Zimbabwe is going through a rough time lately, mainly because of its financial issues. The news that is making a huge buzz reads out that 100 trillion Zimbabwean dollars have been exchanged for 40 US cents by the Central Bank as it aims to crash out the worthless currency. The exchanges were made over eBay, where the currency is being sold as a collector’s item.
The Zimbabwean dollar peaked at 500 billion per cent in the year 2008 and the government of Zimbabwe is trying to clear up the Zimbabwean dollar in favor of the US dollar. The Central Bank has issued a timeline of 3 months until September before which citizens can exchange their remaining Zimbabwean dollars for the US dollars.
According to the economists, 90 percent of the Zimbabwean economy was based on the US Dollar since the year 2009. So, people are raking up their former Zimbabwean currency collection if they can find a better deal somewhere else. According to Shadreck Gutuza, a former currency trader, “I think this is a waste of time. I would rather sell the money to tourists. Most people either burnt that money or dumped it”.
A seller has been found offering a hundred 50 trillion Zimbabwean dollars for 1000 USD. The hyperinflation in Zimbabwe has been considered by the IMF as the worst for any country that did not have any war. For the largest known single Zimbabwean note; that is 100 trillion dollars is being bought for only $20 by the tourists.
According to an Indian trader who does business on fabrics in downtown Harare said, “I buy a 100 trillion note for $10 if they are many, but they have to be clean.”
The bank accounts that possess 175 quadrillion Zimbabwe dollars will be paid only $5. The government aims at clearing up the Zimbabwean dollar from the market soon as it is deemed trash by people now.