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The Zimbabwean dollar was first redenominated on 1 August 2006 under a currency reform campaign codenamed Operation Sunrise and involving the motto Zero to Hero. [17] New-style bearer cheques of the second dollar (ISO 4217:ZWN) was introduced and replaced those of the first dollar (ZWD) at the ratio of 1 000 to 1.
It was thus worth 10 trillion trillion original dollars, as the three redenominations together reduced the value of an original dollar by 10 3 × 10 10 × 10 12 = 10 25. Computers could not handle the amount of zeros such that other forms of money had to be used to act as normal money (bearer's cheques).
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.
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 ...
A $5 bill, on the other hand, lasts 4.7 years, $10 bills last 5.3 years, $20 bills last 7.8 years, the $50 bill lasts 12.2 years and $100 bills are expected to last 22.9 years. Kativ / Getty Images
The Z$100 trillion banknote (Z$10 14), equal to Z$10 27 (1 octillion) pre-2006 dollars Zimbabwe inflation of almost 25,000% in 2007. Hyperinflation in Zimbabwe was one of the few instances that resulted in the abandonment of the local currency.
The highest numerical value banknote ever printed was a note for 1 sextillion pengő (10 21 or 1 milliard bilpengő as printed) printed in Hungary in 1946. In 2009, Zimbabwe printed a 100 trillion (10 14) Zimbabwean dollar note, which at the time of printing was worth about US$30. [13]
The RBZ demonetized old bank notes on 1 August 2006 and introduced a new currency. Each new Zimbabwe dollar was worth 1000 old Zimbabwe dollars. [15] The highest denominations for the new currency were 1, 10, and 100 thousand revalued dollars. A year later on 1 August 2007, he authorized a 200 thousand dollar denomination.