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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).
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.
De Facto Classification of Exchange Rate Arrangements, as of April 30, 2021, and Monetary Policy Frameworks [2]; Exchange rate arrangement (Number of countries) Exchange rate anchor
The ZiG is Zimbabwe's sixth attempt since 2008 at creating a new currency that will make it independent of the US dollar. [16] Since the currency crisis of 2008–2009, Zimbabwe has a multi-currency system. It was introduced in 2009 after the hyperinflation of the fourth Zimbabwean dollar (ZWL). For ten years there was no Zimbabwean currency.
In mid-2015, Zimbabwe announced plans to have completely switched to the United States dollar by the end of that year. [3] In June 2019, the Zimbabwean government announced the reintroduction of the Real Time Gross Settlement dollar (RTGS), to be known simply as the "Zimbabwe dollar", and that all foreign currency was no longer legal tender. [4]
In March 2020, blaming the challenges of dealing with COVID-19, the government allowed formal transactions in US Dollars once more. [101] Zimbabwe once more extended its multi-currency system from 2025 until 31 December 2030 in October 2023 as a result of declining trust in the Zimbabwean dollar, which also declined by more than 80% in 2023. [102]
South Africa and the U.S. separately on Monday noted observers' concerns with last week's presidential and parliamentary elections in Zimbabwe and called for peace, after the opposition called the ...
The U.S. dollar is an official currency in Zimbabwe, along with the euro, sterling, the pula, the rand, and several other currencies. A series of Zimbabwean Bond Coins was put into circulation on 18 December 2014 in 1, 5, 10, and 25 cent denominations, and afterwards 50 cent and 1 dollar bonds coins, which are pegged at the same rate as ...