Zimbabwe phases out its local currency
Following several years of hyperinflation, which reached a record high of 500 billion percent in 2008, the central bank of Zimbabwe decided to phase out its local currency.
Starting from Monday, Zimbabweans can exchange their bank accounts of up to 175 quadrillion (175,000,000,000,000,000) Zimbabwean dollars for just five U.S. dollars.
For higher balances, the exchange rate of Z$35 quadrillion will be US$1.
It is worthwhile to mention that Zimbabwe has been using the U.S. dollar and South Africa rand in financial transactions since 2009.