HomeSearchLog inRegister
Latest topics
» This Weeks RV/CGR News - 2017: 5/28-6/04
Today at 4:40 am by ANENRO

» NIBIRU News ~ ***TWO SUNS FOOTAGE-SANTA FE-MEXICO plus MORE
Today at 12:15 am by PurpleSkyz

» UFO News ~ UFO ‘Sighting’ over the Kelpies plus MORE
Today at 12:06 am by PurpleSkyz

» Dangerous Auroras! Scientist Know What's Going On! Do You?
Yesterday at 10:51 pm by PurpleSkyz

» The RH Negative Blood Type: Cherokee
Yesterday at 10:50 pm by PurpleSkyz

» Ancient Egyptian City Found In The Grand Canyon?
Yesterday at 9:23 pm by PurpleSkyz

» BREAKING: TOP TRUMP OFFICIAL (Son in law) NAMED IN FBI INVESTIGATION - NEW REPORT
Yesterday at 9:21 pm by PurpleSkyz

» NASA: "We’re No Longer Able To Visit The Moon" - Astronaut Don Pettit.
Yesterday at 9:17 pm by PurpleSkyz

» Remarkable NASA footage shows a strange meeting in earth’s orbit
Yesterday at 8:16 pm by PurpleSkyz

» Finally, Zbigniew Brzezinski is Dead!
Yesterday at 7:13 pm by PurpleSkyz

»  Confirmed Science: Vaccinated Children Have 420% Higher Risk of ADHD Compared to Non-Vaccinated
Yesterday at 7:09 pm by PurpleSkyz

» The Replication of the Human Population and the Operation of the Reality Show Called “Earth”
Yesterday at 7:02 pm by PurpleSkyz

» How To Stop Thinking (How to Stop Thought) - Teal Swan -
Yesterday at 6:56 pm by PurpleSkyz

» RIP Greg Allman
Yesterday at 5:52 pm by PurpleSkyz

» How I work with and on Animals P2
Yesterday at 4:33 pm by Consciousness Of Economic

» How I work with and on Animals P1
Yesterday at 4:32 pm by Consciousness Of Economic

» NIBIRU News ~ NIBIRU 2 Planets Caught in Texas plus MORE
Yesterday at 3:31 pm by PurpleSkyz

» UFO News ~ UFO - SLOVAKIA Amazing pulsating plasma UFO plus MORE
Yesterday at 3:29 pm by PurpleSkyz

» Crop Circle ~ Chilcombe Down CROPCIRCLE 4k60p
Yesterday at 12:35 pm by PurpleSkyz

» THE U.S. SURVEILLANCE STATE UNMASKED
Yesterday at 10:29 am by PurpleSkyz

» This Weeks RV/CGR News - 2017: 5/21-5/27
Yesterday at 10:24 am by bs4ever

» How to Distinguish Between Fearful Thinking and Intuition
Yesterday at 10:17 am by PurpleSkyz

» Flurries of Higher Dimensionals cover the dry grounds
Yesterday at 10:13 am by PurpleSkyz

» Anna von Reitz - Update on Cookie and Three Law Suits plus more
Yesterday at 10:10 am by PurpleSkyz

» MAYDAY! MAYDAY! Nonstop crop circle warnings about 2017
Yesterday at 10:06 am by PurpleSkyz

» Max Igan - The Manchester Bombing and Our Transhuman Future
Yesterday at 9:59 am by PurpleSkyz

» Partial Solar Eclipse in Space - Watch the Moon Passing in front of the Sun
Yesterday at 9:47 am by PurpleSkyz

» Warning, History is Hidden so it can be Repeated!
Yesterday at 9:45 am by PurpleSkyz

» Rod Wheeler's contract stated he could not investigate #SethRich as leaker
Yesterday at 9:44 am by PurpleSkyz

Who is online?

Share | 
 

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

View previous topic View next topic Go down 
AuthorMessage
PurpleSkyz
Admin
avatar

Posts : 59776
Join date : 2012-01-04
Location : Woodstock Nation

PostSubject: Zimbabwe phases out local currency at 35 quadrillion to US$1   Thu Jun 18, 2015 10:44 am

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


  

Back to top Go down
NanneeRose
Admin
Admin
avatar

Posts : 8055
Join date : 2012-10-03
Age : 49
Location : Australia

PostSubject: Re: Zimbabwe phases out local currency at 35 quadrillion to US$1   Thu Jun 18, 2015 10:58 am

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/
Back to top Go down
 
Zimbabwe phases out local currency at 35 quadrillion to US$1
View previous topic View next topic Back to top 
Page 1 of 1

Permissions in this forum:You cannot reply to topics in this forum
Out Of Mind :: DINARIAN SCAMTASTIC NEWS :: RV/GCR, GURU CHATTER & NESARA INFO-
Jump to: