Zimbabwean Dollar – The weakest every currency of the World

When Zimbabwe got independence in 1980, the Zimbabwean dollar was more worthy than the US dollar. In its starting years, the Zimbabwean dollar was higher in value against the US dollar at the price of 1.59 but since then political chaos, hyperinflation and the failure of the economy have severely brought down the Zimbabwe Dollar and it is becoming one of the weakest currencies in the world.

100 trillion dollars bill

Zimbabwe Dollars series from 10 to 100 billion printed within one year period. The value of the currency decreases because of the level of the hyperinflation (raising prices).

The Reserve Bank of Zimbabwe blamed for the failure of the sanctions imposed by the United States of America, the IMF and the EU for the chaos and instability of the currency.

1765 Zimbabwe Dollar – The World’s Weakest Ever Currency

It is no more the official currency of Zimbabwe

From 1980 to April 12, 2009, the Zimbabwean dollar was the official currency of Zimbabwe.  Because of political disorder and the collapse of the economy, the Zimbabwean dollar having currency code ZWD (symbol: Z$) is no longer in exchange and flow. 

On 6 September 2007, the Zimbabwe dollar was getting weaker again giving an official trade rate of ZW$30,000 to US$1, while the black-market trade rate was likely to be ZW$600,000 to US$1.

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The Zimbabwean dollar has been abandoned

The Zimbabwean dollar was effectively abandoned for an indefinite period from 12 April 2009. The United States dollar has been accepted as the official currency for all governmental dealings. The Zimbabwean dollar is so much devalued that Zimbabwean people started selling Zimbabwean currency for dollars.

The 100 trillion dollar new notes were selling for 17 US dollars. The general postal service was also asking for US Dollars, $5 for a 100-billion-dollar note from its customers.

In February 2009, a thing which we can buy for 1 US dollar, the same are available at the rate of 300,000,000,000,000 Zimbabwean dollars. 

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Zimbabwe central bank adopted new currencies in 2014

On 29 January 2014, the Zimbabwe central bank announced that the US dollar, South African rand, Botswana pula, Pound Sterling, Euro, Australian dollar, Chinese yuan (renminbi), Indian rupee and Japanese yen would all be acknowledged as legal currency within the country.

On 12 June 2015, the Reserve Bank of Zimbabwe said it will begin a process to demonetize the Zimbabwean dollar, to officially value the fiduciary currency at a rate of 0. The old unit of currency must be retired and replaced with a new currency unit. The plan is to withdraw currency from use and to have totally exchanged to the US dollar by the end of September 2015.

The Zimbabwean government stated that it would give 5 US dollars to all the countrywide bank accounts having to balance more than 175 quadrillion Zimbabwean dollars and exchange rate Zimbabwean dollars to US dollars is 1 US dollar for every 35 quadrillion Zimbabwean dollars.

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Steve has been living in Saudi Arabia since 2013 and writing about Saudi rules, regulations, guides, and procedures since then.