Newsbytes
  • India
  • Business
  • World
  • Politics
  • Sports
  • Science
  • Entertainment
  • Auto
  • Lifestyle
  • Inspirational
  • Career
  • Bengaluru
  • Delhi
  • Mumbai
  • Videos
  • Find Cricket Statistics
Hindi
More
Newsbytes
Hindi
Newsbytes
User Placeholder

Hi,

Logout


India
Business
World
Politics
Sports
Science
Entertainment
Auto
Lifestyle
Inspirational
Career
Bengaluru
Delhi
Mumbai
Videos
Find Cricket Statistics

More Links
  • Videos

Download Android App

Follow us on
  • Facebook
  • Twitter
  • Linkedin
  • Youtube
 
Home / News / World News / Zimbabwe announces currency trade-in for US dollars
  • World

    Zimbabwe announces currency trade-in for US dollars

    Sripriya Yegneswaran
    Written by
    Sripriya Yegneswaran
    Mail
    Last updated on Jun 13, 2015, 01:14 pm
     Zimbabwe announces currency trade-in for US dollars
  • Zimbabwe's central bank announced that it will exchange US dollars for the local Zimbabwean dollars.

    This was a step to phase out the local currency. Local dollars have not been in use after the abandonment of Zimbabwean dollar in 2009 for a multi-currency system.

    From 15 June, Zimbabweans can exchange bank accounts of up to 175 quadrillion (175,000,000,000,000,000) Zimbabwean dollars for 5 US dollars.

  • In this article
    Zimbabwe’s soaring inflation Zimbabwe’s inflation hits 231,000,000% What is Hyperinflation? Hyperinflation and its causes Zimbabwe abandons its currency Zimbabwean economy on the path of recovery Zimbabwe announces currency trade-in for US dollars
  • 7 Feb 2007

    Zimbabwe’s soaring inflation

     Zimbabwe’s soaring inflation
  • Zimbabwe had been tormented by a declining economy and quality of life, owing to recession and high inflation.

    The trigger of the crisis, hyperinflation, reached an annual rate of 1281% .

    Hyperinflation had bankrupted the government and destroyed the country's factories and farms.

    The government had refused to devalue Zimbabwe's dollar which fetched only 5-10% of its official value on the black market.

  • 9 Oct 2008

    Zimbabwe’s inflation hits 231,000,000%

     Zimbabwe’s inflation hits 231,000,000%
  • The official inflation rate of Zimbabwe rose to 231,000,000%. Economists have estimated that it will run into trillions.

    This forced the government to allow shops to start accepting US dollars and South African rand.

    The new currency introduced by the Central Bank, by removing 10 zeros from the national currency was of no help. Its value too, fell rapidly.

  • Definition

    What is Hyperinflation?

  • Hyperinflation is when the prices of most goods and services skyrocket, usually more than 50% a month. The first country to hyperinflate in the 21st century is Zimbabwe. In 2008, a loaf of bread costed 1.6 trillion Zimbabwe dollars.

  • Dec 2008

    Hyperinflation and its causes

     Hyperinflation and its causes
  • In March 2007, Zimbabwe's inflation rate crossed 50% a month. The reasons behind hyperinflation were three-fold

    President Mugabe's land reforms took land from white farmers and redistributed to the black population. This led to collapse in output.

    Zimbabwe's involvement in Congo's civil war led to budget deficits.

    Central Bank was forced to print money to fund the deficits. More money caused more inflation.

  • Dec 2009

    Zimbabwe abandons its currency

     Zimbabwe abandons its currency
  • Zimbabwean government announced that it will allow business to be conducted in other currencies. The country has stopped printing its currency.

    The decision was an effort to tame the runaway inflation which left the Zimbabwean dollar almost worthless.

    The multi currency in use includes: US dollar, South African rand, the euro and British pound among others.

  • Dec 2014

    Zimbabwean economy on the path of recovery

     Zimbabwean economy on the path of recovery
  • After the hyperinflation spiral, Zimbabwe took to using multi-currency. Though the problems of inflation prevailed, the economy became much more stable.

    The inflation rate steadily declined over the years post 2009. In 2014, IMF projected inflation to be as low as 0.2% for the year.

    President Mugabe assured that the economy was on a recovery path after the government's measures to guarantee economic resurgence.

  • 13 Jun 2015

    Zimbabwe announces currency trade-in for US dollars

     Zimbabwe announces currency trade-in for US dollars
  • Zimbabwe's central bank announced that it will exchange US dollars for the local Zimbabwean dollars.

    This was a step to phase out the local currency. Local dollars have not been in use after the abandonment of Zimbabwean dollar in 2009 for a multi-currency system.

    From 15 June, Zimbabweans can exchange bank accounts of up to 175 quadrillion (175,000,000,000,000,000) Zimbabwean dollars for 5 US dollars.

Latest News
  • Coronavirus: India's tally reaches 11.06 million with 15K+ new cases
    Coronavirus: India's tally reaches 11.06 million with 15K+ new cases
    India
  • 'Deadpool 3' the only R-rated movie being made: Kevin Feige
    'Deadpool 3' the only R-rated movie being made: Kevin Feige
    Entertainment
  • 2021 Royal Enfield Interceptor, Continental GT 650's color variants revealed
    2021 Royal Enfield Interceptor, Continental GT 650's color variants revealed
    Auto
  • NewsBytes Briefing: Investigation uncovers Facebook's pro ISIS move, and more
    NewsBytes Briefing: Investigation uncovers Facebook's pro ISIS move, and more
    Science
  • 'PUBG: New State' announced for iOS, Android; Unavailable in India
    'PUBG: New State' announced for iOS, Android; Unavailable in India
    Science
Trending Topics
Joe Biden Coronavirus
Next News Article
Share
Cancel

Want to share it with your friends too?

Facebook Whatsapp Twitter Linkedin
Copied

Love World news?

Subscribe to stay updated.

World Thumbnail
India News Business News World News Politics News Sports News Science News Entertainment News Auto News Lifestyle News Inspirational News
Career News Bengaluru News Delhi News Mumbai News Bharti Airtel Mukesh Ambani Indian Premier League Samsung Virat Kohli Rohit Sharma
Cricket News Narendra Modi Facebook YouTube Hollywood News WhatsApp Bollywood News ISRO Rahul Gandhi Yoga
Honda Batman Football News BMW Vaccine Reliance Jio OPPO Amazon Food News, Healthy Recipes Royal Challengers Bangalore
Toyota Fashion Tips Farmers Protest Mercedes Isha Ambani India Vs England Cricket OnePlus Mobiles Android TV Smart TV Marvel Comics
Avengers Neha Kakkar Premier League Big Bang Theory
About Us Privacy Policy Terms & Conditions Contact Us News Reviews News Archive Topics Archive Find Cricket Statistics
Follow us on
Facebook Twitter Linkedin Youtube
All rights reserved © NewsBytes 2021