© 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
7 Misconceptions About Workers’ Comp Insurance
Finance
03/12/20217 Misconceptions About Workers’ Comp Insurance

Workers’ compensation is an important right, yet too many people are unaware of exactly what workers’ comp is or what you’re entitled to. To set the record straight, take a look at these seven misconceptions about workers’ comp insurance now:

Read Full PostRead - Eye Icon
Strong Values Which Breed Success
Leadership
30/08/2019Strong Values Which Breed Success

SMTD Law LLP is a construction boutique law firm representing clients ranging from Fortune 100 companies to small businesses. Recently, Marilyn Kilnger found success in AI’s Leading Adviser 2019 where she was selected as the Leading Construction Disputes Law

Read Full PostRead - Eye Icon
Wirtualna Polska Holding IPO
Innovation
27/05/2015Wirtualna Polska Holding IPO

Wirtualna Polska Holding IPO

Read Full PostRead - Eye Icon
How Does Palletizing Automation Work
News
13/11/2023How Does Palletizing Automation Work

How does palletizing automation work? In the ever-evolving world of technology, automation is playing an increasingly pivotal role across various industries. Palletizing automation, in particular, has revolutionized the way companies handle materials and produ

Read Full PostRead - Eye Icon
Most Dedicated Audio Technology CEO 2023 (Barcelona): Mercè Delgado
Innovation
10/07/2023Most Dedicated Audio Technology CEO 2023 (Barcelona): Mercè Delgado

In recent years, the technological industry has seen notable changes when it comes to women’s representation and opportunities. While women continue to be underrepresented in certain leadership and technical roles, there is no denying the growing recognition

Read Full PostRead - Eye Icon
Innovation in Biotechnology – Biotech Top 50
Innovation
31/07/2016Innovation in Biotechnology – Biotech Top 50

Kimal® are a developer, manufacturer and supplier of customised procedure packs and vascular access devices for use across a wide variety of clinical departments including cardiology, radiology, critical care, anaesthesia, laparoscopy, and cardiac surgery.

Read Full PostRead - Eye Icon
10 Industries That Must Adopt The Use Of e-Signatures In 2023
Innovation
13/04/202310 Industries That Must Adopt The Use Of e-Signatures In 2023

Electronic signatures (e-signatures) are becoming increasingly important across various industries as the world becomes more digitized and environmentally conscious. E-signatures are more convenient and secure, saving time while simultaneously reducing your ca

Read Full PostRead - Eye Icon
Dedicated to Providing Excellence in Healthcare Law
Leadership
19/07/2019Dedicated to Providing Excellence in Healthcare Law

Supporting clients across every state in the U.S, Alice G. Gosfield & Associates, P.C. has the national expertise to provide the very best legal service to clients across a wide range of practice areas. Having awarded the firm Leading Boutique Personal Service

Read Full PostRead - Eye Icon
The Pros and Cons of Investing in Gold
Finance
12/08/2022The Pros and Cons of Investing in Gold

Amongst increasing living costs and high levels of inflation, one of the last things on our minds might be investing in gold. However, there are some pretty convincing reasons as to why you should. Capable of transforming Victoria in the gold rush, gold manage



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