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Zimbabwe Abandons Worthless Local Currency, Embraces U.S Dollars (Picture) - Politics - Nairaland

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Zimbabwe Abandons Worthless Local Currency, Embraces U.S Dollars (Picture) by Nobody: 10:42am On Jun 16, 2015
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, which hit 500 billion percent in 2008.
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 .....

>>> http://www.edesononlinenews.com/2015/06/economy-news-zimbabwe-abandons.html

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Re: Zimbabwe Abandons Worthless Local Currency, Embraces U.S Dollars (Picture) by Lobolintin(m): 12:08pm On Jun 16, 2015
My cousins went there with 1million naira , his a big dude now
Re: Zimbabwe Abandons Worthless Local Currency, Embraces U.S Dollars (Picture) by Nobody: 12:20pm On Jun 16, 2015
op tell your western brothers to lift their economic sanctions against Zimbabwe, and stop punishing them for equitably redistributing their land away from minority white ownership.

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