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http://en.wikipedia.org/wiki/Zimbabwean_dollar
Zimbabwean dollar
ISO 4217
ZWL
Code
User(s)
None
(previously
Inflation
Zimbabwe)[n 1]
1 History
1.1 Introduction of the first dollar
1.2 Introduction of the second dollar
1.3 Introduction of the third dollar
1.4 Introduction of the fourth dollar
1.5 Inflation
1.6 Hyperinflation
1.7 Money supply (20062008)
1.8 Abandonment
[1]
Subunit
1/100
cent
Symbol
Coins
none
Banknotes
Central bank
Website
www.rbz.co.zw
(http://www.rbz.co.zw)
This infobox shows the latest status before this currency was
rendered obsolete.
2 Coins
3 Banknotes, traveller's cheques, and bearer cheques
4 Exchange rate history
4.1 Devaluation of the first dollar
4.2 Devaluation of the second dollar
4.2.1 Restoration of market data feeds
4.3 Devaluation of the third dollar
4.4 Devaluation of the fourth dollar
5 See also
6 Notes
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The Zimbabwean dollar's predecessor, the Rhodesian dollar was essentially equal to half of a pound sterling when it
was adopted during the decimalisation of 1970, the same practice which was used in other Commonwealth countries
such as South Africa, Australia, and New Zealand. The selection of the name was motivated by the fact that the
reduced value of the new unit correlated more closely to the value of the US dollar than it did to the pound sterling.
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off our currency next week and this would mean that one Zimbabwe dollar would now equal one million of the old
dollars. Chaos reigns in commerce and industry and those in the public sector are frantic."[12]
The Zimbabwe dollar was again devalued on 6 September 2007, this time by 92%,[13] to give an official exchange rate
of ZW$30,000 to US$1, although the black market exchange rate was estimated to be ZW$600,000 to US$1.[14]
Meanwhile the WM/Reuters company introduced a notional exchange rate (ISO ZWN) which more accurately
reflected black market exchange rates. Since there was a shortage of foreign exchange in the country the official rate
was nearly impossible to obtain. The method of calculation was based on Purchasing Power Parity utilizing the dual
listing of companies on the Harare (ZH) and London Stock exchanges (LN).[citation needed]
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Inflation
Rampant inflation
Zimbabwean inflation rates (official) since independence
and the collapse of
Date Rate Date Rate Date Rate Date Rate Date
Rate
Date Rate
the economy have
1980 7% 1981 14% 1982 15% 1983
19%
1984
10%
1985 10%
severely devalued
1986 15% 1987 10% 1988
8%
1989
14%
1990
17%
1991 48%
the currency, with
1992 40% 1993 20% 1994 25% 1995
28%
1996
16%
1997 20%
many organizations
1998 48% 1999 56.9% 2000 55.22% 2001 112.1% 2002
198.93%
2003 598.75%
using the US dollar,
231,150,888.87%
the euro, the pound
2004 132.75% 2005 585.84% 2006 1,281.11% 2007 66,212.3% 2008
(July)
sterling, the South
African rand, or the
Botswana pula instead. Early in the 21st century, Zimbabwe started to experience hyperinflation. Inflation reached
623% in January 2004, then fell back to low triple digits in 2004 before surging to 1,281.1% in 2006.[29][30]
Inflation reached another record high of 3714% (year-on-year) in April 2007.[31] The monthly rate for April 2007
exceeded 100%, implying that inflation may soon exceed all forecasts, as 100% monthly inflation over sustained 12
months would produce annual inflation of over 400,000%. Mid-year inflation for 2007 has been breaching records as
inflation for May 2007 was estimated at 4,530% (year-on-year).[32]
On 21 June 2007, the United States ambassador to Zimbabwe, Christopher Dell, told The Guardian newspaper that
inflation could reach 1.5 million percent by the end of the year. The unofficial inflation rate at that time was above
11,000%, and the black-market exchange rate was Z$400,000 to the pound.[33]
On 13 July 2007, the Zimbabwean government said it had temporarily stopped publishing (official) inflation figures, a
move that observers said was meant to draw attention away from "runaway inflation which has come to symbolise the
country's unprecedented economic meltdown."[34]
On 27 July 2007, the Consumer Council of Zimbabwe (CCZ) said its recent calculations for the monthly expenditure
for an urban family of six showed that inflation for the month of June was more than 13,000%. The Central Statistical
Office (CSO), the official source of Consumer Price Index numbers, had not released its figures since February (2007)
when it reported annual inflation at 1,729%.[35]
In September 2007, the Central Statistical Office announced an official inflation rate of 6,592.8% for August 2007.[36]
Private estimates were as high as 20,000%.[37] In October 2007, they announced an official inflation rate of 7,892.1%
for September 2007.[38] In November 2007, they announced an official inflation rate of 14,840.5% for October
2007.[39]
Hyperinflation
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On 4 April 2008, the Financial Gazette (FinGaz) reported that officially, inflation in February 2008 jumped to
164,900.3%.[43]
On 15 May 2008, the Zimbabwe Independent reported that officially, inflation in March 2008 jumped to 355,000%.[44]
On 21 May 2008, SW Radio Africa reported that, according to an independent financial assessment inflation in May
2008 jumped to 1,063,572.6%. The state statistical service has said there are not enough goods in the shortage-stricken
shops to calculate any new (official) figures.[45]
On 26 June 2008, the Zimbabwe Independent reported that, latest figures from the Central Statistical Offices (CSO)
showed that annual inflation rose by 7,336,000 percentage points to 9,030,000% by June 20 and was set to end the
month at well above 10,500,000%. [46]
The Sydney Morning Herald reported that inflation was likely to be 2 million percent in May 2008 and 10-15 million
percent in June 2008, according to John Robertson, a respected Zimbabwean economist.[47] Robertson estimated
inflation in July 2008 to be 40-50 million percent.[47] Inflation can only be estimated because of the impossibility of
following the cost of individual goods.[47]
According to Central Statistical Office statistics, annual inflation rate rose to 231 million percent in July 2008. The
month-on-month rate rose to 2,600.2%.[48] By December 2008, inflation was estimated at 6.5 quindecillion
novemdecillion percent (65 followed by 107 zeros).[49]
As predicted by the textbook quantity theory of money, this hyperinflation has been caused primarily by the Reserve
Bank of Zimbabwe's choice to mushroom the money supply.
