The Reserve Bank of Zimbabwe (RBZ) says the Zimbabwe Gold (ZiG) currency code will be changed to ZWG following approval by the International Standards Organisation (ISO) to serialise the new currency.

On April 5, the Reserve Bank of Zimbabwe introduced a new "structured currency" ZiG to tackle the ongoing economic crisis in the country. The new currency is backed by gold, and other precious minerals, and will circulate alongside other foreign currencies.

Since the inception of the new currency, the exchange rates have remained stable at a premium of ZiG 13,56:US$1 on the back of a relatively stable parallel market rate.

The ISO certification is a set of five quality management systems standards that help ensure organizations meet customer and other stakeholder needs within statutory and regulatory requirements related to a product or service.

Last month, the RBZ told the Zimbabwe Economic Society (ZES) that the certification will go a long way in enhancing the confidence matrix and demonstrating the bank's commitment to enact a sustainable currency.

In a letter addressed to the Bankers Association of Zimbabwe CEO signed by the RBZ Deputy Director, Financial Markets, J Mutepfa advised that the World Bank ISO 4217 Committee approved our request to change the Zimbabwe Currency Code from ZWL to ZWG (Zimbabwe Gold) effective 25 June 2024.

"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 31st of 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 central bank said.

The RBZ encouraged all banking sector players to therefore make necessary arrangements to facilitate a smooth transition to the new Currency Code ZWG.