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The Zimbabwean dollar (
sign A sign is an Physical object, object, quality (philosophy), quality, event, or Non-physical entity, entity whose presence or occurrence indicates the probable presence or occurrence of something else. A natural sign bears a causal relation to ...
: $, or Z$ to distinguish it from other dollar-denominated currencies) was the name of four official currencies of
Zimbabwe Zimbabwe (), officially the Republic of Zimbabwe, is a landlocked country located in Southeast Africa, between the Zambezi and Limpopo Rivers, bordered by South Africa to the south, Botswana to the south-west, Zambia to the north, and Mozam ...
from 1980 to 12 April 2009. During this time, it was subject to periods of extreme
inflation In economics, inflation is an increase in the general price level of goods and services in an economy. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reductio ...
, followed by a period of
hyperinflation In economics, hyperinflation is a very high and typically accelerating inflation. It quickly erodes the real value of the local currency, as the prices of all goods increase. This causes people to minimize their holdings in that currency as t ...
. The Zimbabwean dollar was introduced in 1980 to directly replace the Rhodesian dollar (which had been introduced in 1970) at par (1:1), at a similar value to the US dollar. In the 20th century the dollar functioned as a normal currency, but in the early 21st century hyperinflation in Zimbabwe reduced the Zimbabwean dollar 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 issued. 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. It was demonetised in 2015, with outstanding accounts able to be reimbursed until 30 April 2016. In place of the Zimbabwean dollar, currencies including the
South African rand The South African rand, or simply the rand, (sign: R; code: ZAR) is the official currency of the Southern African Common Monetary Area: South Africa, Namibia (alongside the Namibian dollar), Lesotho (alongside the Lesotho loti) and Eswatini (al ...
, Botswana pula, pound sterling,
Indian rupee The Indian rupee (symbol: ₹; code: INR) is the official currency in the republic of India. The rupee is subdivided into 100 '' paise'' (singular: ''paisa''), though as of 2022, coins of denomination of 1 rupee are the lowest value in use wher ...
,
euro The euro (symbol: €; code: EUR) is the official currency of 19 out of the member states of the European Union (EU). This group of states is known as the eurozone or, officially, the euro area, and includes about 340 million citizens . ...
, Japanese yen,
Australian dollar The Australian dollar (sign: $; code: AUD) is the currency of Australia, including its external territories: Christmas Island, Cocos (Keeling) Islands, and Norfolk Island. It is officially used as currency by three independent Pacific Isla ...
,
Chinese yuan The renminbi (; symbol: ¥; ISO code: CNY; abbreviation: RMB) is the official currency of the People's Republic of China and one of the world's most traded currencies, ranking as the fifth most traded currency in the world as of April 2022 ...
, and the
United States dollar The United States dollar (symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the official ...
were used. On 24 June 2019, the Reserve Bank of Zimbabwe abolished the multiple-currency system and replaced it with a new Zimbabwe dollar (the
RTGS Dollar RTGS may refer to: *Real-time gross settlement Real-time gross settlement (RTGS) systems are specialist funds transfer systems where the transfer of money or securities takes place from one bank to any other bank on a "real-time" and on a " gross ...
), which was the only official currency in the country between June 2019 and March 2020, after which multiple foreign currencies were allowed again.


Origin

The Zimbabwean dollar's predecessor, the Rhodesian dollar, was essentially equal to half of the value of the pound sterling at the time of its adoption (during the
decimalisation Decimalisation or decimalization (see spelling differences) is the conversion of a system of currency or of weights and measures to units related by powers of 10. Most countries have decimalised their currencies, converting them from non-decimal ...
of 1970). A similar practice was used in other
Commonwealth A commonwealth is a traditional English term for a political community founded for the common good. Historically, it has been synonymous with " republic". The noun "commonwealth", meaning "public welfare, general good or advantage", dates from th ...
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 to the pound sterling.


