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The Zimbabwean dollar (sign: $, or Z$ to distinguish it from other dollar-denominated currencies) was the
name of four official currencies of Zimbabwe from 1980 to 12 April 2009. During this time, it was subject to
periods of extreme inflation, followed by a period of hyperinflation.[3]

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.[4] 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.[5][6] In place of the
Zimbabwean dollar, currencies including the South African rand, Botswana pula, pound sterling, Indian rupee,
euro, Japanese yen, Australian dollar, Chinese yuan, and the United States dollar were used.[7][8]

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),[9] 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 of 1970). A similar practice 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 to the pound sterling.[citation needed]

Design
The main illustration on the obverse of all of the banknotes was the Chiremba Balancing Rocks in Epworth,
Harare, which were used as a metaphor demonstrating the importance of balancing development and the
preservation of the fragile environment.[10] The reverse side of dollar notes often illustrated the culture or
landmarks of Zimbabwe.

History

This section needs to be updated. Please help update this article to reflect recent events or newly available
information. (February 2020)
Initial introduction (ZWD)
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 first Zimbabwean dollar was introduced in 1980 and replaced the Rhodesian dollar at par. The initial ISO
4217 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 = US$1.47, although this did not reflect the actual purchasing
power it held.

The value of the dollar began to erode significantly from August 1991 onwards: originally, this was because of
the Economic Structural Adjustment Programme (ESAP), a programme of economic liberalisation that
dismantled a planned "siege" economy from the UDI era. However, the ESAP caused widespread poverty and
unemployment, since many of the lost jobs depended on formerly-subsidised exports with reduced global
þÿdemand.[11][12]: 6 13 The widespread poverty and unemployment, combined with impromptu spending to
support veterans of the Rhodesian Bush War, resulted in a major currency crash on 14 November 1997.[13]

The currency's official and parallel rates continued to plummet in the context in falling incomes from exports,
the chaotic redistribution of land to inexperienced farmers, and Zimbabwe's involvement in the Second Congo
War. By July 2006, the parallel market value of the Zimbabwean dollar fell to one millionth of a pound sterling
(Z$1,000,000 = £1).[14]

First re-denomination (ZWN)

In October 2005, the current Governor of the Reserve Bank of Zimbabwe 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.[citation needed] 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).[citation needed] 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'.[15] 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) were not redeemed during this period.[16]

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,[17][18] and economists reported that "chaos had started to reign and people
in the public sector became frantic".[19] On 6 September 2007, the Zimbabwe dollar was devalued again by
92%,[20] creating an official exchange rate of ZW$30000 to US$1, although the black market exchange rate
was estimated to be ZW$600000 to US$1.[21]

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).[22]

Second re-denomination (ZWR)

The 100 trillion Zimbabwean dollar banknote (1014 dollars), equal to 1027 pre-2006 dollars.
On 30 July 2008, the dollar was redenominated and given a new currency code of ZWR.[23] After 1 August
2008, 10 billion ZWN were worth 1 ZWR.[23] Coins valued at Z$5, Z$10 and Z$25 and banknotes worth Z$5,
Z$10, Z$20, Z$100, and Z$500 were issued in ZWR.[24] 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.[25] This reflected the reality of the dollarisation of the economy, with many shop keepers refusing to
accept Zimbabwe dollars and requesting US dollars or South African rand instead.[26][27] 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,[28] these 100 trillion dollar notes
subsequently became popular with collectors.[29]

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.[30][31] New banknotes
were introduced with face values of Z$1, Z$5, Z$10, Z$20, Z$50, Z$100 and Z$500.[32] The banknotes of the
fourth dollar circulated alongside the third dollar, which remained legal tender until 30 June 2009.[33] The new
ISO currency code was ZWL.[failed verification][34]
Despite the introduction of the fourth dollar, the problems were not eliminated, and the economy continued to
be almost completely dollarised.[35] In his first budget, the Zimbabwe finance minister, Tendai Biti, stated "the
death of the Zimbabwe dollar is a reality we have to live with. Since October 2008 our national currency has
become moribund".[36] In late January 2009, acting Finance Minister Patrick Chinamasa announced that all
Zimbabweans would be allowed to conduct business with any currency, as a response to the hyperinflation
crisis.[37] On 12 April 2009, media outlets reported that economic planning minister Elton Mangoma had
announced the suspension of the local currency "for at least a year", effectively terminating the fourth
dollar.[38][39]

Withdrawal
Main article: Hyperinflation in Zimbabwe
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.[40][41]

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".[42][43] In 2008, the inflation rate
accelerated dramatically, from a rate in January of over 100,000%[44] to an estimated rate of over 1,000,000%
by May,[45][46] and nearly 250,000,000% in July.[47] As predicted by the quantity theory of money, this
hyperinflation was linked to the Reserve Bank of Zimbabwe's choice to increase the money supply.[citation
needed]

þÿMoney supply (2006 2008)

A Series 2008 bearer cheque for 100 million Zimbabwean dollars

The Reserve Bank of Zimbabwe responded to the dwindling value of the dollar by repeatedly arranging the
printing of further banknotes,[48][49][50][51][52] often at great expense from overseas suppliers.

