ZiG denoted ZWG (Zimbabwe Gold)

by | Jun 28, 2024 | Business, Local News, Politics | 0 comments

ZiG denoted ZWG (Zimbabwe Gold)


Nevanji Munyaradzi Chiondegwa


The Reserve Bank of Zimbabwe (RBZ) has announced the adoption of a new currency code, ZWG (Zimbabwe Gold), effective 25 June 2024. The decision follows the approval of the World Bank ISO 4217 Committee, which oversees international currency codes.


The new code replaces the existing ZWL (Zimbabwe Dollar) and signifies a major shift in the country’s monetary policy. The RBZ has stated that the minor units of the Zimbabwe Gold will be denominated as ‘cents’.


“This change is aimed at streamlining our financial system and facilitating a smooth transition to the new currency code,” said Dr. J. Mutepla, Deputy Director of Financial Markets at the RBZ.


The transition period will run from 25 June to 31 August 2024, allowing banks and other financial institutions to update their systems. The ZWL currency code will cease to be recognized after 1 September 2024.


The RBZ has encouraged all banking sector players to make necessary arrangements to facilitate a smooth transition. The bank remains available to offer guidance to stakeholders during this period.


The adoption of the ZWG code is expected to have a significant impact on the Zimbabwean economy, potentially boosting investor confidence and facilitating international trade.