© Copyright Acquisition International 2025 - All Rights Reserved.

Article Image - Wave Goodbye to the  Zimbabwean Dollar
Posted 13th July 2015

Wave Goodbye to the Zimbabwean Dollar

The Zimbabwe government has announced it will officially discard the Zimbabwean dollar. Hyper-inflation had rendered it near worthless, making the US dollar the most widely used currency.

Mouse Scroll AnimationScroll to keep reading

Let us help promote your business to a wider following.

Wave Goodbye to the Zimbabwean Dollar

Wave Goodbye to the Zimbabwean Dollar

Image

The Zimbabwe government has announced it will officially discard the Zimbabwean dollar. Hyper-inflation had rendered it near worthless, making the US dollar the most widely used currency.

The central bank of Zimbabwe will offer $5 for every 175 quadrillion, or 175,000 trillion, Zimbabwean dollars, Governor John Mangudya said in an e-mailed statement from the capital, Harare.

While it marks the official dropping of the currency, transactions in the southern African nation have been made using mainly the U.S. dollar and rand of neighboring South Africa for six years.

“The decommissioning of the Zimbabwean dollar has therefore been pending and long outstanding since 2009,” Mangudya said on Thursday. “We cannot have two legal currency systems. We need therefore to safeguard the integrity of the multiple-currency system or dollarization in Zimbabwe.”

The economy plunged into crisis after the government started a campaign in 2000 of violent seizures of white-owned commercial farms to distribute to black subsistence growers, slashing exports of tobacco and other crops. Inflation surged to 500 billion percent and the economy shrank during a near decade-long recession that ended in 2009. Under policies implemented by a coalition government, the economy began expanding and the recognition of foreign currencies as legal tender helped tame inflation. Consumer prices fell an annual 2.7% in April, according to the statistics agency.

Zimbabweans can convert their local dollars between June 15 and Sept. 30 at commercial banks, building societies and postal agencies, Mangudya said.

Savers with Zimbabwe dollars in their bank accounts will get a flat $5 for anything up to 175 quadrillion Zimbabwean dollars. They can convert any cash they have “on a no questions asked basis” at a rate of $1 to 250 trillion Zimbabwe dollars for notes printed before 2009, Mangudya said.

The move demonstrates the central bank’s “commitment to the multiple-currency system,” Mangudya said. Zimbabwe needs to increase its foreign reserves, improve its fiscal management and strengthen the financial sector before it can change the system, he said

Categories: Finance


You Might Also Like
Read Full PostRead - Eye Icon
The Best Innovations for the Best Metalwork
Innovation
08/08/2022The Best Innovations for the Best Metalwork

Working in one of the most demanding markets in the world, Retech has become a global leader in metallurgical processing equipment supply.

Read Full PostRead - Eye Icon
In-demand IT skills That Can Enhance Your Resume
News
22/09/2022In-demand IT skills That Can Enhance Your Resume

Working in the IT industry can mean anything, from sorting out any customer’s internet issues to developing a program for an organization's cloud infrastructure. As we know, the work of IT departments is so diverse that the skills one would need to add to th

Read Full PostRead - Eye Icon
Smaller Companies Choose IPOs to Fund Growth
Finance
03/03/2015Smaller Companies Choose IPOs to Fund Growth

The volume and value of Initial Public Offerings (IPOs) on London's junior market increased last year as SMEs sought funding for growth, according to data from global information services company Experian.

Read Full PostRead - Eye Icon
K&E & Skadden Among Five Firms on 58.com’s Stake Acquisition in Ganji
M&A
07/05/2015K&E & Skadden Among Five Firms on 58.com’s Stake Acquisition in Ganji

K&E & Skadden Among Five Firms on 58.com’s Stake Acquisition in Ganji

Read Full PostRead - Eye Icon
Property Acquisition CEO Secures Success
Leadership
08/10/2019Property Acquisition CEO Secures Success

London’s premier property Search, Investment, Development and Acquisition firm, Rehoboth has consistently delivered for the UK’s most prestigious property owners and developers. Rehoboth engages in development projects with industry partners to help allevi

Read Full PostRead - Eye Icon
Risk Management and Organisational Effectiveness
Leadership
05/01/2022Risk Management and Organisational Effectiveness

Magnifor Consulting is an innovative risk leadership consultancy firm working shoulder-to-shoulder with its clients to maximise the value of uncertainties.

Read Full PostRead - Eye Icon
How to Choose the Best Software Development Company in 2023
Innovation
24/07/2023How to Choose the Best Software Development Company in 2023

Choosing the ideal partner might seem like a difficult process with so many businesses providing their services. However, you may make an informed choice that supports your company's objectives by taking certain criteria into account and using a methodical app

Read Full PostRead - Eye Icon
How to Raise Your Business Reputation When You Are On a Budget
News
26/07/2021How to Raise Your Business Reputation When You Are On a Budget

Running a business operation comes with a range of different challenges. One of the most common hurdles involves dealing with your company’s reputation and how to raise it. Fortunately, there are many things that you can do to build your brand, especially if

Read Full PostRead - Eye Icon
SeedTribe relaunches as ‘impact hub’ – powering profit-with-purpose driven businesses
Innovation
03/12/2019SeedTribe relaunches as ‘impact hub’ – powering profit-with-purpose driven businesses

Ethical investment platform SeedTribe has relaunched as a new UK-focused impact hub. The platform will connect startups with individuals, corporates and governments interested in helping profit-with-purpose businesses. SeedTribe’s new focus will be supportin



Our Trusted Brands

Acquisition International is a flagship brand of AI Global Media. AI Global Media is a B2B enterprise and are committed to creating engaging content allowing businesses to market their services to a larger global audience. We have a number of unique brands, each of which serves a specific industry or region. Each brand covers the latest news in its sector and publishes a digital magazine and newsletter which is read by a global audience.

Arrow