March 20, 2009
Zimbabwean dollar pronounced dead
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.