Zimbabwe Stock Exchange closed as government alleges 'conspiracy'

schumi

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The Zimbabwe Stock Exchange (ZSE) has suspended trading after a government directive to halt trading activities.

The suspension threatens to further erode much-needed business and investor confidence in the country.

“While we await guidance from our regulators on the operational modalities going forward, we notify our stakeholders that trading has been suspended until further notice,” ZSE CEO Justin Bgoni said in a notice.


Government spokesperson Nick Mangwana on Friday announced the immediate suspension of trade on the exchange, as part of efforts to stop the slide of the Zimbabwe dollar.

“Government is in possession of impeccable intelligence which constitutes a prima facie case whereby the phone-based mobile money systems of Zimbabwe are conspiring, with the help of the Zimbabwe Stock Exchange, either deliberately or inadvertently, in illicit activities that are sabotaging the economy,” the government said in a statement.
More at : https://www.timeslive.co.za/news/af...ange-closed-as-government-alleges-conspiracy/
 

3WA

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Sep 25, 2012
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Honestly Zimbabwe should just give up and close. Share the land amongst neighbouring countries and the people can be split up accordingly. That country was dead long ago.
Haibo. Rather donate Limpopo to them and see if that doesn't give them the boost they need.
 

ToxicBunny

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Bwahahahahahaha..... impeccable intelligence from Zimbabwe..

that is actually better than Military intelligence as an oxymoron
 

Tman*

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Its about time ZIM got rid of this western colonial idea of a "stock market"

They have land, that is all one needs!
 

Sollie

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Haibo. Rather donate Limpopo to them and see if that doesn't give them the boost they need.
Better idea: We retain their residents that want to stay, in exchange for a brigade of red berets full of exspurts. Plus a few extras to make up the difference, even a MEC for education.

(Then build one hell of a wall/dam/moat/... that would make both the Chinese and a certain US president proud )
 

Vorastra

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Honestly Zimbabwe should just give up and close. Share the land amongst neighbouring countries and the people can be split up accordingly. That country was dead long ago.
Don't be like that. I was told it was going to be an African Success Story™ when they won the war.
 

Bewlen

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Simply no words. What is the collective IQ in their parliament, 23?
 

TEXTILE GUY

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And then you see this
China, Zimbabwe celebrate 40 years of diplomatic relations, win-win cooperation
Since Zimbabwe joined the Belt and Road Initiative (BRI) proposed by China in 2013, the African country has benefited from the opening up of participating economies and the creation of trade links and networks with the rest of the world.
I suppose "win" is relative then?
 

Gnome

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Sep 19, 2005
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So from what I've been reading, people used the stock exchange & mobile money to insulate themselves against inflation. Essentially, they've tapped all other resources dry by forcing everyone to trade in USD for their play money. Now they want to bleed the last place there is still a bit of money left.

On the other maybe they truly believe this BS and it never truly occurred to them that the printing of more notes is what is driving up inflation
 

supersunbird

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More detail:

The share price of one of Africa’s oldest insurers is taking centre stage in Zimbabwe’s battle to bring order to its chaotic foreign-exchange system.

In the latest in a series of attempts to stabilise its currency, the government wants to eradicate the Old Mutual Implied Rate. The gauge, used by domestic companies to determine the future cost of goods and services, calculates a potential forward rate for the Zimbabwe dollar by measuring the difference between Old Mutual Ltd.’s share prices in Johannesburg, London and Harare.

The indicator is among many “contrived phantom exchange rates” in use that “conspire to defeat fiscal policy,” the government said in a June 26 edict that halted trading on the Zimbabwe Stock Exchange and stopped most mobile-banking transactions.
 

Daruk

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How flipping stupid can these people get? Stop trading because we don't like the way it's going? Who's going to invest in that environment?
 
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