Zimbabwe dollar to be demonetized 30.09.2015
Jun 13, 2015 04:16 PM Category: Africa
The 100-trillion-dollar note (RBZ B82a) shown above was the largest denomination ever issued by Zimbabwe in 2009; it's worth a mere US$0.40 in 2015, and will soon be worthless.
In January 2009, Zimbabwe suspended the use of the Zimbabwe dollar following the legalization of foreign currencies (most notably the United States dollar and South African rand) to combat the hyper-inflation that quickly devastated the value of all Zimbabwean dollar-denominated notes.
According to a press release dated 11 June 2015, the Reserve Bank of Zimbabwe intends to complete the demonetization of the Zimbabwe dollar pursuant to Sections 41 (2) and 44 (3) of the Reserve Bank of Zimbabwe Act [Chapter 22:25].
Beginning 15 June 2015, bank account balances denominated in Zimbabwe dollars will be converted into US dollars at a rate of 35,000,000,000,000,000 (quadrillion) to 1, and Zimbabwe banknotes will be converted into US dollars at a rate of 250,000,000,000,000 (trillion) to 1. The Zimbabwe dollar will lose its legal tender status on 30 September 2015.