[Economy] : Zimbabwe's new exchange rate: $1 for 35,000,000,000,000,000 local dollars

12 posts · originally from https://geek.digit.in/community/threads/economy-zimbabwes-new-exchange-rate-1-for-35-000-000-000-000-000-local-dollars.192033/

Zimbabweans will start exchanging 'quadrillions' of local dollars for a few US dollars next week, as President Robert Mugabe's government discards its virtually worthless national currency

At the height of Zimbabwe's economic crisis in 2008, Zimbabweans had to carry plastic bags bulging with bank notes to buy basic goods like bread and milk

Bank accounts with balances of up to 175 quadrillion Zimbabwean dollars will be paid $5. Those with balances above 175 quadrillion dollars will be paid at an exchange rate of $1 to 35 quadrillion Zimbabwean dollars.

Source: Zimbabwe's new exchange rate: $1 for 35,000,000,000,000,000 local dollars - The Times of India

Didn't knew Zimbabwe Dollar had such exchange rate. :shock:

SaiyanGoku said:
Didn't knew Zimbabwe Dollar had such exchange rate.

It's been long time. You can be a billionaire there.

Why can't they come up with some 'another' currency, so that they don't have to carry such humongous cash!

Sorry, not a commerce student here.

Just so you know they abandoned their currency long ago and settled with multiple other currencies. There were times when people used to pay some million dollars to take a ride in bus and paid twice when returning back.
Its humorous but a matter of grave concern at the same time.

this economic crunch is the reason why Zimbabwe had to risk the lives of its cricket team-players and accept the deal from bakistan.

Buying a kilo of tomatoes by paying 4-5 kilos of currency.. Like a boss

The Zimbabwians must be damn good at maths. I bet.

German suffered almost same trauma post world war I when once 1 Trillion deutsch Mark were equivalent to 1 dollar

Weak Economy..the Zimbabwe government thought that printing infinite currency will strengthen there country but reverse happened

Then the same government could have withdrawn and burnt that currency to reverse the trend, eh?

Its really funny to know this.
What about the bus?
They had a special bus with the main bus to carry the cash.