Zimbabwe phases out its local currency to US dollar
Zimbabwe has started to retire its local currency which over recent years has been rendered almost valueless. The US dollar will take its place. At the current rate, 35 quadrillion Zimbabwean dollars are equal to US $1, as a result of hyperinflation which has been on-going since 2009.
The demonetisation procedure of the Zimbabwe dollar started this week and is thought to last until September 30th. Zimbabwe has been using the US dollar since 2009 when the use of the Zimbabwean dollar was deemed unusable. A multi-currency system has been in operation for the last six years, with the South African rand and US dollar in use since 2009 along with Chinese yuan, Japanese yen and the Indian rupee adding to the list of accepted currencies in 2014. Officially, the national currency was also in circulation although Zimbabwean dollars were rarely used and mostly being collected for souvenirs due to their huge quantity needed for any value.
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