Latest topics
» NEW: Large Spheres feeding off our SUN?
Today at 4:35 pm by PurpleSkyz

» TDA ~ Weekend Updates
Today at 4:33 pm by PurpleSkyz

» THE CIRCLE OF LIFE
Today at 3:30 pm by Valentinus411

» Must See Documentary: Electro-Sensitive People Suffering Our Wifi-ed World
Today at 2:10 pm by WilliaminUSA

» This Weeks Scamtastic RV/GCR News: 7/22-7/28
Today at 1:53 pm by bs4ever

» UFO News ~ UFOs in triangular formation ,Ontario Canada plus MORE
Today at 12:07 pm by PurpleSkyz

» Sacred Geometry Lecture the Profound Order of the Universe
Today at 12:05 pm by PurpleSkyz

» Chemo obsolete? “Ceramide nanoliposome” kills cancer cells without harming healthy cells
Today at 11:11 am by PurpleSkyz

» Erin Elizabeth ~ A recap on Holistic Healer/Dr Death shot by cop that I broke a week ago today
Today at 11:08 am by PurpleSkyz

» RIP Chester Bennington ~ UPDATES - Suicided?
Today at 10:48 am by PurpleSkyz

»  Breaking news! INCREDIBLE SOLAR BLAST!
Today at 10:37 am by PurpleSkyz

» NIBIRU News ~ RETIRED NAVY INTELLIGENCE OFFICER REVEALS GOVT AWARENESS OF NIBIRU !!! plus MORE
Today at 10:30 am by PurpleSkyz

» Starwalkers Episode 3: "The Trouble with Boon'tek Filos" by TS Caladan
Today at 10:21 am by PurpleSkyz

» Mesmerizing Sky - Rare Double Sunset over North Carolina
Today at 10:19 am by PurpleSkyz

» A Galactic Tidal Wave of Divine Light is Descending Upon Earth
Today at 10:19 am by PurpleSkyz

» THESE Are Being Found All Over Antarctica
Today at 10:14 am by PurpleSkyz

» The Patsy Prime Minister
Today at 10:10 am by PurpleSkyz

» POOFness for JULY 19: ZAPS TRIP
Today at 1:01 am by RamblerNash

» Massive Bitcoin liquidation Likely Before August 1st, Warns Crypto Currency Expert
Today at 12:47 am by PurpleSkyz

» Harvesting Dark Energy: What Would It Mean?
Today at 12:43 am by PurpleSkyz

» The Sacred Geometry of Creation: The Star Tetrahedron (Merkaba)
Yesterday at 7:13 pm by PurpleSkyz

» David Wilcock - Proof of Civilizations on the moon
Yesterday at 7:06 pm by PurpleSkyz

Who is online?

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

avatar
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



  

NanneeRose

avatar
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.heleneanne.com
Facebook: https://www.facebook.com/GetAnOilChange/

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