the $250 million bearer cheque was worth approximately US$1.30 on the parallel market. On 15 May 2008, a new $500 million bearer cheque was issued by the RBZ. At the time of the first issue it was worth US$1.93. In a widely unreported parallel move, on 15 May 2008, the RBZ issued three "special agro-cheques" with face values $5 billion (at time of first issue – $19.30), $25 billion ($96.50) and $50 billion ($193). It is further reported that the new agro-cheques can be used to buy any goods and services like the bearer cheques. On 30 July 2008, the Governor of the RBZ, Gideon Gono announced that the Zimbabwe dollar would be redenominated by removing 10 zeroes, with effect from 1 August 2008. ZWD10billion became 1 dollar after the redenomination. More banknotes were issued since Gono vowed to continue printing money: $10,000 and $20,000 (29 September); $50,000 (13 October); $100,000, $500,000 and $1 million (3 November); $10 million(2 December); $50 million and $100 million (4 December); $200 million (9 December); $500 million (11 December); $10 billion (19 December); $1 trillion (17 January 2009) On February 2, 2009, a final denomination was implemented, cutting 12 zeroes, before the Zimbabwe dollar was officially abandoned on April 12, 2009. Pending economic recovery, Zimbabwe relied on foreign currency rather than introducing a new currency. Dollarization: 2009–present In February 2009, the newly installed national unity government (which included the opposition to Mugabe) allowed foreign currency transactions throughout the economy as a measure to stimulate the economy and end inflation. The Zimbabwean dollar quickly lost all credibility, and by April 2009, the Zimbabwean dollar was suspended entirely, to be replaced by the US dollar in government transactions. In 2014 there were eight legal currencies – US dollar, South African rand, Botswana pula, British pound sterling, Australian dollar, Chinese yuan, Indian rupee and Japanese yen. Dollarization reversed inflation, permitting the banking system to stabilize and the economy to resume slow growth after 2009. Dollarization also had other consequences, including: Reduced taxation and financial transparency, as people continued to keep their money out of the formal banking system. Extremely high real interest rates due to lack of capital. Government forced into a "pay as you go" system, unable to spend more than it takes in. Deficits of coinage for everyday transactions, leading to the adoption of South African rand coins, sweets, airtime for mobile phones or even