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[Economy] : Zimbabwe's new exchange rate: $1 for 35,000,000,000,000,000 local dollars

Zangetsu

I am the master of my Fate.
Zimbabweans will start exchanging 'quadrillions' of local dollars for a few US dollars next week, as President Robert Mugabe's government discards its virtually 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

Bank accounts with balances of up to 175 quadrillion Zimbabwean dollars will be paid $5. Those with balances above 175 quadrillion dollars will be paid at an exchange rate of $1 to 35 quadrillion Zimbabwean dollars.


Source: Zimbabwe's new exchange rate: $1 for 35,000,000,000,000,000 local dollars - The Times of India
 

Vyom

The Power of x480
Staff member
Admin
Why can't they come up with some 'another' currency, so that they don't have to carry such humongous cash!

Sorry, not a commerce student here. :oops:
 

Hrishi

******************
Just so you know they abandoned their currency long ago and settled with multiple other currencies. There were times when people used to pay some million dollars to take a ride in bus and paid twice when returning back.
Its humorous but a matter of grave concern at the same time.
 

GhorMaanas

The Vagrant Seeker
this economic crunch is the reason why Zimbabwe had to risk the lives of its cricket team-players and accept the deal from bakistan.
 
OP
Zangetsu

Zangetsu

I am the master of my Fate.
Weak Economy..the Zimbabwe government thought that printing infinite currency will strengthen there country but reverse happened
 

dalbir

Broken In
Its really funny to know this.
What about the bus?
They had a special bus with the main bus to carry the cash.
 
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