Zaire , sometimes Zaire ( fr. Zaïre ) - the name of the currency that was circulated in the Republic of Zaire from 1967 to 1998.
| Zaire | |||
|---|---|---|---|
Zaire | |||
| |||
| Codes and Symbols | |||
| ISO 4217 Codes | ZRZ (180) • ZRN (180) | ||
| Characters | Z | ||
| Territory of circulation | |||
| Issuing country |  Zaire | ||
| Derivative and parallel units | |||
| Fractional | Likuta , many h makuta ( 1 ⁄ 100 ) | ||
| Senji ( 1 ⁄ 10,000 ) | |||
| Story | |||
| Introduced | 1967 year | ||
| Predecessor currency | Congolese franc | ||
| Chronicle | Zaire (ZRZ; 1967-1993) New Zaire (ZRN; 1993-1998) | ||
| Start of seizure | 1998 year | ||
| Successor currency | Congolese franc | ||
| Issue and production of coins and banknotes | |||
| Emission Center (Regulator) | National Bank of Congo Bank of Zaire | ||
Until 1911, the Belgian franc was circulating on the territory of the Belgian Congo. In 1911, the Congolese franc was declared the monetary unit in the ratio to the Belgian 1: 1.
After independence in 1960, no currency was replaced. Subsequent inflation began to threaten economic development, and one of the protection measures was the replacement of the franc with a new currency - Zaire. On June 23, 1967, a monetary reform was carried out that paid off: the economic situation leveled off. The exchange of Congolese francs was carried out in the ratio: 1000 francs = 1 zaire. Banknotes in francs lost the legal tender on September 30, 1967, the exchange of franc banks for Zaire continued until December 31, 1968.
1 zaire was equal to 100 makut ( makuta , one part of Likut , likuta ) or 10,000 senji ( sengi ). Banknotes of the National Bank of the Congo in 10, 20, 50 makut, 1 zaire - 100 makut, 5 zaire - 500 makut [1] , coins in 10 senji, 1 likutu, 5, 10 makut were issued into circulation. In 1970, commemorative coins were issued in 25 and 50 makut and 1 zaire, in 1971 - 5, 10, 20, 50 zaires [2] .
| 1 zaire ("Z") | 100 makut ("K") |
| 1 zaire ("Z") | 10,000 senji ("s") |
| 1 Likut ("K") | 100 senji ("s") |
In 1971, banknotes of the National Bank of the Congo of a new type were issued in 5 and 10 zaire [3] . In the same year, a new central bank, the Bank of Zaire, was launched, which began operations on October 27.
In 1972, the launch of banknotes of the Bank of Zaire. Starting initially with traditional denominations (50 makut, 1, 5, 10 zaires), since 1982 the bank began to issue banknotes of ever greater denominations: 50, 100, 500, 1000, 2000, 5000, 10 000, 20 000, 50 000, 100 000, 200,000, 500,000, 1,000,000,000, 5,000,000,000 zaires [4] .
Coins of the Bank of Zaire have been issued since 1973, initially 10 and 20 makut, in 1977 5 makut, in 1987 1 and 5 zaire, and in 1988 10 zaire. Commemorative coins made of precious metals were issued in 1975 in denominations of 2½, 5 and 100 zaires [2] .
Initially, the official rate of zaire was set at: 0.5 zaire = 1 US dollar , which corresponded to the gold content of zaire of 1.77734 g of pure gold. With the devaluation of the dollar in 1971 and 1973, the exchange rate against the dollar remained unchanged. The gold content of Zaire, reduced in February 1973 to 1.47324 g of pure gold, was not fixed by the International Monetary Fund .
March 12, 1976 the rate of Zaire to the dollar was reduced from 2 to 1.6; from the same date, the zaire exchange rate began to be established through SDR . Initially, 1 Zaire = 1 SDR, then the rate has repeatedly decreased.
As of September 12, 1983, the exchange rate to SDR was 28.233 zaire, from this date the link of zaire to SDR was canceled, the official rate was determined based on the dynamics of the market rate, and from March 1, 1984 - based on the rates of the interbank currency market [5] .
New Zaire
The political situation in the 1980-1990s led the country in 1992 to a financial collapse. In 1993, the Central Bank of Zaire was forced to denominate the national currency and introduce a new zaire ( nouveau zaïre , symbol - NZ), a bargaining unit - a new licut ( nouveau likuta , plural nouveau makuta , symbol NK). The exchange rate was 3,000,000 zaire = 1 new zaire. The new Zaire was issued in the form of banknotes only. In 1993, banknotes were issued in 1 new likut, 5, 10, 50 new makut, 1, 5, 10, 20, 50 and 100 new zaires. In 1994, banknotes of 200 and 500 new zaires were issued, followed by banknotes of even greater denominations - 1,000, 5,000, 10,000, 20,000, 50,000, 100,000, 500,000, 1,000,000 new zaires [6] .
In 1996-1997, commemorative coins of precious metals were minted in denominations of 500, 1000, 5000 and 10,000 new zaire [7] .
In 1998, instead of Zaire, the Congolese franc was again introduced, the exchange was carried out in the ratio: 100,000 new Zaire = 1 franc.
Notes
- ↑ Paper money, 2014 , pp. 269.
- ↑ 1 2 Cuhaj, 2014 , pp. 2338-2339.
- ↑ Paper money, 2014 , pp. 270.
- ↑ Paper money, 2014 , pp. 1139-1144.
- ↑ HSR, 1987 , p. 99.
- ↑ Paper money, 2014 , pp. 1144-1146.
- ↑ Cuhaj, 2014 , pp. 2339.
Literature
- World Currencies: Reference Book / [Authors: Butakov DD, Zolotarenko ED, Rybalko GP] / Ed. Borisova S.M., Rybalko G.P., Mozhayskova O.V .. - 5th ed., Revised. and add. - M .: Finance and statistics , 1987. - 383 p.
- Cuhaj GS, Michael T., Miller H. Standard Catalog of World Coins 1901-2000. - 42nd ed. - Iola: Krause Publications, 2014 .-- 2352 p. - ISBN 978-1-4402-4039-3 .
- Cuhaj GS Standard Catalog of World Paper Money. General Issues 1961 — Present. - 20th ed. - Iola: Krause Publications, 2014 .-- 1160 p. - ISBN 978-1-4402-4037-9 .