RESERVE BANK OF ZIMBABWE RATE S$ $175, 000, 000, 000,000, 000 to US$ 5
Zimbabweans who lost savings at the height of the hyperinflation in 2009 which saw the collapse of the Z$ and unofficial adoption of a multi currency system with the use of the South African Rand and US$ will be able to exchange their Z$ account balances from Monday until September 2015 at a rate of Z$175 quadrillion to US$5.
This exercise was pre empted by the intriduction of Bond coins into circulation valued at US$10million or £6,4 million but the coins have not been embraced by the Zimbabwean consumers as they fear this is a ploy to bring back the worthless Zimbabwe dollar by Robert Mugabe’s Zanu PF regime.
Mugabe’s government corruption and mismanagement of the economy fuelled the hyper inflation even though Mugabe and his state propaganda machinery have always sought to blame the west.
Many Zimbabweans will rush to do the trade tomorrow but be warned that many will go back home on foot as what they will receive will not be adequate to cover transport costs. Sibusiso Ngwenya.