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Money The Zimbabwe Stock Exchange suspends its operations due to currency speculation

15:10  29 june  2020
15:10  29 june  2020 Source:   lepoint.fr

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For the currency currently used in Zimbabwe commonly known as the " Zimbabwean dollar", see In its 2014 mid-term monetary policy statement, the Reserve Bank of Zimbabwe (RBZ) said it would † Due to the December 2007 banknote shortage, funds transferred via Electronic Funds Transfer The Old Mutual Implied Rate (OMIR) is calculated by dividing the Zimbabwe Stock Exchange price of the

Zimbabwe on Friday suspended trade on the stock exchange and mobile phone-based payments to address The decision to suspend mobile payments will hit the economy hard as more than 80% of all transactions are conducted on phones due to a shortage of banknotes, according to central bank data.

Des journalistes devant un écran de la bourse de Harare (ZSE) le 5 août 2013 © ALEXANDER JOE Journalists in front of a Harare Stock Exchange screen (ZSE) on August 5, 2013

The Zimbabwe Stock Exchange suspended its operations on Monday due to speculation which, according to the government, precipitated the fall of the local currency, another episode of the interminable collapse of the economy of the country.

"Pending further instructions from our regulatory authority, we inform operators that trading has been suspended until further notice," said Zimbabwe Stock Exchange (ZSE) boss Justin Bgoni in a statement.

Des Zimbabwéens font la queue devant une banque pour retirer du liquide, à Harare le 31 décembre 2007 © DESMOND KWANDE Zimbabweans line up in front of a bank to withdraw cash, in Harare on December 31, 2007

Zimbabwe has been stuck since the beginning of the 2000s in a serious economic and financial crisis.

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The Zimbabwe Stock Exchange announced Sunday it suspended trade to comply with a directive issued by the Information Ministry late Friday that the Movements in domestic stock prices track the parallel currency markets on the streets of Harare, where the Zimbabwe dollar changes hands at

Zimbabwe on Friday suspended trade on the stock exchange and mobile phone-based payments to address what President Emmerson Mnangagwa’s The decision to suspend mobile payments will hit the economy hard as more than 80% of all transactions are conducted on phones due to a shortage

After a relative respite a decade ago, the situation has worsened again for two years, with the return of shortages of all kinds (liquidity, fuels, basic foodstuffs, electricity ...), against the backdrop of galloping inflation and the depreciation of the Zimbabwean dollar.

Un changeur de rue à Bulawayo, le 31 mars 2020 © ZINYANGE AUNTONY A street changer in Bulawayo, March 31, 2020

In a press release published on Friday, the government announced a series of measures intended to "tackle embezzlement, crime and economic sabotage", including the stock market and cell phone transactions suspended.

Its Information Secretary Nick Mangwana notably called into question a "flourishing black currency market" which, according to him, caused the value of the Zimbabwean dollar to fall against the American dollar.

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In an effort to stabilize its currency , authorities in Zimbabwe has indefinitely suspended all monetary transactions through mobile-phone platforms. Home World News Rest of the World News Zimbabwe suspends mobile payments, stock exchange over ‘economic sabotage’.

Zimbabwe suspended most monetary transactions on mobile-phone platforms and halted trade on the local stock exchange in an effort to stabilise its currency . Inflation in the southern African nation is at 786 per cent, its recently revived currency has collapsed, and the World Bank estimates the

The exchange rate of the greenback against the local currency, officially fixed at 57 Zimbabwe dollars, has fallen to 100 because of these practices, according to Mr. Mangwana.

The government "has irrefutable information (according to which) the telephone transaction system participates deliberately or fortuitously, with the help of the Zimbabwe Stock Exchange, in activities that sabotage the economy," added the official.

- Hyperinflation -

Due to the scarcity of liquidity, most of the transactions, especially purchases in shops, are made by telephone.

These speculations "feed the rise in prices of goods and services which disrupts the economy and causes hardship for the people of Zimbabwe," accused Mangawna.

Annual inflation has peaked at 785.6%, according to the latest official statistics.

The price of a loaf of bread has almost doubled in a few weeks, from 38 Zimbabwe dollars in May to 61 (0.7 to 1.1 US dollars) today. The 10-kilo bag of cornmeal now sells for Zimbabwe dollars 320, up from 250 in May.

Last Wednesday, the price of fuel at the pump soared by almost 150%.

Combined with recurrent drought for several seasons, the return of hyperinflation has placed half of the country's 15 million inhabitants in food insecurity, according to the UN.

President Emmerson Mnangagwa succeeded Robert Mugabe, in power for thirty-seven years, in 2017, pledging to revive the economic machine. His promises have remained a dead letter.

In a speech recently made to the leaders of the ruling party, Mr. Mnangagwa also accused "political detractors" whom he did not name, accusing them of a "harmful project".

The prospects for the Zimbabwean economy have been further clouded with the Covid-19 pandemic. The World Bank is already counting on a 10% contraction in gross domestic product (GDP) in 2020.

fj-pa / jhd

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