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The Reserve Bank of Zimbabwe (RBZ) is in the process of applying for an International Organisation for Standardisation (ISO) code for the Zimbabwe Gold (ZiG) as it moves to make the unit a stand-alone currency.
Central bank deputy governor Innocent Matshe confirmed the development .
ISO currency codes, commonly used synonymously as country codes, are unique alphanumeric codes assigned to each currency used in international transactions. These codes were established by the ISO to improve the accuracy and efficiency of global payments, examples include: USD, GBP and EUR.
“According to our economic strategy, we believed that the success of our currency, ZiG, would depend on a limited management system, maintaining a tight monetary policy stance, controlling money supply and creating demand for the domestic currency,” Matshe said at a breakfast meeting hosted by the Zimbabwe Economics Society in Harare.
“This would demonstrate policy consistency, build trust in ZiG and facilitate effective communication. Let me confirm that ZiG is indeed a standalone currency. We are currently in the process of applying for an ISO code and we expect no deviation from our initial protection policies.”
He pointed out that Zimbabwe’s economy has been growing despite the challenges that have emanated since the introduction of the currency.
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