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Zimbabwean dollar#Initial introduction (ZWD)

{{Short description|Currency of Zimbabwe from 1980 to 2009}}

{{about|the currency used between 1980 and 2009|the currency used between 2019 and 2024|Zimbabwean dollar (2019–2024)}}

{{EngvarB|date=December 2016}}

{{Use dmy dates|date=September 2020}}

{{Infobox currency

| image_1 = Zimbabwean banknote collage, fourth dollar.png

| image_title_1 = Banknotes of the fourth dollar (2009)

| image_width_1 = 200px

| iso_code = ZWL

| iso_comment = (2009)

| iso_ref = {{efn|Previously: ZWD (1980–2006), ZWN (2006–2008) and ZWR (2008–2009). For the fifth Zimbabwean dollar, which reuses the ZWL code see Zimbabwean dollar (2019–2024).}}{{ISO 4217/cite|source=List Three}}

| obsolete = yes

| using_countries = None
(previously {{nowrap|{{Flag|Zimbabwe}}){{efn|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, Indian rupee and Japanese yen are used as legal tender. The United States dollar has been adopted as the official currency for all government transactions.}}}}

| inflation_rate = 98.0% per day in mid-November 2008 or 8.97{{e|22}}% per year. The currency lost half its value every 24 hours and 42 minutes.

| inflation_source_date = {{cite web |url = http://www.cato.org/zimbabwe |title = New Hyperinflation Index (HHIZ) Puts Zimbabwe Inflation at 89.7 sextillion percent |last=Hanke |first=Steve H. |website=The Cato Institute |date=17 November 2008 |access-date=17 November 2008 }}

| subunit_ratio_1 = {{frac|1|100}}

| subunit_name_1 = cent

| symbol = $

| used_coins = 1, 5, 10, 25, 50 cents, 1, 2 dollars (bond coins)

| used_banknotes = {{ubl

| 1st dollar: $2 to $1,000 (banknotes), and $5,000 to $100,000 (bearer cheques)

| 2nd dollar: 1¢ to $500 million (bearer cheques), and $5 billion to $100 billion in (agro-cheques)

| 3rd dollar: $1 to $100 trillion

| 4th dollar: $1, $5, $10, $20, $50, $100, $500

}}

| banknote_article = Banknotes of Zimbabwe

| issuing_authority = Reserve Bank of Zimbabwe

}}

The Zimbabwean dollar (sign: $, or Z$ to distinguish it from other dollar-denominated currencies) was the name of four official currencies of Zimbabwe from 1980 to 12 April 2009. During this time, it was subject to periods of extreme inflation, followed by a period of hyperinflation.{{Cite journal|last=Hanke & Kwok|year=2009|title=On the Measurement of Zimbabwe's Hyperinflation|url=https://object.cato.org/sites/cato.org/files/serials/files/cato-journal/2009/5/cj29n2-8.pdf|journal=Cato}}

The Zimbabwean dollar was introduced in 1980 to directly replace the Rhodesian dollar (which had been introduced in 1970) at par (1:1), at a similar value to the US dollar. In the 20th century the dollar functioned as a normal currency, but in the early 21st century hyperinflation in Zimbabwe reduced the Zimbabwean dollar to one of the lowest valued currency units in the world. It was redenominated three times (in 2006, 2008 and 2009), with denominations up to a $100 trillion banknote issued.{{cite news |title=Zimbabwe rolls out Z$100tr note |url=http://news.bbc.co.uk/2/hi/africa/7832601.stm |website=BBC News Online |access-date=7 July 2014}} The final redenomination produced the "fourth dollar" (ZWL), which was worth 1025 ZWD (first dollars).

Use of the Zimbabwean dollar as an official currency was effectively abandoned on 12 April 2009. It was demonetised in 2015, with outstanding accounts able to be reimbursed until 30 April 2016.{{cite news |last=McGee |first=Patrick |title=Zimbabwe ditches its all but worthless currency |url=http://www.ft.com/fastft/344292/zimbabwe-ditches-its-all-but-worthless-currency |newspaper=Financial Times |date=12 June 2015}}{{cite web |url=https://www.newsday.co.zw/2016/02/09/demonetisation-dpc-settles-closed-banks-zim-dollar-accounts/ |title=Demonetisation: DPC settles closed banks Zim dollar accounts |first=Tarisai |last=Mandizha |date=9 February 2016 |website=NewsDay |access-date=8 March 2016}} In place of the Zimbabwean dollar, currencies including the South African rand, Botswana pula, pound sterling, Indian rupee, euro, Japanese yen, Australian dollar, Chinese yuan, and the United States dollar were used.{{cite news|url=https://www.bbc.com/news/world-africa-26034078|title=Zimbabwe's multi-currency confusion|last=Hungwe|first=Brian|date=6 February 2014|website=BBC News Online|access-date=5 September 2016}}{{cite news |title=Zimbabwe to make Chinese yuan legal currency after Beijing cancels debts |url=https://www.theguardian.com/world/2015/dec/22/zimbabwe-to-make-chinese-yuan-legal-currency-after-beijing-cancels-debts |newspaper=The Guardian |date=22 December 2015 |agency=Agence France-Presse}}

On 24 June 2019, the Reserve Bank of Zimbabwe abolished the multiple-currency system and replaced it with a new Zimbabwe dollar (the RTGS Dollar),{{Cite web|url=https://www.newsday.co.zw/2019/07/rbz-seeks-international-recognition-for-zimdollar/|title=RBZ seeks international recognition for Zimdollar|last=newsday|date=2019-07-04|website=NewsDay Zimbabwe|language=en-US|access-date=2019-07-12}} which was the only official currency in the country between June 2019 and March 2020, after which multiple foreign currencies were allowed again. On 5 April 2024, the dollar was removed and replaced with what the authorities called "a structured currency backed by gold", named Zimbabwean gold or the ZiG.

Origin

The Zimbabwean dollar's predecessor, the Rhodesian dollar, was essentially equal to half of the value of the pound sterling at the time of its adoption (during the decimalisation of 1970). A similar practice 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 to the pound sterling.{{Citation needed|date=March 2017}}

= Design =

The main illustration on the obverse of all of the banknotes was the Chiremba Balancing Rocks in Epworth, Harare, which were used as a metaphor demonstrating the importance of balancing development and the preservation of the fragile environment.{{cite book |first=Carlos |last=Lopes |title=Balancing rocks: environment and development in Zimbabwe |url=https://books.google.com/books?id=yGEG_Q3DYvQC |access-date=11 February 2011 |date=February 1996 |publisher=Nordic Africa Institute |isbn=978-9-17106-3-946}} The reverse side of dollar notes often illustrated the culture or landmarks of Zimbabwe.

History

{{update section|date=February 2020}}

= {{Anchor|ZWD}}Initial introduction (ZWD) =

class="wikitable floatright" style="text-align:center;"
Date of
redenomination		Currency
code		Value
1 August 2006

|ZWN

| style="text-align:right;"|1 000 ZWD

1 August 2008

|ZWR

| style="text-align:right;"|{{10^|10}} ZWN
= {{10^|13}} ZWD

2 February 2009

|ZWL

| style="text-align:right;"|{{10^|12}} ZWR
= {{10^|22}} ZWN
= {{10^|25}} ZWD

The first Zimbabwean dollar was introduced in 1980 and replaced the Rhodesian dollar at par. The initial ISO 4217 code was ZWD. At the time of its introduction, the Zimbabwean dollar was worth more than the US dollar in the official exchange market, with 1 ZWD = {{US$|1.47}}, although this did not reflect the actual purchasing power it held.

The value of the dollar began to erode significantly from August 1991 onwards: originally, this was because of the Economic Structural Adjustment Programme (ESAP), a programme of economic liberalisation that dismantled a planned "siege" economy from the UDI era. However, the ESAP caused widespread poverty and unemployment, since many of the lost jobs depended on formerly-subsidised exports with reduced global demand.{{cite web|last1=Tekere|first1=Moses|title=Trade liberalisation under structural economic adjustment - Impact on social welfare in Zimbabwe|url=http://www.saprin.org/zimbabwe/research/zim_trade_lib.pdf|website=Structural Adjustment Participatory Review International Network|access-date=9 January 2023|archive-url=https://web.archive.org/web/20160303213205/http://www.saprin.org/zimbabwe/research/zim_trade_lib.pdf|archive-date=3 March 2016|location=Washington, D.C.|language=en-zw|date=1 August 2001}}{{cite news|last1=Ferreira|first1=Jannie|title=Zim 'a new Bantustan'|url=http://www.news24.com/News24/Africa/Zimbabwe/0,9294,2-11-1662_2053821,00.html|access-date=9 January 2023|work=News24|agency=Die Burger|publisher=News24|date=12 January 2007|archive-url=https://web.archive.org/web/20070115023657/http://www.news24.com/News24/Africa/Zimbabwe/0,9294,2-11-1662_2053821,00.html|archive-date=15 January 2007|location=Cape Town|language=en-za}}{{rp|6–13}} The widespread poverty and unemployment, combined with impromptu spending to support veterans of the Rhodesian Bush War, resulted in a major currency crash on 14 November 1997.{{cite journal|last1=Mawowa|first1=Showers|last2=Matongo|first2=Alois|title=Inside Zimbabwe's Roadside Currency Trade: The 'World Bank' of Bulawayo|journal=Journal of Southern African Studies|date=June 2010|volume=36|issue=2|pages=319–337|url=https://www.jstor.org/stable/20790025|access-date=9 January 2023|publisher=Routledge|location=Milton Park|doi=10.1080/03057070.2010.485787 |jstor=20790025 |s2cid=154910688 |language=en|issn=1465-3893|url-access=subscription}}

The currency's official and parallel rates continued to plummet in the context in falling incomes from exports, the chaotic redistribution of land to inexperienced farmers, and Zimbabwe's involvement in the Second Congo War. By July 2006, the parallel market value of the Zimbabwean dollar fell to one millionth of a pound sterling (Z$1,000,000 = £1).{{cite web |url = http://www.zimbabwesituation.com/old/jul28a_2006.html#Z1 |title=Bills Put Zimbabwe Under "Martial Law" |last=Gumbo |first=Joseph |publisher = Institute for War and Peace Reporting |via=The Zimbabwe Situation |date=27 July 2006}}

= {{Anchor|ZWN}}First re-denomination (ZWN) =

In October 2005, the Governor of the Reserve Bank of Zimbabwe at the time, Dr. Gideon Gono, announced that Zimbabwe would have a new currency the following year, and new banknotes and coins would be produced.{{Citation needed|date=August 2013}} However, in June 2006, it was decreed that, for a new currency to be viable, Zimbabwe had to first achieve macro-economic stability. Instead, in August 2006, the first dollar was redenominated to the second dollar at the rate of 1000 first dollars to 1 second dollar (1000:1). At the same time, the currency was devalued against the US dollar, from 101000 first dollars (101 once revalued) to 250 second dollars, a decrease of about 60% (see exchange rate history table below).{{Citation needed|date=March 2017}} ISO originally assigned a new currency code of ZWN to this redenominated currency, but the Reserve Bank of Zimbabwe could not deal with a currency change, so the currency code remained 'ZWD'.{{cite web|url=http://www.telekurs-financial.com/dl_tkfich_customers_data_sources_exchanges_080906.pdf|title=Currency reform Zimbabwe|date=9 August 2006|website=Telekurs Financial|archive-url=https://web.archive.org/web/20071022101722/http://www.telekurs-financial.com/dl_tkfich_customers_data_sources_exchanges_080906.pdf|archive-date=22 October 2007}} The revaluation campaign, which Gideon Gono named "Operation Sunrise", was completed on 21 August 2006. It was estimated that some ten trillion old Zimbabwe dollars (22% of the money supply) were not redeemed during this period.{{cite web|url=http://www.zimbabwesituation.com/sep15b_2006.html#Z17|title=78% old currency returned: RBZ|last=Ndlela|first=Dumisani|date=15 September 2006|work=Zimbabwe Independent|via=The Zimbabwe Situation}}

