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Zimbabwean dollar

former currency of Zimbabwe

The Zimbabwe dollar was a currency for Zimbabwe from 1980 to 2009. Zimbabwe had the highest rate of inflation in the world. The rate of inflation grew to 231,150,888.87% in July 2008.[3]

Zimbabwean dollar
$100 Trillion note of the Zimbabwean dollar.
$100 Trillion note of the Zimbabwean dollar.
ISO 4217 Code ZWL[1]
User(s) None
(previously  Zimbabwe)[n 1]
Inflation 98% per day in mid-Nov 2008
or ~1023 % per year
Money loses half its value every 24 hours and 42 minutes
Source [2]
Subunit
1/100 cent
Symbol $
Coins none
Banknotes $1, $5, $10, $20, $50, $100, $500, (plus many more denominations)
Highest denomination – $1014
Central bank Reserve Bank of Zimbabwe
This infobox shows the latest status before this currency was rendered obsolete.

Because of hyperinflation, or inflation that is out of control, the Reserve Bank of Zimbabwe had to print banknotes with higher values to cope with the rising cost of living. In January 2009, Zimbabwe released a banknote for one hundred trillion dollars, or $100,000,000,000,000.

The Zimbabwe dollar had to be revalued three times due to the rising cost of living: in August 2006, August 2008 and February 2009. In August 2006, the first revaluation dollar was violent and too quick, meaning that many people lost their savings because they were unable to convert it into the new currency without fear of violence and corruption.

Since 12 April 2009, Zimbabwe stopped using the Zimbabwean dollar and adopted currencies from other countries, such as the United States Dollar and the Euro.

ReferencesEdit

Notes
  1. After the Zimbabwean dollar was suspended indefinitely from 12 April 2009, Euro, United States dollar, Pound sterling, South African rand, Botswana pula, Australian dollar, Chinese yuan, and Japanese yen are used as legal tender. The United States dollar has been adopted as the official currency for all government transactions.
Sources
  1. "Current currency & funds code list (Table A.1)". Swiss Association for Standardization. 1 January 2015. Retrieved 15 January 2015.
  2. Hanke, Steve H. (17 November 2008). "New Hyperinflation Index (HHIZ) Puts Zimbabwe Inflation at 89.7 sextillion percent". The Cato Institute. Retrieved 17 November 2008.
  3. [1] - Inflation rates