Zimbabwe dollars phased out

| Updated Feb 06, 2017 at 9:00pm



Zimbabwe is phasing out its local currency, formalising a multi-currency system introduced during hyper-inflation.

As inflation hit high levels six years ago, foreign currencies like the US dollar and South African Rand came into use.

From Monday, Zimbabweans can exchange bank accounts of up to 175 quadrillion Zimbabwean dollars for five US dollars.

Higher balances will be exchanged at a rate of 35 quadrillion dollars to a dollar.

Zimbabweans have until the end of September to exchange their local dollars.

Hyper-inflation saw prices in shops change several times a day, severe shortages of basic goods and Zimbabweans taking their money to market in wheelbarrows.

The last bank note printed by Zimbabwe was for 100 billion Zimbabwean dollars, still not enough for a bus ticket.

Zimbabwe's economy has struggled since a government programme seizing white-owned farms in 2000, caused exports to tumble.