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Zimbabwe Applies For ISO Code For ZiG Currency

9 months agoWed, 22 May 2024 14:08:21 GMT
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Zimbabwe Applies For ISO Code For ZiG Currency

Reserve Bank of Zimbabwe (RBZ) deputy governor Innocent Matshe said that the central bank is in the process of applying for an International Organisation for Standardisation (ISO) code for the Zimbabwe Gold (ZiG) currency as it moves to make the unit a stand-alone currency, reported NewsDay.

ISO currency codes are three-letter alphabetic codes that represent various currencies used worldwide. These codes are essential for currency trading and international settlements.

When combined, they form the symbols and cross rates used in financial transactions. For instance, USD stands for the United States Dollar, EUR represents the Euro, and JPY denotes the Japanese Yen.

The ISO currency code for the defunct Zimbabwean dollar was ZWL.

Speaking at a breakfast meeting hosted by the Zimbabwe Economics Society in Harare on Tuesday, Matshe said:

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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.

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.

Matshe claimed that Zimbabwe’s economy has been growing despite exchange rate fluctuations and inflation. He said:

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.

Matshe also pointed out that it was critical to include all sectors in currency reform, including those outside the traditional financial and banking sectors. He said:

The introduction of ZiG aimed to end the instability and create a standardised currency. Without robust reforms, our economy would not have grown significantly.

We need a framework that harnesses the potential of all sectors, including those outside the traditional financial and banking sectors.

Inclusivity is crucial and we must understand that digital finance is essential for a 21st-century economy.
We have made progress in electronic financial activities, but we need to think seriously about digitalisation.

Certainty and stability in times of crisis allow for long-term planning and investment, which is key to industrialisation.

More: Pindula News

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27 Comments

edgar tekere · 9 months ago
you want inclusivity nhasi?pamaironga kugadzira mazudha enyu makadii kutanga neInclusivity?makororo,mhondi,hamuna ganda kumeso
Anonymous · 9 months ago
We survive under any situation in ZIMBABWE we no longer get directly affected by policies isu ma SMEs Totamba irikurira tichingogurana
Account Holder · 9 months ago
Ko kuno president vedu asi havakwire ma helicopter here
kembo kashiri chinamasa · 9 months ago
Getaway with these nonsense to form hardship times to all zimbabweans mhandu yedu obva zvako soooooon or else,,,,,,,,,,,,,
kembo kashiri chinamasa · 9 months ago
Mushayazvese Mushayazanu Musarurwa Mushayaje Muwanazijgzag Muurayi we nyika ino ndiwe muiti weku a pfuma yeruzhinji WAURAYA ne mifananidzo yako yawakarota iyo
· 9 months ago
Nhamo inopengesa kkkk
laugh emoji1
¥€§¶° · 9 months ago
Isu takasiyana nazvo kare zvemu Zimbabwe. Takaramwa kare. Ngavaite zvavanoda
Alfred Jim · 9 months ago
Yaah vakr vnyka matigonera coz tnga tazwa nge nhamo.ZIG Zvyauya zvkureruka manje.Virsion2030 ndakuiona manje tichtapigwa nge upenyu.Dai maZimba vakasadzikisira mari yedu 👍💛💤ig
Anonymous · 9 months ago
First things first guys, why can't we make it fully functional currency first, because as things stand in the moment, we can't say we have currency because we can't use it fully, so what are we coding here ?.
Anonymous · 9 months ago
Anyone seen a zig ???????????😂😂😂😂😂👏🏻👏🏻👏🏻👏🏻
Anonymous · 9 months ago
Only on peoples faces.
panashe · 9 months ago
kkkkk
Tkt · 9 months ago
Why rush to apply for the ISO code today? This has yo be done after the unit has been fully embraced in the Economy. What this now means is that, you only introduced this currency to swindle people of their hard earned monies! Hiding by the finger 🤞, muchinyepa kuti it's now accepted internationally, haaa musati daro kani veduwee
Anonymous · 9 months ago
And we pay USD to get this new ISO code. Why do we waste money on these exercises everytime we create a new currency? How many is it now?
Anonymous · 9 months ago
A Zimbo cannot get a Zimbo passport using Zimbo money. That sez it all !!!!!!!
laugh emoji1
ro · 9 months ago
haitange yatenga fuel nekutenga fuel
Mbuya Nehanda · 9 months ago
Shemmmmmmm
Mudhibhisi · 9 months ago
We need to agree that the ZiG issue is not a political issue but a National issue.It must work. However, we disagree with ZANU fr attempting to send us back to the Stone Age,where cave dwelling was the norm.
🤔 · 9 months ago
fellow Zimbabweans zig chii chaizvo is it a local currency???if yes then y is it that this zig thing just like it's defunct cousin zwl isn't legal tender for ALL debts public?becoz imari yenyika pakudini kwacho kana isingatengi fuel pa service station irimu Zimbabwe?
Tkt · 9 months ago
🤸
Asalif · 9 months ago
Inoda kupiwa mastandards eyi iyo isingatengi fuel munyika mayo , I think these guys are out of policies especially monetary
...,. · 9 months ago
why not apply when the currency can be exchanged across the boarders and internationally?
kembo kashiri chinamasa · 9 months ago
MUTAKATI WAURAYA WAONDOMORA WAPARADZA ZVOSE BHINYA
kembo kashiri chinamasa · 9 months ago
Haiwawo kushaya zvese, Mari Wanhu Imbwa Baba Meso Pfubgwa Zig for forgotten mbavha Tsotsi Gororo Mhondi Mhandu Muanduki Chikerema Hanyasvi G40 yekuuraya Schwepekenzi Nyoka ye..... Ibvaipo hamuna chamaziva tonde getaway
however · 9 months ago
HD hehe hehe thanks 😊 💓 💗 💖 ☺️ 💛 8

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