HARARE: Zimbabwe is phasing out its hyperinflation hit local currency, offering an exchange rate of $1 (£0.65, €0.89) per Z$35 quadrillion. The country has already been using US dollars and South African rand, as the use of local currency has become troublesome due to hyperinflation that hit the economy six years ago. At one point in 2008, hyperinflation reached 500,000,000,000%, making the local currency virtually worthless. From 15 June, Zimbabweans may be able to exchange bank accounts of up to 175 quadrillion Zimbabwean dollars for US $5. They have until September to turn in their old banknotes, according to a statement by the governor of the Reserve Bank of Zimbabwe, John Mangudya. “The decommissioning of the Zimbabwean dollar has therefore been pending and long outstanding since 2009,” Mangudya was quoted as saying by Bloomberg.
Published in The Express Tribune, June 14th, 2015.
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