rising to the top. This means that the country's wealthiest 1% hold more of the money than ever before.

Read also

International investors pledge massive $700 million towards Aspen Covid19 jab

The group's Wealth Databook revealed that the richest 1% in the country hold around 41% of the total wealth in South Africa. In 2021, this is an estimated $763 billion. The report explained that as compared to 2019, this is a significant increase.

In 2019, the wealth they held was 35%. The 1% is about 376 000 people which is based on the last census of 37.6 million adults. The 1% controls around $311 billion of the country's total wealth. This around $828 000 per individual.

Enjoyed reading our story? Download BRIEFLY's news app on Google Play now and stay up-to-date with major South African news!

Source: Briefly.co.za

Online view pixel