RBZ applies for ZiG currency ISO code; says indefinite dual currency system unsustainable

Business Reporter

THE Reserve Bank of Zimbabwe (RBZ) has applied for the International Standards Organisation (ISO) code for the Zimbabwe Gold (ZiG) currency in what it believes will boost the unit’s confidence levels.

Well renowned currencies across the globe are ISO certified prompting the central bank to move towards adoption of the characteristic.

Addressing delegates at the Zimbabwe Economic Society (ZES) organised breakfast meeting Wednesday, RBZ deputy governor, Innocent Matshe said ISO codes were part of the confidence matrix.

He underscored that success of the new currency would depend on a limited management system, maintaining a tight monetary policy stance, controlling money supply and creating demand for the domestic currency.

“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.It is essential to have an affordable base currency.

“We cannot sustain a dual currency situation indefinitely. Zimbabwe’s economy has been growing despite past instabilities, including currency fluctuations, exchange rates and inflation. However, we need to address these issues,” he said.