By Tatenda Gabi
In a move to align with international standards, the Reserve Bank of Zimbabwe (RBZ) announced the introduction of a new currency code for the country’s official currency, the Zimbabwe Gold (ZiG).
the International Standard Organization (ISO) 4217 Committee on Currency has approved the new three-letter currency code ZWG to replace the previous code ZWL. The numeric code will also change from 932 to 924. This change is in line with international best practice, where a unique currency code is used to identify a country’s currency in international trading platforms
The RBZ Governor, Dr. John Mushayavanhu, emphasized that the currency name “Zimbabwe Gold (ZiG)” will remain unchanged and continue to be used on the country’s notes and coins, as well as for all domestic transactions.
Dr John Mushayavanhu further explained that ,”These changes will allow for a seamless transition and ensure Zimbabwe’s currency is properly identified in international platforms.”
The new ZWG code will circulate with the old ZWL code for a two-month period, ending on August 31, 2024, to allow for necessary system changes in the background.
The RBZ has assured the public that these changes will not affect regular transactions, as they are primarily back-end system processes. The central bank has pledged to ensure a smooth transition to the new currency code.
The introduction of the ZWG code marks another step in Zimbabwe’s efforts to stabilize its currency and financial system, which have faced significant challenges in recent years.
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