The following year, on 2 February 2007, the RBZ revealed that a new (third) dollar would be released. However, with inflation still exceeding 1000%, the banknotes were kept in storage. During the same month, the Reserve Bank of Zimbabwe declared inflation illegal, outlawing any raise in prices on certain commodities between 1 March and 30 June 2007. Officials arrested executives of some Zimbabwean companies for increasing prices on their products,{{cite news |last=Wines |first=Michael |url=https://www.nytimes.com/2007/02/07/world/africa/07zimbabwe.html?ex=1328504400&en=5709ec03b6b62b0d&ei=5090&partner=rssuserland&emc=rss |title=As Inflation Soars, Zimbabwe Economy Plunges |newspaper=The New York Times |date=7 February 2007}}{{cite news |url=http://news.bbc.co.uk/2/hi/africa/6199516.stm |title=Zimbabwe jail over bread prices |website=BBC News |date=1 December 2006}} and economists reported that "chaos had started to reign and people in the public sector became frantic".{{cite web |url=http://www.zimbabwesituation.com/jun16a_2007.html#Z6 |title=Ground Zero |first=Eddie |last=Cross |work=The Zimbabwe Situation |date=15 June 2007}} On 6 September 2007, the Zimbabwe dollar was devalued again by 92%,{{cite web |url=https://www.bloomberg.com/apps/news?pid=20601039&sid=a8KzciD2HkYk&refer=columnist_wilson |title=S&P's Sub-$10 Club, Lexmark's Buy, Zimbabwe's Dollar: Timshel |first=David |last=Wilson |access-date=16 September 2008 |website=Bloomberg |date=7 September 2007 |archive-url=https://web.archive.org/web/20121025083217/http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a8KzciD2HkYk&refer=columnist_wilson |archive-date=25 October 2012}} creating an official exchange rate of {{val|p=ZW$|30000}} to {{US$|1}}, although the black market exchange rate was estimated to be {{val|p=ZW$|600000}} to {{US$|1}}.{{cite news |last=Raath |first=Jan |url=http://www.timesonline.co.uk/tol/news/world/africa/article2403119.ece |archive-url=https://web.archive.org/web/20081012061608/http://www.timesonline.co.uk/tol/news/world/africa/article2403119.ece |url-status=dead |archive-date=12 October 2008 |title=Devaluation is 'too little, too late' to save Zimbabwe |newspaper=Times Online |date=7 September 2007}}

As an official exchange rate became more unreliable, the WM/Reuters company introduced a notional exchange rate (ISO ZWN) which was based on Purchasing Power Parity utilising the dual listing of companies on the Harare (ZH) and London Stock exchanges (LN).{{cite journal |last1=Hanke |first1=Steve H. |first2=Alex K. F. |last2=Kwok |title=On the Measurement of Zimbabwe's Hyperinflation |journal=The Cato Journal |date=Spring–Summer 2009 |url=https://object.cato.org/sites/cato.org/files/serials/files/cato-journal/2009/5/cj29n2-8.pdf}}

= {{Anchor|ZWR}}Second re-denomination (ZWR) =

File:Zimbabwe $100 trillion 2009 Obverse.jpg (1014 dollars), equal to 1027 pre-2006 dollars.]]

On 30 July 2008, the dollar was redenominated and given a new currency code of ZWR.{{cite news |last=Shaw |first=Angus |url=http://usatoday30.usatoday.com/money/economy/2008-07-30-771180803_x.htm |title=Zimbabwe devalues currency; 10B becomes 1 dollar |agency=Associated Press |work=USA Today |date=30 July 2008}} After 1 August 2008, 10 billion ZWN were worth 1 ZWR. Coins valued at {{val|p=Z$|5}}, {{val|p=Z$|10}} and {{val|p=Z$|25}} and banknotes worth {{val|p=Z$|5}}, {{val|p=Z$|10}}, {{val|p=Z$|20}}, {{val|p=Z$|100}}, and {{val|p=Z$|500}} were issued in ZWR.{{cite news |last=Mafaro |first=Wayne |url=http://www.zimonline.co.za/Article.aspx?ArticleId=3487 |title=Mugabe says might declare state of emergency over prices |work=Zimbabwe Online |date=30 July 2008 |access-date=30 July 2008 |archive-url=https://web.archive.org/web/20080908190012/http://www.zimonline.co.za/Article.aspx?ArticleId=3487 |archive-date=8 September 2008}} Due to frequent cash shortages and the apparently worthless Zimbabwean dollar, foreign currency was effectively legalised as a de facto currency on 13 September 2008 via a special program. This program officially allowed a number of retailers to accept foreign money.{{cite news |url=https://www.telegraph.co.uk/news/worldnews/africaandindianocean/zimbabwe/2778562/Final-humiliation-for-Zimbabwe-dollar-as-foreign-currency-legalised.html |title=Final humiliation for Zimbabwe dollar as foreign currency legalised |first=Sebastien |last=Berger |date=10 September 2008 |newspaper=The Daily Telegraph |access-date=13 September 2008}} This reflected the reality of the dollarisation of the economy, with many shop keepers refusing to accept Zimbabwe dollars and requesting US dollars or South African rand instead.{{cite news |url=https://www.telegraph.co.uk/news/worldnews/africaandindianocean/zimbabwe/3264644/Zimbabwe-shops-stop-accepting-local-currency.html |title=Zimbabwe shops stop accepting local currency |first1=Peta |last1=Thornycroft |first2=Sebastien |last2=Berger |date=26 October 2008 |newspaper=The Daily Telegraph |access-date=27 October 2008}}{{cite news |url=https://www.washingtonpost.com/wp-dyn/content/article/2008/12/03/AR2008120303634.html |title=Zimbabweans Turn to U.S. Dollar as Hyperinflation Erodes Value of Local Currency |first=Karin |last=Brulliard |newspaper=The Washington Post |date=4 December 2008}} Despite redenomination, the RBZ was forced to print banknotes of ever higher values to keep up with surging inflation, with ten zeros reappearing by the end of 2008. While worthless at the time,Nurse, Earl (6 May 2016). "[https://edition.cnn.com/2016/05/06/africa/zimbabwe-trillion-dollar-note The 100 trillion dollar bank note that is nearly worthless]", CNN. Retrieved 14 April 2021. these 100 trillion dollar notes subsequently became popular with collectors.

= {{Anchor|ZWL}}Third re-denomination (ZWL) =

On 2 February 2009, the RBZ announced that a further 12 zeros were to be taken off the currency, with 1,000,000,000,000 third Zimbabwean dollars being exchanged for 1 new fourth dollar.{{cite web |url=http://edition.cnn.com/2009/WORLD/africa/02/02/zimbabwe.dollars/ |title=Zimbabwe removes 12 zeros from currency |website=CNN |access-date=7 January 2010}}{{cite web|url=http://news.bbc.co.uk/1/hi/world/africa/7865259.stm|title=Zimbabwe dollar sheds 12 zeros|date=2 February 2009|website=BBC News|access-date=2 February 2009}} New banknotes were introduced with face values of {{val|p=Z$|1}}, {{val|p=Z$|5}}, {{val|p=Z$|10}}, {{val|p=Z$|20}}, {{val|p=Z$|50}}, {{val|p=Z$|100}} and {{val|p=Z$|500}}.{{cite news |url=http://news.bbc.co.uk/2/hi/africa/7865259.stm |title=Zimbabwe dollar sheds 12 zeros |website=BBC News |date=2 February 2009 |access-date=7 January 2010}} The banknotes of the fourth dollar circulated alongside the third dollar, which remained legal tender until 30 June 2009.{{cite news |url=http://edition.cnn.com/2009/WORLD/africa/02/02/zimbabwe.dollars/ |title= Zimbabwe removes 13 zeroes from currency |date=2 February 2009 |website=CNN |access-date=2 February 2009 |location=Harare, Zimbabwe}} The new ISO currency code was ZWL.{{Failed verification|date=November 2022}}{{cite web |url=http://www.wmcompany.com/wmr/index.htm |title=WM Company |website=WM Company |date=28 September 2009 |access-date=7 January 2010 |archive-date=16 January 2021 |archive-url=https://web.archive.org/web/20210116113505/http://www.refinitiv.com/en/financial-data/financial-benchmarks/wm-refinitiv-fx-benchmarks |url-status=dead }}

Despite the introduction of the fourth dollar, however, the problems were not eliminated, and the economy continued to be almost completely dollarised.{{cite news |url=http://www.thezimbabweindependent.com/index.php/business/22131-banks-redeem-treasury-bills-woo-depositors |title=Banks redeem treasury bills woo depositors |newspaper=The Zimbabwe Independent |date=17 December 2009 |access-date=7 January 2010 |url-status=dead |archive-url=https://web.archive.org/web/20090318054620/http://www.thezimbabweindependent.com/index.php/business/22131-banks-redeem-treasury-bills-woo-depositors |archive-date=18 March 2009}} In his first budget, the Zimbabwe finance minister, Tendai Biti, stated "the death of the Zimbabwe dollar is a reality we have to live with. Since October 2008 our national currency has become moribund".{{cite web |url=http://www.thezimbabweindependent.com/index.php/business/22226-revised-budget-dashes-infrastructure-repair-hopes |title=Revised budget dashes infrastructure repair hopes |work=The Zimbabwe Independent|date=17 December 2009 |access-date=7 January 2010 |url-status=dead |archive-url=https://web.archive.org/web/20090911031807/http://www.thezimbabweindependent.com/index.php/business/22226-revised-budget-dashes-infrastructure-repair-hopes |archive-date=11 September 2009}} In late January 2009, acting Finance Minister Patrick Chinamasa announced that all Zimbabweans would be allowed to conduct business with any currency, as a response to the hyperinflation crisis.{{cite news |url=http://news.bbc.co.uk/2/hi/world/africa/7859033.stm |title=Zimbabwe abandons its currency |website=BBC News |date=7 January 2009 |access-date=24 August 2010}} On 12 April 2009, media outlets reported that economic planning minister Elton Mangoma had announced the suspension of the local currency "for at least a year", effectively terminating the fourth dollar.{{cite web |url=http://www.voanews.com/english/2009-04-12-voa9.cfm |title=Zimbabwe Suspends Use of Own Currency |website=Voice of America |date=12 April 2009 |access-date=7 January 2010 |url-status=dead |archive-url=https://web.archive.org/web/20090507091459/http://www.voanews.com/english/2009-04-12-voa9.cfm |archive-date=7 May 2009}}{{cite web |url=http://newzimbabwe.com/pages/banks86.19673.html |title=Zimbabwe dollar shelved 'for at least a year' |first=Cris |last=Chinaka |website=New Zimbabwe |access-date=7 January 2010 |url-status=dead |archive-url=https://web.archive.org/web/20090607001712/http://newzimbabwe.com/pages/banks86.19673.html |archive-date=7 June 2009}}

Withdrawal

{{Main|Hyperinflation in Zimbabwe}}

= Hyperinflation =

All four issues of the Zimbabwean dollar experienced high rates of inflation, although it was not until the early 2000s that Zimbabwe started to experience completely unsustainable hyperinflation.{{cite news |url=http://www.mg.co.za/article/2006-03-10-inflation-hits-a-record-high-in-zimbabwe |newspaper=Mail & Guardian Online |date=10 March 2006 |title=Inflation hits a record high in Zimbabwe |quote=Inflation in Zimbabwe reached its previous peak in January 2004, hitting 624%. |access-date=27 August 2008}}{{cite news |url=http://news.bbc.co.uk/2/hi/business/6248245.stm |website=BBC News |title=Zimbabwean inflation hits 1,281% |date=10 January 2007 |access-date=27 August 2008}}

On 13 July 2007, the Zimbabwean government said that 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".{{cite web|url=http://www.zimbabwesituation.com/jul15_2007.html#Z1|title=Harare suspends release of inflation data|last=Chizhanje|first=Hendricks|date=14 July 2007|work=Zimbabwe Online|via=The Zimbabwe Situation}}{{cite web|url=http://www.zimbabwesituation.com/may24a_2008.html#Z26|title=Inflation hits one million percent as prices continue to skyrocket|last=Sibanda|first=Tichaona|date=21 May 2008|work=SW Radio Africa|via=The Zimbabwe Situation|url-status=live|archive-url=https://web.archive.org/web/20080526114101/http://www.zimbabwesituation.com/may24a_2008.html#Z26|archive-date=26 May 2008}} In 2008, the inflation rate accelerated dramatically, from a rate in January of over 100,000%{{cite web|url=http://www.zimbabwesituation.com/feb21_2008.html#Z1|title=Zimbabwe annual inflation over 100,000 per cent|date=21 February 2008|work=The Sydney Morning Herald|via=The Zimbabwe Situation|url-status=live|archive-url=https://web.archive.org/web/20080512040358/http://www.zimbabwesituation.com/feb21_2008.html#Z1|archive-date=12 May 2008}} to an estimated rate of over 1,000,000% by May,{{cite web|url=http://www.zimbabwesituation.com/may17_2008.html#Z1|title=Hits 355 000%|date=15 May 2008|work=Zimbabwe Independent|via=The Zimbabwe Situation}}{{cite web|url=http://news.bbc.co.uk/1/hi/business/7244769.stm|title=Zimbabwe inflation spirals again|date=14 February 2008|website=BBC News}} and nearly 250,000,000% in July.{{cite web|url=http://www.zimbabwesituation.com/oct9b_2008.html#Z1|title=Inflation soars to 231 million percent|last=Kadzere|first=Martin|date=9 October 2008|work=The Herald|via=The Zimbabwe Situation|access-date=7 January 2010}}

