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Zimbabwean Dollar (2019–2024)
The Zimbabwean dollar (currency sign, sign: Z$; ISO 4217, code: ZWL), also known as the Zimdollar or Real Time Gross Settlement (RTGS) dollar, was the currency of Zimbabwe from February 2019 to April 2024. It was the only legally permitted currency for trade in Zimbabwe from June 2019 to March 2020, after which foreign currencies were legalised again. Due to the sharp depreciation of the Zimdollar, beginning almost immediately after its introduction, where possible, most transactions were being done in hard currencies, such as the U.S. dollar, despite their illegality until March 2020. On 5 April 2024, it was announced that the Zimdollar would be replaced by the new Zimbabwean ZiG, Zimbabwe Gold (ZiG), a Gold standard, gold-backed currency, starting on 8 April. On 31 August 2024, the Zimbabwean dollar (ZWL) was officially retired. History Background On 29 January 2009, the Zimbabwean government legalised the Currency substitution, use of foreign currencies, such as the United ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Zimbabwe Gold
The Zimbabwe Gold (ZiG; code: ZWG) is the official currency of Zimbabwe since 8 April 2024, backed by US$629 million worth of hard assets: foreign currencies, gold, and other precious metals. It replaced the Zimbabwean dollar, which suffered from rapid depreciation, with the official exchange rate surpassing 30,000 Zimbabwean dollars per U.S. dollar on 5 April 2024, whilst the parallel market rate reached 40,000 per U.S. dollar. Prior to the introduction of the ZiG, annual inflation in Zimbabwe hit 55.3% in March 2024. The ZiG is notionally divided into 100 cents, which were first used by the Zimbabwe Stock Exchange before the currency had an ISO code. Cents were officially recognized by the Reserve Bank of Zimbabwe when a currency code for the Zimbabwe Gold was introduced in June 2024. However, the smallest coin is a 1 ZiG. Although the rate of devaluation of the ZiG may vary, the ZiG has consistently lost value since its introduction, and its long-term prospects are dim so ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
South African Rand
The South African rand, or simply the rand, (currency sign, sign: R; ISO 4217, code: ZAR) is the official currency of South Africa. It is subdivided into 100 Cent (currency), cents (sign: "c"), and a comma separates the rand and cents. The South African rand is legal tender in the Common Monetary Area member states of Namibia, Lesotho, and Eswatini, with these three countries also having national currencies: (the Namibian dollar, dollar, the Lesotho loti, loti and the Swazi lilangeni, lilangeni respectively) pegged with the rand at parity and still widely accepted as substitutes. The rand was also legal tender in Botswana until 1976 when the Botswana pula, pula replaced the rand at par. The rand is legal tender in Zimbabwe as part of its multiple currency system, which also includes other currencies such as the euro, the pound sterling, the US dollar, and the Zimbabwean ZiG. Etymology The rand takes its name from the Witwatersrand ("white waters' ridge" in English, being t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
COVID-19 Pandemic In Zimbabwe
The COVID-19 pandemic in Zimbabwe is part of the worldwide pandemic of coronavirus disease 2019 () caused by severe acute respiratory syndrome coronavirus 2 ().The COVID-19 pandemic was confirmed to have reached Zimbabwe in March 2020. Some of Zimbabwe's provinces, especially Manicaland, Masvingo and Mashonaland East, also struggled with a malaria outbreak at the same time. Though malaria is treatable, the healthcare system faces drug shortages and increased strain with the spread of COVID-19. Background On 12 January 2020, the World Health Organization (WHO) confirmed that a novel coronavirus was the cause of a respiratory illness in a cluster of people in Wuhan City, Hubei Province, China, which was reported to the WHO on 31 December 2019. The case fatality ratio for COVID-19 has been much lower than SARS of 2003, but the transmission has been significantly greater, with a significant total death toll. Model-based simulations for Zimbabwe indicate that the 95% conf ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hard Currencies
In macroeconomics, hard currency, safe-haven currency, or strong currency is any globally traded currency that serves as a reliable and stable store of value. Factors contributing to a currency's ''hard'' status might include the stability and reliability of the respective state's legal and bureaucratic institutions, level of corruption, long-term stability of its purchasing power, the associated country's political and fiscal condition and outlook, and the policy posture of the issuing central bank. Safe haven currency is defined as a currency which behaves like a hedge for a reference portfolio of risky assets conditional on movements in global risk aversion. Conversely, a weak or soft currency is one which is expected to fluctuate erratically or depreciate against other currencies. Softness is typically the result of weak legal institutions and/or political or fiscal instability. Junk currency is even less trusted than soft currency, and has a very low currency value. Soft an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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 to avoid settlement risk. Settlement in "real time" means a payment transaction is not subjected to any waiting period, with transactions being settled as soon as they are processed. "Gross settlement" means the transaction is settled on a one-to-one basis, without bundling or netting with any other transaction. "Settlement" means that once processed, payments are final and irrevocable. History As of 1985, three central banks implemented RTGS systems, while by the end of 2005, RTGS systems had been implemented by 90 central banks. The first system that had the attributes of an RTGS system was the US Fedwire system which was launched in 1970. This was based on a previous method of transferring funds electronically between US federal reserve banks via telegraph. The United ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John Mangudya
