By Staff Reporter
Harare – The Reserve Bank of Zimbabwe has announced that the World Bank ISO 4217 Committee has approved the registration of the Zimbabwean currency, ZIG, as an international currency, effective June 25, 2024. This development marks a significant milestone as the country seeks to increase the usage and acceptability of the ZiG, the new currency adopted by Harare in April of 2024.
According to the RBZ, part of this change, the currency code for the Zimbabwean dollar will be modified from ZWL to ZWG (Zimbabwe Gold). Additionally, the minor units of the Zimbabwe Gold will be denominated as “cents.”
To ensure a seamless transition, the Reserve Bank of Zimbabwe has announced a concurrent use of both ZWL and ZWG codes until end of August.
“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 recognized from the 1st of September 2024.”
The Reserve Bank of Zimbabwe has encouraged all banking sector players to make the necessary arrangements to facilitate a smooth transition to the new currency code, ZWG. The Bank is available to offer guidance and support during this process.
This development is expected to enhance Zimbabwe’s economic integration into the global financial system and promote international trade and investment. ISO certification establishes credibility and trust among consumers, clients and other business partners. In today’s international marketplace, such a designation validates that an organization adheres to global standards of quality assurance, manufacturing and business making the certification ZiG will likely boost confidence in the currency as it gives some semblance of stability in a country that has experienced currency volatility for the past 24 years.