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Zimbabwe currency code changes to ZWG
26 Jun 2024 at 08:00hrs | Views
The World Bank International Organisation for Standardisation (ISO) Committee has approved the change of Zimbabwe's local currency code from ZWL to ZWG (Zimbabwe Gold).
The ISO 4217 standard, which aids international trade, provides clarity and reduces errors in currency designation.
Dr. Josephat Mutepfa, Deputy Director of the Financial Markets-National Payment Systems and FinTech Department at the Reserve Bank of Zimbabwe (RBZ), conveyed this in a letter dated June 25 to Fanwell Mutogo, the Chief Executive of the Bankers Association of Zimbabwe.
"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'," Mutepfa 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."
In April, the Reserve Bank of Zimbabwe (RBZ) introduced a new currency, Zimbabwe Gold (ZiG), in an effort to address currency volatility and exchange rate-driven inflation.
The ZiG is trading at a rate of US$1:13 ZiG. The RBZ has urged all banking sector participants to make the necessary adjustments to transition smoothly to the new currency code, ZWG.
Zimbabwe's currency has experienced instability since 1980, resulting in six changes, especially during prolonged economic crises.
The ISO 4217 standard, which aids international trade, provides clarity and reduces errors in currency designation.
Dr. Josephat Mutepfa, Deputy Director of the Financial Markets-National Payment Systems and FinTech Department at the Reserve Bank of Zimbabwe (RBZ), conveyed this in a letter dated June 25 to Fanwell Mutogo, the Chief Executive of the Bankers Association of Zimbabwe.
"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'," Mutepfa said.
In April, the Reserve Bank of Zimbabwe (RBZ) introduced a new currency, Zimbabwe Gold (ZiG), in an effort to address currency volatility and exchange rate-driven inflation.
The ZiG is trading at a rate of US$1:13 ZiG. The RBZ has urged all banking sector participants to make the necessary adjustments to transition smoothly to the new currency code, ZWG.
Zimbabwe's currency has experienced instability since 1980, resulting in six changes, especially during prolonged economic crises.
Source - online
