|ISO 4217 Code||ZWL|
(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
|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.
References[change | change source]
- After the Zimbabwean dollar was suspended indefinitely from 12 April 2009, Euro, United States dollar, Pound sterling, South African rand, Botswana pula, Australian dollar, Chinese yuan, and Japanese yen are used as legal tender. The United States dollar has been adopted as the official currency for all government transactions.
- "Current currency & funds code list (Table A.1)". Swiss Association for Standardization. 1 January 2015. Retrieved 15 January 2015.
- Hanke, Steve H. (17 November 2008). "New Hyperinflation Index (HHIZ) Puts Zimbabwe Inflation at 89.7 sextillion percent". The Cato Institute. Retrieved 17 November 2008.
-  Archived 2009-02-23 at the Wayback Machine - Inflation rates