Zimbabwe recalls currency, offers $5 US for 175 quadrillion ZimbabweanComments Off on Zimbabwe recalls currency, offers $5 US for 175 quadrillion Zimbabwean
But don’t get too excited. You will get just five US dollars for every 175 quadrillion Zimbabwe dollars you find hidden away. That, for those who don’t know, is 175,000,000,000,000,000 Zimbabwe dollars.
The largest denomination note is 100 trillion Zimbabwe dollars – less than the cost of a bus fare – so you will need 1750 of those to get your $5.
In reality Zimbabweans have had to use US dollars or South African rand to buy anything for the last six years after a decade long recession which ended in 2009.
“The decomissioning of the Zimbabwean dollar has therefore been pending and long overdue,” John Magudya, governor of the central bank said.
“We cannot have two legal currency systems. We need to safeguard the integrity of the multi-currency ssytem of dollarisation of Zimbabwe.”
Zimbabwe suffered mega-inflation during the 2000s of 500 billion per cent but last month saw annual deflation of 2.7%