Why Zimbabwe is killing its currency

Why Zimbabwe is killing its currency


35 quadrillion Zim dollars. That’s what one US dollar will cost you in
Zimbabwe. The country has finally laid its worthless
local currency to rest – giving Zimbabweans until September to make the switch to the
American dollar. The move doesn’t come as a suprise to many
as 90 per cent of the economy has been based on the US dollar since 2009, when it abandoned
its own. A multi currency system has been in use for
the last six years, with the South African rand also doing the rounds since 2009, and
the Australian dollar, Japanese Yen and Indian rupee joining the list in 2014. The Zimbabwean dollar has mainly featured
as a souvenir – turning many a delighted tourist into an instant millionaire. But why exactly has the country been forced
to demonetize its currency – the answer is hyperinflation. In 2000, President Robert Mugabe decided to
change his country’s economic policy, implementing land reform. This meant that land owned by white citizens
– was given to black citizens – who were unskilled in farming practices. Not only did mass violence ensue, but the
country turned from an argicultural exporter into an importer, gaining a unemployment rate
of 94%. That’s when hyperinflation set in. By 2008, the monthly inflation rate hit 3.5
million per cent… meaning a single egg cost 50 billion dollars, a bus ticket 100 trillion
dollars – and a loaf of bread the equivalent of 12 new cars 10 years before. Prices doubled every 25 hours, so the government
kept printing more money to try to counteract the problem until the currency became worthless. Thus, Zimbabwe had the second worst hyperinflation
in history, after Hungary post World War 2. So, this official currency switch will mean
that Zimbabwe won’t have its own independent monetary policy any longer. But it will be able to clean up the banking
system and bury its worthless currency that has long since been dead. The government has set aside $20 million to
mop up any remaining notes and to compensate bank accounts that existed pre-2009. People with accounts of up to 175 quadrillion
Zimbabwean dollars will be paid $5. Those who preserved bills at home will receive
a rate of 1 US for 250 trillion of the local currency. However, they may get more for their money
on eBay. The unloved currency is making a comeback
online as bidders battle for the final notes that could make them a billion or even trillionaire
instantly.

72 Comments

  • Yo Soy Waz

    June 16, 2015

    Zimbabwee?!

    Reply
  • Walter Munzara

    June 16, 2015

    I'm Zimbabwean and all I can say is fuck Mugabe

    Reply
  • zlaxintix

    June 16, 2015

    because they have no rockets to enforce others to take that printed currency backed by nothing just like US $ is ..some countries can have unlimited debt limit but they will force others to live on less credit just to dominate over them and force them to sell national wealth for more debt

    Reply
  • M.T.G

    June 16, 2015

    Shouldn't have had that Racist Policy of driving away the clever white farmers…

    Reply
  • Phite Onn

    June 17, 2015

    CREATE A PEOPLES BANK, not a Rothschild Corrupt Bank

    Reply
  • user12345

    June 18, 2015

    So this is independence? using the white mans money and relying on food aid from the white man to stop your people starving? yea, that's really 'independent'

    Reply
  • jamelashford benton

    October 10, 2015

    Jesus Christ for translation and Robert Rubin election Howard Finkle for information computer Shawn michaels know your role and Eljer muhammed folks and the ones on Charles faze Russell Louis 16

    Reply
  • jamelashford benton

    October 10, 2015

    Come try grand theft auto security guard president Konnan doesn't believe the current creative writing school in United States isn't honerable as Egypt

    Reply
  • jamelashford benton

    October 10, 2015

    Jesus Christ of Liberty city has new archive sale triple x

    Reply
  • Anthony

    November 21, 2015

    So they kicked out the farmers because they were white? Seems rasist as fuck. I'm glad their country went to shit

    Reply
  • Obinna Chukwudi Obijiaku (Nwa Ikenga)

    December 24, 2015

    Get your land and your freedom back my Zimbabwe friends..

    Reply
  • Dangerous Ideas

    May 1, 2016

    If you want your country's economy to collapse, just drive out all the white people. South Africa take note.

    Reply
  • RageOfAThousandSuns

    September 11, 2016

    Black man 1: "Our money is becoming even more worthless as we speak, what can we do?"

    Black man 2: "Just print more".

    Reply
  • Bongolethu Ncube

    October 3, 2016

    Mugabe is bullshit,he is the devil himself…I hate him with all that I have #JUSTsaying

    Reply
  • Jude Mozu

    October 18, 2016

    So there was an hyperinflation and the presidents's answers was to print more money? Loool good economics there

    Reply
  • Gumardee coins and banknotes

    October 22, 2016

    The banknote pictured were the second and third issue, not the last issue which went up to $500.

    Reply
  • Jean Maurel

    December 4, 2016

    The switch to the US dollar happened in 2009, when the hyper-inflationary Zim dollar was scrapped. This is very old news. How about a video on the new bond notes?

    Reply
  • Real Deal

    January 7, 2017

    Good you stupid racist fucks are destined for never ending poverty once slavery is legal again I might adopt one of you stupid fucks

    Reply
  • carl love

    January 21, 2017

    iam a billionaire

    Reply
  • Emmanuel Akuamoah

    February 5, 2017

    Africa SMH

    Reply
  • hamnose

    April 20, 2017

    Land reform? Oh. You meant to say the wholesale murder of white people. Gotcha.

    Reply
  • Percy Masuka

    April 25, 2017

    The messup was caused by the credit freeze, period

    Reply
  • Ben Josh

    August 11, 2017

    Off topic : What accent is that? It sounds nice ๐Ÿ™‚

    Reply
  • Wannafly

    August 26, 2017

    they kicked out the farmers because they were white?

    Reply
  • Jimmy Biggs

    September 7, 2017

    I believe the globalist are using their media to premote misinformation. because they do not want people to know that it will revalue like others will.

    Reply
  • E S T

    September 12, 2017

    What a mess

    Reply
  • Barry Lang

    September 16, 2017

    The white farmers kept them alive and thriving and they stole their farms and lost everything. They fucked up bigtime

    Reply
  • ๆœฌๅˆ€ใซู‡ูู†ู’ุทู ู†ูใ‚ฏใ‚นใƒŽใ‚ฎ ฺฉูุณูู†ูฺฏู

    September 27, 2017

    i have a proposal:

    we should have all african union countries use one single currency: the afro

    sound like a good idea?

    Reply
  • Mr. Clean

    October 25, 2017

    so every Zimbabwean person is rich not fair

    Reply
  • realvideo24

    November 21, 2017

    Breaking news Robert Mugabe has resigned nov 21 2017

    Reply
  • Kimona Blackmon

    November 28, 2017

    I have a million dollars Zimbabwe currency I want to know how to change it to American currency

    Reply
  • Silver Valley Coins and Bullion

    December 15, 2017

    I did a video on silver coinage of Southern Rhodesia (predecessor to Zimbabwe). This was currency that had a finite amount and couldn't be printed non stop. https://www.youtube.com/watch?v=GUEtMekZXwc&t=17s

    Reply
  • KeepingUpWithTheKalderians TheKalderians

    December 29, 2017

    Wow don't u c how USA government did this on purpose to take their money knowing all along this country if filthy rich with all the mega secret gold under entire Africa!!!! Wake up World ๐Ÿ’ฐ๐Ÿ’ฐ๐Ÿ’ฐ๐Ÿ’ฐ๐Ÿ’ฐ๐Ÿ’ฐ๐Ÿ’ฐ๐Ÿ’ฐ๐Ÿ’ฐ๐Ÿ’ฐ๐Ÿ’ฐ๐Ÿ’ฐ๐Ÿ’ฐ๐Ÿ’ฐ๐Ÿ’ฐ๐Ÿ’ฐ๐Ÿ’ฐ๐Ÿ’ฐ๐Ÿ’ฐ๐Ÿ’ฐ๐Ÿ’ฐ๐Ÿ’ฐ๐Ÿ’ฐ๐Ÿ’ฐ๐Ÿ’ฐ๐Ÿ’ฐ๐Ÿ’ฐ๐Ÿ’ฐ๐Ÿ’ฐ๐Ÿ’ฐ๐Ÿ’ฐ๐Ÿ’ฐ๐Ÿ’ฐ๐Ÿ’ฐ๐Ÿ’ฐ๐Ÿ’ฐ๐Ÿ’ฐ๐Ÿ’ฐ๐Ÿ’ฐ๐Ÿ’ฐ๐Ÿ’ฐ๐Ÿ’ฐ๐Ÿ’ฐ๐Ÿ’ฐ๐Ÿ’ฐ๐Ÿ’ฐ

    Reply
  • Kristopher Prevo

    January 21, 2018

    Lmfao blacks at it again fucking shit up

    Reply
  • Valentin Ciprian Aldea

    January 29, 2018

    Basically the white ppl were working ,and now the black's don't know how to work… inflation

    Reply
  • Ishrak Hussain

    February 3, 2018

    I will go to zimbabwe and become a millionaire.

    Reply
  • Col. McJollibee

    April 8, 2018

    Its their fault.

    Reply
  • kevin player

    April 13, 2018

    it was better to not replace the workers

    Reply
  • Tiocfaidh รกr lรก

    May 22, 2018

    Zimbabwe is the first country where everyone is a quadrillionaire.

    Reply
  • stephan daoust

    May 26, 2018

    One world order
    One world Bank

    Reply
  • DN 13

    May 30, 2018

    This proves blacks need their white masters.

    Reply
  • 8Inch Donkey

    May 30, 2018

    This was a rather drawn out way of saying blacks can't run a nation on their own.

    Reply
  • mohammad miruka

    June 4, 2018

    A loaf of bread costs 100 trillion dollars ๐Ÿ˜‚๐Ÿ˜‚๐Ÿ˜‚๐Ÿ˜‚๐Ÿ˜‚๐Ÿ˜‚ oh my African brothers, you make us look so damn illiterates

    Reply
  • Rhys Pitt

    June 6, 2018

    Donโ€™t drive away white people

    Reply
  • Person of Earth

    June 11, 2018

    God blacks are lazy.

    Reply
  • Mister Nobody

    June 11, 2018

    Luke 12:15 Then he said to them, โ€œWatch out! Be on your guard against all kinds of greed; a man's life does not consist in the abundance of his possessions.

    Reply
  • Shukra Acharya

    June 23, 2018

    This shows ,"world is still full of dumbs"

    Reply
  • Devansh gupta

    July 2, 2018

    Need of good economists

    Reply
  • MS CM

    July 3, 2018

    WTF Zimbabwe๐Ÿ˜‚ HAHAHAHAHA

    Reply
  • Sum Ting Wong

    July 8, 2018

    Sell at that toilet paper money on Ebay.

    GDP restored.

    Reply
  • Keith McMeekin

    July 16, 2018

    Running a country without knowing economics.. insane

    Reply
  • Shiben Chakravorty

    July 16, 2018

    Zimbabwe is like a city builder game which is made by an autistic kid.

    Reply
  • Dean Konstantian

    July 17, 2018

    Wakanda!!!!

    Reply
  • Zachary Batten

    August 7, 2018

    Make Zimbabwe Rhodesia again

    Reply
  • Afnan Acchan

    August 7, 2018

    Mugabe take a land from white farmers who bring jobs and prosperity, give it to his crony who had no idea how to do farm. Then inflation, famine happen they begging for help from white again. Bunch of losers.

    Reply
  • Fashion Review

    August 14, 2018

    Thereโ€™s a note for 50 million๐Ÿ˜‚๐Ÿ˜‚๐Ÿ˜‚๐Ÿ˜‚

    Reply
  • Isprikitik burkabush

    August 18, 2018

    Tourists only go to that s country just to experience the life of millionaire even for a short period of time XD

    Reply
  • wpt rock

    August 20, 2018

    Paper currency is worthless all over the world! But the private central banks keep printing it. Get rid of the central banks!

    Reply
  • Wyatt Clason

    August 26, 2018

    Oooohhh rhodesia

    Reply
  • connect your humanity

    September 3, 2018

    starving billionaire

    Reply
  • California Brotherhood

    September 4, 2018

    When you wish to have a million dollars but you donโ€™t specify which kind of dollars…

    Reply
  • SirRanny Dewah

    September 14, 2018

    Interestin howevr .Ths video is now pretty irrelevant coz th zim dollar was phased out almst a decade ago ts non existent now

    Reply
  • OS. Temli

    September 27, 2018

    Wakanda forever

    Reply
  • It was

    September 28, 2018

    A loaf of bread cost the same price as 12 cars 10 years before?? Dayyum boi

    Reply
  • Paul Autry

    September 28, 2018

    I have 50 quadrillion dollars in cash

    Reply
  • Alberto Terry Joachim

    October 1, 2018

    Is it even worth travelling there for vacation?

    Reply
  • bayu afif

    October 20, 2018

    Zimbabwe's president cannot take care of his country well

    Reply
  • HATAKE KAKASHI

    October 31, 2018

    What kind people in there i think i gonna be instant millionare or billionare gosh you trick me

    Reply
  • Sean Khumalo

    November 25, 2018

    Economic Sanctions are another reason that Zimbabwe's Currency became worthless.

    Reply
  • cramp รฆ

    December 18, 2018

    because that shithead Mugabe keeps printing more banknotes which was clearly making the situation worse

    Reply
  • Juan Carlos Abril

    January 16, 2019

    Can Zimbabwe get help from Zamunda?

    Reply
  • Mitchell Casilly

    January 29, 2019

    Whatโ€™s wrong with kicking out white people and printing money? As I recall, isnโ€™t that how western countries made there wealth. In this case kill millions of natives and ethnic groups then print money out of thin air. Mugabe was just playing by the white manโ€™s book…

    Reply

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