Zimbabwe: Introduction of the Zimbabwe Gold (ZiG) currency code (ZWG)

Zimbabwe: Introduction of the Zimbabwe Gold (ZiG) currency code (ZWG)

The Zimbabwe Reserve Bank Governor released a press statement on 1 July 2024. The key points raised were the following:
  1. The International Standard Organization (ISO) 4217 Committee on Currency has approved a new currency code, ZWG, for the Zimbabwe Gold (ZiG) currency, aligning with global standards.
  2. This three-letter code uniquely identifies the currency on international trading platforms, with "ZW" representing the country and "G" denoting the currency itself. Additionally, the currency has been assigned a numeric code, 924, replacing the previous codes ZWL and 932.
  3. The Zimbabwe Gold currency will use "cents" as its minor unit, denominated with two decimal places. These changes took effect from June 25, 2024, and both old and new codes will be used concurrently internationally until August 31, 2024.
  4. The currency code is used in the foreign exchange market, across banking, payments, businesses, and other systems.
  5. The Zimbabwe currency name remains Zimbabwe Gold (ZiG) and will continue to be used in the country’s notes and coins, and as a reference for all domestic transactions. This aligns with global best practice where there is a currency code and currency name for each respective country.