Design

The main illustration on the obverse of all of the banknotes was the Chiremba Balancing Rocks in
Epworth Epworth originally referred to Epworth, Lincolnshire, a town in England that was the birthplace of John Wesley and Charles Wesley, early leaders of the Methodist religious movement. The town's name has since been used for other places and instituti ...
,
Harare Harare (; formerly Salisbury ) is the Capital city, capital and most populous city of Zimbabwe. The city proper has an area of 940 km2 (371 mi2) and a population of 2.12 million in the 2012 census and an estimated 3.12 million in its ...
, which were used as a metaphor demonstrating the importance of balancing development and the preservation of the fragile environment. The reverse side of dollar notes often illustrated the
culture Culture () is an umbrella term which encompasses the social behavior, institutions, and norms found in human societies, as well as the knowledge, beliefs, arts, laws, customs, capabilities, and habits of the individuals in these grou ...
or landmarks of Zimbabwe.


History


Initial introduction (ZWD)

The first Zimbabwean dollar was introduced in 1980 and replaced the Rhodesian dollar at par. The initial
ISO 4217 ISO 4217 is a standard published by the International Organization for Standardization (ISO) that defines alpha codes and numeric codes for the representation of currencies and provides information about the relationships between individual ...
code was ''ZWD''. At the time of its introduction, the Zimbabwean dollar was worth more than the US dollar in the official exchange market, with 1 ZWD = , although this did not reflect the actual purchasing power it held. As a result, in both the official and parallel markets, the currency's value eroded rapidly over the years, and by July 2006, the parallel market value of the Zimbabwean dollar fell to one millionth of a pound sterling (Z$1,000,000 = £1).


First re-denomination (ZWN)

In October 2005, the current Governor of the
Reserve Bank of Zimbabwe The Reserve Bank of Zimbabwe is the central bank of Zimbabwe and is headquartered in the capital city Harare. History The bank traces its history to the Reserve Bank of Rhodesia, founded on 22 May 1964, but which succeeded the Bank of Rhodesia ...
at the time, Dr. Gideon Gono, announced that Zimbabwe would have a new currency the following year, and new banknotes and coins would be produced. However, in June 2006, it was decreed that, for a new currency to be viable, Zimbabwe had to first achieve macro-economic stability. Instead, in August 2006, the first dollar was redenominated to the second dollar at the rate of 1000 first dollars to 1 second dollar (1000:1). At the same time, the currency was devalued against the US dollar, from 101000 first dollars (101 once revalued) to 250 second dollars, a decrease of about 60% (see exchange rate history table below). ISO originally assigned a new currency code of ''ZWN'' to this redenominated currency, but the Reserve Bank of Zimbabwe could not deal with a currency change, so the currency code remained 'ZWD'. The revaluation campaign, which Gideon Gono named "Operation Sunrise", was completed on 21 August 2006. It was estimated that some ten trillion old Zimbabwe dollars (22% of the
money supply In macroeconomics, the money supply (or money stock) refers to the total volume of currency held by the public at a particular point in time. There are several ways to define "money", but standard measures usually include Circulation (curren ...
) were not redeemed during this period. The following year, on 2 February 2007, the RBZ revealed that a new (third) dollar would be released. However, with inflation still exceeding 1000%, the banknotes were kept in storage. During the same month, the Reserve Bank of Zimbabwe declared inflation illegal, outlawing any raise in prices on certain commodities between 1 March and 30 June 2007. Officials arrested executives of some Zimbabwean companies for increasing prices on their products, and economists reported that "chaos had started to reign and people in the public sector became frantic". On 6 September 2007, the Zimbabwe dollar was devalued again by 92%, creating an official exchange rate of to , although the black market exchange rate was estimated to be to . As an official exchange rate became more unreliable, the WM/Reuters company introduced a notional exchange rate (ISO ZWN) which was based on Purchasing Power Parity utilising the dual listing of companies on the Harare (ZH) and London Stock exchanges (LN).


Second re-denomination (ZWR)

On 30 July 2008, the dollar was redenominated and given a new currency code of ''ZWR''. After 1 August 2008, 10 billion ZWN were worth 1 ZWR. Coins valued at , and and banknotes worth , , , , and were issued in ZWR. Due to frequent cash shortages and the apparently worthless Zimbabwean dollar, foreign currency was effectively legalised as a de facto currency on 13 September 2008 via a special program. This program officially allowed a number of retailers to accept foreign money. This reflected the reality of the
dollarisation Currency substitution is the use of a foreign currency in parallel to or instead of a domestic currency. The process is also known as dollarization or euroization when the foreign currency is the dollar or the euro, respectively. Currency subs ...
of the economy, with many shop keepers refusing to accept Zimbabwe dollars and requesting US dollars or South African rand instead. Despite redenomination, the RBZ was forced to print banknotes of ever higher values to keep up with surging inflation, with ten zeros reappearing by the end of 2008. While worthless at the time, these 100 trillion dollar notes subsequently became popular with collectors.


