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Zimbabwean dollar

Encyclopedia : Z : ZI : ZIM : Zimbabwean dollar

The Zimbabwean dollar (currency code ZWD) is the currency of Zimbabwe since 1980. It is normally abbreviated with the dollar sign $, or alternatively Z$ to distinguish it from other dollar-denominated currencies. It is divided into 100 cents.

The Zimbabwean dollar replaced the Rhodesian dollar at par, which in turn had been adopted in 1970 as a decimalisation replacement of the Rhodesian pound at a rate of 2 Rhodesian dollars to 1 Rhodesian pound (R$ 0.71 = US$ 1.00). At the time of independence in 1980, one Zimbabwean dollar was still worth more than the US dollar (ZWD 0.68 = USD 1.00).

Contents

Inflation

Zimbabwean inflation rates since Independence
Date Rate Date Rate Date Rate Date Rate Date Rate Date Rate
1980 7% 1981 14% 1982 15% 1983 19% 1984 10% 1985 10%
1986 15% 1987 10% 1988 8% 1989 14% 1990 17% 1991 48%
1992 40% 1993 20% 1994 25% 1995 28% 1996 16% 1997 20%
1998 48% 1999 58% 2000 56% 2001 132% 2002 139% 2003 385%
2004 624% 2005 586% 2006 1185%
Rampant inflation and the collapse of the economy have severely devalued the currency, with many organisations using the US dollar instead.

Early in the 21st century Zimbabwe started to experience hyperinflation. Inflation reached 624% in early 2004, then fell back to low triple digits before surging to a new high of 1,193.5% in May 2006, then declining slightly to 1,184.6% in June 2006. [link] Some analysts predicted an inflation rate of 2000% for the end of that year.

Money Supply

On 16 February 2006, the governor of the Reserve Bank of Zimbabwe, Dr Gideon Gono, announced that the government had printed ZWD 21 trillion in order to buy foreign currency to pay off IMF arrears.[link]

In early May 2006, Zimbabwe's government announced that they would produce another 60 trillion Zimbabwean dollars. [link]

The additional currency was required to finance the recent 300% increase in salaries for soldiers and policemen and 200% for other civil servants. The money was not budgeted for the current fiscal year, and the government did not say where it would come from. On May 29, Reserve Bank officials told IRIN that plans to print about Zim$60 trillion (about US$592.9 million at official rates) were briefly delayed after the government failed to secure foreign currency to buy ink and special paper for printing money.

Exchange rate history

This table shows a condensed history of the foreign exchange rate:
Year 1983 1997 2000 2002 (Jun) 2005 (Mar) 2006 (Jan) 2006 (July)
ZWD per 1 USD 1 10 100 1,000 10,000 100,000 500,000+

