Zimbabwe Launches Dollar-denominated Stock Exchange
Fahad Shabbir (@FahadShabbir) Published October 24, 2020 | 04:30 PM
Harare, (UrduPoint / Pakistan Point News - 24th Oct, 2020 ) :Zimbabwe has launched a second stock exchange to trade solely in foreign Currency, state media reported Saturday, in a move aimed at luring external investors as the country grapples with a forex crunch.
Known as the Victoria Falls Stock Exchange, the new market is a subsidiary of the Harare-based Zimbabwe Stock Exchange (ZSE) and will start trading on Monday, according to the state-run Herald newspaper.
"We saw an opportunity to work with the ZSE in creating a global platform for the trading of stocks in foreign currency, and to do it in a way that promotes foreign investment into Zimbabwe," Finance Minister Mthuli Ncube was quoted as saying.
The new bourse - based in northwestern Victoria Falls, the country's premier tourism destination - marked "the foundation stone" for building the town into an "offshore financial hub", said the minister.
It will cater mainly for mining conglomerates and giant international corporates such as insurance giant Old Mutual.
In June authorities suspended trade on the main ZSE for a month, accusing it of complicity in illicit financial activities.
Zimbabwe is in the throes of its worst economic crisis in more than a decade with the government struggling to pay its workers.
President Emmerson Mnangagwa, in power since a 2017 military coup that removed Robert Mugabe, blames the economic malaise on unnamed "detractors" and Western-imposed sanctions.
Related Topics
Recent Stories
Students gather at GCU to express solidarity with Palestinians, Kashmiris
'Operation Beethoven': Dutch 2.5bn-euro charm offensive to keep ASML
Crackdown on Profiteers in Hyderabad: 23 Traders Fined
IIOJK authorities to bar Eid prayers at Srinagar Eidgah yet again
Ex-Gucci star Michele named Valentino creative director
Football: Italian Serie A table
Bulgaria thrown into fresh political turmoil as snap elections loom
Railways CEO shares plans for Eid trains, service upgrades through e-Kutchehri
04 diagnosed with dengue virus in RWP
DC for taking strict action against absent teachers in Nasirabad
Banks to open on March 30, 31 to facilitate tax collection
Lahore Police launch campaign to install safety wires on motorcycles
More Stories From Miscellaneous
-
Shaheed Jalil Andrabi remembered on his martyrdom anniversary
1 day ago -
Architectural grandeur of Mohabat Khan Mosque attracts visitors, archeology lovers
1 day ago -
Besant Hall cultural centre to hold programme in memory Pir Hassam din Rashdi
3 days ago -
USA beats Mexico 2-0 for CONCACAF Nations League title
3 days ago -
World urged to intervene for peace in Kashmir
4 days ago -
Undeterred resolve – only way to end economic woes
4 days ago
-
Organic Food: A booming trend in Khyber Pakhtunkhwa
4 days ago -
From Soil to Harvest: Use of modern technology vital for agricultural renaissance
4 days ago -
Spring season offers glimpse into GB's natural beauty, cultural heritage
4 days ago -
Nation to mark decades’ long journey of resilience through annals of history
6 days ago -
23rd March: A historic day reminds Muslims’ heroic struggle for Pakistan
6 days ago -
Measures urged to recharge depleting water table: Experts
6 days ago