Zairean zaire
Encyclopedia
The zaïre was the unit of currency of the Democratic Republic of the Congo
and then of the Republic of Zaïre
from 1967 until 1997. There were two distinct currencies.
at an exchange rate of 1 zaïre = 1000 francs. The zaïre was subdivided into 100 makuta (singular: likuta, symbol: "K"), each of 100 sengi (symbol: "s"). However, the sengi was worth very little and the only sengi denominated coin was the 10 sengi coin issued in 1967. Unusually for any currency, it was common practice to write cash amounts with three zeros after the decimal place, even after inflation had greatly devalued the currency. Inflation eventually caused denominations of banknotes up to 5 million zaïres to be issued, after which the new zaïre was introduced.
In 1967, coins were introduced by the Banque Nationale du Congo in denominations of 10 sengi, 1 and 5 makuta, with the lower two denominations in aluminium and the highest in cupro-nickel. In 1973, the first coins issued by the Banque du Zaïre were issued, cupro-nickel 5, 10 and 20 makuta. In 1987, a new coinage was introduced, consisting of brass 1, 5 and with a 10 zaïres in 1988.
The 5 million zaïre note, which entered circulation in late 1992, was not accepted as legal tender for several weeks in some parts of the country (notably in the north-east), and in other parts of the country it was accepted for only part of its value. One reason for this mistrust was a grammatical error
in the French number on the note, which read "cinq millions zaïres" instead of "cinq millions de zaïres".
, symbol "NZ", ISO 4217 code ZRN) replaced the first zaïre in 1993 at an exchange rate of 1 new zaïre = 3,000,000 old zaïres. It was subdivided into 100 new makuta (symbol: "NK"). This currency was only issued in banknote form and suffered from similarly high inflation to its predecessor.
The new zaïre was replaced by the Congolese franc
again on July 1, 1998, at an exchange rate of 1 franc = 100,000 new zaïres shortly after Zaïre became the Democratic Republic of Congo once more, in May of 1997.
Democratic Republic of the Congo
The Democratic Republic of the Congo is a state located in Central Africa. It is the second largest country in Africa by area and the eleventh largest in the world...
and then of the Republic of Zaïre
Zaire
The Republic of Zaire was the name of the present Democratic Republic of the Congo between 27 October 1971 and 17 May 1997. The name of Zaire derives from the , itself an adaptation of the Kongo word nzere or nzadi, or "the river that swallows all rivers".-Self-proclaimed Father of the Nation:In...
from 1967 until 1997. There were two distinct currencies.
Zaïre, 1967-1993
The zaïre (symbol: "Z", or sometimes "Ƶ") was introduced in 1967, replacing the Congolese francCongolese franc
The franc is the currency of the Democratic Republic of Congo. It is subdivided into 100 centimes.-First franc, 1887-1967:During Belgian colonial rule, currency denominated in centimes and francs was issued for use in Congo. These francs were equal in value to the Belgian franc. From 1916, the...
at an exchange rate of 1 zaïre = 1000 francs. The zaïre was subdivided into 100 makuta (singular: likuta, symbol: "K"), each of 100 sengi (symbol: "s"). However, the sengi was worth very little and the only sengi denominated coin was the 10 sengi coin issued in 1967. Unusually for any currency, it was common practice to write cash amounts with three zeros after the decimal place, even after inflation had greatly devalued the currency. Inflation eventually caused denominations of banknotes up to 5 million zaïres to be issued, after which the new zaïre was introduced.
Coins
In 1967, coins were introduced by the Banque Nationale du Congo in denominations of 10 sengi, 1 and 5 makuta, with the lower two denominations in aluminium and the highest in cupro-nickel. In 1973, the first coins issued by the Banque du Zaïre were issued, cupro-nickel 5, 10 and 20 makuta. In 1987, a new coinage was introduced, consisting of brass 1, 5 and with a 10 zaïres in 1988.
Banknotes
In 1967, the Banque Nationale du Congo introduced notes for 10, 20 and 50 makuta, 1 and 5 zaïres (also shown as 100 and 500 makuta). In 1971, 10 zaïre notes were introduced. In 1972, the Banque du Zaïre started issuing notes for 1, 5 and 10 zaïres, followed by 50 makuta notes in 1973. 50 zaïre notes were introduced in 1980, followed by 100 zaïres in 1983, 500 zaïres in 1984, 1000 zaïres in 1985, 5000 zaïres in 1988, 10,000 zaïres in 1989, 2000, 20,000 and 50,000 zaïres in 1991 and, finally, 100,000, 200,000, 500,000, 1 million and 5 million in 1992.The 5 million zaïre note, which entered circulation in late 1992, was not accepted as legal tender for several weeks in some parts of the country (notably in the north-east), and in other parts of the country it was accepted for only part of its value. One reason for this mistrust was a grammatical error
French grammar
French grammar is the grammar of the French language, which is similar to that of the other Romance languages.French is a moderately inflected language...
in the French number on the note, which read "cinq millions zaïres" instead of "cinq millions de zaïres".
New zaïre, 1993-1998
The new zaïre ("nouveau zaïre" in FrenchFrench language
French is a Romance language spoken as a first language in France, the Romandy region in Switzerland, Wallonia and Brussels in Belgium, Monaco, the regions of Quebec and Acadia in Canada, and by various communities elsewhere. Second-language speakers of French are distributed throughout many parts...
, symbol "NZ", ISO 4217 code ZRN) replaced the first zaïre in 1993 at an exchange rate of 1 new zaïre = 3,000,000 old zaïres. It was subdivided into 100 new makuta (symbol: "NK"). This currency was only issued in banknote form and suffered from similarly high inflation to its predecessor.
The new zaïre was replaced by the Congolese franc
Congolese franc
The franc is the currency of the Democratic Republic of Congo. It is subdivided into 100 centimes.-First franc, 1887-1967:During Belgian colonial rule, currency denominated in centimes and francs was issued for use in Congo. These francs were equal in value to the Belgian franc. From 1916, the...
again on July 1, 1998, at an exchange rate of 1 franc = 100,000 new zaïres shortly after Zaïre became the Democratic Republic of Congo once more, in May of 1997.