Zimbabwe Phasing Out Local Currency

Zimbabwe is phasing out its local currency, the central bank says, formalising a multi-currency system introduced during hyper-inflation.
From Monday, Zimbabweans can exchange bank accounts of up to 175 quadrillion (175,000,000,000,000,000) Zimbabwean dollars for five US dollars.
Higher balances will be exchanged at a rate of Z$35 quadrillion to US$1.
We need therefore to safeguard the integrity of the multiple-currency system or dollarization in Zimbabwe."
Zimbabwe's economy has struggled since a government programme seized white-owned farms in 2000, causing exports to tumble.



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