Foreign currencies like the US dollar and South African rand have been used for most transactions since 2009.
Local dollars are not used except high-denomination notes sold as souvenirs.
But from Monday, Zimbabweans can exchange bank accounts of up to 175 quadrillion (175,000,000,000,000,000) Zimbabwean dollars for five US dollars.
Higher balances will be exchanged at a rate of Z$35 quadrillion to US$1
The highest denomination was a $100 trillion Zimbabwean dollar note.
A four-year unity government, that ended in 2013 with President Robert Mugabe's re-election, helped stabilise the economy but it still faces huge challenges.
One of the problems has been the shortage of coins that kept prices high as retailers often rounded them up and shoppers were given change in sweets or pens.
Over the last six months, the central bank has introduced about $10m (£6.4m) worth of "bond coins" into circulation, but they have not been popular with consumers who fear that it is the first step in the re-introduction of the Zimbabwe dollar.
During campaigning ahead of the last election, some ruling Zanu-PF party supporters had suggested this could happen, but the central bank governor has since ruled that out.
Zimbabwe's economy has struggled since a government programme seized most white-owned farms in 2000, causing exports to tumble
