Following the recent announcement by the government to ban all monetary transactions on phone based mobile money platforms and the local stock exchange trading, the Zimbabwe Stock Exchange has taken measures to implement the order.
The government through Ministry of Information last week called for the ban of these platforms accusing them of fuelling foreign exchange rate spikes.
Government has, with immediate effect, undertaken a series of prudent and coordinated interventions to deal with malpractices, criminality and economic sabotage perpetuated by the “wolves in sheep skins amongst our population.”
“These measures include the suspension of all monetary transactions on phone-based mobile money platforms in order to facilitate intrusive investigations, leading to the arrest and prosecution of offenders,” reads part of the document.
“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.”
And in an act of submission, the local stock exchange has with immediate effect suspended trading on their platform.
In a statement yesterday ZSE Chief executive Justin Bgoni said, “Following the statement issued by the Secretary for Information, Publicity and Broadcasting Services on 26 June 2020, the ZSE engaged both the Securities and Exchange Commission of Zimbabwe and the Finance Ministry. Whilst we await the guidance from our regulators on the operational modalities going forward, we notify our stakeholders that trading has been suspended until further notice,” he said.