Since February 2009, following a period of hyperinflation and widespread rejection of the devalued currency,
companies and individuals are permitted to transact domestic business in other currencies, such as the US dollar or the
South African rand. In consequence, the Zimbabwean economy has undergone dollarization[50] and the Zimbabwean
dollar has fallen out of everyday use.[51]
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The
regime
is
surviving
by
printing
money:
at
this
stage
there
is
no
other
way.
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2006
Date
July
http://en.wikipedia.org/wiki/Zimbabwean_dollar
2007
August
September November
5.8 1013 or
6.7 1013
ZWN[citation needed]
2008
December 21 January
1 1014
ZWN
28
January
March
June
Abandonment
The use of foreign currencies were legalised in January 2009, causing general consumer prices to stabilise again after
years of hyperinflation and price speculation.[50] The move led to a sharp drop in the usage of the Zimbabwean dollar,
as hyperinflation rendered even the highest denominations worthless.
On 2 February 2009 the Zimbabwean dollar was redenominated once more, at the ratio of 1 000 000 000 000 (1012)
ZWR to 1 ZWL. The third dollar was expected to be demonetised on 1 July 2009,[72] but the complete abandonment
of local currency was hastened by the decline in overall consumer usage of local currency in favour of other
currencies, helped by the legalization of the use of hard currencies in January 2009.
The dollar was effectively abandoned as an official currency on 12 April 2009 when the Economic Planning Minister
Elton Mangoma confirmed the suspension of the national currency for at least a year, but exchange rates with the
Zimbabwean dollar were maintained for up to a year afterwards. The current government of Zimbabwe insisted that the
Zimbabwean currency should only be reintroduced if the industrial output was 60% or more of its capacity, compared
to the April 2009 average of 20%.[73]
In 1980, coins were introduced in denominations of 1, 5, 10, 20, 50 cents and 1 dollar. The 1 cent coin was struck in
bronze, with the others struck in cupro-nickel. In 1989, bronze-plated steel replaced bronze. A 2 dollar coin was
introduced in 1997. In 2001, nickel-plated steel replaced cupro-nickel in the 10, 20 and 50 cents and 1 dollar, and a
bimetallic 5 dollar coin was introduced.
Plans by the Reserve Bank of Zimbabwe, for new Z$5,000 and Z$10,000 coins were announced in June 2005.[74]
However, the coins never appeared.
All old coins dating from the first dollar were reintroduced at face value to the third dollar in Aug 2008, effectively
increasing their value 10 trillion-fold, and new $10 and $25 coins were introduced. These coins were minted in 2003
but only issued with the redenomination.[75]
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The banknotes of the Zimbabwean dollar were issued by the Reserve Bank of
Zimbabwe from 1980 to 2009. Up to 2003 regular banknotes were issued but as
hyperinflation developed from 2003, the Reserve Bank issued short-lived
emergency travellers cheques, which were then quickly superseded by
time-limited Bearer Cheques, in denominations ranging from $5 000 to $20 000
in 2003, then up to $100 000 dollars by early-2006.
On 1 August 2006, new Bearer cheques with thirteen denominations ranging
from 1 to $100 000 were issued following the first redenomination of the
dollar, superseding the regular banknotes by 21 August 2006 and until August
8 worth of Zimbabwean dollars in
2008. Bearer cheques of 5,000 dollars (dated 1 February 2007) and 50,000
2003.
(dated 1 March 2007) were issued in March 2007, followed by cheques of
200,000 (dated 1 August 2007) in August 2007. Subsequently, Gideon Gono of
the RBZ announced on 19 December 2007 that new bearer cheques (Z$250,000; Z$500,000; and Z$750,000) had been
produced and would be released on 20 December. Additionally, the current high value bearer cheques (Z$200,000)
would be demonetised as of 1 January 2008.[76] However, due to ongoing problems, plans to demonetise this note were
put on hold at the end of December.
Since the Zimbabwean dollar was revalued in August 2006, there were repeated discussions and proposals regarding a
further revaluation. As early as the beginning of 2007 it appeared that a revaluation was planned with new banknote
designs being commissioned.[77] New plans were announced in October 2007[78] They were initially postponed until
2008 before, in November 2007, the revaluation was described as "imminent"[79] and would remove as many as four
zeros from the currency and would be called Sunrise 2.[80][81] However, on 18 December 2007, it was reported that a
further printing of the current Z$200,000 bearer cheques had been produced, seemingly instead of revaluing.[82]
Further new issues of bearer cheques have since taken place.
At a press conference on 16 January 2008, reserve bank Governor Gono stated that "With effect from Friday (January
18), the Reserve Bank of Zimbabwe is releasing the following bearer cheques into circulation: one million dollars
(officially worth about US$33/22 euros but worth about 50c at the parallel rate), five million dollars and 10 million
dollars." He continued, "...daily cash withdrawals have been increased from the current Z$50 million to Z$500 million
per individual." Less than a month after announcing a similar move, Gono said the new notes would provide much
needed relief to consumers who often have to go shopping with sacks of cash.[83]
The Zim Independent and Zim Online reported on 4 April 2008 that 25 and 50 million dollar bearer cheques were
issued on 4 April. The RBZ also increased the maximum withdrawal limit for individuals to $5 billion a day.[84][85][86]
On 6 May, 100 million dollar and 250 million dollar bearer cheques were issued and the official exchange rate was
floated to counter black market speculation.[87] 10 days later, the RBZ announced that 500 million dollar bearer
cheques and special agro cheques in the amounts of 5, 25, and 50 billion dollars would be issued were to be issued on
