SENIOR STAFF WRITER
THE government is considering reopening the Zimbabwe Stock Exchange (ZSE) whose operations were suspended last month as part of efforts to stop the continued slide of the Zimbabwe dollar.
Speaking at the Daily News-sponsored virtual meeting on the post-mortem of the government Mid-term Fiscal Policy Statement on Monday, Finance minister Mthuli Ncube said the ZSE would be reopened in the next few weeks.
“We are waiting for the conclusion of the investigations led by the Financial Intelligence Unit. They should be able to conclude within the next week or two and then we will review that and then decide on the modalities for reopening. It will be reopened for sure. You shouldn’t be worried about that.
“It’s just a matter of going through the paces and receiving reports once the investigations are complete. It should have certain recommendations. We will follow those recommendations. All we are trying to do as a regulator is to intervene in a right way to make sure that there is some discipline in our private sector activities, the government and private sector work as partners to develop our economy,” Ncube said.
Last month, the government suspended the stock exchange with permanent secretary in the Information ministry — Nick Mangwana — saying the ZSE was being used to influence foreign currency trading on the black market.
“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,” Mangwana said.
This comes as authorities have accused mobile money transfer platforms and the ZSE of fuelling the rampaging foreign currency black market that has seen the continued plunge of the Zimbabwe dollar — with the recently launched foreign currency auction system failing to tame the amorphous parallel market.
The government moved — through the government gazette — to make it mandatory for every money transmission provider and mobile banking provider to be connected to a national payment switch, as directed by the Reserve Bank of Zimbabwe (RBZ).
“For purposes of connecting to the national payment switch in terms of subsection (1), every money transmission provider and mobile banking provider shall install, deploy or commission such infrastructure and connection protocols, credentials and documentation necessary to enable integration with any recognised payment system in terms of the National Payment System Act [Chapter 24:23],” it adds.
The gazette also says every money transmission provider and mobile banking provider shall open and maintain a bank account that is designated exclusively for mobile banking services, and ensure that no money is transmitted or retained on the payment system without a corresponding correct bank balance.
The gazette further says every money transmission and mobile banking provider should ensure that no money is transmitted or retained on the payment system without a corresponding correct bank balance, and should submit periodic returns to the RBZ.