This table shows in more detail the historical value of one U.S. dollar in Zimbabwean dollars:
Date Official Rate Free / Parallel Rate
1978 R
Date Official Rate Free / Parallel Rate
1978 R
Date Official Rate Free / Parallel Rate
1978 R
Date Official Rate Free / Parallel Rate
1978 R
Date Official Rate Free / Parallel Rate
1978 R
Date Official Rate Free / Parallel Rate
1978 R
Date Official Rate Free / Parallel Rate
1978 R
Date Official Rate Free / Parallel Rate
1978 R.6788 (Apr) n/a
1978 (Apr) Note 1 R$ pegged to US$
1980 R.68 (Mar) n/a
1980 (Mar) Note 2 R$ tied to basket of FFR, DEM, ZAR, CHF, GBP, USD
1980 (Apr) Note 3 Independence (1 Z$ = 1 R$)
1982 0.8925 to 0.9140 (Dec) -
1982 Note 4 ZWD devalued by 16.5%
1983 0.96135 (Jan) up to 3.18 (July)
1983 (Jan) to 1983 (Jun) Note 5 ZWD devalued by 5%
1983 (July) Note 6 Parallel rate highly variable - premium up to 231%
1983 (Aug) to 1993 (Dec) Note 7 Flexible basket; dual rates; 20% tax on outgoing payments
1994 6.82 (Jan) 8.36 (Oct)
1994 Note 8 Floating official rate (July 1) ; dual rates; ZWD devalued by 17%
1994 (July 2) to 1999 (Mar 30) Note 9 floating official rate; dual rates; rates unified 1998 (Dec)
1995 8.26 (Jan) 8.85 (Oct)
1996 9.13 (Jan) 10.52 (Oct)
1997 10.50 (Jan) 12.00 (Jan); 25.00 (Nov)
1998 18.00 (Jan) 16.65 (Jun); 19.00 (Jul); 23.50; rates unified 1998 (Dec)
1999 36.23 (Jan) 38.30 (Sep)
1999 Note 10 On 1999 March 31, the Official Exchange Rate was pegged at ZWD 38 per USD; By 1999 (Dec) the parallel market had re-emerged.
2000 38 (Jan) 56 to 62 (Jul); 65 to 70 (Aug.)
2000 Note 11 In Aug 2000, the Official Exchange Rate was pegged at ZWD 50 , then ZWD 51 and finally at ZWD 55 per USD; Parallel black market rates were at a large premium; In Nov. foreign exchange bureaux were closed.
2001 55 70 (Jan); 80 (Feb); 100 (Mar); 120 (Apr); 140 (May); 160 (Jun); 250 (Jul); 300 (Aug); 400 (Sep); 300 (Oct); 320 (Nov); 340 (Dec)
2001 Note 12 In June, the official rate became a crawling peg rate.
2002 Note 13 In 2002 the parallel black market for foreign exchange mushroomed.
2002 55 380 (Jan) to 710 (Jun), 1400 (Jul) to 1740 (Oct) to 1400 (Dec)
2003 Note 14 In February 2003, the Official Exchange Rate was re-pegged at ZWD 824 per US $
2003 55 (Jan); 824 (Feb) 1400 (Jan); 1450 (Feb); 2300 (May); 3000 (Jul); 6000 (Aug); 6400 (Oct); 6000 (Nov)
2004 Note 15 In January 2004, semi-weekly (RBZ-controlled) currency auctions were set up to determine the official rate.
2004 824 (Jan 1); 4196 (Jan 12) to 5730 (Dec) 5500 (Jan 1) to 6000 (Dec)
2005 5,730 (January); 6,200 (March); 9,000 (May); 10,800 (July 18); 17,600 (July 25); 24,500 (August 25); 26,003 (September); 26,003 (October) 6,400 (January); 14,000 (March); 20,000 (May); 25,000 (July 18); 45,000 (July 25); 45,000 (August 25); 75,000 (September); 80,000 to 100,000 (October)
2005 Note 16 In November 2005, the regular currency auctions were discontinued and the RBZ announced that "market factors" would control the exchange rate.
2005 60,000 (Nov); 84,588 (Dec 30) 90,000 (Nov); 96,000 (Dec 30)
2006 85,158 (Jan 3); 99,202 (Jan 24) 100,000 (Jan 6); 106,050 (Jan 19); 115,000 (Jan 20)
2006 (Jan) Note 17 Economists predict an unofficial rate of nearly ZWD 250,000 to the US dollar by mid-2006.
2006 (01.25) Note 18 RBZ caps daily varience of official exchange rate based on volume traded. The ZWD is able to fluctuate (from its average rate) in a daily band of: 0 % (under USD 5 million); 1 % (USD 5 to 10 million); 1.5 % (USD 10 to 15 million); or 2 % (exceeds USD 15 million). This effectively froze the official exchange rate.
2006 99,202 (Jan 25); 101,195.54 (Apr 28) [(click for details)] 125,000 to 150,000 (Jan 25); 165,000 (Jan 31); 175,000 to 190,000 (Feb 24); 220,000 (Feb 28); 205,000 (Mar 03); 220,000 to 230,000 (April 13); 300,000 to 310,000 (May 25); 315,000 (June 09); 340,000 to 350,000 (June 16); 400,000 (June 21); 450,000 (July 01); 520,000 (July 09)[link]
.6788 (Apr) 		n/a
1978 (Apr) Note 1 R$ pegged to US$
1980 R.68 (Mar) n/a
1980 (Mar) Note 2 R$ tied to basket of FFR, DEM, ZAR, CHF, GBP, USD
1980 (Apr) Note 3 Independence (1 Z$ = 1 R$)
1982 0.8925 to 0.9140 (Dec) -
1982 Note 4 ZWD devalued by 16.5%
1983 0.96135 (Jan) up to 3.18 (July)
1983 (Jan) to 1983 (Jun) Note 5 ZWD devalued by 5%
1983 (July) Note 6 Parallel rate highly variable - premium up to 231%
1983 (Aug) to 1993 (Dec) Note 7 Flexible basket; dual rates; 20% tax on outgoing payments
1994 6.82 (Jan) 8.36 (Oct)
1994 Note 8 Floating official rate (July 1) ; dual rates; ZWD devalued by 17%
1994 (July 2) to 1999 (Mar 30) Note 9 floating official rate; dual rates; rates unified 1998 (Dec)
1995 8.26 (Jan) 8.85 (Oct)
1996 9.13 (Jan) 10.52 (Oct)
