HARARE, Zimbabwe — Zimbabweans dug out coins squirreled away years ago in jars and cupboards and headed for the shops, where lines built up as overburdened clerks more accustomed to counting mounds of hyperinflated dollar bills instead were juggling silver.
The central bank, overwhelmed by stratospheric inflation, last week cut 10 zeros from the currency and reintroduced coins made obsolete in 2002 when they became worthless. A $1 coin now is worth 10 billion of the old dollars.
On Friday, about 20 $1 coins — or 200 billion Zimbabwe dollars — could buy a loaf of scarce bread if one could be found. That’s about $5 at the official rate and $2 at the black market rate that better reflects the value of the currency.
“It’s a bonus for anyone like me who didn’t know what to do with coins and didn’t throw them away,” said businessman Frank Takavara, who carried a cookie jar full that bought him a small bag of powdered milk.
The biggest new bill is $500, equivalent to 5 trillion of the old denominations. Two weeks ago, the bank introduced a $100 billion bill. The Associated Press