Third re-denomination (ZWL)

On 2 February 2009, the RBZ announced that a further 12 zeros were to be taken off the currency, with 1,000,000,000,000 third Zimbabwean dollars being exchanged for 1 new fourth dollar. New banknotes were introduced with face values of , , , , , and . The banknotes of the fourth dollar circulated alongside the third dollar, which remained
legal tender Legal tender is a form of money that courts of law are required to recognize as satisfactory payment for any monetary debt. Each jurisdiction determines what is legal tender, but essentially it is anything which when offered ("tendered") in pa ...
until 30 June 2009. The new ISO currency code was ZWL. Despite the introduction of the fourth dollar, the problems were not eliminated, and the economy continued to be almost completely
dollarised Currency substitution is the use of a foreign currency in parallel to or instead of a domestic currency. The process is also known as dollarization or euroization when the foreign currency is the dollar or the euro, respectively. Currency s ...
. In his first budget, the Zimbabwe finance minister,
Tendai Biti Tendai Laxton Biti (born 6 August 1966) is a Zimbabwean politician who served as Finance Minister of Zimbabwe from 2009 to 2013. He is the current Member of Parliament for Harare East Constituency and the second Vice President of Citizens Coa ...
, stated "the death of the Zimbabwe dollar is a reality we have to live with. Since October 2008 our national currency has become moribund". In late January 2009, acting Finance Minister
Patrick Chinamasa Patrick Antony Chinamasa (born 25 January 1947) is a Zimbabwean politician who served in the government of Zimbabwe as the minister of various cabinet ministries. Previously he served as the Minister of Finance and Investment Promotion and the ...
announced that all Zimbabweans would be allowed to conduct business with any currency, as a response to the hyperinflation crisis. On 12 April 2009, media outlets reported that economic planning minister
Elton Mangoma Elton Steers Mangoma is a Zimbabwean politician, and a former Minister of Economic Planning and Investment Promotion. Following the 2018 Zimbabwean General Election he is no longer a member of the House of Assembly. He currently serves as the pr ...
had announced the suspension of the local currency "for at least a year", effectively terminating the fourth dollar.


Withdrawal


Hyperinflation

All four issues of the Zimbabwean dollar experienced high rates of inflation, although it was not until the early 2000s that Zimbabwe started to experience totally unsustainable
hyperinflation In economics, hyperinflation is a very high and typically accelerating inflation. It quickly erodes the real value of the local currency, as the prices of all goods increase. This causes people to minimize their holdings in that currency as t ...
. On 13 July 2007, the Zimbabwean government said that it had temporarily stopped publishing (official) inflation figures, a move that observers said was meant to draw attention away from "runaway inflation which has come to symbolise the country's unprecedented economic meltdown". In 2008, the inflation rate accelerated dramatically, from a rate in January of over 100,000% to an estimated rate of over 1,000,000% by May, and nearly 250,000,000% in July. As predicted by the
quantity theory of money In monetary economics, the quantity theory of money (often abbreviated QTM) is one of the directions of Western economic thought that emerged in the 16th-17th centuries. The QTM states that the general price level of goods and services is directl ...
, this hyperinflation was linked to the Reserve Bank of Zimbabwe's choice to increase the money supply.


Money supply (2006–2008)

