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ZSE to trade in foreign currency

Published: February 3, 2009

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Bulawayo (ZimEye) – The Reserve Bank of Zimbabwe will give a greenlight to the Zimbabwe Stock Exchange (ZSE) to trade in foreign currency once listed companies and the exchange provide valuation criteria.

In his monetary policy statement, central bank Governor Gideon Gono said a licence would be given to the ZSE in accordance with the relevant regulations – Exchange control Regulations.

‘The Reserve Bank stands ready to issue the ZSE with appropriate foreign exchange licences so as to transact in foreign exchange legally in terms of the Exchange control Regulations,’ he said.

The was no activity at the ZSE for the past two months. The bourse had asked the government to dollarise trading to protect it from the economic crisis and hyper-inflation.

Zimbabwe has the highest inflation in the world with official figures at 231 million but independent financial institutions peg the rate at over 500 quintillion.

Gono slashed 12 zeros from the currency as computers were failing to cope with many figures.
(ZimEye, Zimbabwe)


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