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Therefore, the fourth dollar (ZWL) is equivalent to 10,000,000,000,000,000,000,000,000, or 1×10 25 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 29 January 2009, the Zimbabwean government legalised the use of foreign currencies, such as the United States dollar and the South African rand.In response, Zimbabweans quickly abandoned the old Zimbabwean dollar, which was collapsing from what was at the time the second-highest ever rate of hyperinflation in the world (after the Hungarian pengő in 1946).
On 2 February 2009, the Reserve Bank introduced banknotes of the fourth dollar, equal to one trillion (1 000 000 000 000 or 10 12) third dollars: the banknotes of the third dollar were supposed to lose legal tender status by 1 July 2009, but the power-sharing government of Prime Minister Morgan Tsvangirai instead suspended the Zimbabwean dollar ...
Originally established at $2.50 ZiG to one USD, the ZiG began trading on April 8 at an exchange rate of 13.56 ZiG to one USD. [22] Since its launch, the proportion of transactions conducted in USD has declined from 85% to 70%. [20] The government and the central bank expect the use of ZiG to increase in the country gradually.
The US dollar, the euro, and the South African rand were candidates; the US dollar had the most credibility and was the most widely traded within Zimbabwe. [68] Zimbabwe could have joined the nearby nations of Lesotho , Namibia , South Africa , and Eswatini , which constitute the Common Monetary Area , or "Rand Zone" [ 10 ] by formally deciding ...
Despite the notes being notionally pegged to the US dollar, their value, like the former Zimbabwean dollar, is collapsing, with everyday transactions using a rate of $3 bond notes to 1 United States dollar in January 2019 and over $90 bond notes to US$1 as of November 2020. [11] As of August 2022, the conversion rate is $361.9 bond notes to US$1.
In August 2006 the RBZ revalued the Zimbabwean Dollar by 1000 ZWD to 1 (revalued) dollar. At the same time Zimbabwe devalued the Zim Dollar by 60% against the USD. New official exchange rate revalued ZWD 250 per USD. The parallel market rate was about revalued ZWD 1,200 to 1,500 per USD (28 September 2006). [81]
Ratio: 250 ZWL = 1 USD Note: 1st dollar (ZWD): 18 April 1980 to 21 August 2006 2nd dollar (ZWN or 1 000 ZWD): 1 August 2006 to 31 December 2008 3rd dollar (ZWR or 10 10 ZWN): 1 August 2008 to 12 April 2009 4th dollar (ZWL or 10 12 ZWR): 2 February 2009 to 12 April 2009: Currency of Zimbabwe 18 December 2014 – present