As the value of Zimbabwe’s currency has receded to nothing, now, people in the country will start exchanging local dollars for U.S.
Within few days, Zimbabwe will put an official and legal end to the old currency. Eventually, Zimbabwean dollars will be sold as souvenirs. Those who had bank accounts held in local dollars prior to March 2009 will be able to exchange their funds into dollars until September to make those conversions. Those with up to 175 quadrillion Zimbabwean dollars in their accounts will receive $5. After that, funds would be exchanged at the rate of $1 to 35 quadrillion local dollars. (Thirty-five quadrillion is the same as 175,000 trillion.)
Cash printed before 2009 can be converted at a rate of $1 to 250 trillion Zimbabwe dollars. The Reserve Bank of Zimbabwe has designated $20 million for these transactions.
Nuts and bolts of Zimbabwe
- is a landlocked country located in southern Africa, between the Zambezi andLimpopo rivers.
- Capital: Harare
- Language: 16 official language
- President: Robert Mugabe
- Independence; 11th September 1965
