Zimbabwe's new foreign currency denominated bourse to open Friday

0 Comment(s)Print E-mail Xinhua, October 20, 2020
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HARARE, Oct. 19 (Xinhua) -- Zimbabwe's new foreign currency denominated bourse, the Victoria Falls Stock Exchange, will open its doors to the investing public on Friday, the chief executive officer of the Zimbabwe Stock Exchange (ZSE), Justin Bgoni, said Monday.

Bgoni said in a press statement that Finance and Economic Development Minister Mthuli Ncube will officially open the exchange which will operate as a wholly-owned subsidiary of the ZSE in the resort town of Victoria Falls.

"The Victoria Falls Stock Exchange Limited (VFEX) is pleased to advise stakeholders that it has been granted approval to launch and commence trading of securities by the Securities and Exchange Commission of Zimbabwe," Bgoni said.

He added that trading, depository services, clearing and settlement on the new exchange would commence next Monday.

The government hopes that the new market will result in an inflow of hard currency to Zimbabwe.

Ncube said in May that the exchange would target foreign investors and global capital, especially the mining sector.

The launch was necessitated by government concerns that there was speculative activity on the ZSE, which led to the halting of trade for five weeks as the government sought to deal with dual listed companies such as Old Mutual and PPC.

The companies were suspected of influencing foreign currency outflows through fungibility and will now trade on the new bourse after being removed from the ZSE main board and listing. Enditem

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