Zimbabwean dollar
| Zimbabwean dollar | |
|---|---|
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$500 note of the fourth Zimbabwean dollar.
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|
| ISO 4217 | |
| Code | ZWL |
| Denominations | |
| Subunit | |
| 1/100 | cent |
| Symbol | $ |
| Banknotes | $1, $5, $10, $20, $50, $100, $500, (plus many more denominations) Highest denomination – $1014 |
| Coins | none |
| Demographics | |
| User(s) | None (previously  Zimbabwe) |
| Issuance | |
| Central bank | Reserve Bank of Zimbabwe |
| Valuation | |
| Inflation | 98% per day (mid-Nov 2008) or 1023 % per year |
| Source | |
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This infobox shows the latest status before this currency was rendered obsolete.
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| Date of redenomination |
Currency code |
Value |
|---|---|---|
| 1 August 2006 | ZWN | 1 000 ZWD |
| 1 August 2008 | ZWR | 1010 ZWN = 1013 ZWD |
| 2 February 2009 | ZWL | 1012 ZWR = 1022 ZWN = 1025 ZWD |
The Zimbabwean dollar (sign: $, or Z$ to distinguish it from other dollar-denominated currencies) was the official currency of Zimbabwe from 1980 to 12 April 2009. During this time it was subject to periods of above average inflation, followed by a period of hyperinflation.
The Zimbabwe dollar was introduced in 1980 to directly replace the Rhodesian dollar at par (1:1) and at a similar value to the US dollar. Hyperinflation in Zimbabwe reduced it to one of the lowest valued currency units in the world. It was redenominated three times (in 2006, 2008 and 2009), with denominations up to a $100 trillion banknote. The final redenomination produced the "fourth dollar" (ZWL), which was worth 1025 ZWD (first dollars).
Use of the Zimbabwean dollar as an official currency was effectively abandoned on 12 April 2009. The Zimbabwean dollar was demonetised in 2015, with outstanding accounts able to be reimbursed until April 30, 2016.
Currencies such as the South African rand, Botswana pula, Pound sterling, Indian rupee, Euro, Japanese yen, Australian dollar and the United States dollar are now used for all transactions in Zimbabwe. In December 2015, Zimbabwe added the Chinese yuan to its set of allowed currencies.
The Zimbabwean dollar's predecessor, the Rhodesian dollar, was essentially equal to half of Pound sterling when it was adopted during the decimalisation of 1970, the same practice which was used in other Commonwealth countries such as South Africa, Australia, and New Zealand. The selection of the name was motivated by the fact that the reduced value of the new unit correlated more closely to the value of the US dollar than it did to the pound sterling.
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