Zim­babwe bourse halts mo­bile money trans­fers

Arab News - - Business News -

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.

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