1997 10.50 (Jan) 12.00 (Jan); 25.00 (Nov)
1998 18.00 (Jan) 16.65 (Jun); 19.00 (Jul); 23.50; rates unified 1998 (Dec)
1999 36.23 (Jan) 38.30 (Sep)
1999 Note 10 On 1999 March 31, the Official Exchange Rate was pegged at ZWD 38 per USD; By 1999 (Dec) the parallel market had re-emerged.
2000 38 (Jan) 56 to 62 (Jul); 65 to 70 (Aug.)
2000 Note 11 In Aug 2000, the Official Exchange Rate was pegged at ZWD 50 , then ZWD 51 and finally at ZWD 55 per USD; Parallel black market rates were at a large premium; In Nov. foreign exchange bureaux were closed.
2001 55 70 (Jan); 80 (Feb); 100 (Mar); 120 (Apr); 140 (May); 160 (Jun); 250 (Jul); 300 (Aug); 400 (Sep); 300 (Oct); 320 (Nov); 340 (Dec)
2001 Note 12 In June, the official rate became a crawling peg rate.
2002 Note 13 In 2002 the parallel black market for foreign exchange mushroomed.
2002 55 380 (Jan) to 710 (Jun), 1400 (Jul) to 1740 (Oct) to 1400 (Dec)
2003 Note 14 In February 2003, the Official Exchange Rate was re-pegged at ZWD 824 per US $
2003 55 (Jan); 824 (Feb) 1400 (Jan); 1450 (Feb); 2300 (May); 3000 (Jul); 6000 (Aug); 6400 (Oct); 6000 (Nov)
2004 Note 15 In January 2004, semi-weekly (RBZ-controlled) currency auctions were set up to determine the official rate.
2004 824 (Jan 1); 4196 (Jan 12) to 5730 (Dec) 5500 (Jan 1) to 6000 (Dec)
2005 5,730 (January); 6,200 (March); 9,000 (May); 10,800 (July 18); 17,600 (July 25); 24,500 (August 25); 26,003 (September); 26,003 (October) 6,400 (January); 14,000 (March); 20,000 (May); 25,000 (July 18); 45,000 (July 25); 45,000 (August 25); 75,000 (September); 80,000 to 100,000 (October)
2005 Note 16 In November 2005, the regular currency auctions were discontinued and the RBZ announced that "market factors" would control the exchange rate.
2005 60,000 (Nov); 84,588 (Dec 30) 90,000 (Nov); 96,000 (Dec 30)
2006 85,158 (Jan 3); 99,202 (Jan 24) 100,000 (Jan 6); 106,050 (Jan 19); 115,000 (Jan 20)
2006 (Jan) Note 17 Economists predict an unofficial rate of nearly ZWD 250,000 to the US dollar by mid-2006.
2006 (01.25) Note 18 RBZ caps daily varience of official exchange rate based on volume traded. The ZWD is able to fluctuate (from its average rate) in a daily band of: 0 % (under USD 5 million); 1 % (USD 5 to 10 million); 1.5 % (USD 10 to 15 million); or 2 % (exceeds USD 15 million). This effectively froze the official exchange rate.
2006 99,202 (Jan 25); 101,195.54 (Apr 28) [(click for details)] 125,000 to 150,000 (Jan 25); 165,000 (Jan 31); 175,000 to 190,000 (Feb 24); 220,000 (Feb 28); 205,000 (Mar 03); 220,000 to 230,000 (April 13); 300,000 to 310,000 (May 25); 315,000 (June 09); 340,000 to 350,000 (June 16); 400,000 (June 21); 450,000 (July 01); 520,000 (July 09)[link]
.6788 (Apr) 		n/a
1978 (Apr) Note 1 R$ pegged to US$
1980 R.68 (Mar) n/a
1980 (Mar) Note 2 R$ tied to basket of FFR, DEM, ZAR, CHF, GBP, USD
1980 (Apr) Note 3 Independence (1 Z$ = 1 R$)
1982 0.8925 to 0.9140 (Dec) -
1982 Note 4 ZWD devalued by 16.5%
1983 0.96135 (Jan) up to 3.18 (July)
1983 (Jan) to 1983 (Jun) Note 5 ZWD devalued by 5%
1983 (July) Note 6 Parallel rate highly variable - premium up to 231%
1983 (Aug) to 1993 (Dec) Note 7 Flexible basket; dual rates; 20% tax on outgoing payments
1994 6.82 (Jan) 8.36 (Oct)
1994 Note 8 Floating official rate (July 1) ; dual rates; ZWD devalued by 17%
1994 (July 2) to 1999 (Mar 30) Note 9 floating official rate; dual rates; rates unified 1998 (Dec)
1995 8.26 (Jan) 8.85 (Oct)
1996 9.13 (Jan) 10.52 (Oct)
1997 10.50 (Jan) 12.00 (Jan); 25.00 (Nov)
1998 18.00 (Jan) 16.65 (Jun); 19.00 (Jul); 23.50; rates unified 1998 (Dec)
1999 36.23 (Jan) 38.30 (Sep)
1999 Note 10 On 1999 March 31, the Official Exchange Rate was pegged at ZWD 38 per USD; By 1999 (Dec) the parallel market had re-emerged.
2000 38 (Jan) 56 to 62 (Jul); 65 to 70 (Aug.)
2000 Note 11 In Aug 2000, the Official Exchange Rate was pegged at ZWD 50 , then ZWD 51 and finally at ZWD 55 per USD; Parallel black market rates were at a large premium; In Nov. foreign exchange bureaux were closed.
2001 55 70 (Jan); 80 (Feb); 100 (Mar); 120 (Apr); 140 (May); 160 (Jun); 250 (Jul); 300 (Aug); 400 (Sep); 300 (Oct); 320 (Nov); 340 (Dec)
2001 Note 12 In June, the official rate became a crawling peg rate.
2002 Note 13 In 2002 the parallel black market for foreign exchange mushroomed.
2002 55 380 (Jan) to 710 (Jun), 1400 (Jul) to 1740 (Oct) to 1400 (Dec)
2003 Note 14 In February 2003, the Official Exchange Rate was re-pegged at ZWD 824 per US $
2003 55 (Jan); 824 (Feb) 1400 (Jan); 1450 (Feb); 2300 (May); 3000 (Jul); 6000 (Aug); 6400 (Oct); 6000 (Nov)
2004 Note 15 In January 2004, semi-weekly (RBZ-controlled) currency auctions were set up to determine the official rate.
