Zimbabwe Phases Out Local Currency at 35 Quadrillion to US$1

Zimbabwe has started retiring its almost worthless local currency in favor of the US dollar. Today, 35 quadrillion Zimbabwean dollars are equal to US $1, as a result of hyperinflation which hit the country in 2009.

Zimbabwe has been using the US dollar since 2009 when the use of the Zimbabwean dollar was abandoned. A multi-currency system has been in operation for the last six years, with the South African rand and US dollar in use since 2009 and the Chinese yuan, Australian dollar, Japanese yen and the Indian rupee joining the list of accepted currencies in 2014. Formally, the national currency was also in circulation although Zimbabwean dollars were marginally used, mostly as souvenirs for their gargantuan denominations.

Demonetization is an important and necessary process to comply with the multiple currency system, according to the Reserve bank. The process of the Zimbabwe dollar started on Monday and will run till September 30.

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Credited Source: 
RT.com

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