$10 billion will become $1

Zimbabwe announced that it is knocking 10 zeros off its hyper-inflated currency -- a move that turns $10 billion into $1.

Reserve Bank chief Gideon Gono announced that he was dropping the zeros, effective Friday. The move comes a week after the issue of a $100-billion note, which is still not enough to buy a loaf of bread.

Gono said the new money would be launched with $500 bills.

He also said he was reintroducing coins, which have been obsolete for years.

Fungai Matambo said she had a large pail full of old coins. “I’m very happy now,� she said with a laugh. “In the old terms, I’m a multitrillionaire!