= Money supply (2006–2008) =

File:100 million front.JPG for 100 million Zimbabwean dollars]]

The Reserve Bank of Zimbabwe responded to the dwindling value of the dollar by repeatedly arranging the printing of further banknotes,{{cite web|url=http://www.parapundit.com/archives/003427.html|title=Zimbabwe Inflation Over 900 Percent|date=4 May 2006|website=ParaPundit}}{{cite news|url=https://www.theguardian.com/zimbabwe/article/0,,1714393,00.html|title=Africa needs more courage, says Mugabe|last=Meldurm|first=Andrew|date=21 February 2006|newspaper=The Guardian}}{{cite web|url=http://www.zimbabwesituation.com/jun28_2007.html#Z18|title=Zimbabwe: Gono ordered to print Z$1 Trillion for Civil servants and Army|date=28 June 2007|work=Zimbabwe Daily News|via=The Zimbabwe Situation|url-status=live|archive-url=https://web.archive.org/web/20070706010708/http://www.zimbabwesituation.com/jun28_2007.html#Z18|archive-date=6 July 2007}}{{cite web|url=http://www.zimbabwesituation.com/jul29_2007.html#Z1|title=Mugabe says will print more money if there isn't enough|date=28 July 2007|agency=Associated Press|work=International Herald Tribune|via=The Zimbabwe Situation|url-status=live|archive-url=https://web.archive.org/web/20070929102640/http://www.zimbabwesituation.com/jul29_2007.html#Z1|archive-date=29 September 2007}}{{Cite web|url=http://www.zimbabwesituation.com/aug30b_2007.html#Z13|title=RBZ provides $3 trillion for vote buying|date=30 August 2007|work=The Zimbabwean|via=The Zimbabwe Situation|url-status=live|archive-url=https://web.archive.org/web/20070905114039/http://www.zimbabwesituation.com/aug30b_2007.html#Z13|archive-date=5 September 2007}} often at great expense from overseas suppliers.

File:Zimbabwe Hyperinflation 2008 notes.jpg

On 1 March 2008 The Sunday Times reported that it had obtained documents showing that the Munich company Giesecke & Devrient (G&D) was receiving more than €500,000 (£381,562) a week for delivering bank notes to the value of Z$170 trillion a week.{{cite web|url=http://www.zimbabwesituation.com/mar2a_2008.html#Z1|title=Planeloads of cash prop up Mugabe|last=Lamb|first=Christina|date=2 March 2008|work=The Sunday Times|via=The Zimbabwe Situation|url-status=live|archive-url=https://web.archive.org/web/20100102043020/http://www.zimbabwesituation.com/mar2a_2008.html#Z1|archive-date=2 January 2010}}{{cite web|url=https://www.gi-de.com/en/about_g_d/press/press_releases/Giesecke-%2526-Devrient-halts-deliveries-to-the-Reserve-Bank-of-Zimbabwe-g10756.jsp|title=Giesecke & Devrient halts deliveries to the Reserve Bank of Zimbabwe|date=1 July 2008|work=Giesecke & Devrient GmbH, Prinzregentenstr|access-date=18 November 2016|archive-url=https://web.archive.org/web/20161119061359/https://www.gi-de.com/en/about_g_d/press/press_releases/Giesecke-%2526-Devrient-halts-deliveries-to-the-Reserve-Bank-of-Zimbabwe-g10756.jsp|archive-date=19 November 2016|url-status=dead}} By late 2008, inflation had risen so high that automated teller machines for one major bank gave a "data overflow error" and stopped customers' attempts to withdraw money with so many zeros.{{cite news |url=http://www.news.com.au/heraldsun/story/0,21985,24074952-5012751,00.html |title=$100 billion for three eggs |newspaper=The Herald Sun |date=25 July 2008 |access-date=24 July 2008 |archive-url=https://archive.today/20120910223539/http://www.news.com.au/heraldsun/story/0,21985,24074952-5012751,00.html |archive-date=10 September 2012 |url-status=dead }}

In June 2008, U.S. officials announced they would not take any action against G&D."U.S. won't punish Giesecke+Devrient over Zimbabwe aid," Los Angeles Times. 19 June 2008.

It was reported that on 1 July 2008 the company's management board decided to cease delivering banknote paper to the Reserve Bank of Zimbabwe with immediate effect. The decision was in response to an "official request" from the German government and calls for international sanctions by the European Union and the United Nations.Ohlden, Anna. [http://www.scientificblogging.com/newswire/giesecke_devrient_halts_deliveries_to_the_reserve_bank_of_zimbabwe "Giesecke+Devrient Halts Deliveries to the Reserve Bank of Zimbabwe,"] {{Webarchive|url=https://web.archive.org/web/20080705105225/http://www.scientificblogging.com/newswire/giesecke_devrient_halts_deliveries_to_the_reserve_bank_of_zimbabwe |date=5 July 2008 }} PRNewswire. 1 July 2008.

= Abandonment and demonetisation =

The use of foreign currencies was legalised in January 2009, causing general consumer prices to stabilise again after years of hyperinflation and price speculation.{{cite news|url=http://news.bbc.co.uk/1/hi/world/africa/7859033.stm|title=Zimbabwe abandons its currency|date=29 January 2009|website=BBC News|access-date=7 January 2010}} The move led to a sharp drop in the usage of the Zimbabwean dollar, as hyperinflation rendered even the highest denominations worthless. The Zimbabwean 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.

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 accepted as legal currency within the country.{{cite web |url=https://www.newsday.co.zw/2014/01/30/zimbabwe-use-chinese-currency/ |first=Bernard |last=Mpofu |title=Zimbabwe to use Chinese currency |work=NewsDay |access-date=30 January 2014}}

In June 2015, the Reserve Bank of Zimbabwe began to formally demonetise the Zimbabwean dollar, reducing its value steadily to zero in order to complete a switch to the US dollar by the end of September 2015.{{cite web |title=Press Statement: Demonetisation of the Zimbabwe Dollar |url=http://www.rbz.co.zw/pdfs/Public%20Notices/2015/Demonetisation%20Press%20Statement%209%20June%202015.pdf |website=Reserve Bank of Zimbabwe |access-date=12 June 2015 |archive-url=https://web.archive.org/web/20150711113239/http://www.rbz.co.zw/pdfs/Public%20Notices/2015/Demonetisation%20Press%20Statement%209%20June%202015.pdf |archive-date=11 July 2015}} The Zimbabwean government stated that it would credit 5 US dollars to domestic bank accounts with balances of up to 175 quadrillion Zimbabwean dollars, and that it would exchange Zimbabwean dollars for US dollars at a rate of US$1 to 35 quadrillion Zimbabwean dollars to accounts with balances above 175 quadrillion Zimbabwean dollars.{{cite web |agency=Reuters |title=That'll be 175 quadrillion Zimbabwean dollars, please |url=https://www.telegraph.co.uk/finance/11669652/Thatll-be-175-quadrillion-Zimbabwean-dollars-please.html |newspaper=The Daily Telegraph |date=12 June 2015 |access-date=12 June 2015}}{{cite news |last1=Marawanyika |first1=Godfrey |last2=Wallace |first2=Paul |title=175 Quadrillion Zimbabwean Dollars Are Now Worth $5 |url=https://www.bloomberg.com/news/articles/2015-06-11/zimbabwe-officially-removes-local-currency-from-circulation |newspaper=Bloomberg.com |date=11 June 2015 |publisher=Bloomberg L.P. |access-date=12 June 2015}} This move was meant to stabilise the economy and establish a credible nominal anchor under low inflation conditions. The exercise brought closure to the outstanding issue on the Zimbabwe dollar, further confirming the government's position that the local unit will not return anytime soon. The Government has maintained that the return of the Zimbabwe dollar will only be considered when key economic fundamentals, such as productivity in key sectors, have been achieved.{{cite web |url=http://www.zimbabwesituation.com/news/zimsit-m-banks-pay-out-7m-in-zim-dollar-compensation-the-herald/ |title=Banks pay out $7m in Zim dollar compensation |work=The Herald |date=11 December 2015 |via=The Zimbabwe Situation |access-date=9 July 2016}}

Similar to the Iraqi dinar scam, some promoters claim that a future "revalue" (RV) event will cause Zimbabwe dollar notes to regain some nonzero fraction of their original value.{{cite news |last1=Rothschild |first1=Mike |title=The Next Great Currency Scam |url=https://skeptoid.com/blog/2015/07/14/the-next-great-currency-scam/ |access-date=21 April 2021 |work=Skeptoid Blog |date=July 14, 2015}}

Coins

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 coins, and a bimetallic 5-dollar coin was introduced. The Reserve Bank of Zimbabwe announced plans for new {{val|p=Z$|5000|fmt=commas}} and {{val|p=Z$|10000|fmt=commas}} coins in June 2005,{{cite web |last=Lawa |first=N. |url=http://www.thezimbabwean.co.uk/3-june-2005/coins-to-replace-notes.html |title=Coins to replace notes |work=The Zimbabwean |date=3 June 2005 |archive-url=https://web.archive.org/web/20050610021550/http://www.thezimbabwean.co.uk/3-june-2005/coins-to-replace-notes.html |archive-date=10 June 2005}} although these were never actually struck.

In its 2014 mid-term monetary policy statement, the Reserve Bank of Zimbabwe (RBZ) said it would import special coins, known as Zimbabwean bond coins, to ease a shortage of change in the economy. Like the original 1980 coins, these special coins would be denominated in 1, 5, 10, 20, and 50 cents, but would have values at par with US cents. There would also be South African rand coins of 10, 20, 50 cents, 1, 2, 5 rands. The RBZ's statement did not specify when or where these coins would be imported from, but a later report on 26 November 2014 clarified that over $40 million worth of these coins were expected to be delivered within the next week from Pretoria. On 18 December 2014, the 1, 5, 10, and 25 US cent denominations were released into circulation. The 50 US cent denomination followed in March 2015. A 1 dollar bond coin was released in November 2016.

Banknotes and cheques

{{Main|Banknotes of Zimbabwe}}

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 traveller's cheques.

Exchange rate history

This table shows a condensed history of the foreign exchange rate of the Zimbabwean Dollars to one US Dollar:{{Cite web |url=http://www.mtholyoke.edu/~moyan20t/classweb/worldpolitics1/exchangerates.html |title=Exchange Rates |last=Tinashe |first=Moyana |year=2010 |publisher=Mount Holyoke College |access-date=31 January 2018 |archive-date=27 November 2018 |archive-url=https://web.archive.org/web/20181127080505/http://www.mtholyoke.edu/~moyan20t/classweb/worldpolitics1/exchangerates.html |url-status=dead }}

cellpadding="5" rules="cols"
First dollar

! colspan="2" | Second dollar

! Third dollar

valign="top"

|

{| class="wikitable" style="text-align:right"

Month/YearExchange rate
19831
199710
2000100
Jun 20021,000
Mar 200510,000
Jan 2006100,000
Jul 2006500,000+

|

class="wikitable" style="text-align:right"
MonthExchange rate
Aug 2006650
Sep 20061,000
Dec 20063,000
Jan 20074,800
Feb 20077,500
Mar 200726,000
Apr 200735,000
May 200750,000
Jun 2007400,000
Jul 2007300,000
Aug 2007200,000

|

class="wikitable" style="text-align:right"
MonthExchange rate
Sep 2007600,000
Oct 20071,000,000
Nov 20071,500,000
Dec 2007† 4,000,000
Jan 20086,000,000
Feb 2008‡ 16,000,000
Mar 200870,000,000
Apr 2008100,000,000
May 2008777,500,000
Jun 200840,928,000,000
Jul 2008758,530,000,000

|

class="wikitable" style="text-align:right"
DayExchange rate
August 20081,780
September 2008590,000
7 October 20082,300,000
14 October 200810,700,000
21 October 20081,220,000,000
28 October 2008251,000,000,000
8 November 2008669,000,000,000

|}

† Due to the December 2007 banknote shortage, funds transferred via Electronic Funds Transfer Systems (EFTS) bore a premium rate of about {{val|p=$|4 |u=million}}, while the cash transaction rate varied around {{val|p=$|2 |u=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:

class="wikitable" style="text-align:right"
Month

! ZWR per USD

Sept 20081,000
Oct 200890,000
Nov 20081,200,000
Mid Dec 200860,000,000
End Dec 20082,000,000,000
Mid Jan 20091,000,000,000,000
2 February 2009300,000,000,000,000

= Initial period of devaluation =

{{more citations needed|section|date=January 2018}}

The first dollar (ZWD) devalued from 0.6788 R$ to {{US$|1}} in 1978 to roughly half a million per US$ in 2006, when the currency was revalued.

