RBZ Disassociates Itself From the Defunct Zimbabwe Dollar Trade

RBZ Disassociates Itself From the Defunct Zimbabwe Dollar Trade
A Now Defunct 5 dollar note

The Reserve bank of Zimbabwe (RBZ) has disassociated itself from the purported sale of demonetized Zimbabwe Dollar notes.

Central Bank governor, Dr. John Mangudya in a press release last week said there are reports and videos circulating on social media concerning the trade of the phased out currency.

“It has come to the attention of the RBZ that there are certain persons, who are purportedly buying or selling, or trading in, demonetized Zimbabwe Dollar notes in and outside the country,” Mangudya said.

“The bank completely dissociates itself from such purported sale and trade of the demonetized Zimbabwe Dollar notes.”

RBZ also says it is not aware of the source of the notes being sold and cannot vouch for the genuineness or otherwise of the said notes.

“The bank also advises the public that any demonetized Zimbabwe Dollar note that the bank may have in stock are not for sale,” Mangudya says.

“The bank will therefore not be responsible for any consequences arising from the buying or selling of, or trading in, demonetized Zimbabwe Dollar notes.”

RBZ has demonetized four phases of the US Dollar since the independence of Zimbabwe.

The first Zimbabwe paper money, introduced soon after the 1980 independence, was demonetised on 21 August 2006 after a hyperinflation in the southern African country.

On 1 August 2006, the second Zimbabwe dollar was introduced replacing the first paper money with zeros being cancelled to make a ration of 1000: 1. This was the introduction of the Bearer check.

Intensifying hyperinflation resulted in the circulation of the third Zimbabwe dollar on 29 September 2008, the currency which ranged from $1000 to $100 trillion.

The fourth dollar which was reformed on 2 February 2009 at the ratio 1 000 000 000 000 to 1 was suspended on 12 April the same year as the multi-currency regime took over.

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