On 18 January 2008, the Reserve Bank of Zimbabwe began to issue higher denomination ZWD bearer cheques ( a banknote with an expiry date ), including $ 10 million bearer cheques-each of which was worth less than US $ 1.35 ( 70p Sterling; 0.90 Euro ) on the parallel market at the time of first issue.
32.
On 18 January 2008, the Reserve Bank of Zimbabwe began to issue higher denomination ZWD bearer cheques ( a banknote with an expiry date ), including $ 10 million bearer cheques-each of which was worth less than US $ 1.35 ( 70p Sterling; 0.90 Euro ) on the parallel market at the time of first issue.
33.
On 6 May 100 million dollar and 250 million dollar bearer cheques were issued and the official exchange rate was floated to counter black market speculation . 10 days later, the RBZ announced that 500 million dollar bearer cheques and special "'agro cheques "'in the amounts of 5, 25, and 50 billion dollars would be issued were to be issued on 20 May.
34.
On 6 May 100 million dollar and 250 million dollar bearer cheques were issued and the official exchange rate was floated to counter black market speculation . 10 days later, the RBZ announced that 500 million dollar bearer cheques and special "'agro cheques "'in the amounts of 5, 25, and 50 billion dollars would be issued were to be issued on 20 May.
35.
At a press conference on 16 January 2008, reserve bank Governor Gono stated that " With effect from Friday ( January 18 ), the Reserve Bank of Zimbabwe is releasing the following bearer cheques into circulation : one million dollars ( officially worth about US $ 33 / 22 euros but worth about 50c at the parallel rate ), five million dollars and 10 million dollars . " He continued, " . . . daily cash withdrawals have been increased from the current Z $ 50 million to Z $ 500 million per individual . " Less than a month after announcing a similar move, Gono said the new notes would provide much needed relief to consumers who often have to go shopping with sacks of cash.
