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Currency, Zimbabwe

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A currency is a unit of exchange, facilitating the transfer of goods and services. It is a form of money, where money is defined as a medium of exchange rather than e.g. a store of value. A currency zone is a country or region in which a specific currency is the dominant medium of exchange. To facilitate trade between currency zones, there are exchange rates i.e. prices at which currencies (and the goods and services of individual currency zones) can be exchanged against each other. Typically, each country has given monopoly to a single currency, controlled by a state owned central bank, although exceptions to this rule exist. Several countries can use the same name, each for their own currency (e.g. Canadian dollars and US dollars), several countries can use the same currency (e.g. the euro), or a country can declare the currency of another country to be legal tender (e.g. Panama and El Salvador have declared US currency to be legal tender). Each currency typically has one fraction currency, often valued at 1/100 of the main currency: 100 cents = 1 dollar, 100 centimes = 1 franc. Units of 1/10 or 1/1000 are also common, but some currencies do not have any smaller units. Mauritania is the only remaining country that does not use the decimal system; the only smaller currency unit is the khoum, which equals 1/5 of a ouguiya (UM).

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