Want to marry a quadrillionaire?
Anyone who does should get to Zimbabwe before it’s too late, because after Sept.
30 you will be stuck mainly with plain old U.S. dollars or South African rands instead. The
Central Bank of Zimbabwe announced that starting June 15 it will begin
the demonetization of the Zimbabwean dollar.
Based on wire service reports, Business Insider said on June
11 that any bank account with a balance from $0 to
$175,000,000,000,000,000 (175 quadrillion) in Zimbabwe funds will
receive a flat payment of $5 in U.S. funds. Balances above that figure
will be compensated at a rate of $1 U.S. to $35 quadrillion Zimbabwean
funds. Those who did not trust the banking system or hoarded notes for
other reasons will get different rates depending on whether the notes
they are exchanging were issued in 2008 or 2009.
Unlike the hyperinflation in Weimar Germany, which resulted in mountains of notes of
very high values still traded cheaply today, and of which books have
been written concerning the cause, the inflation in Zimbabwe is the
work of one man, President Robert Mugabe. Mugabe, the nation’s
dictator since 1987, said in 2007 “Where money for projects has not
been found, we will print it.”
The highest denomination note ever printed by Zimbabwe is the
$100,000,000,000,000 (100 trillion) note of 2008, now usually selling
for $15 to $25 on eBay.
Although the Zimbabwean dollar was essentially abandoned as an
official currency in 2009, this will be its official demonetization.