 On 1 August 2008 the banknotes of the third dollar (ZWR), which were printed for the abandoned second phase of the 2006 redenomination, replaced the cheques of the second dollar at the ratio of 10 billion (1010) to 1.The Bearer and Agro cheques of the second dollar were phased out along with the smaller denominations of the third dollar on 1 January 2009.Despite the reform the Reserve Bank issued several high-value denominations up to $100 trillion ($1014) in the period between September 2008 to January 2009, which merely kept in similar pace with the cash rate instead of the black market rates.