Fourth dollar

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The 100 trillion Zimbabwean dollar banknote (1014 dollars), 
equal to 1027 pre-2006 dollars 
(or, as pictured, three large rocks  ;)

On February 2, 2009, the RBZ announced that a further 12 zeros were to be taken off the currency, with 1,000,000,000,000 (third) Zimbabwe dollars being exchanged for 1 new (fourth) dollar.[21] New banknotes are to be introduced with a face value of Z$1, Z$5, Z$10, Z$20, Z$50, Z$100 and Z$500. [22] The banknotes of the fourth dollar are to circulate alongside the third dollar, which will remain legal tender until 30 June 2009.[23]The new currency code was ZWL.[4]

The Zimbabwean dollar is now largely irrelevant with the economy being almost completely dollarised[24]. Even the national postal service, Zimpost is said to be charging customers postage in US Dollars, even though some of the stamps are in Zimbabwean Dollar denomination.

Zimbabwe finance minister, Tendai Biti, said in his first budget report, "The death of the Zimbabwe dollar is a reality we have to live with. Since October 2008 our national currency has become moribund."[25]

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This page contains a single entry by writch published on April 12, 2009 3:02 PM.

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