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Zimbabwe- $1 will cost 35, 000,000,000,000,000 local dollars

 
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PlaneLover
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Joined: 03 Aug 2007
Posts: 268

PostPosted: Sun Jun 14, 2015 8:00 am    Post subject: Zimbabwe- $1 will cost 35, 000,000,000,000,000 local dollars Reply with quote

http://www.thehindu.com/news/international/in-zimbabwe-1-will-cost-35-000000000000000-local-dollars/article7309953.ece?utm_source=MostPopular&utm_medium=International&utm_campaign=WidgetPromo


From June 15, 2015, bank accounts with balances of up to 175 quadrillion Zimbabwean dollars will be paid $5, in a process that will legally end the local currency by September.

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 the South African rand in 2009 after the Zimbabwean dollar was ruined by hyper-inflation, which hit 500 billion per cent 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 June 15, 2015, customers who held Zimbabwean dollar accounts before March 2009 can approach their banks to convert their Zimbabwean dollar balance into dollars, Reserve Bank of Zimbabwe Governor 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.

The highest — and last — bank note to be printed by the RBZ in 2008 was 100 trillion Zimbabwean dollars. It was not enough to ride a public bus to work for a week.

The RBZ said customers who still have stashes of old Zimbabwean dollar notes can walk into any bank and get $1 for every 250 trillion they hold.

That means a holder of a 100 trillion bank note will on Monday get 40 cents. The RBZ has set aside $20 million to pay Zimbabwean dollar currency holders.



Just when I thought 1 paisa was worthless.....
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The_Goat
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Joined: 03 Mar 2007
Posts: 2960
Location: South of France

PostPosted: Thu Jun 18, 2015 1:30 am    Post subject: Reply with quote

The toilet paper in Mugabe's loo is probably more valuable than the country's currency.

It won't be long before the old fool bites the dust though. There is hope for Zimbabwe yet.
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