2004 824 (Jan 1); 4196 (Jan 12) to 5730 (Dec) 5500 (Jan 1) to 6000 (Dec)
2005 5,730 (January); 6,200 (March); 9,000 (May); 10,800 (July 18); 17,600 (July 25); 24,500 (August 25); 26,003 (September); 26,003 (October) 6,400 (January); 14,000 (March); 20,000 (May); 25,000 (July 18); 45,000 (July 25); 45,000 (August 25); 75,000 (September); 80,000 to 100,000 (October)
2005 Note 16 In November 2005, the regular currency auctions were discontinued and the RBZ announced that "market factors" would control the exchange rate.
2005 60,000 (Nov); 84,588 (Dec 30) 90,000 (Nov); 96,000 (Dec 30)
2006 85,158 (Jan 3); 99,202 (Jan 24) 100,000 (Jan 6); 106,050 (Jan 19); 115,000 (Jan 20)
2006 (Jan) Note 17 Economists predict an unofficial rate of nearly ZWD 250,000 to the US dollar by mid-2006.
2006 (01.25) Note 18 RBZ caps daily varience of official exchange rate based on volume traded. The ZWD is able to fluctuate (from its average rate) in a daily band of: 0 % (under USD 5 million); 1 % (USD 5 to 10 million); 1.5 % (USD 10 to 15 million); or 2 % (exceeds USD 15 million). This effectively froze the official exchange rate.
2006 99,202 (Jan 25); 101,195.54 (Apr 28) [(click for details)] 125,000 to 150,000 (Jan 25); 165,000 (Jan 31); 175,000 to 190,000 (Feb 24); 220,000 (Feb 28); 205,000 (Mar 03); 220,000 to 230,000 (April 13); 300,000 to 310,000 (May 25); 315,000 (June 09); 340,000 to 350,000 (June 16); 400,000 (June 21); 450,000 (July 01); 520,000 (July 09)[link]
.6788 (Apr) 		n/a
1978 (Apr) Note 1 R$ pegged to US$
1980 R.68 (Mar) n/a
1980 (Mar) Note 2 R$ tied to basket of FFR, DEM, ZAR, CHF, GBP, USD
1980 (Apr) Note 3 Independence (1 Z$ = 1 R$)
1982 0.8925 to 0.9140 (Dec) -
1982 Note 4 ZWD devalued by 16.5%
1983 0.96135 (Jan) up to 3.18 (July)
1983 (Jan) to 1983 (Jun) Note 5 ZWD devalued by 5%
1983 (July) Note 6 Parallel rate highly variable - premium up to 231%
1983 (Aug) to 1993 (Dec) Note 7 Flexible basket; dual rates; 20% tax on outgoing payments
1994 6.82 (Jan) 8.36 (Oct)
1994 Note 8 Floating official rate (July 1) ; dual rates; ZWD devalued by 17%
1994 (July 2) to 1999 (Mar 30) Note 9 floating official rate; dual rates; rates unified 1998 (Dec)
1995 8.26 (Jan) 8.85 (Oct)
1996 9.13 (Jan) 10.52 (Oct)
1997 10.50 (Jan) 12.00 (Jan); 25.00 (Nov)
1998 18.00 (Jan) 16.65 (Jun); 19.00 (Jul); 23.50; rates unified 1998 (Dec)
1999 36.23 (Jan) 38.30 (Sep)
1999 Note 10 On 1999 March 31, the Official Exchange Rate was pegged at ZWD 38 per USD; By 1999 (Dec) the parallel market had re-emerged.
2000 38 (Jan) 56 to 62 (Jul); 65 to 70 (Aug.)
2000 Note 11 In Aug 2000, the Official Exchange Rate was pegged at ZWD 50 , then ZWD 51 and finally at ZWD 55 per USD; Parallel black market rates were at a large premium; In Nov. foreign exchange bureaux were closed.
2001 55 70 (Jan); 80 (Feb); 100 (Mar); 120 (Apr); 140 (May); 160 (Jun); 250 (Jul); 300 (Aug); 400 (Sep); 300 (Oct); 320 (Nov); 340 (Dec)
2001 Note 12 In June, the official rate became a crawling peg rate.
2002 Note 13 In 2002 the parallel black market for foreign exchange mushroomed.
2002 55 380 (Jan) to 710 (Jun), 1400 (Jul) to 1740 (Oct) to 1400 (Dec)
2003 Note 14 In February 2003, the Official Exchange Rate was re-pegged at ZWD 824 per US $
2003 55 (Jan); 824 (Feb) 1400 (Jan); 1450 (Feb); 2300 (May); 3000 (Jul); 6000 (Aug); 6400 (Oct); 6000 (Nov)
2004 Note 15 In January 2004, semi-weekly (RBZ-controlled) currency auctions were set up to determine the official rate.
2004 824 (Jan 1); 4196 (Jan 12) to 5730 (Dec) 5500 (Jan 1) to 6000 (Dec)
2005 5,730 (January); 6,200 (March); 9,000 (May); 10,800 (July 18); 17,600 (July 25); 24,500 (August 25); 26,003 (September); 26,003 (October) 6,400 (January); 14,000 (March); 20,000 (May); 25,000 (July 18); 45,000 (July 25); 45,000 (August 25); 75,000 (September); 80,000 to 100,000 (October)
2005 Note 16 In November 2005, the regular currency auctions were discontinued and the RBZ announced that "market factors" would control the exchange rate.
2005 60,000 (Nov); 84,588 (Dec 30) 90,000 (Nov); 96,000 (Dec 30)
2006 85,158 (Jan 3); 99,202 (Jan 24) 100,000 (Jan 6); 106,050 (Jan 19); 115,000 (Jan 20)
2006 (Jan) Note 17 Economists predict an unofficial rate of nearly ZWD 250,000 to the US dollar by mid-2006.
2006 (01.25) Note 18 RBZ caps daily varience of official exchange rate based on volume traded. The ZWD is able to fluctuate (from its average rate) in a daily band of: 0 % (under USD 5 million); 1 % (USD 5 to 10 million); 1.5 % (USD 10 to 15 million); or 2 % (exceeds USD 15 million). This effectively froze the official exchange rate.