The
Reserve Bank of Zimbabwe The Reserve Bank of Zimbabwe is the central bank of Zimbabwe and is headquartered in the capital city Harare. History The bank traces its history to the Reserve Bank of Rhodesia, founded on 22 May 1964, but which succeeded the Bank of Rhodesia ...
responded to the dwindling value of the dollar by repeatedly arranging the printing of further banknotes, often at great expense from overseas suppliers. On 1 March 2008 ''The Sunday Times'' reported that it had obtained documents showing that the Munich company
Giesecke & Devrient Giesecke+Devrient, also known as (G+D), is a German company headquartered in Munich that provides banknote and securities printing, smart cards, and cash handling systems. History Founded in 1852 by Hermann Giesecke and Alphonse Devrient, the ...
(G&D) was receiving more than €500,000 (£381,562) a week for delivering bank notes to the value of Z$170 trillion a week. By late 2008, inflation had risen so high that
automated teller machine An automated teller machine (ATM) or cash machine (in British English) is an electronic telecommunications device that enables customers of financial institutions to perform financial transactions, such as cash withdrawals, deposits, f ...
s for one major bank gave a " data overflow error" and stopped customers' attempts to withdraw money with so many zeros. In June 2008, U.S. officials announced they would not take any action against G&D."U.S. won't punish Giesecke+Devrient over Zimbabwe aid," ''Los Angeles Times.'' 19 June 2008. It was reported that on 1 July 2008 the company's management board decided to cease delivering banknote paper to the Reserve Bank of Zimbabwe with immediate effect. The decision was in response to an "official request" from the German government and calls for international sanctions by the European Union and the United Nations.Ohlden, Anna
"Giesecke+Devrient Halts Deliveries to the Reserve Bank of Zimbabwe,"
PRNewswire. 1 July 2008.


Abandonment and demonetisation

The use of foreign currencies was legalised in January 2009, causing general consumer prices to stabilise again after years of
hyperinflation In economics, hyperinflation is a very high and typically accelerating inflation. It quickly erodes the real value of the local currency, as the prices of all goods increase. This causes people to minimize their holdings in that currency as t ...
and price speculation. The move led to a sharp drop in the usage of the Zimbabwean dollar, as hyperinflation rendered even the highest denominations worthless. The Zimbabwean dollar was effectively abandoned as an official currency on 12 April 2009, when the Economic Planning Minister Elton Mangoma confirmed the suspension of the national currency for at least a year. On 29 January 2014, the Zimbabwe central bank announced that the
US dollar The United States dollar (symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the official ...
,
South African rand The South African rand, or simply the rand, (sign: R; code: ZAR) is the official currency of the Southern African Common Monetary Area: South Africa, Namibia (alongside the Namibian dollar), Lesotho (alongside the Lesotho loti) and Eswatini (al ...
, Botswana pula, pound sterling,
Euro The euro (symbol: €; code: EUR) is the official currency of 19 out of the member states of the European Union (EU). This group of states is known as the eurozone or, officially, the euro area, and includes about 340 million citizens . ...
,
Australian dollar The Australian dollar (sign: $; code: AUD) is the currency of Australia, including its external territories: Christmas Island, Cocos (Keeling) Islands, and Norfolk Island. It is officially used as currency by three independent Pacific Isla ...
, Chinese yuan (renminbi),
Indian rupee The Indian rupee (symbol: ₹; code: INR) is the official currency in the republic of India. The rupee is subdivided into 100 '' paise'' (singular: ''paisa''), though as of 2022, coins of denomination of 1 rupee are the lowest value in use wher ...
, and Japanese yen would all be accepted as legal currency within the country. In June 2015, the Reserve Bank of Zimbabwe began to formally demonetise the Zimbabwean dollar, reducing its value steadily to zero in order to complete a switch to the US dollar by the end of September 2015. The Zimbabwean government stated that it would credit 5 US dollars to domestic bank accounts with balances of up to 175 quadrillion Zimbabwean dollars, and that it would exchange Zimbabwean dollars for US dollars at a rate of US$1 to 35 quadrillion Zimbabwean dollars to accounts with balances above 175 quadrillion Zimbabwean dollars. This move was meant to stabilise the economy and establish a credible nominal anchor under low inflation conditions. The exercise brought closure to the outstanding issue on the Zimbabwe dollar, further confirming the government's position that the local unit will not return anytime soon. The Government has maintained that the return of the Zimbabwe dollar will only be considered when key economic fundamentals, such as productivity in key sectors, have been achieved. Similar to the Iraqi dinar scam, some promoters claim that a future "revalue" (RV) event will cause Zimbabwe dollar notes to regain some nonzero fraction of their original value.


