Zim phasing out local currency

[zippy]

From Monday, you can cash in your Zim dollars for $US

The exchange rates are:

175,000,000,000,000,000 Zim dollars for $US5

For large amounts(???) Z$35 quadrillion to US$1.

http://www.bbc.co.uk/news/world-africa-33105400

Zimbabwe is phasing out its local currency, the central bank says, formalising a multi-currency system introduced during hyper-inflation.

Foreign currencies like the US dollar and South African rand have been used for most transactions since 2009.

Local dollars are not used except high-denomination notes sold as souvenirs.

But from Monday, Zimbabweans can exchange bank accounts of up to 175 quadrillion (175,000,000,000,000,000) Zimbabwean dollars for five US dollars.

Higher balances will be exchanged at a rate of Z$35 quadrillion to US$1.

The move has been "pending and long outstanding," central bank Governor John Mangudya said, quoted by Bloomberg.

"We cannot have two legal currency systems. We need therefore to safeguard the integrity of the multiple-currency system or dollarization in Zimbabwe."

Zimbabweans have until the end of September to exchange their local dollars.

.........

 

[Solitude]

It's a bit funny that they have to use western currency when they seemingly hate the west so much.

 

[Vrotappel]

These guys must be fantastic at maths.

 

[Grant]

Local dollars are not used except high-denomination notes sold as souvenirs.

yes robert, you are a shining example to all african leaders.
you have wrecked your country with your racist policies, your currency is nothing more than a curiosity - a joke - to be found pinned to the walls of bars and the inside of taxis around the world.

well done !

viva liberation, viva !



**
(viva = not a terribly african word is it)

 

[sand_man]

Lol, I'm battling to perceive this... My mind just can not compute...

 

[sybertiger]

so the 500 hundred million zim note i have is worth less than the paper its printed on?

 

[Hamster]

It's a bit funny that they have to use western currency when they seemingly hate the west so much.

indeed

 

[Ridolfc]

So, you are saying... I could be a Quadrillionaire?

 

[LazyLion]

If I had that much I would go sell it as souvenirs in another country. Will be worth far more. Heck, you could almost get a dollar for every note.

 

[Lord Farquart]

No ways he's getting my 13x consecutively numbered 100Trillion un-circulated Zim Dollar notes.

 

[Hemps]

Toilet paper is worth more.

 

[TehStranger]

In on Quadrillionaire thread.

 

[Beachless]

He he looking like a fool acting like a king.

 

[Ridolfc]

If I could label myself as a quadrillionare, I would be like: www.youtube.com/watch?v=cIDHFbjQ93A

 

[grok]

175,000,000,000,000,000 Zim dollars for $US5

LOL, that wasn't just a little ****up was it?

They should phase out that depreciated Mad Bod next.

 

[sand_man]

They should phase out that depreciated Mad Bod next.

But he's such a treasure?!! Definitely worth his weight in Zim dollars!!

 

[Arthur]

Won't be too bad if SA follows and abolishes local currency here as well.

 

[F1 Fan]

Won't be too bad if SA follows and abolishes local currency here as well.

Is that at all possible? Wouldn't it then be better if that? If we had kept the British currency, would we not have been in a much better position today?

 

[blahdihel]

EDIT: Pic is way outdated - more like 17.5 quadrillion dollars :wtf:

 

[zizebra]

I thought Zim stopped using these long time ago but introduced bond coins recently as local currency. So what are they using now.

South Africa is well on track to join this.Our Rand is fast losing value. We might as well change currency before we get to Zim to situation.