2006 99,202 (Jan 25); 101,195.54 (Apr 28) [(click for details)] 125,000 to 150,000 (Jan 25); 165,000 (Jan 31); 175,000 to 190,000 (Feb 24); 220,000 (Feb 28); 205,000 (Mar 03); 220,000 to 230,000 (April 13); 300,000 to 310,000 (May 25); 315,000 (June 09); 340,000 to 350,000 (June 16); 400,000 (June 21); 450,000 (July 01); 520,000 (July 09)[link]
.6788 (Apr) 		n/a
1978 (Apr) Note 1 R$ pegged to US$
1980 R.68 (Mar) n/a
1980 (Mar) Note 2 R$ tied to basket of FFR, DEM, ZAR, CHF, GBP, USD
1980 (Apr) Note 3 Independence (1 Z$ = 1 R$)
1982 0.8925 to 0.9140 (Dec) -
1982 Note 4 ZWD devalued by 16.5%
1983 0.96135 (Jan) up to 3.18 (July)
1983 (Jan) to 1983 (Jun) Note 5 ZWD devalued by 5%
1983 (July) Note 6 Parallel rate highly variable - premium up to 231%
1983 (Aug) to 1993 (Dec) Note 7 Flexible basket; dual rates; 20% tax on outgoing payments
1994 6.82 (Jan) 8.36 (Oct)
1994 Note 8 Floating official rate (July 1) ; dual rates; ZWD devalued by 17%
1994 (July 2) to 1999 (Mar 30) Note 9 floating official rate; dual rates; rates unified 1998 (Dec)
1995 8.26 (Jan) 8.85 (Oct)
1996 9.13 (Jan) 10.52 (Oct)
1997 10.50 (Jan) 12.00 (Jan); 25.00 (Nov)
1998 18.00 (Jan) 16.65 (Jun); 19.00 (Jul); 23.50; rates unified 1998 (Dec)
1999 36.23 (Jan) 38.30 (Sep)
1999 Note 10 On 1999 March 31, the Official Exchange Rate was pegged at ZWD 38 per USD; By 1999 (Dec) the parallel market had re-emerged.
2000 38 (Jan) 56 to 62 (Jul); 65 to 70 (Aug.)
2000 Note 11 In Aug 2000, the Official Exchange Rate was pegged at ZWD 50 , then ZWD 51 and finally at ZWD 55 per USD; Parallel black market rates were at a large premium; In Nov. foreign exchange bureaux were closed.
2001 55 70 (Jan); 80 (Feb); 100 (Mar); 120 (Apr); 140 (May); 160 (Jun); 250 (Jul); 300 (Aug); 400 (Sep); 300 (Oct); 320 (Nov); 340 (Dec)
2001 Note 12 In June, the official rate became a crawling peg rate.
2002 Note 13 In 2002 the parallel black market for foreign exchange mushroomed.
2002 55 380 (Jan) to 710 (Jun), 1400 (Jul) to 1740 (Oct) to 1400 (Dec)
2003 Note 14 In February 2003, the Official Exchange Rate was re-pegged at ZWD 824 per US $
2003 55 (Jan); 824 (Feb) 1400 (Jan); 1450 (Feb); 2300 (May); 3000 (Jul); 6000 (Aug); 6400 (Oct); 6000 (Nov)
2004 Note 15 In January 2004, semi-weekly (RBZ-controlled) currency auctions were set up to determine the official rate.
2004 824 (Jan 1); 4196 (Jan 12) to 5730 (Dec) 5500 (Jan 1) to 6000 (Dec)
2005 5,730 (January); 6,200 (March); 9,000 (May); 10,800 (July 18); 17,600 (July 25); 24,500 (August 25); 26,003 (September); 26,003 (October) 6,400 (January); 14,000 (March); 20,000 (May); 25,000 (July 18); 45,000 (July 25); 45,000 (August 25); 75,000 (September); 80,000 to 100,000 (October)
2005 Note 16 In November 2005, the regular currency auctions were discontinued and the RBZ announced that "market factors" would control the exchange rate.
2005 60,000 (Nov); 84,588 (Dec 30) 90,000 (Nov); 96,000 (Dec 30)
2006 85,158 (Jan 3); 99,202 (Jan 24) 100,000 (Jan 6); 106,050 (Jan 19); 115,000 (Jan 20)
2006 (Jan) Note 17 Economists predict an unofficial rate of nearly ZWD 250,000 to the US dollar by mid-2006.
2006 (01.25) Note 18 RBZ caps daily varience of official exchange rate based on volume traded. The ZWD is able to fluctuate (from its average rate) in a daily band of: 0 % (under USD 5 million); 1 % (USD 5 to 10 million); 1.5 % (USD 10 to 15 million); or 2 % (exceeds USD 15 million). This effectively froze the official exchange rate.
2006 99,202 (Jan 25); 101,195.54 (Apr 28) [(click for details)] 125,000 to 150,000 (Jan 25); 165,000 (Jan 31); 175,000 to 190,000 (Feb 24); 220,000 (Feb 28); 205,000 (Mar 03); 220,000 to 230,000 (April 13); 300,000 to 310,000 (May 25); 315,000 (June 09); 340,000 to 350,000 (June 16); 400,000 (June 21); 450,000 (July 01); 520,000 (July 09)[link]
.6788 (Apr) 		n/a
1978 (Apr) Note 1 R$ pegged to US$
1980 R.68 (Mar) n/a
1980 (Mar) Note 2 R$ tied to basket of FFR, DEM, ZAR, CHF, GBP, USD
1980 (Apr) Note 3 Independence (1 Z$ = 1 R$)
1982 0.8925 to 0.9140 (Dec) -
1982 Note 4 ZWD devalued by 16.5%
1983 0.96135 (Jan) up to 3.18 (July)
1983 (Jan) to 1983 (Jun) Note 5 ZWD devalued by 5%
1983 (July) Note 6 Parallel rate highly variable - premium up to 231%
1983 (Aug) to 1993 (Dec) Note 7 Flexible basket; dual rates; 20% tax on outgoing payments
1994 6.82 (Jan) 8.36 (Oct)
1994 Note 8 Floating official rate (July 1) ; dual rates; ZWD devalued by 17%
1994 (July 2) to 1999 (Mar 30) Note 9 floating official rate; dual rates; rates unified 1998 (Dec)
1995 8.26 (Jan) 8.85 (Oct)
1996 9.13 (Jan) 10.52 (Oct)
1997 10.50 (Jan) 12.00 (Jan); 25.00 (Nov)
1998 18.00 (Jan) 16.65 (Jun); 19.00 (Jul); 23.50; rates unified 1998 (Dec)
1999 36.23 (Jan) 38.30 (Sep)
1999 Note 10 On 1999 March 31, the Official Exchange Rate was pegged at ZWD 38 per USD; By 1999 (Dec) the parallel market had re-emerged.
