In bid to establish global recognition, the Reserve Bank of Zimbabwe has successfully changed the Zimbabwe Gold(ZIG) currency to ZWG following an approval by the International Standards Organisation(ISO).
The newly introduced currency kicked off in the market in April as an apparatus to handle the ongoing economic crisis in the country and has recently been certified by the World Bank thus earning an identity on the global scale.
RBZ Deputy Director, Financial Markets, J Mutepfa confirmed the changes in a letter adressed to the Bankers Association of Zimbabwe CEO explaining how ISO had approved the request.
Since the beginning of circulation of the ZIG currency, it has remained stable at a rate of about ZiG 13,56 which is equivalent to USD$1.
Also Read:RBZ seeks global recognition for ZiG
The Deputy Governor Dr. Innocent Matshe has since highlighted the stability and perfomance of the ZIG currency since it began flowing.
Government also introduced strict measures including a hotline and operations to deal with illegal foreign currency dealers in bid to curb the rate increase on black markets.
Since then, several arrests have been made on suspected foreign currency dealers all around the country.
source:newsreportzim.com
