DEFINITION of 'ZWD (Zimbabwe Dollar)'
The currency abbreviation for the Zimbabwe dollar (ZWD), the currency for Zimbabwe. The Zimbabwe dollar is made up of 100 cents and is often presented with the symbol $, or sometimes Z$ to distinguish it from other currencies denominated in dollars. Even though the Zimbabwe dollar is made up of cents, they are not used in practice.
BREAKING DOWN 'ZWD (Zimbabwe Dollar)'
First introduced in 1980, the Zimbabwe dollar replaced the Rhodesian dollar at par. This made it worth more than the U.S. dollar, but the value quickly fell.
The Zimbabwe dollar was redenominated in August of that year at a rate of 1000:1 and was concurrently devalued against the U.S dollar by 60%.
In June of 2008, the exchange rate of the new Zimbabwe dollar was 6,164,500,000 Zimbabwe dollars per 1 U.S. dollar.