Anyone else heard the rumors Zimbabwe revalued?

[rulesforrebels]

I've head a number of things online today about Zimbabwe revaluing. I don't think there's anything to it but just curious what the rumor is all about? I'm not seeing much of anything online, only thing I could find searching was this article which doesn't seem to have anything to do with paper money but more something about people who lost money through banks. Anyone else heard these rumos?

 

Zimbabweans to be compensated fully as local currency is demonetized

Feb 23,2015

HARARE, Feb. 23 (Xinhua) -- The Reserve Bank of Zimbabwe (RBZ) will use the rate of one U.S. dollar to 35,000 Zimbabwe dollars as it moves to demonetize the local currency and compensate account holders who lost their savings when the government introduced multi-currencies in 2009.

 

 

RBZ Governor John Mangudya told Xinhua in an interview Monday that everybody who had an account as of December 2008 would be awarded a blanket five U.S. dollars per account regardless of whether or not there was any credit in their bank balances.

 

 

Mangudya's comments allay fears that had beset the banking public which suspected that the RBZ wanted to credit the accounts with only five U.S. dollars and disregard the balances in the accounts at the time of the introduction of the multi-currencies.

 

 

The Confederation of Zimbabwe Industries also issued a statement recently urging the RBZ to fully compensate account holders.

 

 

"The five U.S. dollars is the minimum but we're going to be using the United Nations rate of one U.S. dollar to 35,000 Zimbabwe dollars. We have revalued it from one U.S. dollar to 35 quadrillion dollars," Mangudya said.

 

 

"This explains why the figure (to demonetize) has risen from the initial six million U.S. dollars to 20 million dollars," he added.

 

 

Former Finance Minister in the inclusive government Tendai Biti had indicated that six million dollars would be required to compensate account holders affected by the abandonment of the local currency in favour of mainly the United States dollar and the South African rand.

 

 

Other currencies acceptable in the banks are the Australian dollar, British pound sterling, Botswana pula and to a limited extent the Euro, Indian rupee, Chinese yuan and Japanese yen.

 

 

The local currency was literally made moribund in 2009 when the government sought to arrest runway inflation which then stood at 231 million percent at the last official count, even though unofficial figures put it at 4 billion percent.

 

 

To cope with inflation, the RBZ redenominated the Zimbabwe dollar in 2006, 2008 and 2009, with the highest being a 100 trillion dollar banknote printed on bond paper after the German company which used to supply it with the special paper stopped doing so because of economic sanctions imposed on the country.

 

 

The central bank would also occasionally slash the zeros from the notes amid concerns from businesses that the many zeros were crashing their computer systems.

 

 

The demonetization of the local currency will be completed by June 30, 2015, allowing many people who had stashed the Zimbabwe dollar in its various denominations to finally discard it.

 

[moose 57]

yes we have 

 

http://dinarvets.com/forums/index.php?/topic/197813-gcr-has-started-in-austrailia-xe-zim-1st-to-rv/

Edited February 25, 2015 by moose 57

[Deborah Layne]

No, I didn't hear about that but I did hear that RK won the Nigerian lottery.

[Whatshername]

WooHoo!  I'm a hundred trillionaire! 

[boosterbglee]

Can you imagine all the "gazillionaires" buying Learjet's?   

[Bandit795]

I should've bought bitcoin back in 2010. Or at least kept that bitcoin mining app running...

 

As for the Zim, no faith in that.

[Saint]

Heard the same thing last night. Something about lopping all the zero's and then revaluing. However none of the banks in the midwest or west coast are accepting it, but some on the east coast are. So a trillion Zim dollars will be worth almost what you paid for it. Zimbabwe doesn't have the backing to RV. JMHO

[King Bean]

Deborah....RK has won it multiple times. Man, that guy is lucky !! 

Edited February 25, 2015 by King Bean

[freeroy]

The only country to use multi currency. Dollars, rands, pound yuan, Australian dollars, etc

 

http://www.bbc.com/news/world-africa-26034078

[bsims25]

Heard the same thing last night. Something about lopping all the zero's and then revaluing. However none of the banks in the midwest or west coast are accepting it, but some on the east coast are. So a trillion Zim dollars will be worth almost what you paid for it. Zimbabwe doesn't have the backing to RV. JMHO

Their currency was suspended in 2009. They use multiple currencies, but not their own. What they are doing is this...

"RBZ Governor John Mangudya told Xinhua in an interview Monday that everybody who had an account as of December 2008 would be awarded a blanket five U.S. dollars per account regardless of whether or not there was any credit in their bank balances."

Then demonetizing it.

"The demonetization of the local currency will be completed by June 30, 2015, allowing many people who had stashed the Zimbabwe dollar in its various denominations to finally discard it."

[bsims25]

Anyone holding Zimbabwe dollars looking for an rv is screwed. It's as plain as that.