and the collapse of the health, education and agriculture sectors. Zimbabwe Dollar and inflation The RBZ printed large quantities of money to keep the economy afloat against the backdrop of economic sanctions placed upon the Zimbabwe since 2000. This went against the advice of global economists, but with full support from President Robert Mugabe. As predicted by the textbook quantity theory of money, this practice devalued the Zimbabwean dollar and caused hyperinflation. The RBZ demonetized old bank notes on 1 August 2006 and introduced a new currency. Each new Zimbabwe dollar was worth 1000 old Zimbabwe dollars. The highest denominations for the new currency were 1, 10, and 100 thousand revalued dollars. A year later on 1 August 2007, he authorized a 200 thousand dollar denomination. This marked the start of a series of new denominations issued in rapid succession, including 250, 500, and 750 thousand dollars (20 December 2007); 1, 5, and 10 million dollars (16 January 2008); 25 and 50 million dollars (4 April 2008); 100 and 250 million dollars (5 May 2008); 500 million and 5, 25, and 50 billion dollars (20 May 2008); and 100 billion dollars (21 July 2008). From the time of currency revaluation to the beginning of June 2008 the money supply in the country increased from billion to more than quadrillion, or a 20,000,000 fold increase. Gono denied media claims that he had opposed price cuts that the government instituted to arrest inflation. As time went by, it became apparent that the RBZ had instituted price cuts that saw bare shelves in shops and many businesses closing. He sent in the police to arrest businessmen for failing to reduce their prices. On one occasion, he personally visited shop owners in Harare to demand they lower prices. Despite these efforts, inflation in Zimbabwe remains the world's highest. (Note: after dollarization in 2009, Zimbabwe's inflation rate has become deflation since 2014.) Critics have noted that most of Gono's monetary policy statements in the past have had biblical references. Notably, he usually ends in policy statements to the Parliament of Zimbabwe thus: "In the Lord's hands, I commit this Monetary Policy Framework for our economic turnaround." Banks and currency exchange A number of banks that were skirting banking laws had their operating licenses cancelled and/or were placed under curatorship. Critics blame Gono for closing 16 money transfer agencies. Agriculture sector With the shortages of inputs