The Zimbabwe Stock Exchange decides to suspend trading until further notice

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The Zimbabwe Stock Exchange decides to suspend trading until further notice

June 29, 2020 03:47 PM
Direct: The Zimbabwe Stock Exchange has officially decided to suspend trading as a matter of urgency, after a ban on the part of the Central Bank on the back of allegations of economic sabotage.

Justin Beguni, CEO of the Zimbabwe Stock Exchange, said during a statement issued on Sunday that the decision to suspend operations was taken after consulting the relevant government ministries.

He added: "While we are awaiting guidance from our regulators on the operational methods of moving forward, we have informed the owners of shares in our stock market that the trading has been suspended until further notice."

 

On June 26, the Minister of Information, Advertising and Broadcasting Services issued a statement calling for the suspension of activities on the local stock exchange in Zimbabwe.

The Zimbabwean government blames the local bourse for fueling the collapse of the Zimbabwean dollar.

According to the data available on the Zimbabwe Reserve Bank website today, the US dollar averages 57.3582 Zimbabwe dollars.

At the end of last week, "Pguni" wrote in a tweet on his account on Twitter that the stock index "ZSA" ended the week's trading, up by 4.38 percent, with reference to the market value of the stock market currently stands at the level of 259 billion Zimbabwe dollars.

And about the monthly performance in the current June to this date, it achieved an increase of about 1.9 billion Zimbabwean dollars, bringing the gains in the current year so far to about 733 percent.