175 Quadrillion Zimbabwean Dollars
Are Now Worth $5
by Godfrey Marawanyika and Paul
Wallace
June 11, 2015 — 6:26 PM WAT
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A one hundred trillon Zimbabwean dollar
note. Photographer: Tsvangirayi
Mukwazhi/AP Photo
The Zimbabwean dollar will be taken
from circulation, formalizing a multi-
currency system introduced in 2009 to
help stem inflation and stabilize the
economy.
The central bank will offer $5 for every
175 quadrillion, or 175,000 trillion,
Zimbabwean dollars, Governor John
Mangudya said in an e-mailed
statement from the capital, Harare.
While it marks the official dropping of
the currency, transactions in the
southern African nation have been made
using mainly the U.S. dollar and rand of
neighboring South Africa for six years.
“The decommissioning of the
Zimbabwean dollar has therefore been
pending and long outstanding since
2009,” Mangudya said on Thursday.
“We cannot have two legal currency
systems. We need therefore to
safeguard the integrity of the multiple-
currency system or dollarization in
Zimbabwe.”
The economy plunged into crisis after
the government started a campaign in
2000 of violent seizures of white-owned
commercial farms to distribute to black
subsistence growers, slashing exports
of tobacco and other crops. Inflation
surged to 500 billion percent and the
economy shrank during a near decade-
long recession that ended in 2009.
Under policies implemented by a
coalition government, the economy
began expanding and the recognition of
foreign currencies as legal tender helped
tame inflation. Consumer prices fell an
annual 2.7 percent in April, according to
the statistics agency.
Quadrillion Dollars
Zimbabweans can convert their local
dollars between June 15 and Sept. 30 at
commercial banks, building societies
and postal agencies, Mangudya said.
Savers with Zimbabwe dollars in their
bank accounts will get a flat $5 for
anything up to 175 quadrillion
Zimbabwean dollars. They can convert
any cash they have “on a no questions
asked basis” at a rate of $1 to 250
trillion Zimbabwe dollars for notes
printed before 2009, Mangudya said.
The move demonstrates the central
bank’s “commitment to the multiple-
currency system,” Mangudya said.
Zimbabwe needs to increase its foreign
reserves, improve its fiscal
management and strengthen the
financial sector before it can change the
system, he said.

Source: Blomberg News

the way this zimbabwean dollar is going down, it will soon discover oil.

Everyone in Zimbabwe is a billionaire

i read that on facebook..e get as d tin bbbbbbbbbbb ooooo

robinicule:
the way this zimbabwean dollar is going down, it will soon discover oil.

Aiyam dump funded I dunno wot 2 say

crisycent:
Everyone in Zimbabwe is a billionaire

Bobs! With 10k, omo boy na billionaire for there. Free puyyi go just dey fly around

I was once taught that when something is too good to be true, it often isn't. That has worked for me flawlessly every day of my life.

Until I opened this thread and read this...

hahn:


Bobs! With 10k, omo boy na billionaire for there. Free puyyi go just dey fly around

Yes o! You know how their yanśh take round.

Thats a useless currency

The currency is very useless indeed. African Leaders are terrible. see what Mugabe turned his country into. This country was once flowing with milk and honey but this man destroyed it. May God help Africans.

I bought one 1 trillion Zim dollar note for over $20 in 2013 as part of my currency collection.

With that amount, i could have had over 700 quadrillion at this rate