What Is the Currency in Zimbabwe?

What Is the Currency in Zimbabwe?
Zimbabwe is home to frequented tourist sites such as the Victoria Falls National Park and the World's View in the Eastern Highlands mountains. Unfortunately, this country also hosts political turmoil, vast poverty, human rights violations and economic decline.

Proof of the decline can be seen in the national currency. The local currency in Zimbabwe is the Zimbabwean dollar (abbreviated as ZWD or Z$), previously known as the Rhodesian dollar (R$). As a result of hyperinflation, the Zimbabwe dollar has been suspended indefinitely.

History

Zimbabwe's local currency was formed in 1970 to replace the English pound of which it was originally at equal value. However, after Zimbabwe's declared independence in 1980 the currency devalued consistently.

Last Revaluation

The Zimbabwean currency went through a total of four phases. The last revaluation on February 2009 revalued the1 billion ZWR as the Z$1. The currency was left with denominations of Z$1, Z$5, Z$10, Z$20, Z$50, Z$100 and Z$500.

Suspension

Due to extreme inflation and economic failure, the Zimbabwean dollar spiraled rapidly. The devaluation became so extreme that the Zimbabwean dollar was suspended on April 12th, 2009. Officials stated that the suspension will last for at least one year.

Current Currency Method

Since the suspension, stable foreign currencies are the standard medium of exchange in Zimbabwe. So if you are planning on venturing to this turbulent country bring plenty of U.S. dollars, Euros or other major currencies.

Last Currency Value

Prior to suspension, the Zimbabwean currency was valued at 300,000,000,000,000 ZWD for 1 U.S. dollar.

Article Written By Susan Thomas

Susan Thomas has been a journalist since 2004. For three of them she was freelance writer for the "Florida Today's" teen section. She worked for one year as a staff writer for "The Oracle," the student body's newspaper. She holds a Bachelor of Arts in international studies and psychology from the University of South Florida.

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