Connect with us

Hi, what are you looking for?
The world's second-largest economy has largely bounced back from strict coronavirus lockdowns last year/ COURTESY


Zimbabwe Bourse Resumes Trading after month-long suspension

HARARE, Zimbabwe, Aug 3 – Trading resumed on the Zimbabwe stock exchange on Monday a month after it was ordered to halt business by authorities scrambling to protect the country’s currency, the bourse chief said.

In a dramatic move on June 29, the government of the crises-plagued country dramatically shut the Zimbabwe Stock Exchange (ZSE) and restricted mobile money payments, alleging improper activities.

At the time, government claimed that mobile-phone money transfer systems were conspiring with the help of the ZSE “in illicit activities that are sabotaging the economy”.

Trading opened on Monday but without some of the major stocks such as the international insurance giant Old Mutual.

“Market now open and first trade done,” tweeted the bourse’s CEO Justin Bgoni, adding “it has been an excruciating time since 29 June”.

Finance Minister Mthuli Ncube last week said a probe by the country’s financial intelligence unit had established that some listed entities “acted out of line” with rules and best trading practices.

He singled out Old Mutual to have been a “key driver of parallel market pricing behaviour”.

The stock exchange boss said they were “now working on the modalities of getting trading on those companies resuming”.

Zimbabwe is being buffeted by its worst economic crisis in over a decade, characterised by hyperinflation and scarcity of basics like fuel and cornmeal.

Advertisement. Scroll to continue reading.
Click to comment

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...


NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...


NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...


NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...


NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...