Zimbabweans now have to start exchanging ‘quadrillion’ of local dollars for a few US dollars. This is the effect of super hyper inflation that is prevailing in the country right now.
For a few dollars, Zimbabwe has to pay quadrillion, from next week. This call was taken so as to discard the national currency which has literally became worthless over a period of time. This is nothing new for the African country because when hyper-inflation hit in 2008, the situation was worsen because people has to carry currency notes in bags and cases just to buy basic necessity goods. And the condition does not seem to get under control
From 15th June, the countrymen of Zimbabwe can have access to exchanging their over-hyped currency with dollars. “Customers who have Zimbabwean dollar accounts before March 2009 can approach their banks to convert their Zimbabwean dollar balance into dollars” said Reserve Bank of Zimbabwe (RBZ) governor John Mangudya.
Interestingly, if one exchanges 175 quadrillion Zimbabwean dollars, they will be paid just $5 in return. The most funny part is that Zimbabwe had to see inflation at such a great rate that Reserve Bank of Zimbabwe had to print 100 trillion Zimbabwean dollars, which was also not enough for 1 week of travelling allowances.
We can now understand what it meant to say “Paisa haath ki Mael hota hai”. Take a cue from Zimbabwe, they have a better version of story to tell!