35,000,000,000,000,000 Zimbabwean dollars
could be exchanged for US$1 as President Robert Mugabe's government discarded its virtually worthless national currency.
Zimbabwe's finance minister has stated that the Zimbabwean dollar
is unlikely to return in the near future.
Zimbabwe later moved towards being officially a multicurrency economy, with the Zimbabwean dollar
alongside the US dollar and the South African rand.
The pressure on the Zimbabwean dollar
continued to build as Zimbabwe's foreign reserves dropped to dangerously low levels.
The United Kingdom's Times observed on February 3 that "Gideon Gono, widely regarded as the world's most disastrous central banker, knocked another 12 zeros off the Zimbabwean dollar
yesterday in an attempt to bring the national currency back from the realms of the fantastical.
Mugabe's birthday event, which is reported to have cost $250,000, comes as a new unity government aims to tackle an economic crisis that has rendered the Zimbabwean dollar
The official exchange rate for the Zimbabwean dollar
is 250 ZWD for one U.S.
The problem is the revaluation of the Zimbabwean dollar
The fresh diplomatic blow to the southern African country, where millions face food shortages and the economy is crumbling, came as dealers reported a sharp slide in the Zimbabwean Dollar
on the flourishing black market.
The investment comes after Zimbabwe on Monday banned the use of foreign currencies in the southern African country, reintroducing its own currency, the RTGS, or Zimbabwean dollar
class="MsoNormalZimbabwe ditched its currency, Zimbabwean dollar
, for the US dollar years ago.