In June, authorities suspended trade on the main ZSE for a month, accusing it of complicity in illicit financial activities. To complete the process, please follow the instructions in the email we just sent you. Trading only in foreign currency is expected to help reduce settlement risks in troubled Zimbabwe. INDEX VALUE CHANGE; ZSE Financials Index 5,062.08 -12.03% : ZSE Consumer Discretionary Index 2,699.03 +0.04% : ZSE Consumers Staples Index 1,336.04 "This will reduce foreign currency and settlement risk for our international investors. What Impact Are U.S. Sanctions Having on Zimbabwe? He called on other counters listed on ZSE to have a listing on VFEX to enable them to also obtain funding to retool and expand their operations. Known as the Victoria Falls Stock Exchange, the new market is a subsidiary of the Harare-based Zimbabwe Stock Exchange (ZSE) and will start trading on Monday, according to the state-run Herald newspaper. Please try again later. AllAfrica is a voice of, by and about Africa - aggregating, producing and distributing 900 news and information items daily from over 130 African news organizations and our own reporters to an African and global public. Ban of Mobile Money Adds to Zimbabweans Suffering, Gold Panners Accused of Adding to Zimbabwe's Water Woes, Zimbabwe Govt in a Fix Over Teachers' Salaries, Zimbabwe Asks South Africa to Extradite Graft-Accused Mugabe Ally. "The establishment of this exchange today marks the beginning in earnest of our journey towards the establishment of an offshore financial services centre in Victoria Falls," Ncube said. We are always looking for ways to improve our stories. “The move will go down as the laying of the foundation stone of the offshore financial service centre and is a key pillar supporting efforts to grow Victoria Falls’ status as not just a special economic zone but an offshore financial hub. The Treasury head said investors on the VFEX platform will benefit from several fiscal and non-fiscal incentives that have been approved by the Treasury. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Zimbabwe is in the throes of its worst economic crisis in more than a decade with the government struggling to pay its workers. The VFEX is a wholly-owned subsidiary of the Zimbabwe Stock Exchange (ZSE) and will trade solely in foreign currency targeting mining companies in Zimbabwe … We come to you. The price of fuel soared by up to 152 per cent Wednesday. The minister added VFEX is one of the strategic initiatives being implemented by the government to stabilise the economy and attract foreign direct investment towards vision 2030. Emma left Kenya for Canada in 1960s after her husband was shot dead in Nairobi. Mwinyi, who is the son of former Tanzania President Ali Hassan Mwinyi, becomes the eighth President of Zanzibar since the revolution in 1964. The minister added VFEX is one of the strategic initiatives being implemented by the government to stabilise the economy and attract foreign direct investment towards vision 2030. We have been notified. Ncube, who was the guest speaker, said VFEX will be a platform for companies in Zimbabwe, the SADC sub-Saharan Africa to raise capital in foreign currency and help investors to trade in the secondary market in hard currency. Ncube who was the guest speaker said VFEX will be a platform for companies in Zimbabwe, the SADC sub-Saharan Africa to raise capital in foreign currency and help investors to trade in the secondary market in hard currency. The Treasury head said investors on the VFEX platform will benefit from several fiscal and non-fiscal incentives that have been approved by the Treasury. To address comments or complaints, please Contact us. Our Forums are vibrant and gives everyone a chance to be heard. Let us know what you liked and what we can improve on. The new bourse - based in northwestern Victoria Falls, the country's premier tourism destination - marked "the foundation stone" for building the town into an "offshore financial hub", said the minister. The government designated the resort town of Victoria Falls, a hub for tourism and financial services under the SEZ initiative to attract tourists and investment through tourism. Source: Vic Falls Stock Exchange launched | The Herald Prosper Ndlovu and Leonard Ncube in Victoria Falls THE Victoria Falls Stock Exchange (VFEX) has been launched, kick starting the operationalisation of the Victoria Falls Special Economic Zone.. As a core activity, VFEX, will provide a gateway for companies in Zimbabwe, SADC, and the rest of Sub-Saharan Africa to raise capital in … Uganda: Kampala-Entebbe Expressway, World's Most Expensive Road. Zimbabwe Stock Exchange (ZSE) CEO Justin Bgoni says its recently licensed subsidiary, the Victoria Falls Stock Exchange is open to listing bitcoin and other cryptocurrencies. "As the Government of Zimbabwe, we saw an opportunity to work with the ZSE in creating a global platform for the trading of stocks in foreign currency, and to do it in a way that promotes foreign investment into Zimbabwe and the region," said Ncube. However, only one company, SeedCo International, a seed processing company, was the only company that listed with trading expected to begin Monday. Victoria Falls — Finance Minister Mthuli Ncube has launched the Victoria Falls Stock Exchange (VFEX) here which will kick start the operationalisation of the Victoria Falls Special Economic Zone (SEZ). “As the Government of Zimbabwe, we saw an opportunity to work with the ZSE in creating a global platform for the trading of stocks in foreign currency, and to do it in a way that promotes foreign investment into Zimbabwe and the region,” said Ncube. By submitting above, you agree to our privacy policy. He said the VFEX would be a game-changer in the trading of securities in the country as well as a conduit for portfolio investments and foreign direct investment in the rest of Africa in hard currency. It will be managed by the Zimbabwe Stock Exchange, which operates the country’s main bourse in Harare, Ncube said. AllAfrica publishes around 900 reports a day from more than 130 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. Solar Grids a Means for African Mining to Combat Climate Change? The VFEX is a wholly-owned subsidiary of the Zimbabwe Stock Exchange (ZSE) and will trade solely in foreign currency targeting mining companies in Zimbabwe and the Africa continent, before expanding across the globe. 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