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zimbabwe stock trade: Zimbabwe suspends stock trade, cellular payments in excess of ‘economic sabotage’

HARARE: Zimbabwe on Friday suspended trade on the stock exchange and cell telephone-dependent payments to handle what President Emmerson Mnangagwa’s government known as “criminality and economic sabotage”.
The final decision to suspend cell payments will hit the economic system tricky as far more than 80% of all transactions are executed on telephones due to a shortage of banknotes, in accordance to central bank facts.
In a statement on Friday, govt spokesman Nick Mangwana claimed the transfer, which can take instant influence, was aspect of efforts to arrest the slide of the Zimbabwe dollar, which has sharply devalued since its reintroduction previous calendar year soon after a ten years of dollarisation.
“Federal government is in possession of impeccable intelligence which constitutes a prima facie case whereby the cellular phone-dependent mobile funds units of Zimbabwe are conspiring, with the enable of the Zimbabwe Stock Trade, either intentionally or inadvertently, in illicit routines that are sabotaging the financial state,” the assertion said.
The suspension of all cellular payments and the stock market was intended to make it possible for “intrusive investigations”.
The federal government says cell payment platforms were key motorists of a roaring foreign currency trade outside the house formal banking channels, with various mentioned stocks this kind of as Old Mutual providing proxy trade prices implied by their selling prices on overseas bourses such as the London Stock Exchange.
On Tuesday, Zimbabwe’s central bank started weekly overseas currency auctions in a bid to draw scarce overseas currency into the official market. (Reporting by Nelson Banya Modifying by Olivia Kumwenda-Mtambo and Giles Elgood)

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