facebook
twitter
rss
account
search
search
 

Zimbabwean dollar pronounced dead

March 20, 2009 at 1:35 PM   |   Comments

HARARE, Zimbabwe, March 20 (UPI) -- Zimbabwean Finance Minister Tendai Biti told members of Parliament the country's currency was essentially dead.

"The death of the (Zimbabwean) dollar is a reality we have to live with," he said during a 2009 budget presentation. "Since October 2008, our national currency has become moribund,"

Along with his remarks, Biti announced "the removal of all foreign currency surrender requirements," New Ziana reported Friday.

Previously, Zimbabwe's central bank required currency traders to pay 5 percent of their gross earnings at the Zimbabwe dollar's exchange rate.

Inflation in Zimbabwe hit what has been called a "hyperinflation" rate, officially posted as 231 million percent, essentially wiping out the currency's value.

Topics: Tendai Biti
© 2009 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Navy tests MQ-8C unmanned helos Navy tests MQ-8C unmanned helos
2
FBI arrests Google employee accused of nude photo scam FBI arrests Google employee accused of nude photo scam
3
Europe must drop the euro, Germany abandon mercantilism Europe must drop the euro, Germany abandon mercantilism
4
Harris selected for geospatial data products Harris selected for geospatial data products
5
Sweden plans to replace its Defense and Security Export Agency Sweden plans to replace its Defense and Security Export Agency
Trending News
Around the Web
x
Feedback