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Zimbabwe economy has been one of the strongest economy but for the past few years Zimbabwe currency is deteriorating. The highest rate of both inflation and AIDS have gradually contributed in the downfall of the Zimbabwe economy.
The Zimbabwe currency is generally known as the Zimbabwe dollar. The Zimbabwe dollar is denoted by Z$ or ZWD. The unit of currency prevalent in Zimbabwe is dollar. In 1970s it was known as Rhodesian Dollar or R$. Formerly the Zimbabwe currency unit was pound. But after the independence of Zimbabwe in 1980, ZWD became the official currency unit.
Any currency comprises of notes and coins. Likewise Zimbabwe currency or the Zimbabwe dollar also has notes and coins of various denominations. The denominations of coins according to Zimbabwean dollar are Z$ 1, 2 and 5 and cents of 1,5,10, 20 and fifty.
According to Zimbabwean law one has to pay in foreign currency. Traveler's cheque are also accepted to avoid any kind of mishandling. Besides visitors are also allowed to use popular credit cards like Visa and Mastercard. The Zimbabwe banks are also there to help you with the transaction business. Tourists are allowed to bring any foreign currency in cash but the respective person should report to the customs department. This helps in the safe exchange of the currency into Zimbabwean dollar. Famous banks like Standard Chartered, Reserve bank of Zimbabwe and barclays are authorized to carry on the duties.
The shooting inflation rate dropped the currency value in the world market. This worsened the foreign cash reserves of Zimbabwe.
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