Friday May 25, 2018
Home Uncategorized Death of Zimb...

Death of Zimbabwean dollar: 175 quadrillion Zimbabwean dollars will be exchanged for $5

0
//
112
Republish
Reprint

zimbabwe-162465_640By NewGram Staff Writer: Reserve Bank of Zimbabwe Governor, John Mangudya announced that customers having Zimbabwean dollar accounts prior to March 2009 can approach the banks to convert their Zimbabwean dollar balance into dollars.

This statement came after President Robert Mugabe’s government discarded the virtually worthless national currency. Zimbabwe started using foreign currencies like the US dollar and South African rand after the Zimbabwean dollar was ruined by hyper-inflation in 2009.

As reported by media outlets bank accounts with balances of up to 175 quadrillion Zimbabwean dollars will be paid $5. The bank accounts with balances above 175 quadrillion dollars will be paid at an exchange rate of $1 to 35 quadrillion Zimbabwean dollars. Customers in possession of stashes of old Zimbabwean dollar notes can walk into any bank and get $1 for every 250 trillion they hold.

Reportedly the highest and last bank note to be printed by the RBZ in 2008 was 100 trillion Zimbabwean dollars. This process will legally end the local currency.

 

Click here for reuse options!
Copyright 2015 NewsGram

Next Story

US dollar index falls, tells latest GDP report

US gross domestic product (GDP) increased at a 2.3-percent annual rate for the first quarter of 2018, beating market consensus of a 2-per cent gain, but lower than the 2.9-percent growth rate in the previous quarter, the Commerce Department said on Friday.

0
//
18
The US dollar bought 109.03 Japanese yen, lower than 109.37 Japanese yen of the previous session.
USD Image, pixabay

The US dollar index decreased against most other major currencies after wavering between gains and losses, as investors digested the country’s newly-released economic growth report for the first quarter of 2018.

In late New York trading on Friday, the euro rose to $1.2123 from $1.2107 in the previous session, and the British pound was down to $1.3784 from $1.3923 in the previous session. The Australian dollar increased to $0.7581 from $0.7552, Xinua reported.

The dollar index, which measures the greenback against six major peers, was down 0.03 per cent at 91.537 in late trading.
US Dollar Image, pixabay

The US dollar bought 109.03 Japanese yen, lower than 109.37 Japanese yen of the previous session.

The US dollar fell to 0.9879 Swiss franc from 0.9893 Swiss franc, and it dipped to 1.2834 Canadian dollars from 1.2872 Canadian dollars.

US gross domestic product (GDP) increased at a 2.3-percent annual rate for the first quarter of 2018, beating market consensus of a 2-per cent gain, but lower than the 2.9-percent growth rate in the previous quarter, the Commerce Department said on Friday.

“As for growth, the quarter was actually pretty good despite the slowdown in headline GDP growth. It would have been 2.9 per cent if not for the hangover from Q4 storm-related spending on autos and home repair,” said Chris Low, chief economist at FTN Financial, in a note.

Also Read: Report: Indian Retailers Trust LAVA Brand The Most

On other economic news, the final reading of US Consumer Sentiment Index came in at 98.8 in April, above market estimates, according to a survey released by the University of Michigan on Friday.

The dollar index, which measures the greenback against six major peers, was down 0.03 per cent at 91.537 in late trading. (IANS)

 

Next Story