Zimbabwean dollar (2019–present)

Last updated

Zimbabwean dollar
Z$
Zimbabwean banknote collage, fifth dollar.png
Banknotes
ISO 4217
CodeZWL (numeric:932)
[lower-alpha 1] [2]
Subunit 0.01
Unit
Unitdollar
Symbol $ ‎
NicknameZimdollar, Zollar
Denominations
Subunit
 1⁄100cent
Symbol
 cent ¢
Banknotes
 Freq. used$10, $20, $50, $100
 Rarely used$2, $5 [3]
Coins
 Rarely used1¢, 5¢, 10¢, 25¢, 50¢, $1, $2
Demographics
Date of introduction25 February 2019;5 years ago (2019-02-25) [4]
User(s)Flag of Zimbabwe.svg  Zimbabwe
Issuance
Central bank Reserve Bank of Zimbabwe
 Website www.rbz.co.zw
Printer
Mint South African Mint
Valuation
Inflation 47.62%
 Source RBZ , February 2024
 Method CPI

The Zimbabwean dollar (sign: Z$; code: ZWL), [5] also known as the Zimdollar or Real Time Gross Settlement (RTGS) dollar, [6] [7] is the currency of Zimbabwe. It was the only legally permitted currency for trade in Zimbabwe from June 2019 to March 2020, after which foreign currencies were legalised again. [8]

Contents

Due to the sharp depreciation of the Zimdollar, most transactions are being done in hard currencies, such as the U.S. dollar, in Zimbabwe. On 5 April 2024, it was announced that the Zimdollar would be replaced by the new Zimbabwe Gold (ZiG), a gold-backed currency, starting on 8 April. [9] [10] [11]

History

Background

On 29 January 2009, the Zimbabwean government legalised the use of foreign currencies, such as the United States dollar and the South African rand: in response, Zimbabweans quickly abandoned the old Zimbabwean dollar, which was collapsing from what was at the time the second highest rate of hyperinflation (after the Hungarian pengő in 1946). [12] [13] On 12 April 2009, the power-sharing government of then-Prime Minister Morgan Tsvangirai suspended the old dollar, and the Reserve Bank of Zimbabwe demonetised the last banknotes of the old dollar, on 30 September 2015. [14] [15]

The multi-currency system eventually resulted in a liquidity crisis, because Zimbabwe had to import more than what they could export, resulting in a net exodus of US dollars: [16] eventually, the Reserve Bank introduced a series of bond coins on 18 December 2014, and bond notes on 28 November 2016, after securing a total of US$250 million in loans from the African Export-Import Bank. [17] [18]

Although bond money was officially interchangeable at par with the US dollar, the general public quickly resisted them as an attempt to reintroduce the Zimbabwean dollar, which had gained a bad reputation due to hyperinflation. [19] That, along with the continued shortage of US dollars in Zimbabwe, [20] resulted in a thriving parallel exchange rate that ranged between $3.00 and $3.80 in bond money to the US dollar, in February 2019. [21]

Introduction of the fifth dollar

The parallel rate and the continued shortage of US dollars created a situation where the Reserve Bank could no longer maintain the peg with the US dollar: the Reserve Bank also wanted to end the system of different exchange rates, which resulted in customers paying more or less depending on the payment method. [22] On 20 February 2019, Reserve Bank governor John Mangudya announced the introduction of the current Zimbabwean dollar, initially called the Real Time Gross Settlement dollar (RTGS dollar). [23] The RTGS dollar, which started trading on 25 February, consisted of real-time gross settlement balances (hence the name), and existing bond notes and bond coins (both of which were devalued by 60% to Z$2.50 per US dollar). [4] [24]

On 24 June 2019, the Zimbabwean government renamed the RTGS dollar to the Zimbabwean dollar, [25] and banned the use of foreign currencies in an attempt to end the multi-currency system: the BBC reported widespread opposition to the ban, partly due to continued public distrust, partly due to high inflation, and partly due to traders still having to use hard currencies to import goods from abroad. [26] The onset of the coronavirus pandemic eventually forced the Reserve Bank to reinstate the multi-currency system, on 29 March 2020. [27]

