Weak currency Zimbabwe discards currency

  • Published:
24/7 Live - Subscribe to the Pulse Newsletter!

If you have 250 trillion Zimbabwean dollars in cash, you have only $1. This is why the people of the country will troop to the banks next week to start exchanging their worthless currency for the US dollar.

The Reserve Bank of Zimbabwe (RBZ) said on Thursday that President Robert Mugabe’s government has finally decided to legally end the local dollar after it was ruined by hyperinflation, which hit 500 billion percent in 2008 forcing the country to print the 100 trillion Zimbabwean dollars. It had since adopted foreign currencies like the US dollar and the South African rand.

A statement by the central bank Governor John Mangudya said customers who held Zimbabwean dollar accounts before March 2009 can visit their banks to convert their Zimbabwean dollar balance into US dollar as from Monday.

The apex bank has earmarked $20 million to pay Zimbabwean dollar currency holders. Zimbabweans who want dollars for the local currency have until September to do so. But some might have seen a better value for the old bank notes in selling them to tourists.

Bank accounts with balances of up to 175 quadrillion Zimbabwean dollars will be paid $5, according to Reuters. The RBZ has set an exchange rate of 35,000,000,000,000,000,000 Zimbabwean dollar to $1.

Source: Ventures Africa

Download our mobile app today.

Android - Google Play Store

iPhone - Apple App Store

Recommended Articles

Recommended Videos




Top Articles

1 In Central Region Police intercept a bunch of cedi notes in over 30...bullet
2 Election 2016 IMANI sets 5 priorities for president-elect Akufo-Addobullet
3 Election 2016 Ghana's opposition candidate 'confident' he's wonbullet
4 Electoral Commission My husband did not design new EC logo -...bullet
5 2016 elections Nana Addo has won spiritually but… - Prophetbullet
6 Election 2016 Ghana's presidential candidates make final push...bullet
7 Redevelopment Mahama opens Kejetia market today [Photos]bullet
8 Judgment debt Supreme Court adjourns Amidu vs Woyome case...bullet
9 Montie 3 Rape Threat Ghanaians rise in defense of Chief...bullet
10 Fraud Alert Fake US Embassy in Ghana shut down after a...bullet

Top Videos

1 Kwame Nkrumah Interchange Water leaks from hole in wall at new Kwame...bullet
2 Woyome Judgement Debt Kweku Baako dances over Amidu's winbullet
3 Elections 2016 Nana Addo holds conference in Kumasi ahead of Dec 7...bullet
4 Video IEA Presidential Townhall 2016bullet
5 Obinim What happen'd when we fact checked Obinim's Bible knowledgebullet
6 Watch Kumchacha delivers Counselor Lutterodt from 'demons'bullet
7 Obinim saga We had sex only once - Obinim victims confessbullet
8 Video Florence Obinim defends husband Bishop Obinimbullet
9 Video Taxi driver terrified after an encounter with a ghostbullet
10 Bishop Obinim Saga Teenagers disciplined by Obinim...bullet

News