Millions of Trillionaires To Disappear Overnight As Zim Dollar Discontinued
From Monday, bank customers who held Zimbabwean dollar accounts before March 2009 and have balances up to Z$175 quadrillion will be paid a flat US$5
Zim dollars to be discontinued from next week.
Zimbabwe is set to scrap its local currency from next week at a fixed exchange rate of $35,000,000,000,000,000 old dollars per US$1.
President Robert Mugabe’s government will phase out the virtually worthless currency from Monday, the Central Bank announced yesterday.
Anyone in the southern African country still holding Zim dollars will be forced to swap their quadrillions for a handful of U.S. ones.
The largest denomination available in the old currency is a 100 trillion dollar note. The note – now worth 40 cents – was not enough to buy a weekly bus ticket.
Zimbabwe began using the U.S. dollar and the South African Rand in 2009, after the Zimbabwean dollar was ruined by hyperinflation, which struck at 500bn percent.
At the peak of the crisis in 2008, the global financial crisis meant Zimbabweans had to carry around massive wads of bank notes just to buy basics like bread. Now they could be given as little as £3.25 for handing over their life savings.
From Monday, bank customers who held Zimbabwean dollar accounts before March 2009 and have balances up to Z$175 quadrillion will be paid a flat US$5.
Those with balances above Z$175 quadrillion will receive the same flat rate and an additional dollar for every additional Z$35 quadrillion.
The move was announced at a press conference called by John Mangudya, governor of the Reserve Bank of Zimbabwe (RBZ).
The old currency will become defunct from September and Zimbabweans have until then to exchange their cash. Some of it will be sold to tourists for souvenirs.


https://uk.finance.yahoo.com/news/millions-of-trillionaires-to-disappear-overnight-as-zim-dollar-discontinued-120358893.html

chaii naija still get hope pass zimb

this man is not just easy to comprehend.