Latest topics
» Anonymous- The World Today And Tomorrow
Today at 8:24 am by PurpleSkyz

» This Weeks RV/CGR News 2017:1/15-1/21
Today at 8:23 am by PurpleSkyz

» Portals of determination clarify to all
Today at 8:18 am by PurpleSkyz

» Ancient Easter Island: More To This Place Than You Imagine
Today at 8:07 am by PurpleSkyz

» NIBIRU News ~ Planet X Arrival Date September 17, 2017 plus MORE
Today at 7:54 am by PurpleSkyz

» UFO News ~ TOP TEN BEST UFO SIGHTINGS and MORE
Today at 7:52 am by PurpleSkyz

» THE PURE RH NEGATIVE BLOODLINE LUCIFER'S SERPENT SEED WANTS TO KILL YOU
Today at 7:44 am by PurpleSkyz

» Mr. President: Please, PLEASE Shut Down The Chemtrails On January 20th!
Today at 7:20 am by PurpleSkyz

» A series of challenges from the committee for the Government of The United States of America
Today at 12:28 am by MartyM

» TRUMP INAUGURATION 1/20/2017
Today at 12:20 am by MartyM

» Wild Bird Speaks to human
Yesterday at 11:17 pm by PurpleSkyz

» Relax, Have Some Fun With Jeff Rense & Jim Marrs
Yesterday at 10:26 pm by PurpleSkyz

» The Consortium of Control And Ascension of Densities (Realms)
Yesterday at 10:06 pm by PurpleSkyz

» Antarctica Mysteries Revealed
Yesterday at 9:56 pm by PurpleSkyz

» BREAKING: Something at Centre of Galaxy is Spitting out Jupiter-sized Planets Towards Earth.
Yesterday at 9:32 pm by PurpleSkyz

» UFOS NATIONAL SECURITY AND DEEP UNDERGROUND BASES ! DARK JOURNALIST & DR.RICHARD SAUDER
Yesterday at 9:14 pm by PurpleSkyz

» The Dragon Bloodlines and the Divine Kingship
Yesterday at 8:04 pm by NanneeRose

» State Bill to Mandate Children to Receive Every Vaccine — Citizens Fighting Back
Yesterday at 4:17 pm by PurpleSkyz

» The Minute Trump Took Office, All Reference to ‘Climate Change’ was Deleted Off White House Website
Yesterday at 4:13 pm by PurpleSkyz

» Trump may disclose beneficial quantum technologies & ET presence, unlike Obama:Alfred Webre
Yesterday at 4:03 pm by PurpleSkyz

» Mystery Boom Mt. Holly NC Jan 17th 2017 & U.K, Marseille France
Yesterday at 9:37 am by PurpleSkyz

» Brilliant Light Power SunCell Demonstration
Yesterday at 9:14 am by PurpleSkyz

» Miraculous survival: 8 pulled from the rubble of Hotel Rigopiano, Italy
Yesterday at 8:45 am by PurpleSkyz

» Virtual Gathering Planetary Service During Inauguration Friday January 20th 8:30am PT - 9:30am PT
Yesterday at 7:49 am by PurpleSkyz

» 20th January 2017. Mike Quinsey.
Yesterday at 7:45 am by PurpleSkyz

You are not connected. Please login or register

Out Of Mind » DINARIAN SCAMTASTIC NEWS » RV/GCR, GURU CHATTER & NESARA INFO » Zimbabwe phases out local currency at 35 quadrillion to US$1

Zimbabwe phases out local currency at 35 quadrillion to US$1

View previous topic View next topic Go down  Message [Page 1 of 1]

PurpleSkyz


Admin
Zimbabwe phases out local currency at 35 quadrillion to US$1
Published time: June 15, 2015 15:57
Edited time: June 17, 2015 09:15
Get short URL

Reuters / Philimon Bulawayo
14.1K9822
Tags
Crisis, Economy, Finance, Inflation , Resources, South Africa
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.
The demonetization process of the Zimbabwe dollar started on Monday and will run till September 30.
People with accounts of up to 175 quadrillion (175,000,000,000,000,000) Zimbabwean dollars will be paid $5. Those who preserved bills at home will receive a rate of 250 trillion to $1 for their 2008-issued notes and 250 to $1 for their 2009-issued notes.
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.
"We need to safeguard the integrity of the multiple currency system or dollarization in Zimbabwe," John Mangudya, chief of the Reserve Bank of Zimbabwe was cited as saying by Africa Report.

Read moreZimbabwe switches to greenbacks as local currency chalks up the 0’s
"Demonetization is, therefore, critical for policy consistency and for enhancing consumer and business confidence,” he added.
READ MORE: 1 BLN dollars sometimes not enough to buy a scone
Demonetization is an important and necessary process to comply with the multiple currency system, according to the Reserve bank.
In 2008 the monthly inflation rate hit 3.5 million percent with an egg costing 50 billion Zimbabwean dollars. A loaf of bread then cost as much as 12 new cars could have cost 10 years before. Prices doubled every 25 hours, which gave Zimbabwe the second-worst hyperinflation in history, behind post-war Hungary. The same year, Zimbabwe printed its highest denomination banknote, at 100 trillion dollars it was only enough to buy a weekly bus ticket.
Hyperinflation in Zimbabwe gained momentum in 2000 when Robert Mugabe, who has been the country's President since 1987, changed his economic policy and implemented land reform. Mugabe granted farmland owned by white citizens to indigenous black Zimbabweans, who were uneducated and knew nothing about farming. As a result, Zimbabwe turned from an agriculture exporter into an importer, which resulted in 94 percent unemployment and hyperinflation.


Thanks to: http://rt.com




 “Darkness cannot drive out darkness: only light can do that. 
H
ate cannot drive out hate: only love can do that.”
 Martin Luther King Jr


NanneeRose


Admin
Admin
Yeah gee that was an awesome buy! LOST money on that piece of investment advice too!  grrrr



It's the simple things, small every day deeds of ordinary folk that keep the darkness at bay. Small acts of kindness and love.......~Gandalf~



Come visit me at www.alleysplace.net
Facebook: www.facebook.com/alleysplace1

View previous topic View next topic Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum