100 Trillion Zimbabwe AA 2008 Banknote Will Pay Out At 0.40 Cents

HARARE Zimbabwe (Xinhua) -- The Reserve Bank of Zimbabwe (RBZ) has commenced the process of demonetizing the Zimbabwe dollar using the United Nations rate as the exchange rate.

Zimbabwe abandoned its hyperinflation ravaged currency in 2009 when it adopted multiple currencies that include the United States dollar, South African Rand, British Pound, Australian dollar, Chinese Yuan and Japanese Yen.

The RBZ has set aside 20 million U.S. dollars for the demonetization exercise, which is expected to be completed by end of this month.

The exercise will ensure that the Zimbabwe dollar is decommissioned and will allay fears of its return.

The move is also expected to boost confidence in the banking sector.