Mnangagwa Panel-Beats ZiG
26 June 2024
Spread the love

By Business Reporter- The government through the Reserve Bank of Zimbabwe has pimped ZiG by giving it an international currency code, ZWG, 

ZiG was introduced in April as the country’s new currency.

RBZ said the codes ZWL and ZWG will run concurrently from June 25, 2024, to August 31 2024 when the ZWL code is set to expire.

This was revealed in a letter addressed to the Bankers Association of Zimbabwe (BAZ) chief executive officer, Fanwell Mutogo, by the RBZ Deputy Director, Financial Markets – National Payment Systems and FinTech Department, Josephat Mutepfa.

The letter, dated 25 June 2024, reads in part:

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’.

The Codes ZWL and ZWG will run concurrently from the 25th of June to the 31st August 2024 to allow necessary system configurations by players. In this regard, the ZWL currency code will cease to be recognized from the 1st of September2024.

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.