Central Banking

Greenback now worth a million Zimbabwean dollars

A single US dollar is now said to be worth 1 million of its Zimbabwean counterparts on the black market.

In an interview with the Associated Press, a Zimbabwean currency dealer said: "People are asking for a million and getting it in big bank to bank transfers. Cash for cash is anything above 750,000 to one."

The dealer added that people with foreign exchange wanted to keep hold of it to hedge against inflation.

The official exchange rate is Z$30,000 to $1.

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