2000 38 (Jan) 56 to 62 (Jul); 65 to 70 (Aug.)
2000 Note 11 In Aug 2000, the Official Exchange Rate was pegged at ZWD 50 , then ZWD 51 and finally at ZWD 55 per USD; Parallel black market rates were at a large premium; In Nov. foreign exchange bureaux were closed.
2001 55 70 (Jan); 80 (Feb); 100 (Mar); 120 (Apr); 140 (May); 160 (Jun); 250 (Jul); 300 (Aug); 400 (Sep); 300 (Oct); 320 (Nov); 340 (Dec)
2001 Note 12 In June, the official rate became a crawling peg rate.
2002 Note 13 In 2002 the parallel black market for foreign exchange mushroomed.
2002 55 380 (Jan) to 710 (Jun), 1400 (Jul) to 1740 (Oct) to 1400 (Dec)
2003 Note 14 In February 2003, the Official Exchange Rate was re-pegged at ZWD 824 per US $
2003 55 (Jan); 824 (Feb) 1400 (Jan); 1450 (Feb); 2300 (May); 3000 (Jul); 6000 (Aug); 6400 (Oct); 6000 (Nov)
2004 Note 15 In January 2004, semi-weekly (RBZ-controlled) currency auctions were set up to determine the official rate.
2004 824 (Jan 1); 4196 (Jan 12) to 5730 (Dec) 5500 (Jan 1) to 6000 (Dec)
2005 5,730 (January); 6,200 (March); 9,000 (May); 10,800 (July 18); 17,600 (July 25); 24,500 (August 25); 26,003 (September); 26,003 (October) 6,400 (January); 14,000 (March); 20,000 (May); 25,000 (July 18); 45,000 (July 25); 45,000 (August 25); 75,000 (September); 80,000 to 100,000 (October)
2005 Note 16 In November 2005, the regular currency auctions were discontinued and the RBZ announced that "market factors" would control the exchange rate.
2005 60,000 (Nov); 84,588 (Dec 30) 90,000 (Nov); 96,000 (Dec 30)
2006 85,158 (Jan 3); 99,202 (Jan 24) 100,000 (Jan 6); 106,050 (Jan 19); 115,000 (Jan 20)
2006 (Jan) Note 17 Economists predict an unofficial rate of nearly ZWD 250,000 to the US dollar by mid-2006.
2006 (01.25) Note 18 RBZ caps daily varience of official exchange rate based on volume traded. The ZWD is able to fluctuate (from its average rate) in a daily band of: 0 % (under USD 5 million); 1 % (USD 5 to 10 million); 1.5 % (USD 10 to 15 million); or 2 % (exceeds USD 15 million). This effectively froze the official exchange rate.
2006 99,202 (Jan 25); 101,195.54 (Apr 28) [(click for details)] 125,000 to 150,000 (Jan 25); 165,000 (Jan 31); 175,000 to 190,000 (Feb 24); 220,000 (Feb 28); 205,000 (Mar 03); 220,000 to 230,000 (April 13); 300,000 to 310,000 (May 25); 315,000 (June 09); 340,000 to 350,000 (June 16); 400,000 (June 21); 450,000 (July 01); 520,000 (July 09)[link]
.6788 (Apr) 		n/a
1978 (Apr) Note 1 R$ pegged to US$
1980 R.68 (Mar) n/a
1980 (Mar) Note 2 R$ tied to basket of FFR, DEM, ZAR, CHF, GBP, USD
1980 (Apr) Note 3 Independence (1 Z$ = 1 R$)
1982 0.8925 to 0.9140 (Dec) -
1982 Note 4 ZWD devalued by 16.5%
1983 0.96135 (Jan) up to 3.18 (July)
1983 (Jan) to 1983 (Jun) Note 5 ZWD devalued by 5%
1983 (July) Note 6 Parallel rate highly variable - premium up to 231%
1983 (Aug) to 1993 (Dec) Note 7 Flexible basket; dual rates; 20% tax on outgoing payments
1994 6.82 (Jan) 8.36 (Oct)
1994 Note 8 Floating official rate (July 1) ; dual rates; ZWD devalued by 17%
1994 (July 2) to 1999 (Mar 30) Note 9 floating official rate; dual rates; rates unified 1998 (Dec)
1995 8.26 (Jan) 8.85 (Oct)
1996 9.13 (Jan) 10.52 (Oct)
1997 10.50 (Jan) 12.00 (Jan); 25.00 (Nov)
1998 18.00 (Jan) 16.65 (Jun); 19.00 (Jul); 23.50; rates unified 1998 (Dec)
1999 36.23 (Jan) 38.30 (Sep)
1999 Note 10 On 1999 March 31, the Official Exchange Rate was pegged at ZWD 38 per USD; By 1999 (Dec) the parallel market had re-emerged.
2000 38 (Jan) 56 to 62 (Jul); 65 to 70 (Aug.)
2000 Note 11 In Aug 2000, the Official Exchange Rate was pegged at ZWD 50 , then ZWD 51 and finally at ZWD 55 per USD; Parallel black market rates were at a large premium; In Nov. foreign exchange bureaux were closed.
2001 55 70 (Jan); 80 (Feb); 100 (Mar); 120 (Apr); 140 (May); 160 (Jun); 250 (Jul); 300 (Aug); 400 (Sep); 300 (Oct); 320 (Nov); 340 (Dec)
2001 Note 12 In June, the official rate became a crawling peg rate.
2002 Note 13 In 2002 the parallel black market for foreign exchange mushroomed.
2002 55 380 (Jan) to 710 (Jun), 1400 (Jul) to 1740 (Oct) to 1400 (Dec)
2003 Note 14 In February 2003, the Official Exchange Rate was re-pegged at ZWD 824 per US $
2003 55 (Jan); 824 (Feb) 1400 (Jan); 1450 (Feb); 2300 (May); 3000 (Jul); 6000 (Aug); 6400 (Oct); 6000 (Nov)
2004 Note 15 In January 2004, semi-weekly (RBZ-controlled) currency auctions were set up to determine the official rate.
2004 824 (Jan 1); 4196 (Jan 12) to 5730 (Dec) 5500 (Jan 1) to 6000 (Dec)
2005 5,730 (January); 6,200 (March); 9,000 (May); 10,800 (July 18); 17,600 (July 25); 24,500 (August 25); 26,003 (September); 26,003 (October) 6,400 (January); 14,000 (March); 20,000 (May); 25,000 (July 18); 45,000 (July 25); 45,000 (August 25); 75,000 (September); 80,000 to 100,000 (October)
