外文标题：Zimbabwe's new exchange rate: $1 for 35,000,000,000,000,000 local dollars
HARARE: Zimbabweans will start exchanging 'quadrillions' of local dollars for a few US 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 US dollar and South African rand in 2009 after the Zimbabwean dollar was ruined by hyper-inflation, 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.
shows that even multi billionaires can be poor and starving due to poverty
Wow......,what a figure. Imagine somebody carrying that much money in exchange for a dollar. Wonder if this is really inflation or way to kill one countries economy
sourav priyadarshi (pune)
ook so.. what should be the number in indian form.. :P
If rss or vhp will remain in power for few years india wil worst the n
It's a very difficult situation for the Country, hope economic reforms will go faster and smoother process. Good luck to the country and people of Zimbabwe.
Arjun Singh ()
that also means that every one in billionaire in Zimbabwe
Prasanta Dangoria ()
In 2008 they have to carry bank notes in plastic bags to buy essential items. Now they would need a truck load of bank notes to buy a bag full of essential item.
This is an eye opener of what happens due to rampant corruption.Another 5 years of Congress misrule and India would have been in a similar situation. I think that would have been the best situation, imagine the billions Sonia and politicians have made to suddenly be worth $1.