The Republic of Zimbabwe (formerly Rhodesia) comes into being, with Canaan Banana as the country's first President. The Zimbabwean dollar replaces the Rhodesian dollar as the official currency.
The Zimbabwean dollar (sign: $, or Z$ to distinguish it from other dollar-denominated currencies) was the name of four official currencies of Zimbabwe from 1980 to 12 April 2009. During this time, it was subject to periods of extreme inflation, followed by a period of hyperinflation.The Zimbabwean dollar was introduced in 1980 to directly replace the Rhodesian dollar (which had been introduced in 1970) at par (1:1), at a similar value to the US dollar. Over time, hyperinflation in Zimbabwe reduced the Zimbabwe dollar to one of the lowest valued currency units in the world. It was redenominated three times (in 2006, 2008 and 2009), with denominations up to a $100 trillion banknote issued. The final redenomination produced the "fourth dollar" (ZWL), which was worth 1025 ZWD (first dollars).
Use of the Zimbabwean dollar as an official currency was effectively abandoned on 12 April 2009. It was demonetised in 2015, with outstanding accounts able to be reimbursed until 30 April 2016. In place of the Zimbabwean dollar, currencies including the South African rand, Botswana pula, pound sterling, Indian rupee, euro, Japanese yen, Australian dollar, Chinese yuan, and the United States dollar were used.On 24 June 2019, the Reserve Bank of Zimbabwe abolished the multiple-currency system and replaced it with a new Zimbabwe dollar (the RTGS Dollar), which was the only official currency in the country between June 2019 and March 2020, after which multiple foreign currencies were allowed again.
Zimbabwe (), officially the Republic of Zimbabwe, is a landlocked country located in Southeast Africa, between the Zambezi and Limpopo Rivers, bordered by South Africa to the south, Botswana to the south-west, Zambia to the north, and Mozambique to the east. The capital and largest city is Harare. The second largest city is Bulawayo. A country of roughly 15 million people, Zimbabwe has 16 official languages, with English, Shona, and Ndebele the most common. It was once known as the "Jewel of Africa" for its great prosperity.Zimbabwe has one of the richest histories of any nation in southern Africa, and first became a major trade route in the 11th century. During its late iron age, the Gokomere, the Bantu people who would become the ethnic Shona, built the vast city-state of Great Zimbabwe. Built on a wealth of natural resources, Great Zimbabwe flourished financially and culturally from the 14th to 15th centuries, becoming a mercantile powerhouse that controlled the gold, ivory and copper trades with the Swahili coast and various Arab and Indian states. From there, the powerful Kingdom of Zimbabwe was established, followed by the Rozvi, Mutapa and Mthwakazi empires. The Shona and Ndebele peoples, among others, had shaped Zimbabwe into a prosperous and strategically important region when Europeans began to colonise the area in the 1800s.
The British South Africa Company of Cecil Rhodes first demarcated the present territory during 1890 when they conquered Mashonaland and later in 1893 Matabeleland after a fierce resistance by Matabele people known as the First Matabele War. Company rule ended in 1923 with the establishment of Southern Rhodesia as a self-governing British colony. In 1965, the conservative white minority government unilaterally declared independence as Rhodesia. The state endured international isolation and a 15-year guerrilla war with black nationalist forces; this culminated in a peace agreement that established universal enfranchisement and de jure sovereignty as Zimbabwe in April 1980. Zimbabwe then joined the Commonwealth of Nations, from which it was suspended in 2002 for breaches of international law by its then-government under Robert Mugabe, and from which it withdrew in December 2003.
Robert Mugabe became Prime Minister of Zimbabwe in 1980, when his ZANU–PF party won the elections following the end of white minority rule; he was the President of Zimbabwe from 1987 until his resignation in 2017. Under Mugabe's authoritarian regime, the state security apparatus dominated the country and was responsible for widespread human rights violations. From 2000 to 2009 the economy experienced decline and hyperinflation before rebounding after the use of currencies other than the Zimbabwean dollar was permitted, though growth has since faltered. On 15 November 2017, in the wake of over a year of protests against his government as well as Zimbabwe's rapidly declining economy, Mugabe was placed under house arrest by the country's national army in a coup d'état and eventually resigned six days later. Emmerson Mnangagwa has since served as Zimbabwe's president.
Zimbabwe is a member of the United Nations, the Southern African Development Community (SADC), the African Union (AU), and the Common Market for Eastern and Southern Africa (COMESA).