Rwizikuran shilling

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Rwizikuran shilling

Shiling yaRwizikuru
File:Rwizikurubanknote1.png 20000ſ banknote
ISO 4217
Unit
Plural	shillings
Symbol	ſ‎
Nickname	mari
Denominations
Subunit
1/100	penny
Plural
penny	pence
Symbol
penny	d
Nickname
penny	marara
Banknotes
Freq. used	5,000ſ-, 10,000ſ-, 20,000ſ-, 50,000ſ-, 100,000ſ-, 500,000ſ
Rarely used	1,000,000ſ-, 2,000,000ſ-
Coins
Freq. used	100ſ-, 200ſ-, 500ſ-, 1,000ſ-, 2,000ſ-, 5,000ſ-
Rarely used	1ſ-, 2ſ-, 5ſ-, 10ſ-, 20ſ-, 50ſ-
Demographics
Date of introduction	1946
User(s)	Rwizikuru
Issuance
Central bank	Central Bank of Rwizikuru
Valuation
Inflation	12.3%
Source	2019

The Rwizikuran shilling (Rwizi: Shiling yaRwizikuru) is a currency used in Rwizikuru. First adopted in 1946 to replace the colonial Riziland shilling used during Estmerish rule over Riziland, the Rwizikuran shilling underwent three iterations: the first shilling (RZS), used from its independence until 1964, when it was replaced with the second shilling (RZN) due to rampant inflation, which underwent significant inflation under Izibongo Ngonidzashe's reign, leading to its replacement in 1983 with the current shilling (RZH).

As of June 2023, the exchange rate between the Rwizikuran shiling and the euclo is 31,282ſ78 for every €1.00.

History

First shilling

The Rwizikuran shilling (RZS) was introduced to replace the Riziland shilling on 1 June, 1946, as part of the preparation of Rwizikuru's independence from Estmere. 1d, 2d, 5d, 10d, 20d, and 50d coins were made, while 1ſ-, 2ſ-, 5ſ-, 10ſ-, 20ſ-, 50ſ-, and 100ſ- notes were produced.

At the time of its creation, the Rwizikuran shilling had the same value as the Estmerish shilling, as it had replaced the Riziland shilling at par. For the remainder of 1946, the two currencies circulated side by side, before the Riziland shilling was demonetised.

While under Zophar Bohannon's presidency, the Rwizikuran shilling was largely stable, after the election of Vudzijena Nhema to the Presidency in 1954, the Rwizikuran shilling began to decline in value, particularly after the decision in 1955 by the Central Bank of Rwizikuru to end the currency peg with the Estmerish shilling. By 1960, coins ceased to be minted, and by 1963, banknotes ranged as high as 100,000,000ſ, with the exchange rate around 1 Estmerish shilling to 20,000,000 Rwizikuran shillings.

After the 1963 and 1964 coups d'etat, the National Salvation Council saw the need to redenominate the Rwizikuran currency: the second shilling, which was introduced on 2 December, 1964. The first shilling would continue circulating until the end of the year.

Second shilling

A profile of Izibongo Ngonidzashe on a banknote, c. 1980

On 2 December, 1964, the second shilling (RZN) was introduced, at a rate of 1 new shilling to 5,000,000 old shillings: while it would mean that the exchange rate would be 1 Estmerish shilling to 4 Rwizikuran shillings, it was deemed by the National Salvation Council as a necessity to "reflect the material realities" of the Rwizikuran economy.

At the time of its introduction, 20d, 50d, 1ſ-, and 5ſ- coins were introduced, while banknotes worth 5ſ-, 10ſ-, 20ſ-, 50ſ-, 100ſ-, 200ſ-, 500ſ-, and 1,000ſ- were introduced. Initially, the second shilling fared well, but as a result of the Mabifian-Rwizikuran War in 1968-1969 and the Garamburan War of Independence in 1969, rampant inflation began to affect the second shilling.

While the official exchange rate was still set at 4 RZN for every Estmerish shilling, black market exchange rates by 1975 have shown exchange rates of 500,000 RZN for every Estmerish shilling, and by 1979, inflation meant that all coins ceased production, while the highest value banknote was 10,000,000 RZN.

By 1982, following the failure of the Port Fitzhubert putsch and the subsequent purges, Izibongo Ngonidzashe decreed that the second shilling was to be replaced by the following year.

Third shilling

On 21 September, 1983, the third shilling (RZH) was introduced at the exchange rate of 100,000 RZN for 1 RZH. At the time of its introduction, the exchange rate was 1 Estmerish shilling for 100 RZH (or 10,000,000 RZN). Coins were produced in 1ſ-, 2ſ-, 5ſ-, 10ſ-, 20ſ-, 50ſ-, and 100ſ-, while 200ſ-, 500ſ-, 1,000ſ-, 2,000ſ-, 5,000ſ-, 10,000ſ-, 50,000ſ-, and 100,000ſ- banknotes were made.

Since its adoption, the third shilling, although it has underwent inflation, has been much slower than either the RZS or the RZN during their lifetimes, while the currency was set to float: by 1990, it went from 1 Estmerish shilling to 5,000 RZH, by 2000, the exchange rate was at 1 euclo to 7,110 RZH, and by 2010, the exchange rate was at 1 euclo to 14,230 RZH. As of 2020, the current exchange rate was 1 euclo to 14,657ſ11 RZH.