Zimbabweans set bank notes on fire as businesses reject local currency
Zimbabweans have started to burn worthless Zim dollar notes as they are not able to use them. Zimbabwe currently has $2, $5, $10 and $20 dollar notes.
The bond notes were introduced in 2016 and were pegged at par with the USD. The bond notes have since changed name to be known as the Zimbabwe dollar.
The development caused outcry in the country with citizens accusing the government of tricking them into finding a way of sneaking back the Zimbabwe dollar which stopped circulating in 2008 after it became worthless.
Zimbabwe $2 notes
In some pictures seen on the internet, children are making of the Zimbabwe $2 note, once an equivalent of USD 2 has lost almost all of its value.
The green notes are the longest circulating of the Zimbabwe notes, initially introduced in 2016 when the Zimbabwe started facing a cash crisis. The notes were released together with coins.
children play with
The two dollar note cannot literally buy anything in Zimbabwe. A loaf of bread is now costing $61, up from $1 in 2017 before Mugabe was ousted through a coup in November 2017.
Zimbabwe coins no longer accepted
Zimbabweans are no longer accepting coins as money. 50 cents coins stopped circulating early this year and dollar coins were also rejected last month.
The coup did not yield results
The Zimbabwe coup did not help the country to cement the value of its currency. The currency has since fallen from a one as to one position with the United States dollar to one as to 100 over a space of three years.
Prices of basic commodities have since moved with over 800% over the same period.
Zimbabwe Inflation now over 800%
Zimbabwe’s inflation is only second to that of Venezuela in terms of the rate it is increasing.
Zimbabwe Reserve Bank boss John Mangudya famously claimed demons like coronavirus are behind the recent decline in value o the currency.
Venezuelans have been seen creating crafts such as bags with their bank notes. The crafts are sold to tourists and other art collectors