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The Reserve Bank of Zimbabwe has registered the ZIG as an international currency per ISO requirements and 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 Reserve Bank of Zimbabwe’s Deputy Director, Financial Markets – National Payment Systems and FinTech Department, Josephat Mutepfa.
The letter reads , “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 September 2024.”
The Reserve Bank of Zimbabwe encourages all banking sector players to therefore make necessary arrangements to facilitate a smooth transaction to the new currency code, ZWG.
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