20 May.
On 14 July 2008 Giesecke & Devrient ceased supplying bank note paper to Fidelity Printers & Refiners, the
Zimbabwean government-owned company that printed Zimbabwean currency.[88] Virtually incessant use of the
currency-printing presses have caused many of the machines to break down, and repair parts are no longer being
shipped to Zimbabwe to repair the machines.[88] The Reserve Bank issued the $100 billion Agro Cheque on 21 July,
which were printed prior to the suspension.[89][90]
On 30 July 2008 the RBZ announced a new currency, effective 1 August 2008, removing 10 zeros from the monetary
value, by "a factor of 1 to 10".[91] Banknotes in the denominations of $1, $5, $10, $20, $100 and $500 were introduced
and replaced bearer cheques and agro cheques by 31 December 2008.[92] However, the familiar cycle of printing ever
higher denomination notes to keep up with inflation continued despite redenomination. A $1,000 banknote was
introduced by the RBZ on 19 September 2008, and ten days later, as the unofficial exchange rate surpassed 270,000
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ZWD to the US dollar, it issued new notes in the denominations of $10,000 and $20,000.[93] A $50,000 banknote was
released on 13 October 2008, followed by $100,000, $500,000, and $1,000,000 denominations announced on 3
November.[94] The daily cash withdrawal limit was raised for individuals to Z$500,000 from Z$50,000 and for select
companies it went up to $1 million.[95] Banknotes valued at $10 million, $50 million and $100 million were issued as
the withdrawal limit was increased to $100 million per week on 4 December 2008.[96][97] Scarcely four days later, on 8
December, the RBZ issued a $200 million banknote,[98] and introduced a $500 million note on 12 December, worth
approximately US$8 at the time.[99] In little over half a year, the billion denomination returned, with the RBZ issuing
banknotes of $1 billion, $5 billion, and $10 billion on 19 December.[100]
Amid the continuing hyperinflation that rendered the currency virtually worthless, spurring the increasing dollarization
of the economy, the RBZ issued another set of new notes in denominations of $20 billion and $50 billion to be released
12 January.[101] Stepping up another order of magnitude, the Reserve Bank introduced trillion-denominated notes for
the first time, unveiling banknotes valued at $10 trillion, $20 trillion, $50 trillion, and $100 trillion on 16 January, which
were supposed to help citizens still in formal employment to withdraw a full month's worth of salary by showing a
corresponding payslip.[2] As even these notes became increasingly worthless, a media campaign was launched in South
Africa using the notes as printing paper.[102]
On 2 February 2009 the dollar was revalued once more, this time in the ratio of 1:1012,[103] and new banknotes of the
fourth dollar, with seven denominations from $1 to $500, were issued.[22] These banknotes circulated alongside the
third dollar until the abandonment of the dollar on 12 April 2009.
This table shows a condensed history of the foreign exchange rate of the Zimbabwean Dollars to one US Dollar:
First dollar
Month/Year
Second dollar
Exchange
rate
Month
1983
1997
10
2000
100
Jun 2002
1 000
Mar 2005
10 000
Jan 2006
100 000
Jul 2006
500 000+
Exchange
rate
Month
Third dollar
Exchange
rate
Aug
2006
650
Sep
2007
600 000
Sep
2006
1 000
Oct
2007
1 000 000
Dec
2006
3 000
Nov
2007
1 500 000
Jan
2007
4 800
Dec
2007
4 000 000
7 500
Jan
2008
6 000 000
Feb
2007
Mar
2007
26 000
Feb
16 000 000
2008
Apr
2007
35 000
Mar
2008
May
2007
50 000
Apr
100 000 000
2008
70 000 000
Month
Exchange
rate
Aug
2008
1 780
Sep 2008
590 000
7 Oct
2008
2 300 000
14 Oct
2008
10 700 000
21 Oct
2008
1 220 000
000
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Jun
2007
400 000
Jul 2007
300 000
Aug
2007
200 000
May
777 500 000
2008
Jun
2008
40 928 000
000
Jul 2008
Due to the December 2007 banknote shortage, funds transferred via Electronic Funds Transfer Systems (EFTS) bore
a premium rate of about $4 million, while the cash transaction rate varied around $2 million.
Exchange rate was 20,000,000 for large amounts.
The third dollar rates above are OMIR. The cash rate differs significantly to the above rates. The table below is the
cash rate of the third dollar history:
Month
Sept 2008
1 000
Oct 2008
90 000
Nov 2008
1 200 000
60 000 000
Official Rate
R$0.6788 (Apr)
R$0.68 (Mar)
Parallel Rate
Notes
n/a
R$ pegged to US$
n/a
1982
1983
0.96135 (Jan)
up to 3.18 (July)
ZWD devalued by 5%
Parallel rate highly variable premium up
to 231%
1983
(Aug) 0.96135 - 6.82
to 1993
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(Dec)
1994
6.82 (Jan)
8.36 (Oct)
1995
8.26 (Jan)
8.85 (Oct)
1996
9.13 (Jan)
10.52 (Oct)
1997
10.50 (Jan)
1998
18.00 (Jan)
38.30 (Sep)
38 to 55
56 to 62 (Jul); 65 to 70 (Aug.)
2001
55
2002
55
380 (Jan) to 710 (Jun), 1400 (Jul) to 1740 In 2002 the parallel black market for foreign
(Oct) to 1400 (Dec)
exchange mushroomed.
2003
1400 (Jan); 1450 (Feb); 2300 (May); 3000 In February 2003, the Official Exchange Rate
(Jul); 6000 (Aug); 6400 (Oct); 6000 (Nov) was re-pegged at ZWD 824 per US $
2004
2005
1999
2000
36.23 (Jan)
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July 2008 the dollar was revalued again, this time 10,000,000,000 2nd dollars became 1 3rd dollar, after the parallel
rate reached 500 billion to 1 US$.
More detailed data can be found in the table below :
Exchange rates of the second dollar (ZWN)
Date
Official Rate
(Revalued dollar)
Parallel Rate
(Revalued dollar)
August
September
2006
October
November
December
January
February
250
2007
March
April
250
(15,000 special rate)
Notes
August 1: RBZ revalues the Zim dollar.
