Exchange rates of the first dollar (ZWD) Date Official Rate Parallel Rate Notes 1978 US$0.6788 (Apr) n/a Z$ pegged to US$ 1980 US$0.68 (Mar) n/a Z$ tied to basket of FRF, DEM, ZAR, CHF, GBP, USD 18 April 1980 – Independence (1 Z$ = 1 R$) 1982 0.8925 to 0.9140 (Dec) – ZWD devalued by 16.5% 1983 0.96135 (Jan) up to 3.18 (July) ZWD devalued by 5% Parallel rate highly variable — premium up to 231% 1983 (Aug) to 1993 (Dec) 0.96135 – 6.82 Flexible basket; dual rates; 20% tax on outgoing payments 1994 6.82 (Jan) 8.36 (Oct) Floating official rate (1 July) ; dual rates; ZWD devalued by 17% 1995 8.26 (Jan) 8.85 (Oct) floating official rate; dual rates; rates unified 1998 (Dec) 1996 9.13 (Jan) 10.52 (Oct) 1997 10.50 (Jan) 12.00 (Jan); 25.00 (Nov) 1998 18.00 (Jan) 16.65 (Jun); 19.00 (Jul); 23.50 1999 36.23 (Jan) 38.30 (Sep) On 31 March 1999, the Official Exchange Rate was pegged at ZWD 38 per USD; the parallel market had re-emerged by December 1999. 2000 38 to 55 56 to 62 (Jul); 65 to 70 (Aug.)