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Encyclopedia > Zimbabwe dollar

The Zimbabwe dollar (Z$) (ISO 4217 currency code ZWD) is the legal tender currency of Zimbabwe. ISO 4217 is an international standard describing three letter codes to define the names of currencies established by the International Organization for Standardization (ISO). ... Legal tender or forced tender is payment that cannot be refused in settlement of a debt by virtue of law. ...


It was formerly known as the Rhodesian dollar (R$), which was adopted in 1970 following decimalisation and the replacement of the Pound Sterling as the currency. At the time of independence in 1980, one Zimbabwe dollar (of 100 cents) was approximately the same value as one Pound Sterling, but rampant inflation and the collapse of the economy has severely devalued the currency, with many organisations using the US dollar instead. By 3 August 2005, the currency had devalued to Z$17,694.15 per US dollar at the official rate. The black market rate is currently around double the official rate. The largest standard-issue banknote in circulation is currently Z$1,000. The government, however, has issued bearer's cheques in larger denominations to offset the money shortage. 1970 was a common year starting on Thursday. ... Decimalisation (or Decimalization) refers to any process of converting from traditional units, usually of money, to a decimal system. ... The pound sterling, which strictly speaking refers to basic currency unit of sterling, now the pound, is the currency of the United Kingdom (UK). ... 1980 is a leap year starting on Tuesday. ... The pound sterling, which strictly speaking refers to basic currency unit of sterling, now the pound, is the currency of the United Kingdom (UK). ... The United States dollar is the official currency of the United States. ... 2005 is a common year starting on Saturday of the Gregorian calendar and is the current year. ... Devaluation is reduction in the value of a currency. ... The black market is the sector of economic activity involving illegal economic dealings, typically the buying and selling of merchandise illegally. ... A £20 Ulster Bank banknote. ... A denomination is a unit of currency. ...


In May 2003, a private company Cargill Group issued Bearer Cheques for Z$5,000 and Z$10,000. Zimbabwe's Central Bank, the Reserve Bank of Zimbabwe (RBZ), followed a few months later with a series of travellers' cheques in the following denoiminations: Z$1,000, 5,000, 10,000, 20,000, 50,000 and 100,000. These proved unpopular with the general public due to need to produce ID both during issue and encashment of these and also the obvious limited usage—can only be used once by the bearer. In late September, RBZ issued bearer cheques in the following values Z$5000, 10,000, 20,000 on old Z$50 banknote stock. These bearer checques were limited in usage to approximately three months from issue. This is not applied, however, and all bearer cheques remain valid. Other companies issued bearer cheques in rural districts of Zimbabwe. These are not regarded as authorised issues by the RBZ. Minnesota-based Cargill is the worlds largest privately held corporation, with 2004 revenues of US$62. ... A travelers cheque is a preprinted, fixed-amount cheque designed to allow the person signing it to make an unconditional payment to someone else as a result of having paid the issuer (usually a bank) for that privilege. ...


Coins remain legal tender. Occasionally examples of Z$5 are encountered in rural usage. Otherwise these coins presently function as gambling tokens in Zimbabwean casinos. For other uses, see Casino (disambiguation). ...


External links

  • Reserve Bank of Zimbabwe


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  Results from FactBites:
 
Zimbabwe (2499 words)
Zimbabwe became independent in April 1980, when the Lancaster House agreements with Britain brought to an end 15 years of unilaterally declared independence by the former white-minority Government of Rhodesia and the armed conflict that engendered it.
Zimbabwe is a multiparty republic with an executive president and a parliament consisting of 150 members.
The “Zimbabwe Connection” is a not-for-profit, voluntary, Association duly registered in terms of the Associations Incorporations Act, 1985.Its objectives are to provide assistance to all Zimbabweans who, for whatever reasons, have left or are intending to leave Zimbabwe to make a new home for themselves and their families in Australia.
Wikinfo | Zimbabwe (943 words)
The Republic of Zimbabwe is a country located in the southern part of the continent of Africa, between the Victoria Falls, Zambesi river, Kariba Dam and Limpopo river.
After a brief period as Zimbabwe Rhodesia in 1979 under an internal settlement between the regime and part of the African opposition movement, the country was returned to British rule at the end of 1979 pending elections which led to legal independence under majority government on April 18, 1980.
Zimbabwe is divided into 8 provinces and 2 cities* with provincial status: Bulawayo*, Harare*, Manicaland, Mashonaland Central, Mashonaland East, Mashonaland West, Masvingo, Matabeleland North, Matabeleland South, Midlands.
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