Zimbabwe —
Zimbabweans will start exchanging “quadrillions” of local dollars for a
few U.S. dollars next week, as President Robert Mugabe’s government
discards its virtually worthless national currency, the central bank
said on Thursday. The southern African country started using
foreign currencies like the U.S. dollar and South African rand in 2009
after the Zimbabwean dollar was ruined by hyper-inflation
At the height of Zimbabwe’s economic crisis in 2008, Zimbabweans had to
carry plastic bags bulging with bank notes to buy basic goods like
bread and milk. Prices were rising at least twice a day.
From
Monday, customers who held Zimbabwean dollar accounts before March 2009
can convert their Zimbabwean dollar balance into dollars, Reserve Bank
of Zimbabwe Gov. John Mangudya said in a statement.
The process will
legally end the local currency. Zimbabweans have until September to
turn in their old bank notes, which some people sell as souvenirs to
tourists.
Bank accounts with balances of up to 175 quadrillion
Zimbabwean dollars will be paid $5. Those with balances above 175
quadrillion dollars will be paid at an exchange rate of $1 to 35
quadrillion Zimbabwean dollars.
Credit: Disptach, CNN .....
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2 people like this.
Endy Edeson
IT'S a laughable currency my brother. is good the country is now embracing foreign exchange.