On 5 April 2024, the Reserve Bank of Zimbabwe (RBZ) launched a new Gold-backed currency – Zimbabwe Gold (ZiG).
The ZiG will include eight banknotes denominations: 1, 2, 5, 10, 20, 50, 100 and 200 ZiG, and two-coin denominations: Quarter ZiG and Half ZiG. They will begin circulating on 30 April 2024.
Information on the new currency can be found in the RBZ press release and Monetary Policy Statement
ISO 4217 who is responsible for the international standard of currency representation did not publish yet a new currency code for the ZiG. SAP is in contact with the ISO 4217 group and will provide any update coming from ISO via note 3454784
Creating an artificial ZiG currency code is not recommended as it can cause conflicts in case ISO provides an official code for ZiG hence should be avoided as much as possible.
It is advised for customers who are required to use ZiG, to contact their auditors to assist in evaluating their specific requirements and contact their consultants to adapt the existing settings to comply with their business needs.
