Zimbabwe's Currency And Its Exchange Rate To The Latest Rupiah

Illustration of Zimbabwe currency (Unsplash)

YOGYAKARTA Zimbabwe currency and its exchange rate to the Rupiah had attracted attention, especially for people in Indonesia.

One of the interesting things that had happened in Zimbabwe was the issuance of banknotes worth one hundred trillion dollars in 2008. However, there is currently news that the local central bank plans to issue a new currency for Zimbabwe.

As is known, Zimbabwe is a country that has Zimbabwe dollars (ZWL). Unfortunately, ZWL's currency is less 'perkasa' in the country. This happens because ZWL's value is decreasing and even seems to have no value.

Zimbabwe introduced its first dollar in 1980 after the country managed to break free from British colonialism. At that time the value of ZWL was equivalent to 1 British pound. Unfortunately the country continues to experience significant inflation. Even the country's economy continues to waver.

Zimbabwe's condition got worse in 2008. Even in that year there was hyperinflation which caused prices to rise rapidly and even tended to get out of control. The price increase could even double in just 24 hours.

As a way out, Zimbabweans are slowly starting to leave their country's currency and start using a multi-currency system that allows people to use foreign currencies as legal payments. Meanwhile, the currencies used at that time were US dollars, South Africa Rand, and other foreign currencies. The use of foreign currencies in Zimbabwe is used even at 80 percent of transactions in the country.

In early 2024, Zimbabwe dollars decreased by more than 70 percent. This pushed the price increase to 55 percent on an annual basis in March. Reporting from Forbes, 1 ZWL is equivalent to 50,341744 IDR.

Most recently, the Zimbabwean government has re-launched their new currency which is predicted to replace ZWL. The new currency is called Zimbabwean Gold (Zimbabwe Gold / ZiG). ZIG's own currency is called a new hope because it is supported by gold and foreign currencies.

The Central Bank of Zimbabwe said that it currently has 100 million US dollars in cash or equivalent to Rp1.58 trillion (exchange rate of Rp15,887). In addition, they also claim to have 2.52 tons of gold with a value of 185 million US dollars or equivalent to Rp2.93 trillion in reserve assets.

With this policy, local banks in Zimbabwe will change ZWL's balance to ZIG as soon as possible. The public is also given 21 days to exchange their old kartas and coins for ZIG's new currency. In addition, ZIG will also be circulated simultaneously with foreign currencies used in the country.

That's information related to Zimbabwe and its exchange rate to Rupiah. Visit VOI.id to get other interesting information.