1,000 Old Zim dollars become 1 revalued
Zim dollar. The official exchange rate is set
to 250 revalued Zim dollars per 1 US dollar.
(Parallel rate soars to over 600 revalued
dollars per 1 US dollar)
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May
June
July
August
September
October
November
December
2008 January
[157]
30,000
1,800,000 (1st
(3rd [168])
[167]
); 4,000,000
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February
March
April
May
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June
July
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647,863,191.18 (2nd);
718,489,852.94 (3rd);
843,884,558.82 (4th);
969,647,058.82 (5th);
1,105,887,222.22 (6th);
1,365,130,333.33 (9th);
1,679,946,944.44 (10th);
2,150,078,888.89 (11th);
2,904,111,111.11 (12th);
3,524,549,987.29 (13th);
4,276,736,111.11 (16th);
4,952,500,000.00 (17th);
5,817,192,485.76 (18th);
6,718,055,555.56 (19th);
7,437,184,423.78 (20th);
8,260,031,632.83 (23rd);
9,005,149,886.88 (24th);
9,801,839,921.51 (25th);
10,594,701,303.45 (26th);
11,378,472,550.24 (30th)
[9] (http://www.rbz.co.zw
/fca/fca.asp)
12,226,034,516.65 (1st);
13,350,764,705.88 (2nd);
14,345,060,331.82 (3rd);
15,183,703,996.98 (4th);
16,204,996,229.26 (7th);
17,066,529,677.98 (8th);
17,883,023,378.58 (9th);
18,681,527,512.36 (10th);
19,489,294,117.65 (11th);
20,170,317,159.13 (14th);
21,460,313,914.03 (15th);
23,356,231,572.65 (16th);
25,389,017,580.37 (17th);
27,164,677,690.87 (18th);
30,201,803,133.32 (21st);
34,749,797,812.59
(22nd);
39,129,724,504.88
(23rd);
43,319,583,395.92 (24th);
48,679,445,871.90 (25th);
54,036,639,077.74 (28th);
58,886,562,526.04 (29th);
63,761,761,010.94 (30th);
69,484,070,056.18 (31st);
(Source [189])
53,049,500,000 (1st);[188]
65,797,000,000 (7th);[188]
102,351,000,000 (8th);[188]
145,624,500,000 (11th);[188]
151,425,393,163 (11th); [12]
(http://www.swradioafrica.com/)
193,014,500,000 (14th);[188]
200,414,514,369 (14th); [13]
(http://www.swradioafrica.com/)
274,200,889,709 (15th);[188]
288,072,000,000 (16th);[188]
325,110,110,211 (16th); [14]
(http://www.swradioafrica.com/)
324,446,338,775 (17th); [188]
360,000,000,000 (17th); [15]
(http://www.swradioafrica.com/)
380,000,000,000 (18th); [188]
430,000,000,000 (18th); [16]
(http://www.swradioafrica.com/)
600,000,000,000 (21st); ,[188] [17]
(http://www.swradioafrica.com/)
650,000,000,000 (22nd) [18]
(http://www.swradioafrica.com/)
750,000,000,000 (23rd); [188]
555,000,000,000 (25th): [19]
(http://www.swradioafrica.com)
758,530,000,000 (30th); [188]
510,000,000,000 (31st): [20]
(http://www.swradioafrica.com)
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Date
August
2008
September
Parallel Rate
Old Mutual Implied Rate
(Sources: [188] /
Official Rate
(OMIR Source: [23]
[22]
(http://www.zimbabweanequities.com/#c1)
(Source :[189] )
(http://www.swradioafrica.com/)
)
)
7.58 (1st)
8.11 (4th)
8.94 (5th)
9.92 (6th)
10.93 (7th)
11.90 (8th)
13.19 (13th)
14.52 (14th)
15.80 (15th)
17.49 (18th)
18.84 (19th)
20.08 (20th)
21.55 (21st)
23.29 (22nd)
25.34 (25th)
27.66 (26th)
29.91 (27th)
32.05 (28th)
34.83 (29th)
40.53 ; 51 (1st);
61 (2nd)
40.96 ; 66 (5th)
74 (8th)
41.79 (11th)
110 (13th)
190 ; 64.12 (14th)
230 (15th)
223.51 ; 375 (18th)
420 (19th)
430 (21st)
460 ; 440 (26th)
650 ; 700 (27th)
1,400 ; 1,700 (29th)
49.23 (1st)
38.35 (4th)
34.05 (5th)
39.41 (6th)
64.19 (7th)
48.13 (8th)
74.86 (13th)
138.46 (14th)
121.43 (15th)
168.84 (18th)
161.24 (19th)
185.33 (20th)
297.21 (21st)
393.30 (22nd)
992.02 (25th)
749.47 (26th)
868.71 (27th)
1,330.10 (28th)
1,780.04 (29th)
37.15 (1st)
39.59 (2nd)
42.72 (3rd)
45.53 (4th)
3,362 (1st)
3,949 (2nd)
4,311 (3rd)
5,085 (4th)
August 1: Th
revalued the d
ZWN (or 10 t
becomes 1 ZW
See also:
"Zimbabwes
after one mon
(http://www.th
/?p=3364) inc
the ZWD para
August 2008.
