Don’t miss the latest developments in business and finance.

Count the zeroes: Zimbabwe allows old banknote exchange

Image
AP Harare
Last Updated : Jun 12 2015 | 7:13 PM IST
Zimbabwe's central bank says banknotes from its old currency, which collapsed and was discarded years ago because of runaway inflation, can be exchanged for American dollars. But 100 trillion Zimbabwean dollars will fetch only 40 US cents.
That's a fraction of what collectors have been paying for the notes with numerous zeroes for years.
Zimbabwe in 2009 abandoned its currency for a system dominated by the US dollar and the South African rand after inflation hit 230 million percent. Back then, even street hawkers refused to accept a USD 100 trillion dollar note that was issued.
Starting Monday, stacks of Zimbabwean bills that might still be kept by Zimbabweans can be exchanged for US dollars.

Also Read

First Published: Jun 12 2015 | 7:13 PM IST

Next Story