New Currency of Zimbabwe.

Recently Zimbabwe is announces that they will introduce their New currency in their nation for the public use.

Here you will know why they wish to introduce it and what is the history about there currency.

So here we go, firstly we have to know where it is located. It is a nation in Africa
a and it basically a land lock country surrounded by South-Africa, Mozambique, Botswana and Zambia.

 Zimbabwe got independence from the United kingdom at 11 November 1965 and currently they are use RTGS Dollar and after the announcement it will vanish soon.

Historical Background 

Actually Zimbabwe has a troubled history with currency. around 2009, after hyperinflation destroyed the value of country's currency Zimbabwe Dollars.

At its height, prices were almost doubling every day and the reserve bank  printed notes worth 100 trillions Zimbabwe dollars to try and keep up. 

Hence in 2009 it ditched the Zimbabwe dollar.

The Zimbabwe dollar was replaced by a basket of Multi-currency which included:- US Dollar, British Pound, South-African rand, Botswana Paula, Japanese yen and Chinese yuan. 

But unfortunately US dollar remained dominant currency.

For fun peoples of  Zmibabwe use some comedy notes like Trump notes.

Scarcity of US dollars

Zimbabwe was continuously facing economic downturn and slow economic growth. this led the country to import huge amount of goods, in return it exported only few goods.

To make payments for payment for imports more US dollar were leaving the country. Thus the US Dollar became scarce over time. 

This led to long bank queues as people struggled to get their money out.

Now New currency comes 

In 2016, the government of Zimbabwe introduced Bond Notes and Coins. These were supposed to be worth the same as the US Dollar, to make up for the cash shortage. 

But no-one had faith that they were equivalent. Thus bond notes rapidly lost its value against the dollar.

The bond notes and coins were at par with the US dollar at their introduction but have over the years continued to lose value.

Currently it is trading at around 14 to 1 US Dollar.

What is RTGS Dollar 

In February 2019, introduced- Real Time Gross Settlement (RTGS).

Since Zimbabwe used different currencies, customers were charged different prices depending on what payment method they choose.

The RTGS Dollar brought together bond notes, debit card and mobile money payments to make sure that they are all worth the same. Basically government wanted things priced in RTGS Dollar rather than US dollar.

And then a shocking news come that from June 2019 Zimbabwe banned all foreign currency. Zimbabwe officials says,

"Government has taken the controversial decision to ban local trading in foreign currencies, including the US dollar, with immediate effect".

And again Re-introduce the Zimbabwe dollar after 10 years of gap. but it an electronic form not in physical form. it shock many peoples around the world. 

But now a days there is a shortage of physical currency so government had decided to make physical currency.

They didn't announce any name of it but experts will assuming that it will be the physical form of Zimbabwe dollar.

Now this is the end of the topic hope u learn something new. Follow the page for more updates and interesting fact with informative knowledge.