Coins

In 1980, coins were introduced in denominations of 1, 5, 10, 20, 50 cents, and 1 dollar. The 1 cent coin was struck in bronze, with the others struck in
cupro-nickel Cupronickel or copper-nickel (CuNi) is an alloy of copper that contains nickel and strengthening elements, such as iron and manganese. The copper content typically varies from 60 to 90 percent. ( Monel is a nickel-copper alloy that contains a ...
. In 1989, bronze-plated steel replaced bronze. A 2-dollar coin was introduced in 1997. In 2001, nickel-plated steel replaced cupro-nickel in the 10, 20 and 50 cents and 1 dollar coins, and a bimetallic 5-dollar coin was introduced. The Reserve Bank of Zimbabwe announced plans for new and coins in June 2005, although these were never actually struck. In its 2014 mid-term monetary policy statement, the Reserve Bank of Zimbabwe (RBZ) said it would import special coins, known as Zimbabwean bond coins, to ease a shortage of change in the economy. Like the original 1980 coins, these special coins would be denominated in 1, 5, 10, 20, and 50 cents, but would have values at par with US cents. There would also be South African rand coins of 10, 20, 50 cents, 1, 2, 5 rands. The RBZ's statement did not specify when or where these coins would be imported from, but a later report on 26 November 2014 clarified that over $40 million worth of these coins were expected to be delivered within the next week from
Pretoria Pretoria () is South Africa's administrative capital, serving as the seat of the executive branch of government, and as the host to all foreign embassies to South Africa. Pretoria straddles the Apies River and extends eastward into the foot ...
. On 18 December 2014, the 1, 5, 10, and 25 US cent denominations were released into circulation. The 50 US cent denomination followed in March 2015. A 1 dollar bond coin was released in November 2016.


Banknotes and cheques

The banknotes of the Zimbabwean dollar were issued by the
Reserve Bank of Zimbabwe The Reserve Bank of Zimbabwe is the central bank of Zimbabwe and is headquartered in the capital city Harare. History The bank traces its history to the Reserve Bank of Rhodesia, founded on 22 May 1964, but which succeeded the Bank of Rhodesia ...
from 1980 to 2009. Up to 2003, regular banknotes were issued, but as
hyperinflation In economics, hyperinflation is a very high and typically accelerating inflation. It quickly erodes the real value of the local currency, as the prices of all goods increase. This causes people to minimize their holdings in that currency as t ...
developed from 2003, the Reserve Bank issued short-lived emergency traveller's cheques.


Exchange rate history

This table shows a condensed history of the foreign exchange rate of the Zimbabwean Dollars to one US Dollar: † Due to the December 2007 banknote shortage, funds transferred via Electronic Funds Transfer Systems (EFTS) bore a premium rate of about , while the cash transaction rate varied around .
‡ Exchange rate was 20,000,000 for large amounts. The third dollar rates above are OMIR. The cash rate differs significantly to the above rates. The table below is the cash rate of the third dollar history:


Initial period of devaluation

The first dollar (ZWD) devalued from 0.6788 R$ to in 1978 to roughly half a million per US$ in 2006, when the currency was revalued. This table shows in more detail the historical value of one US dollar in Zimbabwean dollars:


Second period of devaluation

In the first redenomination of 1 August 2006, 1000 ZWD were exchanged for 1 second dollar (ZWN). The second dollar started off with an official rate of 250 and a parallel rate of 550 to the . By July 2008 the exchange rate with US$ had reached (parallel rate) 500 billion to 1 , leading to a second redenomination. More detailed data can be found in the table below:


Market data restoration

In the final months before Zimbabwe's central bank reforms of 30 April 2008, virtually all popular currency conversion resources relied upon the official rate of 30,000 ZWD to US$1 for published figures, in spite of the vast differences between that and free market rates. By 23 May 2008,
Bloomberg Bloomberg may refer to: People * Daniel J. Bloomberg (1905–1984), audio engineer * Georgina Bloomberg (born 1983), professional equestrian * Michael Bloomberg (born 1942), American businessman and founder of Bloomberg L.P.; politician and ...
and Oanda began publishing floating rates based on Zimbabwe's formally regulated domestic bank market, while Yahoo Finance started using the updated official rate in July, albeit with a decimal point shift of 6 places. Those reported rates generally reflected the Official Rate as shown in the above table. They soon began to differ, in overvaluation of the Zimbabwean dollar, increasingly substantially in comparison to less regulated markets such as offshore markets or paper cash freely traded on the streets of Harare, reflected above as Parallel Rates.


