Home Business Zim dollar depreciated by 81.08% since January 2020

Zim dollar depreciated by 81.08% since January 2020

bond notes

Zim dollar depreciated by 81.08% since January 2020. The Zimbabwe dollar, represented by Bond notes and the Real-Time Gross Settlement (RTGS), has depreciated by 81.08% since 1 January 2020.

The currency, reintroduced in June 2019, is among the fastest-depreciating currencies globally only coming second to the Venezuelan Bolivar in terms of losing value to the United States dollars.

The statistics were provided by United States economist Professor Steven Hanke. See Hanke’s Currency Watchlist below.

Currency Date Exchange Rate Depreciation since January 1, 2020
Venezuelan Bolivar 4/2/2021 2,147,043.46 VES/USD -97.63%
Zimbabwean RTGS Dollar 4/2/2021 120.00 RTGS/USD -81.08%
Lebanese Pound 4/2/2021 12,100.00 LBP/USD -80.99%
Sudanese Pound 4/2/2021 383.00 SDG/USD -77.28%
Syrian Pound 4/2/2021 3,725.00 SYP/USD -75.52%
South Sudanese Pound 4/2/2021 615.00 SSP/USD -48.78%
Iranian Rial 4/2/2021 258,500.00 IRR/USD -48.47%
Argentine Peso 4/2/2021 141.00 ARS/USD -45.39%
Turkmenistan Manat 4/2/2021 33.00 TMT/USD -42.42%
Zambian Kwacha 4/2/2021 22.11 ZMW/USD -36.59%
Brazilian Real 4/2/2021 5.71 BRL/USD -29.60%
Turkish Lira 4/2/2021 8.17 TRY/USD -27.15%
Nigerian Naira 4/2/2021 485.00 NGN/USD -25.15%
Ethiopian Birr 4/2/2021 56.00 ETB/USD -20.54%

Computed by Steve H. Hanke, The Johns Hopkins University. Exchange rates are either black (read: free) market or spot exchange rates. Note that a “2 per cent change indicates a depreciation of the currency relative to the USD. Note that some sources update periodically, but not daily.

As a result of the depreciation, some denominations including the $5 note have been phased out while plans are underway to introduce bigger ones. The Zimbabwe dollar is trading at US$1: ZW$120 on the parallel market but, in most cases, the average exchange rate is US$1: ZW$100.

The official exchange rate, however, as per the Reserve Bank of Zimbabwe (RBZ)’s Foreign Currency Exchange system, is at US$1: ZW$84.

Source – Pindula News

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