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175 Quadrillion Zimbabwean Dollars Are Now Worth $5 by akeensbussy(m): 4:28pm On Jun 12, 2015 |
175 Quadrillion Zimbabwean Dollars Are Now Worth $5 by Godfrey Marawanyika and Paul Wallace June 11, 2015 — 6:26 PM WAT fShare on Facebook tShare on Twitter h è square before the information 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 |
Re: 175 Quadrillion Zimbabwean Dollars Are Now Worth $5 by robinicule(m): 4:41pm On Jun 12, 2015 |
the way this zimbabwean dollar is going down, it will soon discover oil. 2 Likes |
Re: 175 Quadrillion Zimbabwean Dollars Are Now Worth $5 by crisycent: 4:42pm On Jun 12, 2015 |
Everyone in Zimbabwe is a billionaire 1 Like 2 Shares |
Re: 175 Quadrillion Zimbabwean Dollars Are Now Worth $5 by dav8id(m): 4:45pm On Jun 12, 2015 |
i read that on facebook..e get as d tin bbbbbbbbbbb ooooo |
Re: 175 Quadrillion Zimbabwean Dollars Are Now Worth $5 by Nobody: 4:46pm On Jun 12, 2015 |
robinicule: Aiyam dump funded I dunno wot 2 say |
Re: 175 Quadrillion Zimbabwean Dollars Are Now Worth $5 by hahn(m): 5:03pm On Jun 12, 2015 |
crisycent: Bobs! With 10k, omo boy na billionaire for there. Free puyyi go just dey fly around |
Re: 175 Quadrillion Zimbabwean Dollars Are Now Worth $5 by coldHeat: 5:24pm On Jun 12, 2015 |
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... |
Re: 175 Quadrillion Zimbabwean Dollars Are Now Worth $5 by crisycent: 6:29pm On Jun 12, 2015 |
hahn: Yes o! You know how their yanśh take round. |
Re: 175 Quadrillion Zimbabwean Dollars Are Now Worth $5 by nigerianescorts: 9:28pm On Jun 12, 2015 |
Thats a useless currency |
Re: 175 Quadrillion Zimbabwean Dollars Are Now Worth $5 by akeensbussy(m): 6:56am On Jun 13, 2015 |
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. |
Re: 175 Quadrillion Zimbabwean Dollars Are Now Worth $5 by NaLaugh: 10:44am On Jun 13, 2015 |
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 |
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