Local Payments2020-07-10T15:25:49-02:00

Money in Zimbabwe

The Zimbabwean dollar (sign: $, or Z$ to distinguish it from other dollar-denominated currencies) was the official currency of Zimbabwe from 1980 to 12 April 2009.

Although the dollar was considered to be among the highest valued currency units when it was first introduced in 1980 to replace the Rhodesian dollar at a ratio of 1:1, political turmoil and hyperinflation least valued currency units in the world, undergoing three re-denominations, and banknote denominations being issued for as high as $100 trillion.

Despite attempts to control inflation by legislation and three separate re-denominations in 2006, 2008 and 2009, the use of the dollar as an official currency was effectively abandoned on 12 April 2009. This was a result of the Reserve Bank of Zimbabwe legalizing the use of foreign currencies for transactions in January 2009.

Foreign currencies such as the South African Rand, Botswana Pula, Pound Sterling and the United States Dollar are now used instead for all transactions in Zimbabwe, and the current policy of the government of Zimbabwe has insisted that any attempts to reintroduce Zimbabwean currency should only be considered if the industrial output improves.