2005 Note 16 In November 2005, the regular currency auctions were discontinued and the RBZ announced that "market factors" would control the exchange rate.
2005 60,000 (Nov); 84,588 (Dec 30) 90,000 (Nov); 96,000 (Dec 30)
2006 85,158 (Jan 3); 99,202 (Jan 24) 100,000 (Jan 6); 106,050 (Jan 19); 115,000 (Jan 20)
2006 (Jan) Note 17 Economists predict an unofficial rate of nearly ZWD 250,000 to the US dollar by mid-2006.
2006 (01.25) Note 18 RBZ caps daily varience of official exchange rate based on volume traded. The ZWD is able to fluctuate (from its average rate) in a daily band of: 0 % (under USD 5 million); 1 % (USD 5 to 10 million); 1.5 % (USD 10 to 15 million); or 2 % (exceeds USD 15 million). This effectively froze the official exchange rate.
2006 99,202 (Jan 25); 101,195.54 (Apr 28) [(click for details)] 125,000 to 150,000 (Jan 25); 165,000 (Jan 31); 175,000 to 190,000 (Feb 24); 220,000 (Feb 28); 205,000 (Mar 03); 220,000 to 230,000 (April 13); 300,000 to 310,000 (May 25); 315,000 (June 09); 340,000 to 350,000 (June 16); 400,000 (June 21); 450,000 (July 01); 520,000 (July 09)[link]
.6788 (Apr) 		n/a
1978 (Apr) Note 1 R$ pegged to US$
1980 R.68 (Mar) n/a
1980 (Mar) Note 2 R$ tied to basket of FFR, DEM, ZAR, CHF, GBP, USD
1980 (Apr) Note 3 Independence (1 Z$ = 1 R$)
1982 0.8925 to 0.9140 (Dec) -
1982 Note 4 ZWD devalued by 16.5%
1983 0.96135 (Jan) up to 3.18 (July)
1983 (Jan) to 1983 (Jun) Note 5 ZWD devalued by 5%
1983 (July) Note 6 Parallel rate highly variable - premium up to 231%
1983 (Aug) to 1993 (Dec) Note 7 Flexible basket; dual rates; 20% tax on outgoing payments
1994 6.82 (Jan) 8.36 (Oct)
1994 Note 8 Floating official rate (July 1) ; dual rates; ZWD devalued by 17%
1994 (July 2) to 1999 (Mar 30) Note 9 floating official rate; dual rates; rates unified 1998 (Dec)
1995 8.26 (Jan) 8.85 (Oct)
1996 9.13 (Jan) 10.52 (Oct)
1997 10.50 (Jan) 12.00 (Jan); 25.00 (Nov)
1998 18.00 (Jan) 16.65 (Jun); 19.00 (Jul); 23.50; rates unified 1998 (Dec)
1999 36.23 (Jan) 38.30 (Sep)
1999 Note 10 On 1999 March 31, the Official Exchange Rate was pegged at ZWD 38 per USD; By 1999 (Dec) the parallel market had re-emerged.
2000 38 (Jan) 56 to 62 (Jul); 65 to 70 (Aug.)
2000 Note 11 In Aug 2000, the Official Exchange Rate was pegged at ZWD 50 , then ZWD 51 and finally at ZWD 55 per USD; Parallel black market rates were at a large premium; In Nov. foreign exchange bureaux were closed.
2001 55 70 (Jan); 80 (Feb); 100 (Mar); 120 (Apr); 140 (May); 160 (Jun); 250 (Jul); 300 (Aug); 400 (Sep); 300 (Oct); 320 (Nov); 340 (Dec)
2001 Note 12 In June, the official rate became a crawling peg rate.
2002 Note 13 In 2002 the parallel black market for foreign exchange mushroomed.
2002 55 380 (Jan) to 710 (Jun), 1400 (Jul) to 1740 (Oct) to 1400 (Dec)
2003 Note 14 In February 2003, the Official Exchange Rate was re-pegged at ZWD 824 per US $
2003 55 (Jan); 824 (Feb) 1400 (Jan); 1450 (Feb); 2300 (May); 3000 (Jul); 6000 (Aug); 6400 (Oct); 6000 (Nov)
2004 Note 15 In January 2004, semi-weekly (RBZ-controlled) currency auctions were set up to determine the official rate.
2004 824 (Jan 1); 4196 (Jan 12) to 5730 (Dec) 5500 (Jan 1) to 6000 (Dec)
2005 5,730 (January); 6,200 (March); 9,000 (May); 10,800 (July 18); 17,600 (July 25); 24,500 (August 25); 26,003 (September); 26,003 (October) 6,400 (January); 14,000 (March); 20,000 (May); 25,000 (July 18); 45,000 (July 25); 45,000 (August 25); 75,000 (September); 80,000 to 100,000 (October)
2005 Note 16 In November 2005, the regular currency auctions were discontinued and the RBZ announced that "market factors" would control the exchange rate.
2005 60,000 (Nov); 84,588 (Dec 30) 90,000 (Nov); 96,000 (Dec 30)
2006 85,158 (Jan 3); 99,202 (Jan 24) 100,000 (Jan 6); 106,050 (Jan 19); 115,000 (Jan 20)
2006 (Jan) Note 17 Economists predict an unofficial rate of nearly ZWD 250,000 to the US dollar by mid-2006.
2006 (01.25) Note 18 RBZ caps daily varience of official exchange rate based on volume traded. The ZWD is able to fluctuate (from its average rate) in a daily band of: 0 % (under USD 5 million); 1 % (USD 5 to 10 million); 1.5 % (USD 10 to 15 million); or 2 % (exceeds USD 15 million). This effectively froze the official exchange rate.
2006 99,202 (Jan 25); 101,195.54 (Apr 28) [(click for details)] 125,000 to 150,000 (Jan 25); 165,000 (Jan 31); 175,000 to 190,000 (Feb 24); 220,000 (Feb 28); 205,000 (Mar 03); 220,000 to 230,000 (April 13); 300,000 to 310,000 (May 25); 315,000 (June 09); 340,000 to 350,000 (June 16); 400,000 (June 21); 450,000 (July 01); 520,000 (July 09)[link]

