Standard & Poor’s announces that it will register a currency redenomination for Zimbabwe’s currency effective Friday, August 1, 2008. The Zimbabwe government announced today an official redenomination of the Zimbabwe Dollar (ISO: ZWD) by a factor of 10,000,000,000. As per WM Reuters, there is no change to the ISO code for the currency.
On June 25, 2008, Standard & Poor’s began reporting all figures quoted in ZWD in units of 1 million (please refer to the Press Release of June 23, 2008). Because of the pending redenomination, Standard & Poor’s will revert to the standard methodology of reporting prices and currency values in units effective August 1, 2008.
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