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48.79 (5th)
52.71 (8th)
58.10 (9th)
62.47 (10th)
67.52 (11th)
71.40 (12th)
77.69 (15th)
83.57 (16th)
88.70 (17th)
92.97 (18th)
96.43 (19th)
101.57 (22nd)
105.43 (23rd)
109.48 (24th)
114.61 (25th)
118.76 (26th)
125.75 (29th)
132.25 (30th)
http://en.wikipedia.org/wiki/Zimbabwean_dollar
11,815 (5th)
13,583 (8th)
11,608 (9th)
14,936 (10th)
25,384 (11th)
19,788 (12th)
18,888 (15th)
11,633 (16th)
22,837 (17th)
34,606 (18th)
37,997 (19th)
79,816 (22nd)
131,237 (23rd)
270,794 (24th)
247,618 (25th)
266,075 (26th)
557,362 (29th)
592,416 (30th)
138.14 (1st)
145.62 (2nd)
153.10 (3rd)
160.46 (6th)
167.68 (7th)
176.33 (8th)
183.19 (9th)
198.93 (13th)
208.65 (14th)
217.72 (15th)
229.90 (16th)
244.05 (17th)
266.40 (20th)
290.92 (21st)
316.56 (22nd)
345.18 (23rd)
507.24 (28th)
558.53 (29th)
619.52 (30th)
1,418,021 (1st)
841,881 (2nd)
660,732 (3rd)
1,715,118 (6th)
2,305,440 (7th)
2,045,021 (8th)
3,161,381 (9th)
4,183,564 (10th)
7,667,426 (13th)
10,706,802 (14th)
20,129,927 (15th)
66,418,944 (16th)
121,013,052 (17th)
333,500,825 (20th)
1,220,071,643 (21st)
3,178,696,865 (22nd)
26,867,910,902 (23rd)
98,339,944,470 (24th)
101,338,478,626 (27th am)
70,547,871,952 (27th pm)
233,621,089,202 (28th am)
250,783,986,568 (28th pm)
509,148,077,013 (29th am)
916,918,295,246 (29th pm)
2,443,676,912,678 (30th am)
3,949,870,500,674 (30th pm)
6,674,757,281,553 (31st am)
11,851,630,480,952 (31st pm)
769.68 (3rd)
851.74 (4th)
922.96 (5th)
November
1,024.63 (6th)
2,850.37 (7th)
4,651.33 (10th)
October
[195]
Electronic ban
were suspend
Bank on the 3
No funds can
between bank
the parallel ra
The Reserve
suspension on
Settlement Sy
November [20
As of 26 Nov
reports stated
1/17/2011 2:42 PM
19 of 32
http://en.wikipedia.org/wiki/Zimbabwean_dollar
6,626.39 (11th)
8,399.31 (12th)
10,788.70
(13th)
13,469.56
(14th)
17,398.16
(17th)
25,593.66
(18th)
30,320.43
(19th)
34,912.83
(20th)
38,128.72
(21st)
44,182.50
(24th)
49,237.71
(25th)
56,197.60
(26th)
62,761.43
(27th)
70,197.01
(28th)
76,620.00 (1st)
83,613.46
(2nd)
89,826.13
(3rd)
100,330.21
(4th)
111,126.89
(5th)
128,734.67
(8th)
140,085.70
(9th)
154,661.25
December
(10th)
226,954.13
(11th)
404,294.50
(12th)
925,825.00
(17th)
1,151,656.00
(18th)
1,423,462.00
(19th)
1,748,530.00
(23rd)
2,133,117.00
not operationa
reason was th
Government h
company resp
system. [208]
The Zimbabw
consequential
on 20 Novem
of market man
public. ZSE c
Emmanuel M
a large numbe
quin-, and sex
bounced.[209]
Old Mutual h
November, so
figures are av
that the OMIR
would have b
649,374,262,9
1/17/2011 2:42 PM
20 of 32
http://en.wikipedia.org/wiki/Zimbabwean_dollar
(24th)
2,772,250.00
(29th)
3,641,246.00
(30th)
4,894,167.00
(31st)
January
5,601,509
(2nd)
6,386,667 (5th)
8,042,778 (7th)
8,676,674 (8th)
9,326,444 (9th)
10,148,113
(12th)
11,171,474
(13th)
13,856,763
(14th)
15,273,676
(15th)
16,744,890
(16th)
18,683,139
(19th)
20,215,883
(20th)
25,599,608
(21st)
30,577,532
(22nd)
36,844,444
(23rd)
44,796,944
(26th)
415,888,889
(27th)
1,407,917,306
(28th)
3,429,836,806
(29th)
7,039,188,034
(30th)
February
12,336,416,667
(2nd)
2009
1/17/2011 2:42 PM
21 of 32
http://en.wikipedia.org/wiki/Zimbabwean_dollar
February
March
April
May
June
363.48 (16th)
2009
Parallel
rate
300 (2nd)
[21]
United Nations
rate
(Source :[222] )
Notes
150,000 (3rd)
1/17/2011 2:42 PM
22 of 32
July
371.39 (16th)
August
361.62 (28th)
http://en.wikipedia.org/wiki/Zimbabwean_dollar
Hyperinflation in Zimbabwe
Banknotes of Zimbabwe
Least valued currency unit
Economy of Zimbabwe
Redenomination
Hyperinflation
1/17/2011 2:42 PM
23 of 32
http://en.wikipedia.org/wiki/Zimbabwean_dollar
1. ^ After the Zimbabwean dollar was suspended indefinitely from 12 April 2009, Euro, United States dollar, Pound sterling,
South African rand and Botswana pula are used as legal tender. The United States dollar has been adopted as the official
currency for all government transactions.
1. ^ "http://cato.org/zimbabwe
Zimbabwe Situation. 2006-09-15.
[http://www.forbes.com/forbes
8. ^ Harare expected to unveil new
/2008/1222/106.html Hanke S.H.,
currency next month
"The Printing Press", Forbes Asia,
(http://www.zimbabwesituation.com
22 Dec 2008"
/dec14_2006.html#Z1) . Zim
(http://news.bbc.co.uk
Online. 2006-12-14.
/2/hi/business/7569894.stm) .
9. ^ Rusere, Patience. Some Expect
BBC News. 2008-08-19.
New Currency From Zimbabwe
http://news.bbc.co.uk
Central Bank In 2007
/2/hi/business/7569894.stm.
(http://www.voanews.com/english
Retrieved 2010-01-07.
/Africa/2006-12-14-voa62.cfm) .
ab
Voice of America. 2006-12-14.
2. ^
RBZ unveils $100 trillion
^
Wines, Michael. As Inflation
10.
note (http://www.herald.co.zw
Soars, Zimbabwe Economy
/inside.aspx?sectid=153&cat=1) .
Plunges (http://www.nytimes.com
The Herald. 16 January 2009.