This table shows in more detail the historical value of one US dollar in Zimbabwean dollars:

class="wikitable collapsible autocollapse" style="font-size: 90%"
colspan=4|Exchange rates of the first dollar (ZWD)
Date

! Official Rate

! Parallel Rate

! Notes

19780.6788 R$ (Apr){{n/a}}R$ pegged to {{US$}}
rowspan=2|1980rowspan=2|0.68 R$ (Mar)rowspan=2 {{n/a}}Z$ tied to basket of FRF, DEM, ZAR, CHF, GBP, USD
18 April 1980 – Independence ({{val|1 |u=Z$}} = {{val|1 |u=R$}})
19820.8925 to 0.9140 (Dec){{sdash}}ZWD devalued by 16.5%
19830.96135 (Jan)up to 3.18 (July)ZWD devalued by 5%
Parallel rate highly variable — premium up to 231%
1983 (Aug) to 1993 (Dec)0.96135 – 6.82Flexible basket; dual rates; 20% tax on outgoing payments
19946.82 (Jan)8.36 (Oct)Floating official rate (1 July); dual rates; ZWD devalued by 17%
19958.26 (Jan)8.85 (Oct)rowspan=4| floating official rate; dual rates; rates unified 1998 (Dec)
19969.13 (Jan)10.52 (Oct)
199710.50 (Jan)12.00 (Jan); 25.00 (Nov)
199818.00 (Jan)16.65 (Jun); 19.00 (Jul); 23.50
199936.23 (Jan)38.30 (Sep)On 31 March 1999, the Official Exchange Rate was pegged at ZWD 38 per USD; the parallel market had re-emerged by December 1999.
200038 to 5556 to 62 (Jul); 65 to 70 (Aug.)In August 2000, the Official Exchange Rate was pegged at ZWD 50, then ZWD 51 and finally at ZWD 55 per USD; parallel black market rates were at a large premium; in November, foreign exchange bureaus were closed.
20015570 (Jan); 80 (Feb); 100 (Mar); 120 (Apr); 140 (May); 160 (Jun); 250 (Jul); 300 (Aug); 400 (Sep); 300 (Oct); 320 (Nov); 340 (Dec)In June, the official rate became a crawling peg rate.
200255380 (Jan) to 710 (Jun), 1400 (Jul) to 1740 (Oct) to 1400 (Dec)In 2002, the parallel black market for foreign exchange mushroomed.
200355 (Jan); 824 (Feb)1400 (Jan); 1450 (Feb); 2300 (May); 3000 (Jul); 6000 (Aug); 6400 (Oct); 6000 (Nov)In February 2003, the Official Exchange Rate was re-pegged at ZWD 824 per US $
2004824 (1 January); 4196 (12 January) to 5730 (Dec)5500 (1 January) to 6000 (Dec)In January 2004, semiweekly (RBZ-controlled) currency auctions were set up to determine the official rate.
rowspan=2|2005rowspan=2|5,730 (January); 6,200 (March); 9,000 (May); 10,800 (18 July); 17,600 (25 July); 24,500 (25 August); 26,003 (September); 26,003 (October); 60,000 (Nov); 84,588 (30 December)rowspan=2|6,400 (January); 14,000 (March); 20,000 (May); 25,000 (18 July); 45,000 (25 July); 45,000 (25 August); 75,000 (September); 80,000 to 100,000 (October); 90,000 (Nov); 96,000 (30 December)24 August: Zimbabwean dollar becomes least valued currency unit
In November 2005, the regular currency auctions were discontinued and the RBZ announced that "market factors" would control the exchange rate.
rowspan=2|2006 (to 31 July)rowspan=2|85,158 (3 January); 99,201.58 (24 January); 101,195.54 (28 April){{cite web |url=http://www.rbz.co.zw/currencyexc/Forex_31072006.asp |title=Daily Interbank Exchange Rates Z$ per {{US$}} |work=Reserve Bank of Zimbabwe |date=31 July 2006 |archive-url=https://web.archive.org/web/20140201203937/http://www.rbz.co.zw/currencyexc/Forex_31072006.asp |archive-date=1 February 2014}}rowspan=2|100,000 (6 January); 106,050 (19 January); 115,000 (20 January); 125,000 to 150,000 (25 January); 175,000 to 190,000 (24 February); 205,000 to 220,000 (3 March); 220,000 to 230,000 (13 April); 300,000 to 310,000 (25 May); 315,000 (9 June); 340,000 to 350,000 (16 June); 400,000 (21 June); 450,000 (1 July); 520,000 (9 July);{{cite news |last=Thornycroft |first=Peta |url=http://blogs.telegraph.co.uk/news/petathornycroft/3632891/Bring_on_the_wheelbarrows/ |archive-url=https://web.archive.org/web/20110430014603/http://blogs.telegraph.co.uk/news/petathornycroft/3632891/Bring_on_the_wheelbarrows/ |url-status=dead |archive-date=30 April 2011 |title=Bring on the wheelbarrows |newspaper=The Daily Telegraph |date=11 July 2006}} 550,000 (27 July){{cite web |last=Gumbo |first=Joseph |url=http://www.zimbabwesituation.com/jul28a_2006.html#Z1 |title=Bills Put Zimbabwe Under "Martial Law" |work=Institute for War and Peace |via=The Zimbabwe Situation |date=26 July 2006 |url-status=live |archive-url=https://web.archive.org/web/20070626133359/http://www.zimbabwesituation.com/jul28a_2006.html#Z1 |archive-date=26 June 2007}}Economists predict an unofficial rate of nearly ZWD 250,000 to the US dollar by mid-2006.
24 January – RBZ caps daily variance of official exchange rate based on volume traded. The ZWD is able to fluctuate (from its average rate) in a daily band of: 0% (under {{US$|5 million}}); 1% ({{val|p={{US$}}|5| to |10 |u=million}}); 1.5% ({{val|p={{US$}}|10| to |15 |u=million}}); or 2% (exceeds {{US$|15 million}}). This effectively froze the official exchange rate.

= Second period of devaluation =

In the first redenomination of 1 August 2006, 1000 ZWD were exchanged for 1 second dollar (ZWN). The second dollar started off with an official rate of 250 and a parallel rate of 550 to the {{US$}}. By July 2008 the exchange rate with US$ had reached (parallel rate) 500 billion to 1 {{US$}}, leading to a second redenomination.

More detailed data can be found in the table below:

class="wikitable collapsible autocollapse" style="font-size: 90%"
colspan=5|Exchange rates of the second dollar (ZWN)
colspan=2|Datewidth:300px| Official Rate
(Revalued dollar)		Parallel Rate
(Revalued dollar)		Notes
rowspan=5|2006Augustrowspan=5|250 (250,000 old)550 (1 August); 650 (3 August); 650 to 700 (24 August)1 August: 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)
September

|

700 to 800 (8 September – high volume transactions);{{cite web |url=http://www.zimbabwesituation.com/sep8b_2006.html#Z17 |title=Forex still scarce |first=Dumisani |last=Ndlela |work=Zimbabwe Independent |date=8 September 2006 |via=The Zimbabwe Situation |access-date=7 January 2010}}

850 (14 September);{{cite web |url=http://www.zimbabwesituation.com/sep14a_2006.html#Z6 |title=ZRP steals forex from tourists |work=The Zimbabwean |via=The Zimbabwe Situation |date=14 September 2006}}

1,200 to 1,300 (28 Sep) or 1,500 (29 September – high volume transactions){{cite web |url=http://www.zimbabwesituation.com/sep29b_2006.html#Z14 |title=Zim dollar plumbs fresh depths |first=Dumisani |last=Ndlela |work=Zimbabwe Independent |via=The Zimbabwe Situation |date=29 September 2006}}

October

|

1,500 (12 October);{{cite web |url=http://www.zimbabwesituation.com/oct12_2006.html#Z6 |title=Black market rate continues to gallop |date=11 October 2006 |work=African News Dimension |via=The Zimbabwe Situation}}

November

|

1,700 (6 November);{{cite web |url=http://www.zimbabwesituation.com/nov6_2006.html#Z1 |title=Wave of price hikes dampen hopes for recovery |work=Zimbabwe Online |via=The Zimbabwe Situation |date=6 November 2006 |url-status=live |archive-url=https://web.archive.org/web/20070926221550/http://www.zimbabwesituation.com/nov6_2006.html#Z1 |archive-date=26 September 2007}}

2,000 (19 November);{{cite web |url=http://www.zimbabwesituation.com/nov19_2006.html#Z3 |title=AirZim fee fuels currency black market |work=Zimbabwe Standard |via=The Zimbabwe Situation |date=19 November 2006 |url-status=live |archive-url=https://web.archive.org/web/20100310015725/http://www.zimbabwesituation.com/nov19_2006.html#Z3 |archive-date=10 March 2010}}

2,400 (29 November);{{cite web |url=http://www.zimbabwesituation.com/nov29_2006.html#Z2 |title=Zimdollar takes heavy knock on black market |work=Zimbabwe Online |via=The Zimbabwe Situation |date=29 November 2006 |url-status=live |archive-url=https://web.archive.org/web/20070929090214/http://www.zimbabwesituation.com/nov29_2006.html#Z2 |archive-date=29 September 2007}}

December

|

3,000 (25 December){{cite web |url=http://www.zimbabwesituation.com/dec25_2006.html#Z4 |first=Makusha |last=Mugabe |title=No Rice and Chicken This Christmas |date=24 December 2006 |work=African News Dimension |via=The Zimbabwe Situation |access-date=7 January 2010}}

rowspan=12|2007

|January

|rowspan=3|250

|

3,200 (11th{{cite web |url=http://www.zimbabwesituation.com/jan11a_2007.html#Z9 |title=Dollar drops as demand soars |date=11 January 2007 |work=The Zimbabwean |via=The Zimbabwe Situation |access-date=7 January 2010}});

3,500 (18th{{cite web |url=http://www.zimbabwesituation.com/jan18b_2007.html#Z6 |title=Zim dollar plumbs new depths |first=Charles |last=Rukuni |work=The Financial Gazette|date=18 January 2007 |via=The Zimbabwe Situation |access-date=7 January 2010}});

4,000 (20th{{cite web |url=http://www.zimbabwesituation.com/jan20_2007.html#Z2 |title=Foreign currency parallel market rates shoot up |work=Zimbabwe Online |date=20 January 2007 |via=The Zimbabwe Situation |access-date=7 January 2010}});

4,200 (23rd{{cite web |url=http://www.zimbabwesituation.com/jan23_2007.html#Z4 |title=Devaluation Talk Pushes Zimbabwe Dollar Down To Z$4,200 To USD |first=Blessing |last=Zulu |work=Voice of America |date=22 January 2007 |via=The Zimbabwe Situation |access-date=7 January 2010}});

6,000 (26th{{cite web |url=http://www.zimbabwesituation.com/jan26a_2007.html#Z13 |title=Costs of ARVs spiral |work=IRIN |date=25 January 2007 |via=The Zimbabwe Situation |access-date=7 January 2010}})

February

|

4,800 (2nd{{cite web |url=http://www.zimbabwesituation.com/feb2b_2007.html#Z16 |title=Zim dollar firms marginally |first=Paul |last=Nyakazeya |work=Zimbabwe Independent |date=2 February 2007 |via=The Zimbabwe Situation |access-date=7 January 2010}});

5,000 (12th{{cite web |url=http://www.zimbabwesituation.com/feb12_2007.html#Z3 |title=Analysis: Mugabe pressure rises as Zimbabwe economic woes spread |first=MacDonald |last=Dzirutwe |agency=Reuters |date=11 February 2007 |via=The Zimbabwe Situation |access-date=7 January 2010}});

6,600 (23rd{{cite web |url=http://www.zimbabwesituation.com/feb23a_2007.html#Z12 |title=AirZim hikes fares 100% |first=Paul |last=Nyakazeya |work=Zimbabwe Independent |date=23 February 2007 |via=The Zimbabwe Situation |access-date=7 January 2010}});

7,000 (27th{{cite web |url=http://www.zimbabwesituation.com/feb27_2007.html#Z3 |title=Zimbabwe central bank to devalue dollar |first=Tsungai |last=Murandu |work=Zimbabwe Online |date=27 February 2007 |via=The Zimbabwe Situation |access-date=7 January 2010}})

March

|

7,500 (1st{{cite web |url=http://www.zimbabwesituation.com/mar1_2007.html#Z20 |title=The crisis intensifies! |first=Eddie |last=Cross |date=28 February 2007 |work=The Zimbabwe Situation |access-date=7 January 2010}})

