Zim currency code changes to ZWG

BUSINESS REPORTER 

 

Zimbabwe’s international currency code, previously ZWL, has been  changed to  ZWG.

It follows the Reserve Bank of Zimbabwe’s (RBZ) introduction of Zimbabwe Gold as the new currency in April this year.

The World Bank has authorized the country’s currency code change from ZWL to ZWG effective June 25, 2024, according to a letter sent by RBZ Financial Markets Deputy Director Josephat Mutepfa  to Fanwell Mutogo, the CEO of the Bankers Association of Zimbabwe (BAZ).

“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 31 August 2024 to allow necessary system configurations by players,”  reads part of the  letter.

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

RBZ  has encouraged all banking sector players to therefore make necessary arrangements to facilitate a smooth transition to the new currency code.

Mutepfa said the central bank is available to offer guidance if necessary.

 

 

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