Vusumuzi Dube
Business Reporter
Zimbabwe has registered the new currency Zimbabwe Gold as an international currency per ISO requirements, with the new currency code being ZWG.
The Reserve Bank of Zimbabwe (RBZ)’s Deputy Director, Financial Markets- National Payment Systems and FinTech Department, Dr Josephat Mutepfa revealed this in a letter to the Bankers Association of Zimbabwe (BAZ) chief executive officer Mr Fanwell Mutogo, on Tuesday.
“The Reserve Bank of Zimbabwe advises that World Bank ISO 4217 Committee has approved our request to change the Zimbabwe Currency Code from ZWL to ZWG (Zimbabwe Gold) effective 25 June 2024. It should also be noted that the minor units of the Zimbabwe Gold shall be denominated as ‘cents’,” he said.
“The Codes ZWL and ZWG will run concurrently from the 25th of June to the 31 August 2024 to allow necessary system configurations by players. In this regard, the ZWL currency code will cease to be recognised from the 1st of September 2024.”
Dr Mutepfa said RBZ encourages all banking sector players to therefore make necessary arrangements to facilitate a smooth transition to the new currency code-ZWG.
Introduced in early April, the ZiG has shown incremental growth against the US dollar over the past two months. Backed by precious minerals, mainly gold, and a basket of foreign currency reserves, the ZiG is trading at US$1:ZiG13.60 at the mid-interbank rate today.
Online Reporter