8,000 (2nd{{cite web |url=http://www.zimbabwesituation.com/mar2a_2007.html#Z1 |title=Little cheer from new Z$50 000 banknote in Zim |first=Angus |last=Shaw |work=Mail & Guardian |date=1 March 2007 |via=The Zimbabwe Situation |access-date=7 January 2010}});

10,000 (8th{{cite web |url=http://www.zimbabwesituation.com/mar8_2007.html#Z1 |title=Mugabe under threat from within his collapsing state |first=Jan |last=Raath |work=The Times |date=7 March 2007 |via=The Zimbabwe Situation |access-date=7 January 2010}});

11,000 (11th{{cite web |url=http://www.zimbabwesituation.com/mar12_2007.html#Z8 |title=Inflation forces citizens into mafia economy |first=Peta |last=Thornycroft |work=Independent Online |date=11 March 2007 |via=The Zimbabwe Situation |access-date=7 January 2010}});

12,000 – 17,500 (16th{{cite web |url=http://www.zimbabwesituation.com/mar16b_2007.html#Z14 |title=Dollar touches {{val|p=$|17}} 500 to greenback |first=Dumisani |last=Ndlela |work=Zimbabwe Independent |date=16 March 2007 |via=The Zimbabwe Situation |access-date=7 January 2010}});

16,000 (19th{{cite web |url=http://www.zimbabwesituation.com/mar19a_2007.html#Z3 |title=Inflation to hit 5,000 percent mark this year: IMF |first=Justin |last=Muponda |work=Zimbabwe Online |date=19 March 2007 |via=The Zimbabwe Situation |access-date=7 January 2010}});

20,000 (21st{{cite web |url=http://www.zimbabwesituation.com/mar21a_2007.html#Z7 |title=Opposition in Zimbabwe Mounts, Says U.S. Diplomat |work=The New York Times |date=21 March 2007 |via=The Zimbabwe Situation |access-date=7 January 2010}});

24,000 (22nd{{cite web |url=http://www.zimbabwesituation.com/mar22_2007.html#Z7 |title=Mugabe fighting for political life in behind-the-scenes ruling party power struggle |work=International Herald Tribune |date=21 March 2007 |via=The Zimbabwe Situation |access-date=7 January 2010}});

25,000 (27th{{cite web |url=http://www.zimbabwesituation.com/mar27_2007.html#Z3 |title=Zimbabwe Dollar in New Downward Spike Against Major Currencies |first=Blessing |last=Zulu |work=Voice of America |date=26 March 2007 |via=The Zimbabwe Situation |access-date=7 January 2010}});

26,000 (29th{{cite web |url=http://www.zimbabwesituation.com/mar29b_2007.html#Z5 |title=Mugabe faces the music in Tanzania as police launch mass arrest of opponents |first=Daniel |last=Howden |work=The Independent |date=29 March 2007 |via=The Zimbabwe Situation |access-date=7 January 2010}})

|Zimbabwean dollar becomes least valued currency unit around 21 March; In March, the parallel rate becomes extremely erratic, with reported rates varying significantly.

April

|rowspan=5| 250
(15,000 special rate)

|

30,000 (1st{{cite web |url=http://www.zimbabwesituation.com/apr1_2007.html#Z22 |title=Zimbabwe business committing hara-kiri |first=Eric |last=Bloch |work=Zimbabwe Independent |date=1 April 2007 |via=The Zimbabwe Situation |access-date=7 January 2010}});

15,000 (7th{{cite web |url=http://www.zimbabwesituation.com/apr7_2007.html#Z20 |title=Fuel Prices Tumble |work=The Herald |date=6 April 2007 |via=The Zimbabwe Situation |access-date=7 January 2010}});

20,000 (8th{{cite web |url=http://www.zimbabwesituation.com/apr8_2007.html#Z2 |title=Black Market Economy Thrives in Zimbabwe |first=Angus |last=Shaw |agency=Associated Press|date=7 April 2007 |via=The Zimbabwe Situation |access-date=7 January 2010}});

25,000 (11th{{cite web |url=http://www.zimbabwesituation.com/apr11_2007.html#Z8 |title=Across the border for sugar |work=IRIN |date=10 April 2007 |via=The Zimbabwe Situation |access-date=7 January 2010}});

35,000 (15th{{cite web |url=http://www.zimbabwesituation.com/apr15a_2007.html#Z13 |title=Zimdollar drop: speculators blamed |work=Zimbabwe Standard |date=15 April 2007 |via=The Zimbabwe Situation |access-date=7 January 2010}})

|A "special rate" of 15,000 ZWD per USD was brought in on 26 April 2007. The improved exchange rate will be applied to miners, farmers, tour operators, non-governmental organisations, embassies, Zimbabweans living abroad that repatriate earnings, and others who generate foreign exchange. Exporters will be required to exchange money at the central bank to receive the better rate.{{cite web |url=http://www.zimbabwesituation.com/apr27_2007.html#Z1 |title=Zimbabwe Devalues Currency by 98% to Boost Exports |first1=Nasreen |last1=Seria |first2=Godfrey |last2=Mutizwa |work=Bloomberg News |date=26 April 2007 |via=The Zimbabwe Situation |access-date=7 January 2010}}

May

|

28,000 (10th{{cite web |url=http://www.zimbabwesituation.com/may10a_2007.html#Z9 |title=Golden leaf fails to boost forex earnings |work=The Zimbabwean |date=10 May 2007 |via=The Zimbabwe Situation |access-date=7 January 2010}});

32,000 (18th{{cite news |url=http://www.zimbabwesituation.com/may18_2007.html#Z2 |title=Back to the dark ages |first=Peter |last=Schrank |newspaper=The Economist |date=17 May 2007 |via=The Zimbabwe Situation |access-date=7 January 2010}});

38,000 (20th{{cite web |url=http://www.zimbabwesituation.com/may20a_2007.html#Z10 |title=Zimbabwe dollar in for a hard time |first1=Pindai |last1=Dube |first2=Nqobani |last2=Ndlovu |work=Zimbabwe Standard |date=20 May 2007 |via=The Zimbabwe Situation |access-date=7 January 2010}});

40,000 (22nd{{cite web |url=http://www.zimbabwesituation.com/may22_2007.html#Z8 |title=How life goes on for the super rich of Zimbabwe |first=Dianna |last=Games |work=Business Day |date=21 May 2007 |via=The Zimbabwe Situation |access-date=7 January 2010}});

45,000 (24th{{cite web |url=http://www.zimbabwesituation.com/may24a_2007.html#Z12 |title=Police ban march |work=The Financial Gazette|date=24 May 2007 |via=The Zimbabwe Situation |access-date=7 January 2010}});

50,000 (29th{{cite web |url=http://www.zimbabwesituation.com/may29_2007.html#Z8 |title=As services collapse, corruption flourishes |work=IRIN |date=28 May 2007 |via=The Zimbabwe Situation |access-date=7 January 2010}})

June

|

55,000 (3rd{{cite web |url=http://www.zimbabwesituation.com/jun3_2007.html#Z1 |title=Zimbabwe targets 25 pct mth/mth inflation by year-end |agency=Reuters |date=2 June 2007 |via=The Zimbabwe Situation |access-date=7 January 2010}});

60,000 (12th{{cite web |url=http://www.zimbabwesituation.com/jun12_2007.html#Z19 |title=Children left at home pay the price of migration |work=IRIN |date=11 June 2007 |via=The Zimbabwe Situation |access-date=7 January 2010}});

75–100,000 (13th{{cite web |url=http://www.zimbabwesituation.com/jun13_2007.html#Z10 |title=Mugabe should resign |work=The Zimbabwean |date=12 June 2007 |via=The Zimbabwe Situation |access-date=7 January 2010}});

120,000 (16th);

205,000 (20th{{cite web |url=http://www.zimbabwesituation.com/jun20_2007.html#Z7 |title=Will the economic collapse be the end of Mugabe? |first=Violet |last=Gonda |work=SW Radio Africa |date=19 June 2007 |via=The Zimbabwe Situation |access-date=7 January 2010}});

300,000 (22nd{{cite web |url=http://www.zimbabwesituation.com/jun22a_2007.html#Z1 |title=Zimbabwe currency crashes; inflation as high as 9,000% |work=CNN |date=21 June 2007 |via=The Zimbabwe Situation |access-date=7 January 2010}});

400,000 (23rd{{cite web |url=http://www.zimbabwesituation.com/jun23_2007.html#Z13 |title=Zimbabwe dollars rejected as currency crashes |first=Tererai |last=Karimakwenda |work=SW Radio Africa |date=22 June 2007 |via=The Zimbabwe Situation |access-date=7 January 2010}})

July

|

270,000 (5th{{cite web |url=http://www.zimbabwesituation.com/jul5_2007.html#Z1 |title=Zimbabwe in disarray over inflation fight |first=Michael |last=Wines |work=International Herald Tribune |date=4 July 2007 |via=The Zimbabwe Situation |access-date=7 January 2010}});

300,000 (14th{{cite web |url=http://www.zimbabwesituation.com/jul14_2007.html#Z23 |title=A letter of despair from Zimbabwe |first=Neil |last=Reynolds |work=The Globe and Mail |date=13 July 2007 |via=The Zimbabwe Situation |access-date=7 January 2010}})

August

|

200,000 (21st{{cite web |url=http://www.zimbabwesituation.com/aug21_2007.html#Z2 |title=Water shortages spur sharp rise in diarrhea, dysentery in Zimbabwe |work=International Herald Tribune |date=20 August 2007 |via=The Zimbabwe Situation |access-date=7 January 2010}})

September

|rowspan=8|30,000

|

250,000 (7th{{cite web |url=http://www.zimbabwesituation.com/sep7_2007.html#Z1 |title=Zimbabwe devalues currency to 30,000/dlr |agency=Reuters |date=6 September 2007 |via=The Zimbabwe Situation |access-date=7 January 2010}});

280,000 (14th{{cite web |url=http://www.zimbabwesituation.com/sep14a_2007.html#Z18 |title=Zim dollar weakens |first=Paul |last=Nyakazeya |work=Zimbabwe Independent |date=14 September 2007 |via=The Zimbabwe Situation |access-date=7 January 2010}});

340,000 (18th{{cite web |url=http://www.zimbabwesituation.com/sep18_2007.html#Z3 |title=Not Enough Money to Feed the Hungry |work=UN Integrated Regional Information Networks |date=17 September 2007 |via=The Zimbabwe Situation |access-date=7 January 2010}}); 500,000 (26th{{cite web |url=http://www.zimbabwesituation.com/sep26a_2007.html#Z15 |title=Zimbabwe Food, Transport Prices Soar While Local Currency Tumbles |first=Blessing |last=Zulu |work=Voice of America |date=25 September 2007 |via=The Zimbabwe Situation |access-date=7 January 2010}}); 600,000 (29th{{cite web |url=http://www.zimbabwesituation.com/sep29_2007.html#Z14 |title=Decaying Nation |first=Scott |last=Johnson |work=Newsweek |date=28 September 2007 |via=The Zimbabwe Situation |access-date=7 January 2010}})

|Official exchange rate was changed to 30,000 on 7 September 2007

October

|

750,000 (17th{{cite web |url=http://www.zimbabwesituation.com/oct17a_2007.html#Z1 |title=Zim opposition wants police prosecuted for torture |first=Patricia |last=Mpofu |work=Zimbabwe Online |date=17 October 2007 |via=The Zimbabwe Situation |access-date=7 January 2010}});

1,000,000 (19th{{cite web |url=http://www.zimbabwesituation.com/oct19_2007.html#Z1 |title=1 U.S. dollar buys 1 million Zimbabwe dollars on black market |work=International Herald Tribune |date=18 October 2007 |via=The Zimbabwe Situation |access-date=7 January 2010}})

November

|

1,200,000 (1st{{cite web |url=http://www.zimbabwesituation.com/nov1_2007.html#Z15 |title=Mugabenomics |first=Eddie |last=Cross |work=Mens News Daily |date=31 October 2007 |via=The Zimbabwe Situation |access-date=7 January 2010}});

4,500,000 (14th{{cite web |url=http://www.zimbabwesituation.com/nov14_2007.html#Z10 |title=Zim: War heroes & plenty zeros |work=Fin24 |date=13 November 2007 |via=The Zimbabwe Situation |access-date=7 January 2010}}) (not confirmed);

1,400,000 (24th{{cite web |url=http://www.zimbabwesituation.com/nov24_2007.html#Z2 |title=Of cash and dealers |work=IRIN |date=23 November 2007 |via=The Zimbabwe Situation |access-date=7 January 2010}});

