Zimbabwean Old Bank Notes To Be Exchanged For US$

Hopefully you still remember where you put all your trillions from 2008 or you might want to start digging your backyard or look in the dumpster.

The Reserve Bank of Zimbabwe (RBZ) is going to ask people to bring in Zimbabwean notes in exchange for US$ in an attempt to bring an end to issues concerning local currency holdings.

The first phase will have people with denominations between ZW$5 and ZW$500 exchange them for up to US$2. The US$1 is not part of the process.

The exchange rates will be as follows:

Demonetizing the 2008 notes ranging from ZW$10 trillion to ZW$100 trillion, you will recieve an exchange rate of up to US$0,40.

ZW$10 trillion =US$O,02

ZW$20 trillion =US$0,04

ZW$50 trillion =US$0,20

ZW$100 trillion =US$0,40

Notes between ZW$10,000 and ZW$50 billion will not be part of the process.

The process will be carried out in phases involving the last two sets of denominations issued in 2008 and 2009 to walk-in customers and bank account balances as at 31 December 2008.

An announcement will be made to people holding the notes to go to the designated financial institutions. Banks will not be allowed to exchange Zimbabwe dollars in their clients’ accounts in exchange for US$.

RBZ is set to pay every account holder at least $5 whether the account had money or not on the 31 December 2008.

Finance Minister has said the process will cost $20 million.