Zimbabwean dollar
The Zimbabwe dollar was a currency for Zimbabwe from 1980 to 2009. Zimbabwe had the highest rate of inflation in the world. The rate of inflation grew to 231,150,888.87% in July 2008.[3]
| Zimbabwean dollar | |||
|---|---|---|---|
| |||
| ISO 4217 Code | ZWL[1] | ||
| User(s) | None (previously  Zimbabwe)[n 1] | ||
| Inflation | 98% per day in mid-Nov 2008 or ~1023 % per year Money loses half its value every 24 hours and 42 minutes | ||
| Source | [2] | ||
| Subunit | |||
| 1/100 | cent | ||
| Symbol | $ | ||
| Coins | none | ||
| Banknotes | $1, $5, $10, $20, $50, $100, $500, (plus many more denominations) Highest denomination – $1014 | ||
| Central bank | Reserve Bank of Zimbabwe | ||
| This infobox shows the latest status before this currency was rendered obsolete. | |||
Because of hyperinflation, or inflation that is out of control, the Reserve Bank of Zimbabwe had to print banknotes with higher values to cope with the rising cost of living. In January 2009, Zimbabwe released a banknote for one hundred trillion dollars, or $100,000,000,000,000.
The Zimbabwe dollar had to be revalued three times due to the rising cost of living: in August 2006, August 2008 and February 2009. In August 2006, the first revaluation dollar was violent and too quick, meaning that many people lost their savings because they were unable to convert it into the new currency without fear of violence and corruption.
Since 12 April 2009, Zimbabwe stopped using the Zimbabwean dollar and adopted currencies from other countries, such as the United States Dollar and the Euro.
References
- Notes
- Sources