A selection of Reserve Bank of Zimbabwe bearer cheques printed between July 2007 to July 2008 (now
expired) ranging between 10 and 100,000,000,000 Z$ that illustrate the hyperinflation rate in Zimbabwe.
On 1 March 2008 The Sunday Times reported that it had obtained documents showing that the Munich
þÿcompany Giesecke & Devrient (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.[53][54] By late 2008, inflation had risen so high that
automated teller machines for one major bank gave a "data overflow error" and stopped customers' attempts to
withdraw money with so many zeros.[55]

In June 2008, U.S. officials announced they would not take any action against G&D.[56] 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.[57]

Abandonment and demonetisation

The use of foreign currencies was legalised in January 2009, causing general consumer prices to stabilise again
after years of hyperinflation and price speculation.[58] 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, South African rand, Botswana
pula, pound sterling, Euro, Australian dollar, Chinese yuan (renminbi), Indian rupee, and Japanese yen would
all be accepted as legal currency within the country.[59]

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.[5][60]
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.[61][62] 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.[63]

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.[64]

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. 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 Z$5,000 and Z$10,000 coins in June 2005,[65] 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. 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

Main article: Banknotes of Zimbabwe
The banknotes of the Zimbabwean dollar were issued by the Reserve Bank of Zimbabwe from 1980 to 2009.
Up to 2003, regular banknotes were issued, but as hyperinflation 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:[66]

First dollar Second dollar Third dollar

Month/Year Exchange rate
1983 1
1997 10
2000 100
Jun 2002 1,000
Mar 2005 10,000
Jan 2006 100,000
Jul 2006 500,000+
Month Exchange rate
Aug 2006 650
Sep 2006 1,000
Dec 2006 3,000
Jan 2007 4,800
Feb 2007 7,500
Mar 2007 26,000
Apr 2007 35,000
May 2007 50,000
Jun 2007 400,000
Jul 2007 300,000
Aug 2007 200,000
Month Exchange rate
Sep 2007 600,000
Oct 2007 1,000,000
Nov 2007 1,500,000
þÿDec 2007 4,000,000
Jan 2008 6,000,000
þÿFeb 2008 ! 16,000,000
Mar 2008 70,000,000
Apr 2008 100,000,000
May 2008 777,500,000
Jun 2008 40,928,000,000
Jul 2008 758,530,000,000
Day Exchange rate
August 2008 1,780
September 2008 590,000
7 October 2008 2,300,000
14 October 2008 10,700,000
21 October 2008 1,220,000,000
28 October 2008 251,000,000,000
8 November 2008 669,000,000,000
þÿ Due to the December 2007 banknote shortage, funds transferred via Electronic Funds Transfer Systems
(EFTS) bore a premium rate of about $4 million, while the cash transaction rate varied around $2 million.
þÿ ! 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:

Month ZWR per USD

Sept 2008 1,000
Oct 2008 90,000
Nov 2008 1,200,000
Mid Dec 2008 60,000,000
End Dec 2008 2,000,000,000
Mid Jan 2009 1,000,000,000,000
2 February 2009 300,000,000,000,000
Initial period of devaluation

This section needs additional citations for verification. Please help improve this article by adding citations to
reliable sources in this section. Unsourced material may be challenged and removed.
þÿFind sources: "Zimbabwean dollar" news · newspapers · books · scholar · JSTOR (January 2018) (Learn how
and when to remove this template message)
The first dollar (ZWD) devalued from 0.6788 R$ to US$1 in 1978 to roughly half a million per US$ in 2006,
when the currency was revalued.

This table shows in more detail the historical value of one US dollar in Zimbabwean dollars:

Exchange rates of the first dollar (ZWD)

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 US$. By July 2008 the
exchange rate with US$ had reached (parallel rate) 500 billion to 1 US$, leading to a second redenomination.

More detailed data can be found in the table below:

Exchange rates of the second dollar (ZWN)

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[158] and Oanda[159] 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).[160] On 3 October 2008, the Reserve Bank of Zimbabwe temporarily suspended
the Real Time Gross Settlement (RTGS) system, halting electronic parallel market transfers,[161] but it was
reinstated on 13 November 2008.[162]

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:

Exchange rates of the third dollar (ZWR)

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.[30]
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.[191]

Exchange rates of the fourth dollar (ZWL)

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.[29] In 2022 various denominations were
sold on eBay at prices exceeding £100.[192]

See also
map Africa portal
icon Money portal
Numismatics portal
þÿArgentine peso another currency that hyperinflated multi-trillionfold since 1970
þÿHungarian pengQ a currency that dropped 29 zeroes in 1946
Zimbabwean bond notes/coins
Banknotes of Zimbabwe
Economy of Zimbabwe
Redenomination
Hyperinflation
Notes
þÿ Previously: ZWD (1980 2006), ZWN (2006 2008) and ZWR (2008 2009). For the fifth Zimbabwean dollar,
þÿwhich reuses the ZWL code see Zimbabwean dollar (2019 present).
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, Indian rupee and Japanese yen are
used as legal tender. The United States dollar has been adopted as the official currency for all government
transactions.
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