The landlocked nation of the Republic of Zimbabwe is situated in southern Africa, neighboring Zambia, Botswana, Mozambique, and South Africa. Because of its riches, Zimbabwe was once referred to as the Jewel of Africa. Its national currency is the Zimbabwe Dollar. There has been various series over the year. Read along to learn about the Zimbabwe Dollar.
Zimbabwe Rhodesia to the Republic of Zimbabwe
Following an extended period of British rule, Zimbabwe Rhodesia finally gained its independence from the United Kingdom, forming the Republic of Zimbabwe on April 18, 1980. Prior to being Zimbabwe Rhodesia, the unrecognized state was named the Republic of Rhodesia which was shortly followed by the British colony of Southern Rhodesia. The re-established British colony now has international recognition within the Commonwealth as the Republic of Zimbabwe with Robert Mugabe as the Prime Minister.
The Zimbabwe Dollar
With the country’s independence from the United Kingdom, the Zimbabwean dollar was born, replacing the Rhodesian dollar at par. With higher production of wheat and booming tobacco industry, the country really had a strong start and had solid growth and development. However, the economy started to decline in the 2000s due to various reasons such as the rampant corruption in government and the sanctions imposed by western nations.
On the 2007 – 2008 issues of the Zimbabwean dollar, the famous Chiremba balancing rock formation appears on the obverse of every banknote along with a cow and grains underprint and a color-shifting security ink that reveals the coat of arms of Zimbabwe represented by the Zimbabwe Bird. These notes also bear a watermark that displays their respective denomination.
Hyperinflation in Zimbabwe
In 2008, Zimbabwe started to experience a period of hyperinflation. The cause was the Land reform program and also the unregulated production of money. Supporting the Congo government during the Second Congo War has also caused a negative impact on the Zimbabwean economy.
Because of the hyperinflation, re-denomination of the Zimbabwean dollar occurs 3 times until it finally collapses in 2009.