Zimbabwe knocks 10 zeros off currency amid world's highest inflation by Mark Tran and agencies FROM guardian.com.uk

"Zimbabwe is knocking 10 zeros off its currency because its computers and ATMs cannot handle basic transactions in billions and trillions of dollars.

The revaluing - which turns Z$10bn into Z$1 - was announced by the central bank governor, Gideon Gono yesterday and will take effect tomorrow.

It comes a week after the issue of a Z$100bn note - still not enough to buy a loaf of bread.

Gono said the new money would be launched with Z$500 notes and added that he was reintroducing coins, which have been obsolete for years.

Zimbabwe has the world's highest inflation rate, which is officially running at 2.2m% but which independent economists say is closer to 12.5m%."