/2007/02/07/world/africa
3. ^ a b 12 April 2009
/07zimbabwe.html?ex=1328504400&
(2009-04-12). "Zimbabwe
en=5709ec03b6b62b0d&
Suspends Use of Own Currency |
ei=5090&partner=rssuserland&
News | English"
emc=rss) . The New York Times.
(http://www.voanews.com/english
2007-02-07.
/2009-04-12-voa9.cfm) .
11.
^ Zimbabwe jail over bread prices
Voanews.com.
(http://news.bbc.co.uk/2/hi/africa
http://www.voanews.com/english
/6199516.stm) . BBC News.
/2009-04-12-voa9.cfm. Retrieved
2006-12-01.
2010-01-07.
12.
^ Eddie Cross
4. ^ "Zimbabwe dollar 'not back
(http://www.zimbabwesituation.com
soon'" (http://news.bbc.co.uk
/jun16a_2007.html#Z6) . The
/2/hi/africa/7995882.stm) . BBC
Zimbabwe Situation. 2007-06-15.
News. 2009-04-12.
13. ^ "S&P's Sub-$10 Club,
http://news.bbc.co.uk/2/hi/africa
Lexmark's `Buy,' Zimbabwe's
/7995882.stm. Retrieved
Dollar: Timshel"
2009-10-02.
(http://www.bloomberg.com
5. ^ Gumbo, Joseph. Bills Put
/apps/news?pid=20601039&
Zimbabwe Under "Martial Law"
sid=a8KzciD2HkYk&
(http://www.zimbabwesituation.com
refer=columnist_wilson) .
/jul28a_2006.html) . Institute for
Bloomberg. 2007-09-07.
War and Peace. The Zimbabwe
http://www.bloomberg.com
Situation. 2006-07-27.
/apps/news?pid=20601039&
6. ^ Currency reform Zimbabwe
sid=a8KzciD2HkYk&
(http://www.telekurs-financial.com
refer=columnist_wilson. Retrieved
/dl_tkfich_customers_data_sources_exchanges_080906.pdf)
2008-09-16.
(pdf). Telekurs Financial.
^ Raath, Jan. Devaluation is 'too
14.
2006-08-09.
little, too late' to save Zimbabwe
7. ^ Ndlela, Dumisani. 78% old
(http://www.timesonline.co.uk
currency returned: RBZ
/tol/news/world/africa
(http://www.zimbabwesituation.com
/article2403119.ece) . Times
/sep15b_2006.html#Z17) .
Online. 2007-09-07.
Zimbabwe Independent. The
1/17/2011 2:42 PM
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21.
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28.
29.
30.
31.
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33.
nt.com/index.php/business/22226revised-budget-dashesinfrastructure-repair-hopes.
Retrieved 2010-01-07.
^ "Zimbabwe abandons its
currency" (http://news.bbc.co.uk
/2/hi/world/africa/7859033.stm) .
BBC News. 2009-01-07.
http://news.bbc.co.uk/2/hi/world
/africa/7859033.stm. Retrieved
2010-08-24.
^ "Zimbabwe dollar shelved 'for at
least a year'"
(http://newzimbabwe.com/pages
/banks86.19673.html) .
Newzimbabwe.com.
http://newzimbabwe.com/pages
/banks86.19673.html. Retrieved
2010-01-07.
^ "Inflation hits a record high in
Zimbabwe" (http://www.mg.co.za
/article/2006-03-10-inflationhits-a-record-high-in-zimbabwe) .
Mail & Guardian Online.
2006-03-10. http://www.mg.co.za
/article/2006-03-10-inflationhits-a-record-high-in-zimbabwe.
Retrieved 2008-08-27. "Inflation
in Zimbabwe reached its previous
peak in January 2004, hitting
624%."
^ "Zimbabwean inflation hits
1,281%" (http://news.bbc.co.uk
/2/hi/business/6248245.stm) .
BBC News. 2007-01-10.
http://news.bbc.co.uk
/2/hi/business/6248245.stm.
Retrieved 2008-08-27.
^ Shaw, Angus. Inflation in
Zimbabwe surges to record
3,714%, the highest in the world
(http://www.zimbabwesituation.com
/may18_2007.html#Z1) .
Associated Press. The Zimbabwe
Situation. 2007-05-17.
^ Zulu, Blessing. Zimbabwe
Inflation Data Delayed Again;
Estimate Points To 4,530%
(http://www.zimbabwesituation.com
/jun13a_2007.html#Z1) . Voice of
America. The Zimbabwe Situation.
2007-06-12.
^ Meldrum, Andrew. US predicts
regime change in Zimbabwe as
hyperinflation destroys the
economy
(http://www.guardian.co.uk
/zimbabwe/article
34.
35.
36.
37.
38.
39.
40.
41.
42.
43.
/0,,2108910,00.html) . The
Guardian. 2007-06-22.
^ Chizhanje, Hendricks. Harare
suspends release of inflation data
(http://www.zimbabwesituation.com
/jul15_2007.html#Z1) . Zimbabwe
Online. The Zimbabwe Situation.
2007-07-14.
^ Nyakazeya, Paul. June inflation
13 000%: CCZ
(http://www.zimbabwesituation.com
/jul27a_2007.html#Z6) . The
Zimbabwe Independent. The
Zimbabwe Situation. 2007-07-27.
^ Banya, Nelson; Dzirutwe,
MacDonald. Zimbabwe inflation
slows amid warning of collapse
(http://www.zimbabwesituation.com
/sep19_2007.html#Z2) . Reuters.
The Zimbabwe Situation.
2007-09-18.
^ McGreal, Chris. Mugabe's price
cuts bring cheap TVs today, new
crisis tomorrow
(http://www.guardian.co.uk
/zimbabwe/article
/0,,2127297,00.html) . The
Guardian. 2007-07-16.
^ Zimbabwe inflation surges to
7,892%
(http://www.zimbabwesituation.com
/oct18_2007.html#Z1) . Yahoo
News. The Zimbabwe Situation.
2007-10-17.
^ Nyakazeya, Paul. $1m note on
the way as cash crisis worsens
(http://www.zimbabwesituation.com
/nov16b_2007.html#Z14) .
