Zimbabwe applies for ISO code for ZiG

The Reserve Bank of Zimbabwe (RBZ) is actively pursuing an International Organisation for Standardisation (ISO) code for the Zimbabwe Gold (ZiG), signaling its intention to establish ZiG as an independent currency, revealed central bank deputy governor Innocent Matshe during a breakfast meeting hosted by the Zimbabwe Economics Society in Harare.

ISO currency codes, essential for international transactions, provide unique alphanumeric identifiers for each currency, streamlining global payments and fostering economic stability. Matshe affirmed ZiG's autonomy as a currency, affirming the RBZ's commitment to consistent policy frameworks and transparent communication, pivotal for building trust and ensuring ZiG's viability.

Despite challenges since ZiG's inception, Matshe highlighted Zimbabwe's economic resilience and emphasized the need for a unified base currency, signaling a departure from a dual currency system towards economic stability. Digitalizing the economy, he noted, was imperative to overcome cash shortages and leverage the full potential of traditional financial systems.

Matshe underscored ZiG's role in stabilizing the economy, citing its widespread acceptance and gradual injection into circulation to mitigate currency fluctuations. Addressing cash shortages, particularly through sufficient small denomination supply to financial institutions, remains a priority for resolving systemic challenges and fostering economic growth.

Looking ahead, Matshe emphasized the importance of exchange rate stability and enhanced domestic demand, facilitated by ZiG's true value and purchasing power. He expressed confidence in stabilizing the economy through increased exports and reiterated the RBZ's commitment to fostering economic growth and stability.