Zimbabwe to phase out worthless local dollar

15 June 2015 02:44 am - 0     - {{hitsCtrl.values.hits}}

A A A

AFP: The Zimbabwean dollar will officially be taken out of circulation, officials said Thursday, six years after hyper-inflation rendered it worthless and US dollars became the most widely-used currency.

The government effectively abandoned the local currency in 2009 and adopted a multiple currency system that includes the US dollar and the South African rand.

“Zimbabwe adopted the multiple currency system or dollarization in 2009 and it is therefore necessary to demonetise the Zimbabwe dollar unit,” Reserve Bank of Zimbabwe governor John Mangudya said at a news conference.

“We are decommissioning this currency.”

The southern African country once removed 12 zeros from its battered currency at the height of hyper-inflation in 2009 when the largest note was the $100 trillion denomination. Official figures put inflation at 230 million percent but put it much higher.

Mangudya said $20 million has been set aside to offset Zimbabwe dollar bank balances and to pay people still holding to the local unit.
The process will run until September, he said.

“People went through a difficult process in terms of inflation. Yes, we know that there was hyper-inflation. We need to ensure that as a country we move forward,” Mangudya said.

Zimbabwe has been saddled with a financial crisis for over a decade following President Robert Mugabe’s land reforms which decimated farming, the backbone of the economy.

Growth is expected to weaken further this year, according to the International Monetary Fund (IMF).
See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

  Comments - 0

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

 

Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment




“Workers who fainted had water sprinkled on their faces and had to work again”

Health authorities believe the first reported Covid-19 infected worker from t

“Social media ruined us” - husband of Minuwangoda Brandix factory worker

The Minuwangoda Brandix factory worker who first tested positive for Covid-19

Last rites far from home

The body of the Sri Lankan migrant worker Bandu who died of coronavirus in Du

Doctors blame newborn for gash on her face

A baby born on September 21 at the Wathupitiwala Base Hospital in Gampaha has

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.