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.
Along with his remarks, Biti announced
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.
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.