1,500,000 (30th{{cite web |url=http://www.zimbabwesituation.com/nov30b_2007.html#Z6 |title=Asylum-seekers face deportation from UK |first=Lucia |last=Makamure |work=Zimbabwe Independent |date=30 November 2007 |via=The Zimbabwe Situation |access-date=7 January 2010}})

December

|

1,800,000 (1st{{cite web |url=http://www.zimbabwesituation.com/dec1_2007.html#Z11 |title=Cash for sale in Zim |first=Chris |last=Muronzi |work=Fin24 |date=30 November 2007 |via=The Zimbabwe Situation |access-date=7 January 2010}});

4,000,000 (3rd{{cite web |url=http://www.zimbabwesituation.com/dec4a_2007.html#Z5 |title=Zimbabwe Dollar Crashes on Central Bank Plan To Issue New Notes |first=Blessing |last=Zulu |work=Voice of America |date=3 December 2007 |via=The Zimbabwe Situation |access-date=7 January 2010}})

|Due to the Dec 2007, banknote shortage, funds transferred via Electronic Funds Transfer Systems (EFTS) bore a premium rate of about {{val|p=$|4}} million, while the cash transaction rate varied around {{val|p=$|2}} million.

rowspan=5|2008

|January

|

1,900,000 (3rd{{cite web |url=http://www.zimbabwesituation.com/jan4a_2008.html#Z6 |title=Cash-Poor Zimbabweans Turn To Parallel Market To Procure Bank Notes |first=Patience |last=Rusere |work=Voice of America |date=3 January 2008 |via=The Zimbabwe Situation |access-date=7 January 2010}});

2,000,000 (4th{{cite web |url=http://www.zimbabwesituation.com/jan5_2008.html#Z4 |title=Money for nothing |work=IRIN |date=4 January 2008 |via=The Zimbabwe Situation |access-date=7 January 2010}});

3,000,000 (8th{{cite web |url=http://www.zimbabwesituation.com/jan9_2008.html#Z15 |title=Zim dollar takes another dive |work=The Zimbabwean |date=8 January 2008 |via=The Zimbabwe Situation |access-date=7 January 2010}});

4,500,000 (19th{{cite web |last=Mulozo |first=Calvin |url=http://www.zimbabwegazette.com/the-news/general-news/zimbabwe-dollar-takes-heavy-knock-20080121207.html |title=Zimbabwe Dollar Takes Heavy Knock |work=The Zimbabwe Gazette Daily News Online |date=28 February 2008 |access-date=9 July 2016 |archive-url=https://web.archive.org/web/20080229004206/http://www.zimbabwegazette.com/the-news/general-news/zimbabwe-dollar-takes-heavy-knock-20080121207.html |archive-date=29 February 2008}});

5,000,000 (21st);

6,000,000 (24th{{cite web |url=http://www.zimbabwesituation.com/jan25c_2008.html#Z5 |title=Zimbabwe Cash Crisis Eases But Local Currency Value Heads South |first=Jonga |last=Kandemiiri |work=Voice of America |date=24 January 2008 |via=The Zimbabwe Situation |access-date=7 January 2010}})

|

The Old Mutual Implied Rate (OMIR) is calculated by dividing the Zimbabwe Stock Exchange price of the Old Mutual share by the London Stock Exchange Price for the same share. The answer is the Old Mutual Implied Rate for the Pound. Then a cross rate calculation is done for the USD rate.

6,240,837.51 (OMIR for 21st)

5,787,585.19 (OMIR for 25th)

{{cite web |url=http://www.bulls.co.zw/Research/25-Jan-2008.pdf |title=Old Mutual Implied Rates (OMIR) as at 25 January 2008 |work=Bulls & Bears |access-date=22 August 2008 |url-status=dead |archive-url=https://web.archive.org/web/20080909223919/http://www.bulls.co.zw/Research/25-Jan-2008.pdf |archive-date=9 September 2008}}

February

|

7,500,000 (13th{{cite web |url=http://www.zimbabwesituation.com/feb13_2008.html#Z11 |title=Zimbabwe's inflation woes continue |work=Independent Online |date=12 February 2008 |via=The Zimbabwe Situation |access-date=7 January 2010}});

8,500,000 (18th{{cite web |url=http://www.zimbabwesituation.com/feb21a_2008.html#Z3 |title=Dollar tumbles again, as one US unit trades at Z$20 million |first=Edith |last=Kaseke |work=Zimbabwe Online |date=21 February 2008 |via=The Zimbabwe Situation |access-date=7 January 2010}});

16,000,000 and 20,000,000 for large amounts (21st)

March

|

24,000,000 (2nd{{cite web |url=http://www.zimbabwesituation.com/mar2a_2008.html#Z1 |title=Planeloads of cash prop up Mugabe |first=Christina |last=Lamb |work=The Sunday Times |date=2 March 2008 |via=The Zimbabwe Situation |access-date=7 January 2010 |url-status=dead |archive-url=https://web.archive.org/web/20100102043020/http://zimbabwesituation.com/mar2a_2008.html |archive-date=2 January 2010}});

25,000,000 (5th{{cite web |url=http://www.zimbabwesituation.com/mar6_2008.html#Z1 |title=Zimbabwe currency tumbles to record 25 million Zimbabwe dollars for one American dollar |work=International Herald Tribune |date=5 March 2008 |via=The Zimbabwe Situation |access-date=7 January 2010}});

46,000,000 (10th{{cite web |url=http://www.zimbabwesituation.com/mar11a_2008.html#Z8 |title=Zimbabwe Business Watch : Week 11 |author=Sokwanele |work=The Zimbabwe Situation |date=10 March 2008 |access-date=7 January 2010}});

70,000,000 (19th{{cite web |url=http://www.zimbabwesituation.com/mar19_2008.html#Z22 |title=More cash makes food expensive |work=IRIN |date=18 March 2008 |via=The Zimbabwe Situation |access-date=7 January 2010}})

|

69,226,148.58 (OMIR for 17th){{cite web |url=http://www.zimbabwegazette.com/the-news/general-news/cash-shortage-to-ease,-for-now!-20080328328.html |title=Cash shortage to ease, for now |work=The Zimbabwe Gazette Daily News Online |access-date=25 June 2008 |url-status=dead |archive-url=https://web.archive.org/web/20081208120211/http://www.zimbabwegazette.com/the-news/general-news/cash-shortage-to-ease,-for-now!-20080328328.html |archive-date=8 December 2008}}

April

|

80,000,000 (17th{{cite web |url=http://www.zimbabwesituation.com/apr17a_2008.html#Z10 |title=No let up in Zim crackdown on reporters |first1=Wayne |last1=Mafaro |first2=Nqobizitha |last2=Khumalo |work=Zimbabwe Online |date=17 April 2008 |via=The Zimbabwe Situation |access-date=7 January 2010}});

85,000,000 (24th{{cite web |url=http://www.zimbabwesituation.com/apr24b_2008.html#Z8 |title=ZITF shows stark contrast in Zim |first=Charles |last=Rukuni |work=The Financial Gazette|date=24 April 2008 |via=The Zimbabwe Situation |access-date=7 January 2010}});

100,000,000 (26th{{cite web |url=http://www.zimbabwesituation.com/apr26a_2008.html#Z4 |title=Cry, Another Beloved Country |first=Peta |last=Thornycroft |work=Newsweek |date=25 April 2008 |via=The Zimbabwe Situation |access-date=7 January 2010}})

May

|

30,000 (to 4 May);

168,815,333.33 (5 May);

187,073,022.88 (6 May);

190,429,449.18 (7 May);

204,565,727.39 (8 May);

210,389,632.00 (9 May);

216,528,794.21 (12 May);

224,832,332.83 (13 May);

236,706,849.48 (14 May);

246,433,371.43 (15 May);

255,771,415.67 (16 May);

275,335,294.12 (19 May);

303,753,731.48 (20 May);

337,341,911.76 (21 May);

369,632,426.29 (22 May);

405,870,411.18 (23 May);

434,449,294.12 (27 May);

486,485,294.12 (28 May);

529,336,764.71 (29 May);

580,678,132.35 (30 May)

{{cite web |url=http://www.rbz.co.zw/fca/fca.asp |title=Foreign Currency Auction System |work=Reserve Bank of Zimbabwe |archive-url=https://web.archive.org/web/20080325121742/http://www.rbz.co.zw/fca/fca.asp |archive-date=25 March 2008}}

|

190,000,000 (1st{{cite web |url=http://www.zimbabwesituation.com/may1_2008.html#Z17 |title=Zimbabwe commercial bank eases foreign exchange rules |first=MacDonald |last=Dzirutwe |agency=Reuters|date=30 April 2008 |via=The Zimbabwe Situation |access-date=7 January 2010}});

200,000,000 (6th{{cite web |url=http://www.zimbabwesituation.com/may6b_2008.html#Z5 |title=Zimbabwe's currency gets more threadbare |work=Business Report |date=6 May 2008 |via=The Zimbabwe Situation |access-date=7 January 2010}});

250,000,000 (13th{{cite web |last=Tinona |first=Peter |url=http://www.zimbabwesituation.com/may14_2008.html#Z17 |title=The Reserve Bank of Zimbabwe caves in to black market pressure |work=The Zimbabwean |date=13 May 2008 |via=The Zimbabwe Situation |access-date=7 January 2010}});

315,000,000 (16th{{cite web |url=http://www.zimbabwesituation.com/may16_2008.html#Z21 |title=Zimbabwe Business Watch : Week 20 |author=Sokwanele |work=The Zimbabwe Situation |date=15 May 2008 |access-date=7 January 2010}});

498,000,000 (22nd);

494,000,000 (23rd);

580,000,000 (28th);

703,000,000 (29th);

777,500,000 (30th)

{{cite web |url=http://www.siyabonga-tatenda.com/zimmoney.html |title=Send money to friends and family in Zimbabwe |work=Siyabonga-tatenda.com |access-date=23 July 2015 |url-status=usurped |archive-url=https://web.archive.org/web/20080705030202/http://www.siyabonga-tatenda.com/zimmoney.html |archive-date=5 July 2008}}

|The official exchange rate was allowed to float 6 May

|June

|

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)

|

971,500,000 (1st);

1,123,000,000 (3rd);

1,221,500,000 (4th);

1,964,500,000 (5th);

2,159,000,000 (6th);

2,691,588,425 (7th);

3,139,382,641 (9th);

4,605,736,200 (10th);

5,090,337,736 (11th);

5,137,128,498 (12th);

6,412,613,315 (13th);

7,512,863,828 (16th);

9,288,500,000 (17th);

13,999,000,000 (18th);

17,743,015,150 (19th);

20,269,600,000 (21st);

22,952,543,340 (23rd);

22,835,153,651 (24th);

32,603,770,511 (26th);

40,928,000,000 (30th)

|

967,480,942 (OMIR for 2nd);

1,746,899,809 (OMIR for 3rd);

3,047,030,834 (OMIR for 4th);

{{cite web |url=http://www.zimbabwesituation.com/jun6b_2008.html#Z12 |title=Zim Dollar Crashes |work=Zimbabwe Independent |date=5 June 2008 |via=The Zimbabwe Situation |access-date=9 July 2016}}

16,044,776,323 (OMIR for 19th);

17,039,490,724 (OMIR for 20th);

34,910,587,875 (OMIR for 23rd);

78,479,941,887 (OMIR for 24th);

62,024,868,786 (OMIR for 25th);

64,575,990,281 (OMIR for 26th);

164,312,344,622 (OMIR for 30th){{cite web |url=http://zimbabweanequities.com/#c1 |title=OMIR (US$) |work=Zimbabwean Equities.com |access-date=23 July 2015 |archive-url=https://web.archive.org/web/20080820125348/http://www.zimbabweanequities.com/ |archive-date=20 August 2008}}

|July

|

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)

|

53,049,500,000 (1st);

65,797,000,000 (7th);

102,351,000,000 (8th);

145,624,500,000 (11th);

151,425,393,163 (11th);{{cite web |url=http://www.swradioafrica.com/ |archive-url=https://web.archive.org/web/20011228215222/http://www.swradioafrica.com/ |url-status=usurped |archive-date=28 December 2001 |title=Redirect to swradioafrica podcasts (1) |work=SW Radio Africa |access-date=23 July 2015}}

193,014,500,000 (14th);

200,414,514,369 (14th);

274,200,889,709 (15th);

288,072,000,000 (16th);

325,110,110,211 (16th);

324,446,338,775 (17th);

360,000,000,000 (17th);

380,000,000,000 (18th);

430,000,000,000 (18th);

600,000,000,000 (21st); ,

650,000,000,000 (22nd)

750,000,000,000 (23rd);

