The dollar is the official currency of Zimbabwe, although due to massive inflation, dollarization has meant other currencies are frequently used for transactions in Zimbabwe instead. The Zimbabwean dollar is subdivided into 100 cents. It is normally abbreviated with the dollar sign $, or alternatively Z$ to distinguish it from other dollar-denominated currencies. It is also one of the lowest-valued currencies in the world.
The first Zimbabwean dollar was introduced in 1980 and replaced the Rhodesian dollar at par. At the time of its introduction, the Zimbabwean dollar was worth more than the U.S. dollar, with ZWD 1 = USD 1.47. However, the currency's value eroded rapidly over the years.
On 26 July 2006, the parallel market value of the Zimbabwean dollar fell to one million to the British pound. The Zimbabwean dollar is now largely irrelevant with the economy being almost completely dollarised. Even the national postal service, Zimpost, is said to be charging customers postage in US Dollars, even though some of the stamps are in Zimbabwean Dollar denomination.
Zimbabwe finance minister, Tendai Biti, said in his first budget report, "The death of the Zimbabwe dollar is a reality we have to live with. Since October 2008 our national currency has become moribund."
On April 12, 2009, media outlets reported that economic planning minister Elton Mangoma has announced the suspension of the local currency "for at least a year", effectively terminating the fourth dollar. Set includes 10, 20, 50, and 100 Trillion Dollar notes. Condition: C.U.
George H. LaBarre Galleries - Collectible Stocks and Bonds.
The first Zimbabwean dollar was introduced in 1980 and replaced the Rhodesian dollar at par. At the time of its introduction, the Zimbabwean dollar was worth more than the U.S. dollar, with ZWD 1 = USD 1.47. However, the currency's value eroded rapidly over the years.
On 26 July 2006, the parallel market value of the Zimbabwean dollar fell to one million to the British pound. The Zimbabwean dollar is now largely irrelevant with the economy being almost completely dollarised. Even the national postal service, Zimpost, is said to be charging customers postage in US Dollars, even though some of the stamps are in Zimbabwean Dollar denomination.
Zimbabwe finance minister, Tendai Biti, said in his first budget report, "The death of the Zimbabwe dollar is a reality we have to live with. Since October 2008 our national currency has become moribund."
On April 12, 2009, media outlets reported that economic planning minister Elton Mangoma has announced the suspension of the local currency "for at least a year", effectively terminating the fourth dollar. Set includes 10, 20, 50, and 100 Trillion Dollar notes. Condition: C.U.
George H. LaBarre Galleries - Collectible Stocks and Bonds.
No comments:
Post a Comment