June 13, 2015

Hyperinflation is evil

Zimbabwe offers its people a new exchange rate: US$1 for 35,000,000,000,000,000 old Zimbabwe dollars.

Zimbabweans have until September to turn in their old banknotes, which some people sell as souvenirs to tourists.

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 for 35 quadrillion Zimbabwean dollars.

The highest – and last – banknote to be printed by the bank in 2008 was 100tn Zimbabwean dollars. It was not enough to ride a public bus to work for a week.

The bank has set aside US$20 million to buy up all of the old notes.








SOURCES - Guardian UK, Youtube

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