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Between 2 May and 17 June 2023, it depreciated by about 83%, from Z$1,070.42 to Z$6,351.50 against the US dollar, at the official exchange rate. [69] On 30 January 2024, it weakened past Z$10,000 per US dollar, [ 70 ] and on 22 March 2024, it dropped below Z$20,000 per US dollar. [ 71 ]
The Old Mutual Implied Rate (OMIR) is calculated by dividing the Zimbabwe Stock Exchange price of the Old Mutual share by the London Stock Exchange Price for the same share. The answer is the Old Mutual Implied Rate for the Pound. Then a cross rate calculation is done for the USD rate. 6,240,837.51 (OMIR for 21st) 5,787,585.19 (OMIR for 25th) [136]
As a result of inflation, on 27 September 2024, the RBZ devalued the ZiG by 42.55% against the US dollar. [39] In the month of September, 2024, consumer prices rose by 37.2% in ZiG terms, compared to just 0.7% in USD terms during the same period. This was compared to a 5.8% rise in ZiG prices over the course of the month before (August). [40]
The 500 and 1000 kwacha were both printed on polymer. Although the old 20 kwacha note was still in circulation until 2012, such is the rarity of this note that most major retailers rounded prices up to the nearest 50 kwacha when calculating a total. Most items in major supermarkets were displayed using 20 kwacha in the value (e.g., 1980 kwacha).
The plan was to have completed the switch to the US dollar by the end of September 2015. [3] In December 2015, Patrick Chinamasa , the Zimbabwe Minister of Finance, said they would make the Chinese yuan their main reserve currency and legal tender after China cancelled US$40 million in debts. [ 74 ]
A unique form of circulating specie is the fuel ration coupon, which has been issued in 2005, 2006, 2007 and 2008. Known denominations include 1, 5, 10, 20, 25, & 50 litres of petrol (gasoline), kerosene and/or diesel, and translate roughly into the local petrol price (about 1 UK pound sterling per litre or US$1.50 in late 2008). [88]
Alternatively the slash may be omitted, or replaced by either a dot or a dash. A widely traded currency pair is the relation of the euro against the US dollar, designated as EUR/USD. The quotation EUR/USD 1.2500 means that one euro is exchanged for 1.2500 US dollars. Here, EUR is the base currency and USD is the quote currency (counter currency).
For example, the purchasing power of the US dollar relative to that of the euro is the dollar price of a euro (dollars per euro) times the euro price of one unit of the market basket (euros/goods unit) divided by the dollar price of the market basket (dollars per goods unit), and hence is dimensionless. This is the exchange rate (expressed as ...