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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 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.
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).
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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.
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 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$30. [13]
The Zimbabwean dollar (sign: Z$; code: ZWL), [5] also known as the Zimdollar or Real Time Gross Settlement (RTGS) dollar, [6] [7] was the currency of Zimbabwe from February 2019 to April 2024. It was the only legally permitted currency for trade in Zimbabwe from June 2019 to March 2020, after which foreign currencies were legalised again.