What is the difference in ZWD, ZWL and the RTGS when it comes to Zimbabwe's currency
https://www.iraqidinarusd.com/2024/01/what-is-difference-in-zwd-zwl-and-rtgs.html
The distinction between ZWD and ZWL lies in their existence and use as legal tender in Zimbabwe.
ZWD:
- No longer used or considered legal tender in Zimbabwe.
- Suffered from hyperinflation in the early 21st century, leading to denominations with astronomical numbers (up to $100 trillion).
- Officially abandoned as the country's currency in April 2009 and demonetized in 2015.
ZWL:
- Briefly introduced in February 2009 with the intent to replace the hyperinflated ZWD, with 1 ZWL equaling 10^12 ZWD (removing 12 zeroes).
- Also abandoned for official use in April 2009 alongside the ZWD.
- Demonetized in 2015.
Current currency:
- Zimbabwe currently operates on a multi-currency system, relying primarily on foreign currencies like the US Dollar (USD), Euro (EUR), and South African Rand (ZAR) for transactions.
- While ZWD and ZWL banknotes may still exist in some individuals' possession, they hold no monetary value due to their demonetization.
Essentially, both ZWD and ZWL are defunct currencies of Zimbabwe, no longer serving any official purpose in the country's financial system. The current ZWL (RTGS dollar) used in online transactions is a different system altogether and distinct from these historical currencies.
