The demonetization of the Zimbabwe dollar will occur from June 15 until the end of September.
Reserve Bank of Zimbabwe governor John Mangudya said: “The banking public should visit their banks to establish the balances which were in their accounts. We have interacted with the banks and they still have all the information, which we as the Reserve Bank also authenticated.”
The Zimbabwe dollar will be evacuated as legal tender after the currency’s use was deserted in 2009 following a surge in inflation to 500 billion percent.
Bank accounts with balances of up to 175 quadrillion Zimbabwean dollars will be paid $5. Those with balances above 175 quadrillion dollars will be paid at an exchange rate of $1 to 35 quadrillion Zimbabwean dollars.
John Mangudya, head of the Reserve Bank, said: “We cannot have two legal currency systems. We need therefore to safeguard the integrity of the multiple-currency system or dollarization in Zimbabwe.”