It’s ZWG, not ZiG

Nyashadzashe Ndoro

Zim Now Chief Reporter

The Reserve Bank of Zimbabwe has announced that the international code for the country's new currency, Zimbabwe Gold, has been approved by the World Bank's ISO 4217 Committee, effective June 25, 2024.

The official designation for the Zimbabwean currency will be "ZWG" when writing numerals e.g. ZWG 70,000.

The notes have the ZiG designation printed on them, but the ZWD label will separate the currency from the gold coins introduced earlier.

In a letter to the Bankers Association of Zimbabwe RBZ's Deputy Director, Financial Markets - National Payment Systems and FinTech Department, Dr. Joseph Mutepfa, stated:

"The World Bank ISO 4217 Committee has approved our request to change the Zimbabwe Currency Code from ZWL to ZWG effective 25 June 2024."

The minor units of the Zimbabwe Gold will be denominated as "cents", according to the RBZ.

To facilitate a smooth transition, the codes ZWL and ZWG will run concurrently from June 25 to August 31, 2024, allowing banking sector players to make necessary system configurations. The ZWL currency code will cease to be recognized from September 1, 2024.

"The Reserve Bank of Zimbabwe encourages all banking sector players to therefore make necessary arrangements to facilitate a smooth transition to the new Currency Code-ZWG," Mutepfa urged.

The Bank has offered guidance to banking sector players, stating, "The Bank is available to offer guidance if necessary."

The Zimbabwe Gold replaced the Zimbabwean dollar that had lost three-quarters of its value by March this year.