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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 ...
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 ...
The government printed a 100-trillion Zimbabwe dollar banknote to keep up with spiraling prices that saw a loaf of bread going for more than 500 million Zimbabwe dollars.
The government had previously floated various ideas to replace the Zimbabwe dollar, including introducing gold coins to stem inflation and even trying out a digital currency.
Prices in shops and restaurants were still quoted in Zimbabwean dollars, but were adjusted several times a day. Any Zimbabwean dollars acquired needed to be exchanged for foreign currency on the parallel market immediately, [58] or the holder would suffer a significant loss of value. For example, mini-bus drivers were required by law to only ...
The once-prosperous southern African nation of 15 million people in April introduced a new gold-backed currency called ZiG, short for Zimbabwe Gold, to replace one that had been battered by ...
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.