On 29 October 2019, the Reserve Bank claimed that a new currency would replace the fifth dollar. [28] This claim turned out to be a new $2 bond coin, and revised $2 and $5 banknotes without the "bond note" inscription: both entered circulation on 11 November 2019. [29] [30] The Reserve Bank continues to introduce higher value banknotes, with the $100 note entering circulation on 5 April 2022. [31]

Continued high inflation

The fifth Zimbabwean dollar continues to experience very high inflation, due to continued public distrust, [32] and the continued shortage of hard currency as a result of importers being unable to use Zimbabwean dollars: [33] almost immediately after the Reserve Bank abolished the peg, the official rate to the US dollar declined to Z$2.80 on 22 March 2019, and Z$6.00 on 12 June 2019, while the parallel rate fluctuated between Z$7.00 and Z$13.00 by 3 July. [21] [34] [35] The Reserve Bank's annual inflation rate surpassed 100% in June 2019, and 500% in December 2019. [36] As of December 2022, the Reserve Bank annual inflation rate was 243.76%: the highest (since February 2019) was 837.53% in July 2020, and the lowest was 50.25% in August 2021. [36] Use of Zimbabwean dollars in Zimbabwe declined in favour of hard currencies, and as a result, in February 2023, Zimbabwe switched its headline inflation rate to the one that blends Zimbabwean dollar and US dollar prices, which has been criticised by businesses for hiding the real inflation rate in local currency, which has persisted despite the use of a "blended" inflation rate. [37] [38] On 5 April 2024, the Reserve Bank of Zimbabwe announced it was introducing the gold- and foreign currency-backed Zimbabwe Gold (ZiG), replacing the Zimbabwean dollar. [39]

Banknotes

Zimbabwean banknotes that have entered circulation since 2016 have the signature of John Mangudya, who succeeded Charity Dhliwayo as the governor of the Reserve Bank of Zimbabwe on 1 May 2014. [40]

In 2022, the Reserve Bank started the process of removing $2 and $5 banknotes from circulation, due to long-term high inflation: on 5 April 2022, the official exchange rates for those banknotes were 1.4 and 3.5 US cents, respectively. [41] [3]

Bond notes

The $2 and $5 bond notes entered circulation on 28 November 2016 and 3 February 2017, respectively. [18] [42]

Bond notes, 2016 (Signature: John Mangudya, Capital: Harare)
Pick
No.		ImageValueDimensionsMain colourDescriptionDate of [43]
ObverseReverseObverseReverseWatermarkprintingissuewithdrawal
99 Zimbabwe $2 Bond Note 2016.png Zimbabwe $2 Bond Note 2016 Reverse.png $2155 × 62 mmGreen Domboremari with trees Eternal Flame at the National Heroes Acre, and the Old Parliament House Zimbabwe Bird and "RBZ"201628 November 201611 November 2019
100 Zimbabwe $5 Bond Note 2016 Obverse.png Zimbabwe $5 Bond Note 2016 Reverse.png $5155 × 66 mmPurpleDomboremari with treesThree giraffes and the Zimbabwe Aloe ( Aloe excelsa ) Zimbabwe Bird and "RBZ"20163 February 201711 November 2019
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

2019–present series

On 11 November 2019, the Reserve Bank issued regular banknotes for the first time since 2009, with commercial banks releasing them to the general public on the following day: [29] [30] the regular $2 and $5 banknotes are identical to the bond notes, but they do not have the "bond note" inscription on either side. $10 and $20 notes entered circulation on 19 May and 1 June 2020, respectively. [44]

The $50 note entered circulation on 6 July 2021, and became the first Zimbabwean banknote since the withdrawal of the Rhodesian pound in 1970 to feature a person: a portrait of Mbuya Nehanda, a significant figure of Zimbabwean nationalism, appears on reverse with the Tomb of the Unknown Soldier at the National Heroes Acre. [45] This was followed by the $100 banknote on 5 April 2022, which featured the ruins of Great Zimbabwe. [3] [31]

