Zimbabwe pulls local currency from circulation
Banks will exchange up to Z$175 quadrillion in their accounts for a flat $5
The Zimbabwean dollar will be taken out of circulation over the next few months, the central bank has said, as the country completes its switch to the multi-currency system introduced in 2009.
Zimbabweans will be able to exchange their local money for US dollars between June 15 and September 30. Anything held electronically will be automatically switched at a fixed exchange rate.
Banks will use the account balances from December 31, 2008, and any amount up to Z$175,000,000,000,000,000 will be
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
More on Currency
New Zimbabwe governor introduces ‘gold-backed’ currency
Adoption of sixth new currency in 18 years is “chaotic”, media reports
Digital money could boost Pacific island economies – IMF research
Loss of correspondent banking relationships may be offset by digital money infrastructure
Malaysia using more yuan and ringgit for trade, BNM says
Central bank says the use of dollars for settlement has remained stable over last 14 years
HKMA launches next phase of CBDC pilot and sandbox
Hong Kong project will explore programmability, tokenisation and atomic settlement
BSP says it will complete wholesale CBDC pilot this year
Philippines central bank will test CBDC for interbank fund transfers and securities settlement
Book notes: The ruble: a political history, by Ekaterina Pravilova
Indispensable reading for anyone interested in Russia and comparative, long-term historical accounts of monetary ideologies and practice
Bulgaria unveils euro coin designs after central bank act amended
Accession to single currency delayed due to high inflation and legal barriers
Iraqi central bank blocks dollar access to eight lenders
US official praises “progress” but says some Iraqi lenders are still breaking sanctions on Iran
Most read
- Bernanke calls for total redesign of BoE forecasting
- Taking stock of Bernanke: the original sin of forecasting
- Bank of England: time for fourth-generation forecasting tools?