Zimbabwean dollar
1 EUR = 501.667 ZWL 1000 ZWL = 1.993 EUR
1 CHF = 411.135 ZWL 1000 ZWL = 2.432 CHF
The Zimbabwean dollar was the currency of Zimbabwe. It was divided into 100 cents. Today, the Zimbabwean dollar is set due to high inflation worthless and ineffective. Zimbabwe's inflation rate was several million percent, within a few days a doubling of prices took place.
The new currency Zimbabwe dollar ZWD abbreviated, broke with the country's independence in 1980, the Rhodesia dollars from a 1:1 ratio. Both currencies ran initially continued in parallel. Only in the course of the year 1981, the Rhodesia dollars was withdrawn from circulation.
The currencies of Rhodesia and Zimbabwe
The Fourth Zimbabwean dollar was introduced on 2 February 2009, a new Zimbabwe dollar ( ZWL) equals one trillion ( 1,000,000,000,000 ) old Zimbabwe Dollar ( ZWR). Already on August 1, 2008 10 zeros have been removed with the introduction of the Third Zimbabwean dollar from previous Dollar ( ZWN ).
Inflation since 2006
The situation in 2006
In circulation to August 2006 were coins in denominations of 1, 5, 10, 20 and 50 cents, as well as 1 and 2 dollars; and notes of 2, 5, 10, 20, 50, 100 and 1000 dollars. In addition, since December 2003, circulate so-called bearer checks, a kind of temporary emergency money in denominations of 5,000, 10,000 and 20,000 and later $ 50,000.
As part of a currency changeover, the old bearer checks were exchanged at a ratio of 1:1000 with new ones, while maintaining the currency name Zimbabwe dollar in August 2006. In the exchange action came partly in chaos due to logistical problems. Among other things, were not enough new bearer checks in small denominations available, so nothing could be sold in shops either or change in the form of candy or the like was issued.
The situation in 2007
Because of the extreme inflation took place in 2007 serious shortages in the supply of paper money; Bank customers had to wait several hours to withdraw money. To mitigate the problem in early 2008 bearer checks were issued at 1, 5 and 10 million dollars, a few months later to 25 and $ 50 million in May 2008, $ 250 million and 100 new.
Development in 2008
Plans for a new currency changeover in January 2008 were canceled at short notice. In February 2008 it was reported inflation had broken through the 100,000 mark per cent. In early May 2008, the exchange rate of the dollar has been released, previously was the official exchange rate is U.S. $ 1 set equal to 30,000 Zimbabwe dollars, which increasingly diverged by persistent inflation from reality.
Meanwhile, the depreciation of the Zimbabwean dollar has reached the degree of hyperinflation. The unofficial inflation rate was 24 October 2008 was 10.2 quadrillion ( 10.2 x 1015) per cent, the Cato Institute puts it on 31 October 2008 to 2.79 trillion (2.79 · 1018) and increased at 7 percent November. 2008 to 215 trillion ( 215.1018 ) percent. She got on 14 November 2008 further to 89.7 trillion ( 89.7 · 1021) percent. In November 2008, the prices already multiplied every day. The 100-billion- dollar banknote, issued mid-July 2008, this year was the bill with the highest nominal.
On 1 August 2008 highlighted the Reserve Bank of Zimbabwe 10 zeros from the currency. Thus 10 billion were exchanged for a new Zimbabwe Dollar third generation old Zimbabwean dollars. The official exchange rate on the issue date was 1 U.S. dollar to 7.58 Zimbabwe dollars. 1 € 11,80 corresponded officially ZWR. More realistic information talked about a rate of 1 U.S. dollar to 60 Zimbabwe dollars. There new banknotes were issued at 1, 5, 10, 20, 100 and 500 Zimbabwe dollars. Even coins were reissued; this were the old, worthless long ago coins of the first Zimbabwean dollar in the values 10, 20, 50 cents, 1, 2 and pulled out $ 5 back and thus enhanced by a factor of 1013. Already in mid- August, the value of the Zimbabwe dollar had halved again in comparison to the time of reassessment. In October 2008, all coins were withdrawn from circulation. Meanwhile banknotes were 10,000, 20,000 and 50,000 dollars, issued November 3, 2008 to $ 1 million, the remaining notes were also taken out of circulation. In mid-November, all banknotes, pulled back up to the 500,000 and $ 1 million from the market, so that Zimbabwe practically only had 2 banknote sizes as total cash available. In early December were issued more banknotes to 10 million, 50 million, 100 million, 200 million and 500 million dollars. On December 19, the bank notes were added to one billion, 5 billion and $ 10 billion. The annual inflation rate is in the range of trillions per cent.
Suspension 2009
January 16, 2009 state media announced the issue of a bill with the value of 100 trillion ( 100,000,000,000,000 ) Zimbabwe dollars. In addition, there should be more notes 10, 20 and 50 trillion Zimbabwe dollars. On 21 January 2009, the daily rate of inflation reached a value of 98 percent, which corresponds to an annualized rate of 6.5 calculated Oktodezillionen ( 6.5 × 10 108 ) per cent by Forbes Asia. Thus, the hyperinflation in Zimbabwe would be one of the highest ever observed. A daily inflation of 100 per cent has already been surpassed in 1946 by the Hungarian pengő. On 29 January 2009 the government allowed the use of other currencies for payment in all transactions; until then, it was only certain shops allowed to accept foreign currencies.
A further 12 zeros were canceled on February 2. There new banknotes of 1, 5, 10, 20, 50, 100 and 500 dollars were spent.
Zimbabwe was planning then to pay the salaries of civil servants in U.S. dollars.
In April 2009, the Zimbabwe dollar was suspended by the government for at least a year, foreign currencies such as the euro, the U.S. dollar or the South African rand was introduced as a means of payment. The government hopes that by this measure an end to the price increases and will introduce again only when the country has supporting industries own currency.