Local currency code switches to ZWG from ZWL

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HARARE – The country’s international currency code has switched from ZiG to Zimbabwe Gold (ZWG), according to the Reserve Bank of Zimbabwe (RBZ).

Currency codes or ISO currency codes are three-letter sequence codes representing the world’s currencies. The International Organisation for Standardisation issues currency codes in a list called ISO 4217.

The vast majority of ISO currency codes contain two characters relating to the country and a third character relating to the monetary unit.

In a letter to Bankers Association of Zimbabwe chief executive officer Fanwell Mutogo, central bank financial markets deputy director Josephat Mutepfa said the World Bank ISO 4217 Committee had approved the country’s currency code change from ZWL to ZWG (Zimbabwe Gold) effective June 25, 2024.

However, the codes ZWL and ZWG will run concurrently from the June 25 to the August 31, 2024 to allow necessary system configurations.

“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 June 25 to August 31, 2024 to allow necessary system configurations by players,” the RBZ letter reads in part.

“In this regard, the ZWL currency code will cease to be recognised from September 1, 2024.”

 

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