Zimbabweans will start exchanging ‘quadrillions’ of local dollars for a few US dollars next week, as the Zimbabwe government gets rid of its almost worthless national currency.
At the height of Zimbabwe’s economic crisis in 2008, Zimbabweans had to carry plastic bags bulging with bank notes to buy basic goods like bread and milk. Prices were rising at least twice a day.
The process will legally end the local currency. The people of Zimbabwe will have until September to turn in their old bank notes and exchange them for US dollars.
If a person has 175 quadrillion Zimbabwean dollars in their bank account, they will be paid $5.
The largest bank note to be printed by the Zimbabwe government was worth 100 trillion Zimbabwean dollars. This was not even enough money to ride a public bus to work for a week!
The government said customers who still have piles of old Zimbabwean dollar notes can walk into any bank and get $1 for every $250 trillion they have. That means a person with a 100 trillion dollar bank note will receive 40 cents.