New exchange rate in Zimbabwe: $1 for 35,000,000,000,000,000 old dollars

Next week Zimbabweans will start exchanging trillions of local dollars for a few US dollars, as the government discards its almost worthless currency.

In 2009 the country started using foreign currencies including US dollar and South African rand, as the local currency was ruined by hyperinflation which in 2008 hit 500,000,000,000%.

Prices were rising at least twice a day, and citizens had to carry bags of banknotes to buy groceries. Some people sold their money as souvenirs to tourists.

As the Guardian reports, Zimbabweans holding accounts in the local dollars will be able to convert them in the US dollars beginning from Monday. Balances of up to 175 quadrillion Zimbabwean dollars will be paid $5. Those with balances above 175 quadrillion dollars will be paid at an exchange rate of $1 for 35 quadrillion Zimbabwean dollars.

Customers who still had reserves of old Zimbabwean notes could walk into any bank and get $1 for every 250tn they hold. That means a holder of a 100tn banknote will get 40 cents.

Robert Mugabe, current president of Zimbabwe, serving from 1987.

Zimbabwe is considered one of the most corrupt nations in the world ranking 163rd out of 176 countries on the latest Transparency International Corruption Perceptions Index.