Zimbabwe Independent. The
Zimbabwe Situation. 2007-10-16.
^ Zimbabwe inflation
'incalculable'
(http://news.bbc.co.uk/1/hi/world
/africa/7115651.stm) . BBC News.
2007-11-27.
^ Zimbabwe inflation spirals again
(http://news.bbc.co.uk
/1/hi/business/7244769.stm) . BBC
News. 2008-02-14.
^ Zimbabwe annual inflation over
100,000 per cent
(http://www.zimbabwesituation.com
/feb21_2008.html#Z1) . Sydney
Morning Herald. The Zimbabwe
Situation. 2008-02-21.
^ Inflation surges to 165 000%
(http://www.zimbabwesituation.com
/apr4_2008.html#Z22) . Financial
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44.
45.
46.
47.
48.
49.
50.
51.
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53.
54.
55.
56.
57.
58.
59.
60.
61.
/wp-dyn/content/article/2009/02
The Zimbabwe Situation.
/20/AR2009022003282.html.
2008-01-22.
62. ^ Lamb, Christina. Planeloads of
Retrieved 2009-02-21.
^ Meldurm, Andrew. Africa needs
cash prop up Mugabe
more courage, says Mugabe
(http://www.zimbabwesituation.com
/mar2a_2008.html#Z1) . The
(http://www.guardian.co.uk
Sunday Times. The Zimbabwe
/zimbabwe/article
Situation. 2008-03-02.
/0,,1714393,00.html) . The
63. ^ Giesecke & Devrient halts
Guardian. 2006-02-21.
deliveries to the Reserve Bank of
^ Zimbabwe Inflation Over 900
Zimbabwe (http://www.gi-de.com
Percent
/portal/page?_pageid=44,147931&
(http://www.parapundit.com
_dad=portal&_schema=PORTAL)
/archives/003427.html) .
. Giesecke & Devrient GmbH,
ParaPundit. 2006-05-04.
Prinzregentenstr. 2008-07-01.
^ Zimbabwe: Gono ordered to
64. ^ Giesecke & Devrient Halts
print Z$1 Trillion for Civil
Deliveries to the Reserve Bank of
servants and Army
Zimbabwe
(http://www.zimbabwesituation.com
(http://www.reuters.com/article
/jun28_2007.html#Z18) .
/pressRelease/idUS194545+01Zimbabwe Daily News. The
Jul-2008+PRN20080701) .
Zimbabwe Situation. 2007-06-28.
Giesecke & Devrient.
^ Mugabe says will print more
PRNewswire. Press release.
money if there isn't enough
65. ^ McGreal, Chris. What comes
(http://www.zimbabwesituation.com
after a trillion?
/jul29_2007.html#Z1) . Associated
(http://www.guardian.co.uk/world
Press. International Herald
/2008/jul/18/zimbabwe) The
Tribune. The Zimbabwe Situation.
Guardian. 2008-07-18.
2007-07-28.
^ RBZ provides $3 trillion for
66. ^ a b Howden, Daniel; Armitage,
vote buying
Tom. Firm with licence to print
(http://www.zimbabwesituation.com
Mugabe's money
/aug30b_2007.html#Z13) . The
(http://www.independent.co.uk
Zimbabwean. The Zimbabwe
/news/world/africa/firmSituation. 2007-08-30.
with-licence-to-print-mugabes^ Dixon, Robyn. He can get it for
money-875785.html) . The
you fast (http://www.latimes.com
Independent. 2008-07-24.
/news/nationworld/world/la-fg67. ^ a b Austrian company helps
blackmarket3sep03,1,3218553.story?track=rss#Z14)
Zimbabwe bank produce
. Los Angeles Times. 2007-09-03.
near-worthless money
^ Of cash and dealers
(http://www.monstersandcritics.com
(http://www.zimbabwesituation.com
/news/africa
/nov24_2007.html#Z2) . IRIN. The
/news/article_1419212.php
Zimbabwe Situation. 2007-11-24.
/Austrian_company_helps_Zimbabw
^ Cash crisis: No end in sight
worthless_money) . Deutsche
(http://www.zimbabwesituation.com
Presse-Agentur. 2008-07-24.
/jan4b_2008.html#Z11) . The
68. ^ a b c Banya, Nelson. Zimbabwe
Financial Gazette. The Zimbabwe
central bank promises currency
Situation. 2008-01-04.
reforms (http://africa.reuters.com
^ Ndlela, Dumisani. ZANU-PF
/business
split looms
/news/usnBAN459366.html) .
(http://www.zimbabwesituation.com
Reuters. 2008-07-24.
/jan4b_2008.html) . The Financial
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Gazette. The Zimbabwe Situation.
(http://www.news.com.au
2008-01-04.
/heraldsun/story
^ Zimbabwe central bank blames
/0,21985,24074952-5012751,00.htm
banks for banknote shortage
. The Herald Sun. 2008-07-25.
(http://www.zimbabwesituation.com
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/jan22_2008.html#Z3) . Reuters.
Zimbabwe dollars for 1
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(http://news.icm.ac.uk/business
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Commercial Management.
2008-07-24.
^ When a lot of money is bad
(http://www.fingaz.co.zw/categorytable/351-when-a-lot-of-moneyis-bad)
^ Zimbabwe dollar sheds 12
zeros (http://news.bbc.co.uk
/1/hi/world/africa/7865259.stm) ,
BBC News, 2009-02-02,
http://news.bbc.co.uk/1/hi/world
/africa/7865259.stm, retrieved
2008-02-02
^ "Zimbabwe dollar 'not back
soon'" (http://news.bbc.co.uk
/2/hi/africa/7995882.stm) . BBC
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/7995882.stm. Retrieved
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^ Lawa, N. Coins to replace notes
(archived copy)
(http://www.thezimbabwean.co.uk
/3-june-2005/coins-to-replacenotes.html) . The Zimbabwean.
2005-06-03. Archived by the
Wayback Machine on 2005-06-10.
^ David Rivera Alonso
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Retrieved 2010-01-07.
