Zimbabwe dollar to be taken out of circulation

[unhappycamper]

http://www.dw.de/zimbabwe-dollar-to-be-taken-out-of-circulation/a-18512908



Zimbabwe's government has announced it will officially discard the Zimbabwean dollar. Hyper-inflation had rendered it near worthless, making the US dollar the most widely used currency.

Zimbabwe dollar to be taken out of circulation
12.06.2015

The central bank said virtually worthless Zimbabwean dollars will have to be exchanged for US dollars from next Monday.

The bank says account holders with balances of up to 175 quadrillion Zimbabwean dollars will be paid 5 US dollars (4.45 euros). Those with balances above 175 quadrillion dollars will be paid at an exchange rate of $1 to 35 quadrillion Zimbabwean dollars. Customers have until September to exchange their notes.

The southern African country started using foreign currencies like the US dollar and the South African rand in 2009, after the Zimbabwean dollar was ruined by hyper-inflation, which had hit 500 billion percent in 2008.

"Zimbabwe adopted the multiple currency system, or dollarization in 2009 and it is therefore necessary to demonetize the Zimbabwe dollar unit," Reserve Bank of Zimbabwe governor John Mangudya said at a news conference. "We are decommissioning this currency."

[Travis_0004]

1. I have a few of those bills

I have a few of the 100 trillion dollars, people always like that.

I also made a bet with a friend/coworker for one billion dollars and lost. They were quite suprised when I paid up the next day, although they were disapointed, when I told them it was worth about 2 bucks.

[DFW]

2. I find it a reprehensible decision

It provided traders of foreign currencies with any many jokes as Rick Santorum's candidacy is providing political commentators.

Both will be missed.