This archive report was first published on 3 August 2020.
On August 3, 2020, the Zimbabwe Stock Exchange (ZSE) resumed trading, a month after it was ordered to halt business by authorities in Zimbabwe.
The dramatic move on June 29, 2020, saw the government shut the ZSE and restrict mobile money payments, alleging improper activities and claiming that mobile-phone money transfer systems were conspiring with the ZSE to sabotage the economy.
Trading resumed on Monday, August 3, 2020, but without some major stocks, including Old Mutual, an international insurance giant.
“Market now open and first trade done,” tweeted ZSE CEO Justin Bgoni, adding “it has been an excruciating time since 29 June.”
Finance Minister Mthuli Ncube had previously stated that a probe by the country’s financial intelligence unit found that some listed entities had acted out of line with rules and best trading practices, singling out Old Mutual as a key driver of parallel market pricing behavior.
The stock exchange boss said they were working on modalities to get trading on those companies resuming.
At the time of the suspension, Zimbabwe was experiencing its worst economic crisis in over a decade, characterized by hyperinflation and scarcity of basics like fuel and cornmeal.
