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Exchange rates for the US dollar in Zimbabwe / auction rates * / USD 1 = ZWL ... (middle)

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  5. ZWL Zimbabwe dollar (Zimbabwe)
CSV SDMX-ML 2.0 SDMX-ML 2.1
Time series key BBEX3.M.ZWL.USD.CA.AC.A01
Unit ZWL
Dimension one
Timespan from 2019-02 to 2023-01
Last update 05.04.2024 01:06:57 PM
   
General * Multiple exchange rate system since 9 May 2022. On 2 February 2009, five currencies were named as "official means of payment": US dollar, rand, euro, pound sterling and pula. They did not, however, have the status of legal tender, which remained the de facto abandoned Zimbabwe dollar. On 27 April 2010, the US dollar was declared as the principal currency of this multiple currency system. In January 2014, the group of currencies designated as "official means of payment" was extended by the Japanese yen, Chinese yuan renminbi, Indian rupee and Australian dollar. On 11 June 2015, the Reserve Bank of Zimbabwe announced the demonetisation of the Zimbabwe dollar in a press statement. The demonetisation process took place between 15 June and 30 September 2015, i.e. it was no longer legal tender, with effect from 1 October 2015. The conversion rates were as follows. Account balances Up to 175 quadrillion Zimbabwe dollar: a lump sum of 5 US dollar Over 175 quadrillion Zimbabwe dollar: 1 US dollar per 35 quadrillion Zimbabwe dollar (old) 1 US dollar per 35,000 Zimbabwe dollar (new) Cash 1 US dollar per 250 trillion Zimbabwe dollar (old) 1 US dollar per 250 Zimbabwe dollar (new) In response to a lack of foreign currency, at end-November 2016 the government additionally issued "bond notes"; although they were officially pegged to the US dollar at the rate of 1:1, their convertibility was effectively limited. These bonds traded at heavy discounts on the black market. According to press reports, on 20 February 2019 a law was passed which ditched the 1:1 peg between the bond notes and the US dollar, and the RTGS (Real Time Gross Settlement) dollar was declared legal tender. Following a period in which this new currency depreciated considerably, the central bank finally banned the use of foreign currencies and reintroduced the Zimbabwe dollar (ZWL) as the sole legal tender as from 24 June 2019. With effect from 9 May 2022, a multiple exchange rate system was established, with interbank market rates (see BBEX3.M.ZWL.USD.CA.AC.B01) introduced alongside the official exchange rates (now auction rates). We do not have any information on the exchange rate application. It is also understood that there are significantly different black market rates alongside these rates.
Source Reserve Bank of Zimbabwe, Harare
   
Comment on 2022-05 On 18 May 2022, the Reserve Bank of Zimbabwe published significantly weaker auction rates: 17 May 2022: USD 1 = ZWL 173.26850 18 May 2022: USD 1 = ZWL 258.54040 Calculated devaluation of the auction rate's scope of application: 33.0%.
Comment on 2020-06 The Zimbabwe dollar was devalued in several stages. We recorded the following exchange rates: 23 June 2020: USD 1 = ZWL 25.0000 24 June 2020: USD 1 = ZWL 57.3582 1 July 2020: USD 1 = ZWL 63.7442 Calculated using the exchange rates from 23 June and 1 July 2020, the Zimbabwe dollar experienced a devaluation of 60.8% against the US dollar.
Comment on 2020-03 The Zimbabwe dollar was devalued on 18 March 2020. We recorded the following exchange rates: 17 March 2020: USD 1 = ZWL 18.4592 18 March 2020: USD 1 = ZWL 23.4943 Calculated devaluation: 21.4%.
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