Coins, Banknotes, Travellers Cheques and Bearer Cheques

Proposed new currency

In late October 2005, the head of the Reserve Bank of Zimbabwe, Dr. Gideon Gono, announced that "Zimbabwe will have a new currency next year." New banknotes and coins will replace the current Zimbabwean dollar, but Gono did not give a name for this new currency. Many international observers believe the goal of a new currency was merely a campaign strategy, and will be impossible to implement due to large scale shortages of ink and banknote paper in the country. Gono stated that the new currency was conditional on inflation coming down to double digits, and barring a sudden lurch from hyperinflation to an extraordinary level of deflation, it is now a mathematical impossibility for this to occur in 2006.

Zimbabwe will only introduce a new currency, initially planned for later this year (2006), once it brings down inflation to double digit figures, Deputy Finance Minister David Chapfika said in June 2006. Chapfika told parliament in remarks broadcast on state television that the troubled country had to first achieve macro-economic stability before the new currency was introduced. "That means inflation will have to come down first," he said.

See also

References

External links


Currencies of Africa
North

Algerian dinar > Euro (Plaza de soberanía) | Egyptian pound | Libyan dinar | Mauritanian ouguiya | Moroccan dirham | Sudanese dinar | Tunisian dinar
Central

Angolan kwanza > Burundian franc | Central African CFA franc (Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea, and Gabon) | Congolese franc | Rwandan franc
West

Cape Verdean escudo > Euro (Azores, Canary Islands, Madeira) | Gambian dalasi | Ghanaian cedi | Guinean franc | Liberian dollar | Nigerian naira | São Tomé and Príncipe dobra | Sierra Leonean leone | West African CFA franc (Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo)
East

Comorian franc > Djiboutian franc | Eritrean nakfa | Ethiopian birr | Kenyan shilling | Seychelles rupee | Somali shilling | Somaliland shilling | Tanzanian shilling | Ugandan shilling
South

Botswana pula > Euro (Mayotte, Réunion) | Lesotho loti | Malawian kwacha | Malagasy ariary | Mauritian rupee | Mozambican metical | Namibian dollar | Norwegian krone (Bouvet Island de jure) | Saint Helena pound | South African rand | Swazi lilangeni | Zambian kwacha | Zimbabwean dollar
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