Zimbabwe’s Currency Still ZiG Despite Code Change To ZWG
Effective June 25, 2024, Zimbabwe’s currency code has been changed from ZWL to ZWG, though the name of the currency remains Zimbabwe Gold (ZiG).
In a statement, the Reserve Bank of Zimbabwe (RBZ) explained that it initiated the process to update the currency code to align with international best practices.
The RBZ clarified that this change is not just a local adjustment, but rather a global standard that facilitates recognition of the new currency designation. Reads the statement:
Following the introduction of ZiG and in accordance with international best practice, the RBZ initiated a process to change the currency code from ZWL to ZWG, denoting Zimbabwe Gold.
The Bank would like to advise the public that the World Bank ISO 4217 Committee has approved the change of Zimbabwe’s currency code from ZWL to ZWG, effective 25 June 2024. The Codes ZWL and ZWG will run concurrently till 31.8.24, after which ZWL will cease to be recognised.
When a new currency is introduced, a new currency code is denominated, and the change from ZWL to ZWG fulfils that process. This process is not just a local change but a global standard that allows the recognition of a new currency.
Zimbabwe’s currency will continue to be known as Zimbabwe Gold (ZiG).
The ISO (International Organization for Standardisation) currency codes are the globally recognized three-letter identifiers for national currencies.
They provide a universal standard way to represent the names of currencies around the world.
The codes are used for various financial and commercial purposes, such as in international transactions, accounting, and financial reporting and they help avoid ambiguity and enable consistent identification of currencies across different countries and financial systems.
Since 1980, the Zimbabwe Currency Code has changed several times: from ZWD, ZWN, ZWR, to ZWL, and now ZWG.
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