In January 2009, the UN was continuing to quote an exchange rate of some 350 nonillion Zimbabwe dollars
to one US dollar (old Zimbabwe dollars
), but by this point, the Zimbabwe dollar
had effectively ceased to function.
dollar will succumb eventually to the rules of economics and go the way of the German mark of the 1920s, and the Zimbabwe dollar
and Argentine peso of a more modern era.
In 1980, the Zimbabwe dollar
was tied to a flexible basket of currencies in which the Zimbabwe dollar
had a crawling band of +/-2 percent of the dollar.
For the first time this year, Dambanjera will make a profit and pay his workers what he said would be a "livable wage." Noting his country's abandonment of the hyperinflation struck Zimbabwe dollar
in 2009, he said: "The adoption of the United States dollar has been a life changing development."
However, despite economic improvements and dropping the Zimbabwe dollar
for the temporary adoption of the U.S.
This barter trade was, before the Zimbabwe dollar
was banished in February in favour of the US dollar, the only way to beat inflation.
President Robert Mugabe said he may revive the Zimbabwe dollar
because the US dollar is unavailable to a majority of people.
Record inflation, despite several currency "reforms," which over the years slashed dozens of zeros off the local "Zimbabwe dollar
," runs at more than 230 million percent, a figure previously not seen anywhere else in the global economy.
Tsvangirai has selected Tendai Biti to the post of finance minister in an attempt to control soaring inflation which has rendered the Zimbabwe dollar
Zimbabwe central bank Governor Gideon Gono on Wednesday announced that from yesterday, the local currency would be re-denominated by removing 10 zeros from a Zimbabwe dollar
. The highest note was 100 billion.
With the Zimbabwe dollar
fast depreciating, most Zimbabweans rent or pay for real estate in U.S.
currency and the Zimbabwe dollar
depends entirely on what buttons are pressed on Ben Bernanke's computer.