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Zaire Currency unit is Zaire. This unit of money in Zaire was introduced in 1967, replacing the franc. The currency of Zaire has evolved through two stages. Zaire was the currency during the year 1967 to 1993. A new version New Zaire was introduced in the year 1993.
The Zaire introduced in 1967 was subdivided into 100 makuta, each of 100 sengi. During this period due to excess inflation, even 5 million denomination zaire notes were issued by the government. The coins were introduced by the Banque Nationale du Congo in denominations of 10 sengi, and 1 and 5 makutas. However, in the year 1987, new coins of denominations of 1, 5 and 10 zaires were introduced.
The banknotes in Zaire currency were also introduced by Banque Nationale du Congo. In 1967 notes in 10, 20, and 50 makuta denominations were introduced. Further in 1971 1, 5 and 10 zaire notes were issued. Owing to high inflation rates, in 1992 even 1million and 5 million Zaire notes were introduced. The 5 million Zaire note entered into circulation in the year 1992. All the bank notes in Zaire have the picture of President Mobutu in his military dress.
The New Zaire introduced in the year 1993 was represented by the symbol ZRN. It replaced the old zaire. It was subdivided into 100 new makuta represented by the symbol NK. 1 new zaire was equivalent to 3,000,000 old zaires. In this case also the banknotes were issued by the Banque du Zaire. The new zaire banknotes were issued in denominations of 1,5,10,50 and 100 denominations. In 1996, notes for 20,000, 50,000, 100,000, 500,000 and 2 million zaires were additionally introduced to manage the high inflation in the country.
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