John Panonetsa Mangudya (born 5 October 1963) is a former governor of the Reserve Bank of Zimbabwe. He was appointed in March 2014 by the then Zimbabwean president, Robert Mugabe, and began his tenure as governor on 1 May that year. His second 5 year term ended on 28 March 2024. He succeeded Gideon Gono as the governor of Zimbabwe's central bank and became the nation's 6th substantial exchequer. Early life and education Mangudya was born in the Mutambara area of Melsetter (now Chimanimani), in Manicaland Southern Rhodesia, the youngest of twelve children. Mangudya’s educational journey was marked by resilience and determination. His early schooling was disrupted by the Zimbabwean liberation war, prompting him to pursue his studies through correspondence courses at night with the Zimbabwe Distance College. Despite these challenges, he completed his A-levels and later earned a scholarship to the University of Zimbabwe, where he obtained a degree in accounting and economics. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fixed Exchange Rate System
A fixed exchange rate, often called a pegged exchange rate, is a type of exchange rate regime in which a currency's value is fixed or pegged by a monetary authority against the value of another currency, a basket of other currencies, or another measure of value, such as gold or silver. There are benefits and risks to using a fixed exchange rate system. A fixed exchange rate is typically used to stabilize the exchange rate of a currency by directly fixing its value in a predetermined ratio to a different, more stable, or more internationally prevalent currency (or currencies) to which the currency is pegged. In doing so, the exchange rate between the currency and its peg does not change based on market conditions, unlike in a floating (flexible) exchange regime. This makes trade and investments between the two currency areas easier and more predictable and is especially useful for small economies that borrow primarily in foreign currency and in which external trade forms a large ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Parallel Exchange Rate
In finance, an exchange rate is the rate at which one currency will be exchanged for another currency. Currencies are most commonly national currencies, but may be sub-national as in the case of Hong Kong or supra-national as in the case of the euro. The exchange rate is also regarded as the value of one country's currency in relation to another currency. For example, an interbank exchange rate of 141 Japanese yen to the United States dollar means that ¥141 will be exchanged for or that will be exchanged for ¥141. In this case it is said that the price of a dollar in relation to yen is ¥141, or equivalently that the price of a yen in relation to dollars is $1/141. Each country determines the exchange rate regime that will apply to its currency. For example, a currency may be floating, pegged (fixed), or a hybrid. Governments can impose certain limits and controls on exchange rates. Countries can also have a strong or weak currency. There is no agreement in the econo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
African Export-Import Bank
African or Africans may refer to: * Anything from or pertaining to the continent of Africa: ** People who are native to Africa, descendants of natives of Africa, or individuals who trace their ancestry to indigenous inhabitants of Africa *** List of ethnic groups of Africa *** Demographics of Africa *** African diaspora ** African, an adjective referring to something of, from, or related to the African Union ** Citizenship of the African Union ** Demographics of the African Union **Africanfuturism ** African art ** *** African jazz (other) ** African cuisine ** African culture ** African languages ** African music ** African Union ** African lion, a lion population in Africa Books and radio * ''The African'' (essay), a story by French author J. M. G. Le Clézio * ''The African'' (Conton novel), a novel by William Farquhar Conton * ''The African'' (Courlander novel), a novel by Harold Courlander * ''The Africans'' (radio program) Music * "African", a song by Peter ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Zimbabwean Bond Notes
Zimbabwean bond notes were 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 2014, prior to the release of bond notes, a series of bond coins entered circulation. History In November 2016, backed by a loan from the African Export-Import Bank, the Reserve Bank of Zimbabwe began issuing $2 bond notes. Two months later, worth of new five-dollar bond notes were also released. Further plans for and bond notes were ruled out by the Reserve Bank's governor John Mangudya. However, in 2020, $10 bond and $20 were introduced. In 2022, the $50 and $100 bond notes were introduced. The notes were not generally accepted by the Zimbabwean people, so the government tried expanding the electronic money supply and issuing Treasury bills instead. The bond notes were still in circulation in 2018, although former Finance ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Zimbabwean Bond Coins
The Reserve Bank of Zimbabwe began to release Zimbabwean bond coins on 18 December 2014. The coins were supported by a US$50 million facility extended to the Reserve Bank of Zimbabwe by Afreximbank (the African Export–Import Bank). To date coins worth US$15 million have been struck out of the total $50 million available. The coins were first issued in denominations of 1, 5, 10, and 25 cents and are pegged to the corresponding values in U.S. dollars. A 50 cents bond coin was released in March 2015. The coins were issued to remedy a lack of small change resulting from the absence of a solid seigniorage contract with the U.S., South Africa or any of several other countries whose currencies, including the U.S. dollar and the euro, are being used in the multi-currency system that arose in 2009, when Zimbabwe abandoned the Zimbabwean dollar in response to several cycles of hyperinflation. The Zimbabwean economy being too frail and small to pay the interest which would come with ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Liquidity Crisis
In financial economics, a liquidity crisis is an acute shortage of ''liquidity''. Liquidity may refer to market liquidity (the ease with which an asset can be converted into a liquid medium, e.g. cash), funding liquidity (the ease with which borrowers can obtain external funding), or accounting liquidity (the health of an institution's balance sheet measured in terms of its cash-like assets). Additionally, some economists define a market to be liquid if it can absorb "liquidity trades" (sale of securities by investors to meet sudden needs for cash) without large changes in price. This shortage of liquidity could reflect a fall in asset prices below their long run fundamental price, deterioration in external financing conditions, reduction in the number of market participants, or simply difficulty in trading assets. The above-mentioned forces mutually reinforce each other during a liquidity crisis. Market participants in need of cash find it hard to locate potential trading partners ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
