As of August 1, the Zimbabwe Central Bank has adjusted the inter-bank exchange rate for the country’s currency, removing three zeroes from its bank notes and bringing the value to 250 Zimbabwe dollars for every 1 US dollar.
The decision came as a result of the country’s effort to reign in and help consumers deal with Zimbabwe’s hyperinflation of nearly 1,200%, the bank says.
The bank acknowledges that the removal of the last three zero’s from its currency will have a large impact on reporting, and given the short notice of the announcement, the bank says it is assessing the impact and expects to provide an analysis in the coming weeks.