Zimbabwe Gives Up On Its Currency

Eventually, you can’t just keep adding zeros to your currency. Zimbabwe, whose central banker recently defended the company’s currency actions, will let its citizens use currency from other countries. The Zimbabwe Dollar will no longer be the only legal tender, meaning companies can opt for whatever currency they deem to be most stable (or get their hands on)

BBC: Mr Chinamasa made the announcement as he delivered the annual budget to parliament.

“In line with the prevailing practices by the general public, [the] government is therefore allowing the use of multiple foreign currencies for business transactions alongside the Zimbabwean dollar,” he said.

The country is in the grip of world-record hyperinflation which has left the Zimbabwean dollar virtually worthless – 231m% in July 2008, the most recent figure released.

Again, we’re still not sure how Zimbabweans will actually obtain foreign currency, but it’s a start.

(HT: Jeff Tucker)

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