555,000,000,000 (25th): {{cite web |url=http://www.swradioafrica.com |archive-url=https://web.archive.org/web/20011228215222/http://www.swradioafrica.com/ |url-status=usurped |archive-date=28 December 2001 |title=Redirect to swradioafrica podcasts (2)|work=SW Radio Africa |access-date=23 July 2015}}

758,530,000,000 (30th);

510,000,000,000 (31st):

|

142,024,433,315 (OMIR for 1st);

129,140,850,245 (OMIR for 2nd);

109,689,985,935 (OMIR for 3rd);

113,028,111,843 (OMIR for 4th);

202,409,619,045 (OMIR for 7th);

173,176,356,278 (OMIR for 8th);

126,117,317,180 (OMIR for 9th);

139,534,966,792 (OMIR for 10th);

189,961,549,747 (OMIR for 11th);

194,840,848,150 (OMIR for 14th);

236,850,692,832 (OMIR for 15th);

241,421,049,361 (OMIR for 16th);

270,477,236,528 (OMIR for 17th);

404,332,849,598 (OMIR for 18th);

502,683,475,196 (OMIR for 21st);

687,860,375,011 (OMIR for 22nd);

495,932,559,520 (OMIR for 23rd);

488,452,876,313 (OMIR for 24th);

619,334,351,928 (OMIR for 25th);

525,086,664,547 (OMIR for 28th);

456,921,446,064 (OMIR for 30th);

669,809,343,407 (OMIR for 31st);

(Source{{cite web |url=http://www.zimbabweanequities.com/#c1 |title=OMIR (US$) |work=Zimbabwean Equities |access-date=23 July 2015 |archive-url=https://web.archive.org/web/20080820125348/http://www.zimbabweanequities.com/#c1 |archive-date=20 August 2008 |url-status=dead}})

== Market data restoration ==

In the final months before Zimbabwe's central bank reforms of 30 April 2008, virtually all popular currency conversion resources relied upon the official rate of 30,000 ZWD to US$1 for published figures, in spite of the vast differences between that and free market rates. By 23 May 2008, Bloomberg{{cite web |url=https://www.bloomberg.com/markets/currencies/eurafr_currencies.html |title=World Currencies: Europe/Africa/Middle East |work=Bloomberg L.P.|date=31 August 2023 }} and Oanda{{cite web |url=http://www.oanda.com/convert/classic |title=FXConverter – Currency Converter for 164 Currencies |work=Oanda Corporation |archive-url=https://web.archive.org/web/20090502074401/http://www.oanda.com/convert/classic |url-status=live |archive-date=2 May 2009}} began publishing floating rates based on Zimbabwe's formally regulated domestic bank market, while Yahoo Finance started using the updated official rate in July, albeit with a decimal point shift of 6 places. Those reported rates generally reflected the Official Rate as shown in the above table. They soon began to differ, in overvaluation of the Zimbabwean dollar, increasingly substantially in comparison to less regulated markets such as offshore markets or paper cash freely traded on the streets of Harare, reflected above as Parallel Rates.

= Third period of devaluation =

On 1 August 2008, a second redenomination was conducted, in which 10,000,000,000 2nd dollars (ZWN) became 1 3rd dollar (ZWR).{{cite web |last=Dzirutwe |first=MacDonald |url=http://africa.reuters.com/wire/news/usnBAN034008.html |title=Zimbabwe redenominates currency to ease crisis |work=Reuters |date=30 July 2008 |url-status=dead |archive-url=https://web.archive.org/web/20081225031846/http://africa.reuters.com/wire/news/usnBAN034008.html |archive-date=25 December 2008}} On 3 October 2008, the Reserve Bank of Zimbabwe temporarily suspended the Real Time Gross Settlement (RTGS) system, halting electronic parallel market transfers,{{cite web |url=http://allafrica.com/stories/200810060058.html |title=Zimbabwe: RBZ Suspends RTGS Payment System |work=Zimbabwe Independent |date=2 October 2008}} but it was reinstated on 13 November 2008.{{cite web |last=Gonda |first=Violet |url=http://www.swradioafrica.com/news131108/reserve131108.htm |title=Reserve bank reinstates electronic transfers |work=SW Radio Africa |date=13 November 2008 |url-status=usurped |archive-url=https://web.archive.org/web/20081230225059/http://www.swradioafrica.com/news131108/reserve131108.htm |archive-date=30 December 2008}}

After being introduced on 1 August 2008, the third dollar continued to devalue.

An overview of the exchange rate data can be found in the table below:

class="wikitable collapsible autocollapse" style="font-size: 90%"
colspan=6|Exchange rates of the third dollar (ZWR)
colspan=2|Datewidth:300px| Official Rate
(Source: )

! Parallel Rate
(Sources: † /
‡)

! Old Mutual Implied Rate
(OMIR Source:)

! Notes

rowspan=5 |2008

|August

| style="text-align:right;"|

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)

| style="text-align:right;"|

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)

| style="text-align:right;"|

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)

1 August: The Reserve Bank revalued the dollar again: 10 billion ZWN (or 10 trillion ZWD) becomes 1 ZWR.

See also:
["Zimbabwe's re-valued currency after one month"] includes a daily list of the ZWD parallel exchange rates in August 2008.

September

| style="text-align:right;"|

37.15 (1st)

39.59 (2nd)

42.72 (3rd)

45.53 (4th)

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)

| style="text-align:right;"|

2,000 †; 2,498 ‡ (1st);

2,800 †; 3,650 ‡ (2nd)

4,300 † (3rd)

4,500 † (4th)

4,800 †

5,700 ‡; 7,500{{cite web |url=http://www.zimbabwesituation.com/sep12c_2008.html#Z4 |title=Is this the end of Zimbabwe's $1000 loaf of bread? |work=Financial Times |date=12 September 2008 |via=The Zimbabwe Situation |access-date=7 January 2010}} (5th)

8,500 ‡ (8th)

14,000 † (9th)

20,000 †;

29,000 ‡ (11th)

30,000 (12th)

34,000 † (15th)

22,000 †; 34,000 ‡ (16th)

33,000 † (18th)

65,059 †; 59,652 ‡ (22nd)

80,754 ‡ (23rd)

140,251 †;

135,368 ‡ (24th)

271,915 ‡ (25th)

271,593 † (26th)

554,915 †; 360,707 ‡ (29th)

Cash:

1,000 (25th){{cite web |url=http://www.zimbabwesituation.com/sep26_2008.html#Z1 |title=Zimbabwe licenses shops to accept foreign currency |agency=Reuters |date=25 September 2008 |via=The Zimbabwe Situation |access-date=7 January 2010}}

| style="text-align:right;"|

3,362 (1st)

3,949 (2nd)

4,311 (3rd)

5,085 (4th)

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)

October

| style="text-align:right;"|

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)

| style="text-align:right;"|

790,510 ‡; 1,000,000{{cite web |url=http://www.zimbabwesituation.com/oct1_2008.html#Z13 |title=Zimbabwe Tobacco Season Officially Ends; Deliveries Down 40% |first=Brian |last=Latham |work=Bloomberg |date=30 September 2008 |via=The Zimbabwe Situation |access-date=7 January 2010}} (1st)

4,000 (cash) (3rd){{cite web |url=http://www.zimbabwesituation.com/oct3a_2008.html#Z1 |title=Political impasse sends Zimbabwe dollar tumbling |first1=Lizwe |last1=Sebata |first2=Edith |last2=Kaseke |work=Zimbabwe Online |date=3 October 2008 |via=The Zimbabwe Situation |access-date=7 January 2010}}

11,000 (cash) (11th){{cite web |url=http://www.zimbabwesituation.com/oct12_2008.html#Z5 |title=50,000-dollar banknote for inflation-wracked Zimbabwe |agency=Agence France-Presse|date=11 October 2008 |via=The Zimbabwe Situation |access-date=7 January 2010}}

50,000,000 (16th){{cite web |url=http://www.zimbabwesituation.com/oct18a_2008.html#Z1 |title=Zimbabwe power-sharing talks collapse |work=Monsters and Critics |date=17 October 2008 |via=The Zimbabwe Situation |access-date=7 January 2010}}

100,000,000 (20th){{cite web |url=http://www.zimbabwesituation.com/oct23_2008.html#Z15 |title=Zimbabwe stock market up 257 percent in a day |work=CNN |date=22 October 2008 |via=The Zimbabwe Situation |access-date=7 January 2010}}

20,000 (cash) (20th){{cite web |url=http://www.zimbabwesituation.com/oct20a_2008.html#Z8 |title=Zimbabwe's Economic Crisis Worsens |first=Nseobong |last=Okon-Ekong |work=Thisday |date=20 October 2008 |via=The Zimbabwe Situation |access-date=7 January 2010}}

Cash: 50,000 (24th){{cite web |url=http://www.zimbabwesituation.com/oct25_2008.html#Z17 |title=Why was Zimbabwe invited to Kampala? |first=Sibangani |last=Sibanda |work=Zimbabwe Times |date=24 October 2008 |via=The Zimbabwe Situation |access-date=7 January 2010}}

11,939,980,000 ‡;
25,137 (cash) ‡ (25th)

69,127 (cash) ‡ (27th)

90,000 (cash) (29th){{cite web |url=http://www.zimbabwesituation.com/oct30a_2008.html#Z4 |title=Zimbabwe Central Banker Reports 'Concerted Efforts' For Turnaround |first=Patience |last=Rusere |work=Voice of America |date=29 October 2008 |via=The Zimbabwe Situation |access-date=7 January 2010}}

| style="text-align:right;"|

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)

|

Electronic bank transfers (RTGS) were suspended by the Reserve Bank on the 3rd.
No funds can be transferred between banks, effectively aborting the parallel rates.

November

| style="text-align:right;"|

769.68 (3rd)

851.74 (4th)

922.96 (5th)

1,024.63 (6th)

2,850.37 (7th)

4,651.33 (10th)

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)

| style="text-align:right;"|

100,000 (cash) (5th){{cite web |url=http://zimbabwesituation.com/nov5_2008.html#Z9 |title=The grey economy is the real one |work=IRIN |date=4 November 2008 |via=The Zimbabwe Situation |access-date=7 January 2010}}

30,000,000,000,000 ‡;

200,000 (cash) ‡ (7th)

28,400,000,000,000,000 ‡ (12th)

400,000 (cash) (12th){{cite web |first=Jonga |last=Kandemiiri |url=http://www.voanews.com/english/Africa/Zimbabwe/2008-11-12-voa45.cfm |title=Zimbabwe Prices in Stratosphere As Political Power-Sharing Falters |website=Voice of America |date=12 November 2008 |access-date=7 January 2010 |archive-url=https://web.archive.org/web/20081113161422/http://voanews.com/english/Africa/Zimbabwe/2008-11-12-voa45.cfm?renderforprint=1&textonly=1&&CFID=55978581&CFTOKEN=92639050 |archive-date=13 November 2008}}

650,000 (cash) ‡ (14th)

1,200,000 (cash) ‡ (24th)

| style="text-align:right;"|

12,405,270,255,015 (3rd am)

35,179,473,949,600 (3rd pm)

118,066,516,958,323 (4th am)

216,162,327,532,185 (4th pm)

267,539,344,335,978 (5th am)

225,497,447,368,896 (5th pm)

193,012,615,772,476 (6th am)

134,838,399,549,100 (6th pm)

182,325,758,081,729 (7th am)

663,325,716,143,026 (7th pm)

1,680,757,577,947,650 (10th am)

22,410,101,039,302,100 (10th pm)

44,754,638,846,288,100 (11th am)

27,157,406,063,618,700 (11th pm)

18,237,844,841,170,300 (12th am)

12,981,054,269,303,500 (12th pm)

19,148,534,621,367,600 (13th am)

41,974,524,821,395,400 (13th pm)

62,136,238,923,283,400 (14th am)

183,025,618,461,867,000 (14th pm)

251,649,721,203,565,000 (17th am)

642,371,437,695,221,000 (17th pm)

661,229,327,046,568,000 (18th am)

447,591,739,042,251,000 (18th pm)

439,481,070,796,885,000 (19th)

12,617,983,349,233,500 (20th)

| The Reserve Bank lifted the suspension on the Real Time Gross Settlement System (RTGS) on 13 November{{cite web |url=http://www.swradioafrica.com/news131108/reserve131108.htm |title=Reserve bank reinstates electronic transfers |first=Violet |last=Gonda |website=SW Radio Africa |date=13 November 2008 |access-date=7 January 2010 |url-status=usurped |archive-url=https://web.archive.org/web/20081230225059/http://www.swradioafrica.com/news131108/reserve131108.htm |archive-date=30 December 2008}}

As of 26 November newspaper reports stated the RTGS was still not operational, and part of the reason was that the Zimbabwean Government had not paid the company responsible for fitting the system.{{cite web |url=http://www.radiovop.com/index.php?option=com_content&task=view&id=4521&Itemid=756 |title=RTGS Not Functional |website=Radiovop |date=26 November 2008 |access-date=7 January 2010 |archive-url=https://web.archive.org/web/20081223120218/http://www.radiovop.com/index.php?option=com_content&task=view&id=4521&Itemid=756 |archive-date=23 December 2008}}
The Zimbabwe Stock Market, and consequently the OMIR, crashed on 20 November when allegations of market manipulation became public. ZSE chief executive Emmanuel Munyukwi revealed that a large number of multi-quad-, quin-, and sextillion cheques had bounced.Site notice, Zimbabwean Equities, 19 November 2008.
Old Mutual has not traded since 20 November, so no meaningful OMIR figures are available. It is estimated that the OMIR on 25 November would have been 649,374,262,960,211.

