Zimbabwe opens market for Quadrillion dollars exchange as inflation bites
The new exchange rate in Zimbabwe will now see locals trading quadrillions of local dollars for a fistful of US dollars this week.
In a statement from the Governor of the Reserve Bank of Zimbabwe John Mangudya, customers who held Zimbabwean dollar accounts before March 2009 can now approach their banks to convert their balance into US dollars.
The recent hyper-inflation has seen shop prices change several times a day coupled with severe shortages of basic goods.
These has further forced Zimbabweans to carry their money to market in polythene bags and wheelbarrows for basic things.
The Zimbabwean Dollar is the official currency of Zimbabwe but at the height of Zimbabwe’s economic crisis in 2008, prices rose at least twice a day prompting the use of foreign currencies including the US dollar and South African rand in a bid to salvage the situation.
By April 2009, the Zimbabwe dollar which had been ruined by hyperinflation that hit 500 billion per cent was then suspended indefinitely.
According to BBC, the currency which was at one time exchanging at 35 quadrillion (35,000,000,000,000,000) Zimbabwe dollars to one US dollars will see Zimbabweans exchange bank accounts of up to 175 quadrillion (175,000,000,000,000,000) Zimbabwean dollars for five US dollars.
Zimbabweans have now until the end of September to exchange their local dollars.