Zimbabwe bourse halts mobile money transfers

Zimbabwe’s stock exchange said it was suspending trading on Monday following a recent government order that the bourse and mobile money transfer agents temporarily halt business to allow for investigations into illegal forex dealing.

“Whilst we await guidance from our regulators on the operational modalities going forward, we notify out stakeholders that trading has been suspended until further notice,” Zimbabwe Stock Exchange (ZSE) CEO Justin Bgoni said in a statement. In a shock statement, the Information Ministry permanent secretary announced the immediate suspension of trade on the ZSE and mobile money transfer platforms.

Secretary Nick Mangwana blamed mobile money transfer platforms for causing a gap between the market exchange and official exchange rate.