Zimbabwean authorities are currently in talks with numerous international investment banks to support a new stock exchange, Bloomberg reports.
The new Victoria Falls Stock Exchange (VFEX) will exclusively trade in foreign currency, said Finance and Economic Development Minster Mthuli Ncube.
“The interest has been huge,” Ncube told an analyst briefing. He was reluctant to disclose further information.
VFEX is a fully-owned subsidiary of the Zimbabwe Stock Exchange (ZSE). It was recently issued with a license and would be denominated in foreign currency with the aim of targeting foreign investors as well as global capital markets, particularly in the mining industry.
Speaking at the briefing, sub-Saharan Africa economist at Renaissance Capital Yvonne Mhango said that a crucial need for foreign investors is that of being able to repatriate their capital.
“What they want is a functioning stock exchange,” Mhango said.
At the event, Zimbabwe Stock Exchange Chief Executive Officer Justin Bgoni said that global banks will manage the clearing and settlement of trades, certifying investors’ funds as a result.
The companies involved in the current discussions are based in Africa, Asia and Europe, Bgoni added.
VFEX will be based in the resort town of Victoria Falls, after which it is named, and will be open within “a couple of weeks,” said Bgoni, who will lead the bourse.
Zimbabwe Dollar falls to record low ahead of currency announcement
The Zimbabwean currency has fallen to another all-time low as residents sought refuge in the stability of the US dollar amid speculation the central bank is on the verge of making an announcement regarding the future of the local currency.
posted on 03.04.2024
RBZ urges govt incentives on diaspora investments
Zimbabwe’s central bank, the Reserve Bank of Zimbabwe (RBZ), called on the government on Monday to provide fiscal and non-fiscal incentives to diaspora investments due to their massive contribution to total foreign currency inflows in the country.
posted on 05.12.2023
Zimbabwe Dollar falls to record low ahead of currency announcement
The Zimbabwean currency has fallen to another all-time low as residents sought refuge in the stability of the US dollar amid speculation the central bank is on the verge of making an announcement regarding the future of the local currency.
posted on 03.04.2024
RBZ urges govt incentives on diaspora investments
Zimbabwe’s central bank, the Reserve Bank of Zimbabwe (RBZ), called on the government on Monday to provide fiscal and non-fiscal incentives to diaspora investments due to their massive contribution to total foreign currency inflows in the country.
posted on 05.12.2023
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