ZIMBABWE’S new currency was assigned its own code, more than two months after it was launched in the southern African nation’s sixth attempt to introduce a stable unit.
The so-called ISO 4217 Committee, which assigns currency codes, approved Zimbabwe’s request to change the code to ZWG — Zimbabwe Gold — from ZWL effective June 25, according to a letter sent by the central bank to the Bankers Association of Zimbabwe and confirmed by both entities.
The central bank debuted the ZiG on April 5, replacing the Zimbabwe dollar, which had lost 80 percent of its value against the US dollar on the official market before it was abandoned. The ZiG is backed by 2,5 tonnes of gold as well as other commodities and US$100 million in foreign currency reserves held by the central bank. – Bloomberg