Third period of devaluation

On 1 August 2008, a second redenomination was conducted, in which 10,000,000,000 2nd dollars (ZWN) became 1 3rd dollar (ZWR). On 3 October 2008, the
Reserve Bank of Zimbabwe The Reserve Bank of Zimbabwe is the central bank of Zimbabwe and is headquartered in the capital city Harare. History The bank traces its history to the Reserve Bank of Rhodesia, founded on 22 May 1964, but which succeeded the Bank of Rhodesia ...
temporarily suspended the
Real Time Gross Settlement Real-time gross settlement (RTGS) systems are specialist funds transfer systems where the transfer of money or securities takes place from one bank to any other bank on a "real-time" and on a " gross" basis. Settlement in "real time" means a paym ...
(RTGS) system, halting electronic parallel market transfers, but it was reinstated on 13 November 2008. After being introduced on 1 August 2008, the third dollar continued to devalue. An overview of the exchange rate data can be found in the table below:


Final period of devaluation

On 2 February 2009, a third redenomination took place, in which the RBZ removed 12 zeros from the currency, with 1,000,000,000,000 (third, ZWR) Zimbabwe dollars being exchanged for 1 new (fourth, ZWL) dollar. Therefore, the fourth dollar (ZWL) is equivalent to 10,000,000,000,000,000,000,000,000, or 1×1025 or 10 septillion first dollars (ZWD) (or 1 trillion third dollars). Although the dollar was abandoned on 12 April 2009, exchange rates were maintained at intervals for some months. On 4 June 2015, it was announced that the Reserve Bank of Zimbabwe would exchange some of the old banknotes for US dollars.


Value as collectable

Shortly after the Zimbabwean dollar was discontinued, they were purchased as curiosities, or in quantity as novelty gifts, for example to financial advisers' clients to show why they should invest in diverse assets instead of cash, which loses its value over the long term. Later they were purchased as an investment, to sell to collectors, for a very much better rate of return than most investments. In 2022 various denominations were sold on
eBay eBay Inc. ( ) is an American multinational e-commerce company based in San Jose, California, that facilitates consumer-to-consumer and business-to-consumer sales through its website. eBay was founded by Pierre Omidyar in 1995 and became ...
at prices exceeding £100.


See also

*
Argentine peso The peso (established as the ''peso convertible'') is the currency of Argentina, identified by the symbol $ preceding the amount in the same way as many countries using peso or dollar currencies. It is subdivided into 100 ''centavos''. Its ISO 4 ...
- another currency that hyperinflated multi-trillionfold since 1970 *
Hungarian pengő The pengő (; sometimes written as ''pengo'' or ''pengoe'' in English) was the currency of Hungary between 1 January 1927, when it replaced the korona, and 31 July 1946, when it was replaced by the forint. The pengő was subdivided into 100 fillà ...
- a currency that dropped 29 zeroes in 1946 *
Zimbabwean bond notes Zimbabwean bond notes are a form of banknote in circulation in Zimbabwe. Released by the Reserve Bank of Zimbabwe, the notes were stated to not be a currency in itself but rather legal tender near money pegged equally against the U.S. dollar. In ...
/
coins A coin is a small, flat (usually depending on the country or value), round piece of metal or plastic used primarily as a medium of exchange or legal tender. They are standardized in weight, and produced in large quantities at a mint in order to ...
* Banknotes of Zimbabwe *
Economy of Zimbabwe The economy of Zimbabwe mainly relies on the tertiary sector of the economy, also known as the service sector of the economy, which makes up to 60% of total GDP as of 2017. Zimbabwe has the second biggest Informal economy in the world as a perc ...
*
Redenomination In monetary economics, redenomination is the process of changing the face value of banknotes and coins in circulation. It may be done because inflation has made the currency unit so small that only large denominations of the currency are in cir ...
*
Hyperinflation In economics, hyperinflation is a very high and typically accelerating inflation. It quickly erodes the real value of the local currency, as the prices of all goods increase. This causes people to minimize their holdings in that currency as t ...


Notes


References


Further reading

* *


External links


Historical banknotes from Zimbabwe
{{DEFAULTSORT:Zimbabwean Dollar Currencies of Africa Currencies of the Commonwealth of Nations Currencies introduced in 1980 Currencies of Zimbabwe Dollar Modern obsolete currencies 1980 establishments in Zimbabwe 2009 disestablishments in Zimbabwe