December

| style="text-align:right;" |

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 (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 (24th)

2,772,250.00 (29th)

3,641,246.00 (30th)

4,894,167.00 (31st)

| style="text-align:right;"|

2,000,000 (cash)‡ (2nd)
5,300,000 (cash)‡ (4th)
10,000,000 (cash) (5th){{cite web |url=http://www.zimbabwesituation.com/dec5_2008.html#Z11 |title=New Zimbabwe bank limits trigger surge in prices |work=Agence de Presse Africaine |date=4 December 2008 |via=The Zimbabwe Situation |access-date=7 January 2010}}
25,000,000 (cash) (9th){{cite web |url=https://www.google.com/hostednews/ap/article/ALeqM5jd_JZmhdw6XWClfpenWt9g-dqNNAD94V6C9G0 |title=news |work=Google News |access-date=9 December 2008}}{{dead link|date=June 2024|bot=medic}}{{cbignore|bot=medic}}
30,000,000 (cash)‡ (10th);

60,000,000 (cash) (12th) {{cite news |url=http://www.cnn.com/2008/WORLD/africa/12/12/zimbabwe.currency/index.html |title=Zimbabwe introduces $500 million note |work=CNN |date=12 December 2008 |access-date=7 January 2010}}
150,000,000 (cash)‡ (16th)
200,000,000 (cash)‡ (17th)
600,000,000 (cash)‡ (19th)
9,000,000,000 (cash) (22nd){{cite web |url=http://www.chronicle.co.zw/inside.aspx?sectid=991&cat=1 |title=Online |work=The Chronicle |access-date=7 January 2010 |url-status=dead |archive-url=https://web.archive.org/web/20090125192927/http://www.chronicle.co.zw/inside.aspx?sectid=991&cat=1 |archive-date=25 January 2009}}
2,000,000,000 (cash)‡ (24th)

|

|

rowspan=2 |2009

| January

| style="text-align:right;"|

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)

| style="text-align:right;"|

40,000,000,000 (12th){{cite web |url=http://www.foxnews.com/printer_friendly_wires/2009Jan12/0,4675,AFZimbabwe,00.html |title=Cost of 3 papers in Zimbabwe: 1 $50 billion note |work=Fox News |date=12 January 2009}}

3,000,000,000,000 (15th){{cite web |url=https://af.reuters.com/article/investingNews/idAFJOE50F09T20090116 |archive-url=https://web.archive.org/web/20090118230653/http://af.reuters.com/article/investingNews/idAFJOE50F09T20090116 |url-status=dead |archive-date=18 January 2009 |title=Zimbabwe to launch 100 trillion dollar note: report |website=Reuters |date=16 January 2009 |access-date=7 January 2010}}

1,000,000,000,000 ‡(16th)

5,000,000,000,000 ‡(21st)

10,000,000,000,000 (22nd){{cite web |url=http://zimbabwesituation.com/jan23a_2009.html#Z3 |title=Unintended effect of Zimbabwe dollarization - no change! |first=Jan |last=Raath |work=Monsters and Critics |date=23 January 2009 |via=The Zimbabwe Situation |access-date=7 January 2010}}

13,000,000,000,000 (23rd){{cite web |url=http://zimbabwesituation.com/jan23a_2009.html#Z6 |title=Teachers demand US$2200 minimum |first=Raymond |last=Maingire |work=Zimbabwe Times |date=22 January 2009 |via=The Zimbabwe Situation |access-date=7 January 2010}}

30,000,000,000,000 (27th){{cite web |url=http://zimbabwesituation.com/jan27a_2009.html#Z8 |title=Harare teacher: 'I can't afford to work' |work=BBC News |date=26 January 2009 |via=The Zimbabwe Situation |access-date=7 January 2010}}

40,000,000,000,000 (28th){{cite web |url=http://uk.reuters.com/article/worldNews/idUKTRE50R2WI20090128 |archive-url=https://web.archive.org/web/20090131101837/http://uk.reuters.com/article/worldNews/idUKTRE50R2WI20090128 |url-status=dead |archive-date=31 January 2009 |title=Budget likely to show Mugabe's desperation |website=Reuters |date=28 January 2009 |access-date=7 January 2010}}

100,000,000,000,000 (29th){{cite web |url=https://www.bloomberg.com/apps/news?pid=20601116&sid=a92hmoSXZELQ&refer=africa |archive-url=http://wayback.vefsafn.is/wayback/20100327114315/http://www.bloomberg.com/apps/news?pid=20601116&sid=a92hmoSXZELQ&refer=africa |url-status=dead |archive-date=27 March 2010 |title=Zimbabwe Teachers Can't Afford to Report for Work |website=Bloomberg |date=29 January 2009 |access-date=7 January 2010}}

| style="text-align:right;"|

35,000,000,000,000,000 (1st) – UN Rate{{cite web |url=https://www.un.org/Depts/treasury/index.html |title=The United Nations Operational Rates of Exchange |website=United Nations |access-date=7 January 2010 |url-status=dead |archive-url=https://web.archive.org/web/20090913021905/http://www.un.org/Depts/treasury/index.html |archive-date=13 September 2009}}
150,000,000,000,000,000 (29th) – UN Rate

|

February

| style="text-align:right;"|

12,336,416,667 (2nd)

| style="text-align:right;"|

250,000,000,000,000 (1st){{cite web |url=http://www.commodityonline.com/futures-trading/currency/Zim-trims-12-zeroes-from-trillion-dollar-note-1691-2.html |title=Zim trims 12 zeroes from trillion dollar note |website=Commodity Online.com |date=2 February 2009 |access-date=7 January 2010}}

300,000,000,000,000 (2nd)

|

|

= Final period of devaluation =

On 2 February 2009, a third redenomination took place, in which the RBZ removed 12 zeros from the currency, with 1,000,000,000,000 (third, ZWR) Zimbabwe dollars being exchanged for 1 new (fourth, ZWL) dollar. Therefore, the fourth dollar (ZWL) is equivalent to 10,000,000,000,000,000,000,000,000, or 1×1025 or 10 septillion first dollars (ZWD) (or 1 trillion third dollars). Although the dollar was abandoned on 12 April 2009, exchange rates were maintained at intervals for some months.

On 4 June 2015, it was announced that the Reserve Bank of Zimbabwe would exchange some of the old banknotes for US dollars.{{cite news |title=Cash for Zimdollar notes, says RBZ |url=http://www.herald.co.zw/cash-for-zimdollar-notes-says-rbz/ |newspaper=The Herald |publisher=Zimbabwe Newspapers (1980) Ltd |access-date=12 June 2015}}

class="wikitable collapsible autocollapse" style="font-size: 90%"
colspan=6|Exchange rates of the fourth dollar (ZWL)
colspan=2|Date

! Official rate

! Parallel rate

! United Nations rate
(Source: )

! Notes

rowspan=7|2009

|February

| style="text-align:right;"|

22.00 (3rd); 24.51 (4th)

28.54 (5th); 32.19 (6th)

35.34 (9th); 38.80 (10th)

42.32 (11th); 46.07 (12th)

49.87 (13th); 53.00 (16th)

58.04 (17th); 62.70 (18th)

66.49 (19th); 71.21 (20th)

76.22 (23rd); 81.58 (24th)

86.15 (25th); 91.39 (26th)

95.42 (27th)

| style="text-align:right;"|

300 (2nd)

| style="text-align:right;"|

150,000 (3rd)

|

March

| style="text-align:right;"|

99.67 (2nd); 103.29 (3rd)

108.01 (4th); 113.12 (5th)

117.26 (6th); 121.85 (9th)

126.11 (10th); 131.00 (11th)

134.92 (12th); 138.58 (13th)

143.42 (16th); 150.52 (17th)

156.69 (18th); 163.34 (19th)

170.39 (20th); 177.25 (23rd)

186.61 (24th); 193.52 (25th)

199.76 (26th); 206.74 (27th)

209.62 (30th); 213.07 (31st)

|

|

|

April

| style="text-align:right;"|

221.29 (1st); 225.83 (2nd)

230.68 (3rd); 238.94 (6th)

244.81 (7th); 245.21 (8th)

249.40 (9th); 255.19 (14th)

259.10 (15th); 263.94 (16th)

266.64 (17th); 271.04 (20th)

294.18 (24th); 306.68 (29th)

309.31 (30th)

|

|

|12 April: Zimbabwe Dollar suspended.

May

| style="text-align:right;"|

315.23 (4th); 319.13 (5th)

328.36 (6th); 320.02 (7th)

326.26 (8th); 329.65 (11th)

332.26 (12th); 336.46 (13th)

345.12 (14th); 350.30 (15th)

354.58 (19th); 357.48 (20th)

360.64 (21st); 363.14 (22nd)

|

|

|

June

| style="text-align:right;"|

363.48 (16th)

|

|

|

July

| style="text-align:right;"|

371.39 (16th)

|

|

|

August

| style="text-align:right;"|

361.62 (28th)

|

|

|

Value as collectable

Shortly after the Zimbabwean dollar was discontinued, they were purchased as curiosities, or in quantity as novelty gifts, for example to financial advisers' clients to show why they should invest in diverse assets instead of cash, which loses its value over the long term. Later they were purchased as an investment, to sell to collectors, for a significantly better rate of return than most investments.{{cite news| last=Frisby | first=Dominic | title=Zimbabwe's trillion-dollar note: from worthless paper to hot investment | newspaper=the Guardian | date=14 May 2016 | url=http://www.theguardian.com/money/2016/may/14/zimbabwe-trillion-dollar-note-hyerinflation-investment}} In 2022 various denominations were sold on eBay at prices exceeding £100.{{Cite web|url=https://www.ebay.co.uk/sch/i.html?_from=R40&_nkw=%28zimbabwe%2Czimbabwean%29+dollar&_sacat=0&LH_TitleDesc=0&LH_Auction=1&rt=nc&LH_Sold=1&_fsrp=1|website=eBay|access-date=15 September 2022|title=Zimbabwean dollar banknotes sold at auction}}

See also

{{Portal|Africa|Money|Numismatics}}

Notes

{{notelist}}

References

{{reflist}}

Further reading

{{refbegin}}

  • {{numis cite SCWC |date = 1991 }}
  • {{numis cite SCWPM |date = 1994 }}

{{refend}}

External links

{{Commons category|Money of Zimbabwe}}

  • [http://www.bis-ans-ende-der-welt.net/Simbabwe-B-En.htm Historical banknotes from Zimbabwe] {{in lang|en|de}}

{{Clear}}

{{n-start|title=Zimbabwean dollar}}

{{n-before|currency=Rhodesian dollar|ratio=at par|reason=independence recognised}}

{{n-currency|location=Zimbabwe|start=18 April 1980|end=12 April 2009|note=

1st dollar (ZWD): 18 April 1980 to 21 August 2006
2nd dollar (ZWN or 1 000 ZWD): 1 August 2006 to 31 December 2008
3rd dollar (ZWR or 1010 ZWN): 1 August 2008 to 12 April 2009
4th dollar (ZWL or 1012 ZWR): 2 February 2009 to 12 April 2009}}

{{n-after|currency=Hard currencies; Zimbabwean bond coins (from 18 December 2014), and Zimbabwean bond notes (from 28 November 2016), denominated in US dollars and bonded by foreign currency|reason=hyperinflation, resulting in the suspension of local currency}}

{{end}}

{{Economy of Zimbabwe}}

{{dollar}}

{{Currencies of Africa |obsolete = true }}

{{Authority control}}

{{DEFAULTSORT:Zimbabwean Dollar}}

Category:Currencies of Africa

Category:Currencies introduced in 1980

Category:Currencies of Zimbabwe

Category:Dollar

Category:Modern obsolete currencies

Category:1980 establishments in Zimbabwe

Category:2009 disestablishments in Zimbabwe