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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Economy

Economy

Zimbabwe to Convert to US Dollar

The nation of Zimbabwe has the local currency of the Zimbabwe dollar. The unit conversion of the Zimbabwe dollar to the US dollar is 35 quadrillion dollars to 1 dollar. The Zimbabweans, who have probably found it tedious to carry around all of that cash, have decided on a transition.

Soon enough, Zimbabwe will convert to the US dollar as their local currency. Apparently, the country had already been using currencies like the African Rand and the US dollar for most transactions. The Zimbabwean dollar was only used for large transactions. This had been increasingly going on since the year 2009. Therefore, the Zimbabwean dollar started to become a mere relic.

The central bank governor John Mangudya of Zimbabwe said that this action had been pending long since. He said, “We cannot have two legal currency systems. We need therefore to safeguard the integrity of the multiple-currency system or dollarization in Zimbabwe.”

The people of Zimbabwe seemingly have until the end of September to exchange their local currency for US dollars. All of these changes are being made due to the hyper-inflation that hit the country rendering the Zimbabwean dollar almost useless. This was triggered when the government took away several white-owned farms. This move culminated to low export and eventually higher prices.

English: A 20 Billion Zimbabwean Dollar note. ...

English: A 20 Billion Zimbabwean Dollar note. An example of a currency meltdown during Hyperinflation Afrikaans: ‘n 20 Biljoen Zimbabwiese Dollar-noot. (Photo credit: Wikipedia)


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