By 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.