2019 banknote series (Signature: John Mangudya, Capital: Harare)
ValueDimensionsMain colourDescriptionDate ofRef.
ObverseReverseWatermarkprintingissuewithdrawal
$2155 × 62 mmGreen Domboremari with trees Eternal Flame at the National Heroes Acre, and the Old Parliament House Zimbabwe Bird and "RBZ"201911 November 2019In progress [46]
$5155 × 66 mmPurpleDomboremari with treesThree giraffes and the Zimbabwe Aloe ( Aloe excelsa )Zimbabwe Bird and "RBZ"201911 November 2019In progress [47]
$10155 × 66 mmRedDomboremari with trees New Reserve Bank Tower and four African buffaloes (Syncerus caffer)Zimbabwe Bird and "RBZ"202019 May 2020Current [48]
$20155 × 66 mmBlueDomboremari with trees African elephant and Victoria Falls (Mosi-oa Tunya)Zimbabwe Bird and "RBZ"20201 June 2020Current [48]
$50155 × 66 mmBrownDomboremari with trees Tomb of the Unknown Soldier at the National Heroes Acre, and Mbuya Nehanda Zimbabwe Bird and "RBZ"20206 July 2021Current [49]
$100155 × 66 mmYellowDomboremari with treesAfrican baobab ( Adansonia digitata ) and the ruins of Great Zimbabwe Zimbabwe Bird and "RBZ"20205 April 2022Current [50]
For table standards, see the banknote specification table.

Relationship with foreign currencies

When the RTGS Dollar was introduced in February 2019, Zimbabweans used a mix of foreign currencies including the US dollar, the South African rand, and the Chinese yuan. [51] On 24 June 2019, the Zimbabwean government banned the use of foreign currencies in local transactions. [26] However, high inflation, continued public resistance to the Zimbabwean dollar, and the worsening coronavirus pandemic forced the government to allow Zimbabweans to use foreign currencies again, in 29 March 2020. [27] [8] The government has said that the authorization to use US dollars in local transactions is just temporary, [52] but by June 2020, some Zimbabwean civil service personnel were already demanding payment of their salaries in US dollars, due to hyperinflation in the Zimdollar. [53] On 27 October 2023, the government decided to keep foreign currencies as legal tender until 2030. [54] As of March 2024, 80% of all transactions in Zimbabwe are in US dollars. [55]

Exchange rates

By March 2020, an attempt was made to peg the so-called Zimdollar at US$1 = 25 RTGS$, [56] but inflation continued and this effort was abandoned. [53] [57]

Annual inflation in the period ending July 2020 was 837.53% as reported by ZIMSTAT. [58]

The exchange rate is determined by the forces of supply and demand on an auction market the Reserve Bank of Zimbabwe set up along with the announcement of the RTGS dollar. The market is called Interbank Foreign Currency Exchange Market and is made up of banks and bureaux de change. [59]

A new weekly auction of foreign currency was set up in late June 2020 by the Reserve Bank of Zimbabwe to attempt to curb the rampant inflation which had driven the Zimdollar down to US$1 = 80 Zimdollars. [60] Inflation continued for the Zimdollar, and by May 2022, it was "officially quoted at 165.94 against the U.S. dollar while sliding continuously on the black market, where it is [was] currently trading between 330 and 400 to the US dollar." [61] In an attempt to stop additional speculation in the Zimdollar, in May 2022, the Treasury ordered banks to stop lending, to be effective immediately. [61]

In July 2022 the Reserve Bank of Zimbabwe announced the introduction of official gold coins into the market "as a store of value". [62] The gold coins are called "Mosi-oa-Tunya", and they are expected to be sold for either Zimdollars or United States dollars at rates based upon the prevailing international price of gold plus the costs of production. [62] [63] On 12 February 2024, the Finance Minister of Zimbabwe, Mthuli Ncube, said the Zimbabwean dollar could have it's exchange rate linked to gold. If this plan goes ahead, it will be the only country in the world with the gold standard. [64] [55]

