The
Zimbabwe dollar continued to depreciate rapidly on the parallel market, reaching "roughly six times the official rate" by the end of October (IMF Staff Report, 2001).
dollar, metical, and kwacha--replaced the
Zimbabwe dollar.
By the time the
Zimbabwe dollar was decommissioned as currency in 2009, inflation was over 7,000 per cent and the government had already knocked a handful of zeros off the currency, meaning that a note showing ZWD 100 million had already had 16 zeros lopped off it.
The government there "ditched the
Zimbabwe dollar in 2009 after it had been rendered worthless by record inflation levels and adopted multiple foreign currencies with the US dollar, the South African rand and the Botswana being the most widely used," the report said.
The government dumped the worthless
Zimbabwe dollar and replaced it as legal tender with a basket of currencies that includes the US dollar, South African rand, British Pound and Botswanan pula.
is as result of confidence in the use of the US dollar, which does not fluctuate like the
Zimbabwe dollar," Danha said.
At that point, as one of us anticipated, people simply refused to use the
Zimbabwe dollar (Hanke 2008: 9), and the hyperinflation came to an abrupt halt.
As a good friend I can let you buy into (that is invest) in the first tranche that will be tied to the Ginseng index of leading financial pundits and denominated in a trade weighted basket of leading emerging currencies with forward contracts against the
Zimbabwe dollar.
But when he went to withdraw his savings, he was told the money was worth one cent after the countryeCOs central bank knocked ten zeros off the
Zimbabwe dollar.
The chairman said that although inputs for coffee production had generally been available, the devaluation of the
Zimbabwe dollar had resulted in greatly increased costs, for example fertilizer rising by 60%.
In 2009 Zimbabwe ended use of the
Zimbabwe dollar in favor of foreign currencies, following hyper-inflation of the currency that reached 500 billion per cent.
38bn, aided in no small part by the scrapping of the
Zimbabwe dollar.
