ZSE suspends trading

Harare, (New Ziana) – The Zimbabwe Stock Exchange (ZSE) said on Monday it had suspended trading “until further notice” in compliance with a government directive after the bourse was listed among platforms allegedly being used to sabotage the economy.

Government last Friday singled out mobile money platforms and the ZSE
as vehicles that were being used to undermine the economy through
tinkering with the exchange rate by promoting illegal exchange rates
and currency trades.

And while government wanted to suspend use of mobile money platforms
across the board, until the sector was cleaned up, the Reserve Bank of
Zimbabwe later spared the public which relies on the platforms for
daily transactions, after a huge outcry.

Businesses on the other hand were limited to primarily using mobile
money for receiving payments.

The ZSE said trading would remain suspended as consultations are
on-going with stakeholders.

“Whilst we await guidance from our regulators on the operational
modalities going forward, we notify our stakeholders that trading has
been suspended until further notice,” said ZSE chief executive, Justin
Bgoni.

Government accused the ZSE of harbouring “fake counters” that were
also using the Old Mutual Implied Exchange Rate in the conduct of
their business promoting the existence of many exchange rates in the
economy.

The ZSE, whose operations are overseen by the Securities Exchange
Commission of Zimbabwe, is yet to respond to the allegations.
New Ziana