The Zimbabwean dollar has been losing value. Between 2 May and 17 June 2023, it depreciated from Z$1,070.42 to Z$6,351.50 per US dollar, at the official exchange rate. [65] On 30 January 2024, it weakened past Z$10,000 per US dollar, [66] and on 22 March 2024, it dropped below Z$20,000 per US dollar. [67]

Current ZWL exchange rates
From Google Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD BWP ZAR
From Yahoo! Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD BWP ZAR
From XE.com: AUD CAD CHF CNY EUR GBP HKD JPY USD BWP ZAR
From OANDA: AUD CAD CHF CNY EUR GBP HKD JPY USD BWP ZAR

See also

Notes

  1. ↑ The current Zimbabwean dollar reuses the ISO code ZWL, which was assigned on 6 February 2009. [1] For the local currency in use from 1980 to 12 April 2009, see Zimbabwean dollar.

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References

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  55. 1 2 Ndlovu, Ray; Goko, Colleen (20 March 2024). "Zimbabwe Lets Currency Free-Fall While It Weighs Gold Standard". Bloomberg. Archived from the original on 24 March 2024. Retrieved 24 March 2024– via Yahoo! News.
  56. ↑ Stoddard, Ed (30 March 2020). "Zimbabwe brings back US dollar peg for fictional currency". The Daily Maverick. Archived from the original on 31 March 2020.
  57. ↑ "Zimbabwe's worst economic crisis in more than a decade" . The Economist. 11 July 2020.
  58. ↑ "Financial Market Statistics". The Reserve Bank of Zimbabwe. Archived from the original on 23 September 2020.{{cite web}}: CS1 maint: unfit URL (link)
  59. ↑ "Zimbabwe's RTGS dollars explained | IOL Business Report". www.iol.co.za. Retrieved 6 May 2019.
  60. ↑ "Zimdollar moves towards stability". Herald. 19 August 2020. Archived from the original on 20 August 2020.
  61. 1 2 Moyo, Jeffrey (12 May 2022). "Behind Zimbabwe's Currency Woes". Friedrich-Naumann-Stiftung für die Freiheit (Friedrich-Naumann Foundation). Archived from the original on 13 May 2022.
  62. 1 2 "Press Statement: Introduction of Gold Coins" (PDF). The Reserve Bank of Zimbabwe. 4 July 2022. Archived (PDF) from the original on 10 July 2022.
  63. ↑ Ndlovu, Ray (22 July 2022). "Zimbabwe Gives Images of Gold Coins Meant to Tackle Inflation". Bloomberg. Archived from the original on 23 July 2022. Retrieved 24 July 2022.{{cite news}}: CS1 maint: bot: original URL status unknown (link)
  64. ↑ Ndlovu, Ray (12 February 2024). "Zimbabwe's Government Considers Using Gold to Back Its Currency". BNN Bloomberg. Archived from the original on 24 March 2024. Retrieved 24 March 2024.
  65. ↑ Sibanda, Golden (18 June 2023). "'Worst of Zimbabwean currency woes may just be over'". The Zimbabwe Mail. Archived from the original on 21 September 2023. Retrieved 24 March 2024. A higher official exchange rate of the local currency, which stood at $6 351,5/US$1 as of yesterday
  66. ↑ Ndlovu, Ray; Goko-Petzer, Colleen (30 January 2024). "Zimbabwe's Currency Crashes to Lowest Since Its 2019 Revamp". Bloomberg. Archived from the original on 24 March 2024. Retrieved 24 March 2024.
  67. ↑ Ndlovu, Ray; Goko, Colleen (22 March 2024). "Battered Zimbabwe Currency Falls Past 20,000 Per Dollar in Official Trade". BNN Bloomberg. Archived from the original on 22 March 2024. Retrieved 24 March 2024.
Preceded by:
Multi-currency system
Reason: de-dollarisation 		Currency of Zimbabwe
25 February 2019 –
Note: foreign currencies were banned from 24 June 2019 to 29 March 2020		Succeeded by:
Current
Preceded by:
Zimbabwean bonds
(Zimbabwean bond notes and Zimbabwean bond coins)
Ratio: at par
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