World Bank registers ZIG

The World Bank has registered the country’s new currency, the Zimbabwe Gold (ZWG), among international currencies, the Reserve Bank of Zimbabwe (RBZ) has said.

In a statement, RBZ deputy governor, Josephat Mutepfa said the registration followed a request by the country to change its national currency code from ZWL to ZWG.

The change was registered by the World Bank on June 25, two months after the new currency came into circulation in the country.

“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,” Mutepfa said.

“It should also be noted that the minor units of the Zimbabwe Gold shall be denominated as ‘cents’,” he added.

He said the Codes ZWL and ZWG will run concurrently from June 25 to August 31 this year to pave way for necessary system configurations by players.

“In this regard, the ZWL currency code will cease to be recognised 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 transition to the new currency Code-ZWG,” he said. – New Ziana