About Zimbabwean Dollar Currency:
Zimbabwean dollar was the official currency of Zimbabwe from 1980 to 12 April 2009. The Reserve Bank of Zimbabwe legalized the usage of foreign currencies for transactions in January 2009 in Zimbabwe because there was uncontrolled situation of inflation. Zimbabwean dollar has been suspended to indefinite term.
The dollar was considered to be among the highest valued currency units when it was first introduced in 1980 and the currency was thought to be the valued currency in Zimbabwe but political chaos and hyperinflation speedily battered the value of the Zimbabwe dollar to ultimately become one of the smallest valued currency units in the world. There were high denominated banknotes issued for as high as $100 trillion.
Now¸ some of the most important foreign currencies like the South African Rand¸ Botswana Pula¸ Pound Sterling and the United States Dollar are used instead for all transactions in Zimbabwe and it has been made by the Reserve Bank of Zimbabwe with effect from 2009. However¸ the government of Zimbabwe has been in the process to introduce new Zimbabwean currency to have better financial transaction in the country. The government has been in consultation and in the process of reintroduction of a new Zimbabwean currency now.
Moffat Nyoni¸ the chief of the Central Statistical Office announced on November 2007¸ “It will be impossible to calculate the inflation rate of the dollar any further. This is due to the lack of availability of the basic goods¸ and subsequent lack of information from which to calculate the inflation rate; plus¸ most computers had an insufficient number of digits and software. The International Monetary Fund has stated that inflation is predicted to rise to 100¸000% per annum.”
Hyperinflation in Zimbabwe:
Zimbabbwe faced hyperinflation in February 14¸ 2008 as the Central Statistical Office announced that the inflation rate for December 2007 was 66¸212.3%¸ and the unofficial exchange rate was Z$7.1 million to the US $1 which was incredible with contrast to the inflation rate of any other country of the world.
Following the period of hyperinflation and pervasive denunciation of the devalued currency in Zimbabwe since February 2009¸ the government permitted to carry out domestic business in other currencies like the US dollar or the South African rand and this was the main reason of coming down the value of Zimbabwean dollar at that time.
Zimbabwean Currency Name:
The name of the Zimbabwean currency is Zimbabwean dollar. It was the main currency in Zimbabwe in the period from 1980 to 12 April 2009 but as of now there is the prevalence of other foreign currencies too in the country.
Specific term of Zimbabwean Dollar:
The abandonment of the Zimbabwean dollar was the specific term of the Zimbabwean currency. There was the greater level of inflation in the country due to the value of Zimbabwean dollar was fallen down and sometimes it came to the limelight too as three eggs could be bought by 100 million Zimbabwean dollar.
Zimbabwean Dollar Currency ISO 4217 Code:
Zimbabwean Dollar Currency ISO 4217 Code is ‘ZWL’.
Zimbabwean Dollar Banknotes Types:
The Reserve Bank of Zimbabwe introduced banknotes of Zimbabwean dollar in regular denominations from 1980 to 2009 but in the middle of this time the bank introduced some of the greater denominated banknotes which were come to the limelight however¸ the bank ceased all banknotes. Emergency traveler cheques and time-limited Bearer Cheques were also prevailed in Zimbabwe in the period 2003 to 2006.
Zimbabwean Dollar Coins Types:
The Reserve Bank of Zimbabwe issued coins in denominations of 1¸ 5¸ 10¸ 20¸ 50 cents and 1 dollar in 1980. Surprisingly¸ the Reserve Bank of Zimbabwe also introduced new Z$5¸000 and Z$10¸000 coins in 2005.
Currency Exchange Rate to other World Famous Currencies like US¸ UK etc.
As per the present rate of conversion on 10/3/2011
1.00 ZWD = 0.00276319 USD
1.00 ZWD = 0.00171080 GBP
You can visit official website of Zimbabwe www.rbz.co.zw where you will get maximum information of Zimbabwean Dollar Currency.