#Zimbabwe bank note series

Production will be 89m barrels in 2008, down from 97.2m in 2007, according to official figures. In September, Congo said it had boosted its state budget for 2008 to CFA F2,756bn ($5.34bn) from an original figure of 1,921.1 bn because of additional oil revenue ( p.

) IN BRIEF Republic of Congo: The economy will grow at 9.5% in 2008, higher than previously expected, as the oil producer benefits from strong crude prices, the National Monetary and Financial Committee said in a statement. ( The Zimbabwe Independent website, Harare 24/10: BBC Mon. The money market is bound to continue issuing investors with negative returns in the shortвЂђterm to minimise the harmful effects of the huge interest cost component on the debt figure,вЂќ an economist with the central bank said. вЂњThe figure has a huge bearing on the returns that investors will be getting from the money market. The fact that Zimbabwe has no access to international capital has only aggravated the situation. With inflation at 231m% the governmentвЂќs huge appetite for cash is also likely to spur increased money printing, pushing money supply growth upwards. The major effects of rising government debt would be an escalation of the inflationary rate because of increased recourse to the domestic market for funding. Analysts say the debt stock was likely to rise further on increased borrowing by government to finance the import of wheat and maize, electricity, civil servantsвЂќ salaries and to sustain the Basic Commodities Supply Side Intervention (Baccosi). This means that in real terms, the government is collecting less revenue through corporate and income tax. The government has also been forced to rely on domestic borrowing as its tax revenue base has dwindled because of company closures which have led to retrenchments. Figures from the RBZ show that the solvency of the government was already seriously compromised with the current interest rates, and technically government finances would not be better off with even a 1% rise in interest rates.

The RBZ advances to government have over the past five years accounted for about 80% of total debt, a situation bank economists say is evidence that government was broke and had no other source of revenue other than the domestic market. The mismatch between fiscal revenues and expenditure also opened a significant funding gap resulting in government utilising the overdraft window at the Reserve Bank, while at the same time borrowing from the domestic debt. With the governmentвЂќs continued reliance on borrowing from the local market, domestic debt is estimated to be nearing Z$100 trn. The debt has been ballooning because of the Reserve BankвЂќs advances to government, largely for the March 29th and June 27th presidential elections, agricultural mechanisation programme and food imports. The surge in domestic debt was the result of high interest rates on the market, which was in line with the inflation rate. The rise in government domestic debt levels, which was now being kept secret by the Reserve Bank, according to the Zimbabwe Independent newspaper, was sparked by huge interest payments which account for Z$822bn of the total debt. ( PANA, Harare 3/11 ) Soaring Domestic Debt The countryвЂќs domestic debt rose 1.3m% inside three weeks to Z$1trn on August 8th from Z$79.6m recorded on July 15th, official figures revealed in late October.

#Zimbabwe bank note series

All of the series of new higher denomination bank notes introduced recently by the bank have been rapidly eroded by high inflation. Until now, the highest denomination bank note in the country was the Z$50,000 introduced in September ( p. The bank said new Z$100,000, Z$500,000 and the Z$1,000,000 bank notes would enter circulation to make it easier and more convenient for the public to trade. The central bank of Zimbabwe on November 3rd introduced three new higher denomination bank notes, up to the one million ZimвЂђdollar note (Z$1,000,000), as the country battles with record inflation of more than 230m%. Inflation rapidly erodes the value of newlyвЂђminted currency. ZIMBABWE: MillionвЂђdollar Bank Note ZIMBABWE: MillionвЂђdollar Bank Note