^ Dzirutwe, MacDonald.
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(http://www.zimbabwesituation.com
/dec20_2007.html#Z1) . Reuters.
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2007-12-20.
^ Mugari, Shakeman. New notes
out
(http://www.zimbabwesituation.com
/feb2b_2007.html#Z3) . Zimbabwe
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^ Sibanda, Tichaona. Reserve
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79.
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(http://www.latimes.com
/oct2_2007.html#Z3) . SW Radio
/news/nationworld/world/la-fgAfrica. The Zimbabwe
money14-2008jul14,0,3947241.stor
Independent. 2007-10-01.
. Los Angeles Times. 2008-07-14.
^ Chimhashu, Torby. New
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Zimbabwe currency imminent
89. ^ Zimbabwe introduces Z$100bn
(http://newzimbabwe.com/pages
note (http://news.bbc.co.uk
/inflation171.17196.html) .
/2/hi/africa/7515823.stm) . BBC
newzimbabwe.com. November
News. 2008-07-19.
2006?
90. ^ Zimbabwe introduces
^ Makoshori, Shame. Sunrise 2:
100-billion-dollar note
Rollout begins
(http://zim2day.com
(http://www.zimbabwesituation.com
/index.php?option=com_content&
/nov30_2007.html#Z12) . The
task=view&id=1197&Itemid=74) .
Financial Gazette. The Zimbabwe
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^ Gono, G. The Imminent Launch
91. ^ "Zimbabwe introduces new
of Sunrise 2 (http://www.rbz.co.zw
currency" (http://news.bbc.co.uk
/pdfs/Sunrise2.pdf) (pdf). Reserve
/2/hi/africa/7532702.stm) . BBC
Bank of Zimbabwe. Public notice.
News. 2008-07-30.
2007-11-21.
http://news.bbc.co.uk/2/hi/africa
^ Sibanda, Tichaona. Confusion
/7532702.stm. Retrieved
as RBZ orders banks to briefly
2010-01-07.
stop operations
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Monetary Policy statement
/dec19_2007.html#Z3) . SW Radio
(http://www.rbz.co.zw
Africa Zimbabwe News. The
/pdfs/2008Julymps/mps.pdf)
Zimbabwe Situation. 2007-12-18.
93. ^ Zimbabwe unveils $20,000
^ Zim to introduce $10m note
banknote (http://afp.google.com
(https://www.fin24.com/articles
/article
/default
/ALeqM5h_DhQh4zzVtDy5w/display_print_article.aspx?ArticleId=2253131&
Jn6NRfFySLbQ) . AFP.
Type=News) . Fin24.com.
2008-09-29.
2008-01-16.
94. ^ Zimbabwe issues $1 million
^ Photo of a fifty-million-dollar
bills as inflation soars
note (http://www.cbc.ca
(http://edition.cnn.com
/gfx/images/news/photos/2008/04
/2008/WORLD/africa/11/03
/04/zimb-bignote-cp-4620051.jpg)
/zimbabwe.money/) . CNN.
(JPG). Canadian Broadcasting
2008-11-03.
Corporation. 2008-04-04.
95. ^ New bills and new withdrawal
^ RBZ introduces new notes
limits
(http://www.zimbabwesituation.com
/apr4b_2008.html#Z10) .
(http://www.newzimbabwe.com
Zimbabwe Independent. The
/pages/banks73.18985.html) .
Zimbabwe Situation. 2008-04-04.
NewZimbabwe. 2008-11-05.
^ Mafaro, Wayne. Harare
96. ^ Zimbabwe introduces new
introduces Z$50 million note
banknotes as inflation soars
(http://www.zimbabwesituation.com
(http://africa.reuters.com/business
/apr4a_2008.html#Z6) . Zimbabwe
/news/usnJOE4B206T.html) .
Online. The Zimbabwe Situation.
Reuters. 2008-12-03.
2008-04-04.
97. ^ Bank cash withdrawals
^ Zimbabwe releases $250m bank
increased again as protests gather
note
momentum
(http://www.theaustralian.news.com.au
(http://www.swradioafrica.com
/story
/news011208/bankcsh011208.htm)
/0,25197,23653007-12377,00.html)
SW Radio Africa. 2008-12-02
. The Australian. 2008-05-06.
98. ^ Zimbabwe to introduce 200-mlndollar note next week
^ a b Lack of bank note paper
(http://news.xinhuanet.com/english
threatens Zimbabwe economy
1/17/2011 2:42 PM
27 of 32
99.
100.
101.
102.
103.
104.
105.
106.
107.
/2008-12
/06/content_10466294.htm) ,
Xinhua. 2008-12-06.
^ Zimbabwe introduces $500
million note
(http://edition.cnn.com
/2008/WORLD/africa/12/12
/zimbabwe.currency
/index.html?iref=mpstoryview) .
CNN. 12 December 2008.
^ Zimbabwe unveils 10 billion
dollar note
(http://africa.reuters.com
/wire/news/usnLJ525842.html) .
Reuters Africa. 19 December
2008.
^ Zimbabwe introduces new $50
billion note (http://edition.cnn.com
/2009/WORLD/africa/01/10
/zimbawe.currency/) . CNN. 10
January 2009.
^ "Zimbabwe Campaign Posters
Printed On Bank Notes"
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^ "Zimbabwe Teachers Cant
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sid=a92hmoSXZELQ&
refer=africa) . Bloomberg.com.
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sid=a92hmoSXZELQ&
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Zim trims 12 zeroes from trillion
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http://en.wikipedia.org/wiki/Zimbabwean_dollar
Krause, Chester L. and Clifford Mishler (1991). Standard Catalog of World Coins: 18011991 (18th ed. ed.). Krause
Publications. ISBN 0873411501.
Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues. Colin R. Bruce II and Neil Shafer (editors)
(7th ed.). Krause Publications. ISBN 0-87341-207-9.
Succeeded by:
Hard currencies
Reason: hyperinflation, resulting in the
suspension of local currency
Ratio: nonecurrency abandoned
1/17/2011 2:42 PM