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Libyan leader Muammar Gaddafi was elected chairman of the African Union on Monday and made clear he would pursue his vision of a United States of Africa despite reluctance from many members.

Resplendent in golden robes and cap and hailed as "king of kings" by traditional African leaders who accompanied him, Gaddafi accepted a gavel from the outgoing chairman, Tanzanian President Jakaya Kikwete, at a summit in Ethiopia.

He told fellow summit leaders that his project to create a united continental government would be approved at the next meeting in July unless there was a majority against it.

The AU normally relies on consensus in reaching decisions.

"If we don't have a quorum for rejection, that means we have accepted it," Gaddafi said.

"There is a rule in Islam. It is that silence is approval. If you say something to somebody and he is silent then it means that he has accepted."

HARARE, Zimbabwe (CNN) -- Zimbabwe slashed 12 zeroes from its currency as hyperinflation continued to erode its value, the country's central bank announced Monday.

"Even in the face of current economic and political challenges confronting the economy, the Zimbabwe dollar ought to and must remain the nation's currency, so as to safeguard our national identity and sovereignty. ... Our national currency is a fundamental economic pillar of our sovereignty," said Gideon Gono, governor of the Reserve Bank of Zimbabwe.

"Accordingly, therefore, this monetary policy statement unveils yet another necessary program of revaluing our local currency, through the removal of 12 zeroes with immediate effect."

The move means that 1 trillion in Zimbabwe dollars now will be equivalent to one Zimbabwe dollar.