Across Africa with Bitcoin: My Ordeal at a Bank in Zimbabwe

In November 2008, Zimbabwe’s inflation rate was estimated at an unimaginable 79.6 billion percent. This was the era where Zimbabwe bank notes varied from 10 to 100 Billion Zimbabwean dollars.

The country had no other option but to abandon their currency and adopt the US Dollar in 2009. But the country run out of US dollars and withdrawal were limited to just $50 a day.

With the introduction of the bond notes pegged to the US dollar last year, the situation in terms of hyperinflation is quite better, but it is still awful trying to get money. Daily withdrawal limit is now set at $100 bond notes. However, some banks have even limited that to $30 whilst others have closed their ATMs.

Banks are unable to accommodate people, who are forming long queues out into the street.

Long Queues

Walking or driving through the streets of Harare, long queues at Banks and ATMs meandering its ways into the streets are a common sight these

Read more ... source: CryptoCoinsNews

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