Sun, 27 Nov 2022 Today's Paper

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).

Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Sending Money,Online Books, Delivery Service, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop Sri Lanka

  Comments - 0

Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Sending Money,Online Books, Delivery Service, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop 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




Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Sending Money,Online Books, Delivery Service, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop Sri Lanka

Downfall and death of LTTE’s Mahathaya

The Liberation Tigers of Tamil Eelam (LTTE) ceased to exist as a functioning

Rishi Sunak; why SL did not have a Tamil or Muslim as President?

Britain now has a British Asian, Hindu Prime Minister, though Rishi Sunak is

How and why MGR launched ADMK 50 years ago

17 October 1972 was a Tuesday. Fifty years ago on that auspicious day, a new

Amitabh Bachchan: Evergreen Emperor of Hindi cinema turns 80

Well-known Hindi film actor Amitabh Bachchan celebrated his eightieth birthda