Reserve Bank of Zimbabwe Introduces Zimbabwe Gold Currency Code, ZWG
Nevanji Munyaradzi Chiondegwa
The Reserve Bank of Zimbabwe has announced the introduction of a new currency code, ZWG, to replace the current ZWL and 932 codes. The new code, which stands for Zimbabwe Gold, has been approved by the International Standard Organization and is in line with international best practice.
In a press statement signed by Dr. John Mushayavanhu, the Governor of the Bank, it was explained that the new currency code is structured to be used in various financial transactions, including electronic funds transfers, foreign exchange transactions, and securities settlements.
The statement also assured the public that the changes will not affect their day-to-day transactions. According to the Reserve Bank, the new currency code will be implemented in a phased manner to ensure a smooth transition.
The introduction of the Zimbabwe Gold currency code is part of the country’s efforts to promote the use of its own currency and reduce reliance on foreign currencies. The Reserve Bank has stated that the new code will enhance the visibility and credibility of the Zimbabwean currency in the international financial market.
The new currency code is expected to come into effect on 1st July 2024. The Reserve Bank has urged all financial institutions to update their systems to accommodate the new code in time for the implementation date.
This move by the Reserve Bank of Zimbabwe is seen as a positive step towards promoting financial stability and economic growth in the country. The new currency code is expected to boost investor confidence and attract foreign investment, which will help to create jobs and improve living standards.
In conclusion, the introduction of the Zimbabwe Gold currency code is a significant development in Zimbabwe’s financial sector. It represents a step towards greater financial independence and stability, and is expected to have a positive impact on the country’s economy.
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