Last updated on April 24, 2014 at 1:21 EDT

Zimbabwean dollar pronounced dead

March 20, 2009

Zimbabwe’s Finance Minister Tendai Biti told members of parliament that the country’s currency was essentially dead.

The death of the Zimbabwe dollar is a reality we have to live with, he said. Since October 2008, our national currency has become moribund, Biti said during a 2009 budget presentation, New Ziana reported Friday.

Along with his remarks, Biti announced the removal of all foreign currency surrender requirements.

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

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

Source: upi