Zimbabwe introduced a new currency, Zimbabwe Gold (ZiG), in April this year. Now, it has been registered as an international currency according to International Organization for Standardization (ISO) requirements.
The World Bank ISO 4217 Committee approved the Reserve Bank of Zimbabwe’s (RBZ) request to change the currency code from ZWL to Zimbabwe Gold (ZWG), effective June 25, 2024.ISO 4217 provides internationally recognized codes for currencies to ensure clarity and reduce errors.
These codes are represented both numerically and alphabetically, using three digits or three letters. For example, “ZAR” is the code for the Rand used by South Africa.After introducing the new currency, Zimbabwe had to change its currency code. The RBZ informed banks that the ZWL and ZWG codes will be used together until August 31, 2024, after which ZWL will no longer be recognized. Banks have been instructed to start transitioning to the new ZWG code.
Since its introduction, Zimbabwe Gold has been stable in the exchange market, bringing much-needed stability and confidence.
The fiscal and monetary authorities have worked together to ensure currency stability and control inflation.
