As Currency Dies, Zimbabweans Will Get $5 For 175 Quadrillion Local Dollars
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 South African rand in 2009 after the Zimbabwean dollar was ruined by hyperinflation, which hit 500 billion percent 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 Monday, 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 (RBZ) 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.
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Source: CNBC
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Under the evil White devil Mr Smith, Rhodesia, before it became Zimbabwe, was the most prosperous country in Africa. Thanks for nothing you media lefties!
And yet Truthweed, good Whites in the days of Mr. Smith and Rhodesia here, in Europe, and elsewhere failed to organize and act to help our fellow Whites out in an effective fashion. Too many just don’t want to “get involved” beyond gabbing about it. Isn’t that a shame?
A wit from a time past once said something to the effect that “Jews use their brains, but Whites just sit on theirs.” Does this have to be true?
It was sinful the way western white countries sold out the whites Rhodesia and S.A. There wasn’t much I could do, but I did write a letter of support to the Wash. DC embassy of one of those countries, and in turn they sent me some very interesting, credible facts about the (((communist))) influence in the black subversive movements there.