Source – theglobeandmail.com
-(Editor Note: …Let this be a lesson for you – being a Trillionaire isn’t it’s all cracked up to be)
– What else do you do with a pointless currency but “demonetise” it?
And that’s just what the Reserve Bank of Zimbabwe is doing.
Under a previously announced plan, the central bank said today it will, on Monday, begin allowing banknotes to be swapped for U.S. dollars.
Zimbabwe has been using a system of several currencies.
So, for example, anyone holding the 2008 $100-trillion note can convert for 40 cents.
“NB trillion has 12 zeroes,” the central bank said in its statement today.
The 2009 series of notes is worth more. You get the same 40 cents for $100.
“Banks will exchange ZW$ cash for US$ equivalent for walk-in cash customers at an exchange rate of Z$250-trillion to US$1 for 2008 note series and Z$250 to US$1 for 2009 series,” the central bank said.
Anything that hasn’t been swapped by the end of September “shall be considered demonetised or decommissioned.”
RIELPOLITIK 