Saturday, June 13, 2015

Zimbabwe ditches ‘worthless’ currency for the US dollar – New York Daily News

The exchange rate is $ 1 to S35,000,000,000,000,000.

So it comes as no surprise that Zimbabwe is scrapping its local currency in favor of the U.S. dollar, reports the Telegraph.

Zimbabweans will be able to exchange their almost worthless local currency for the American dollar from Monday until the end of September.

The U.S. dollar has been used in the country since 2009, but now the local currency is being officially phased out.

People with accounts of up to 175 quadrillion — 175,000,000,000,000,000 — will be paid $ 5.

Those with more in the bank will get an exchange rate of $ 1 to 35 quadrillion.

Hyper-inflation has long ruined the Zimbabwe currency.

In 2008, the country printed its highest ever banknote, a 100 trillion dollars.

This was enough to buy a weekly bus ticket.

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