In Zimbabwe, for one American dollar, 35 gives quadrillion local

In Zimbabwe, announced the new official exchange rate of the local currency. Now for 1 the American dollar in this country gives 35.000.000.000.000.000 (35 quadrillion) Zimbabwean dollars. On Monday, another bills will be replaced.

Zimbabwe has been suffering from hyperinflation for many years, and the citizens of the country have long ago been forced to go to the grocery store to buy milk or bread with a bag of money.

For the first time, the Zimbabwean dollar was introduced in the country in 1980 to replace the Rhodesian one, at the rate of 1: 1 to the US dollar. Until 2006, the country somehow managed to cope with the difficult financial and economic situation, and then the collapse began. The Zimbabwean dollar was denominated, and the old currency removed three zeros. The new dollar was a thousand old.

But already through 2 of the year, in 2008, due to continued inflation, bills were introduced into 1, 5 and 10 million dollars. The cost of the goods was no longer placed on the price tags, for example, two beers and a bottle of water in a restaurant cost 1,24 a billion local dollars. In the middle of the year, bills are introduced into 5, 25 and 50 billions, and the government arranges another monetary reform, removing zeros from the new 10 bills.

But this does not help either - inflation is sweeping the country by leaps and bounds, and already at the beginning of 2009, bills with face values ​​of 10, 20, 50 and 100 trillions of local dollars are issued. The Zimbabwean government is introducing the fourth Zimbabwean dollar, from which 12 zeros have been removed. One trillion old at this point equals one new dollar.

However, the loss of trust leads to the practical abolition of the Zimbabwean dollar in favor of foreign currency, mainly the US dollar, and inflation slows down somewhat. The current replacement of the local currency is already the fourth in a row in the last 10 years.