Zimbabwe dollar sheds 12 zeros

Notes valued at millions of Zimbabwe dollars have been virtually worthless

Zimbabwe is revaluing its dollar again, removing twelve zeros from the currency with immediate effect.

The country's central bank is introducing seven new notes in an effort to stave off economic collapse.

The country is in the grip of world-record hyperinflation. The most recent estimate in July 2008 put it at 231m%.

Only last month, a Z$100 trillion note was introduced and the government moved to allow people to use foreign currencies alongside Zimbabwe's dollar.

The announcement will see Z$1 trillion reduced to Z$1.

The denominations of the new notes are Z$1, Z$5, Z$10, Z$20, Z$50, Z$100 and Z$500.

The governor of the Reserve Bank of Zimbabwe, Gideon Gono, said: "Yesterday's trillionaires, I am sorry, will not be able to buy their favourite drink today," according to the AFP news agency.

Mr Gono gave no updated inflation figures.

Given the choice of multiple currencies, who would want to trade in Zimbabwe dollars? John Robertson Harare-based economist

Last year, the central bank was forced to take 10 zeros from the local unit in an effort to make the currency more manageable, but the zeros returned within a few months.

On Sunday, US$1 (