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African News

Many Zimbabwe Shops Run Out of New Bills

Tuesday, August 22, 2006 2:24:35 PM
By ANGUS SHAW

An unidentifed Zimbabwean walks past a blind beggar with a plate full of old money in Harare, Tuesday, Aug. 22, 2006. Banks and stores did brisk business Monday, Aug. 21, 2006, on the last day the nation's old bank notes were being accepted as legal currency. The old notes become obsolete at the close of trading Monday, when a new range of bills, with three zeros struck off the old denominations, replaces them in the hyperinflationary economy.  (AP Photo/Tsvangirayi Mukwazhi)HARARE, Zimbabwe (AP) - Confusion and frustration reigned as Zimbabwe switched to new currency Tuesday to try to tame its hyperinflation, with shops throughout the capital handing out IOUs and candy in lieu of change after they ran out of low denomination bank notes.

Old notes became obsolete at the close of trading Monday, and a new range of bills — with three zeros struck off the old denominations — replaced them. The government said the changeover was meant to curb inflation and rein in burgeoning money laundering and illegal black marketeering.

Some stores asked customers to make up their change with additional purchases of chocolate and candy displayed at checkout cash registers or accept IOU slips that were rubber stamped and signed by store managers for authenticity.


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