Crisis-wracked Zimbabwe will open a stock exchange in the resort town of Victoria Falls, according to its finance minister.
The Victoria Falls Stock Exchange will be denominated in foreign currency and aimed at “foreign investors and global capital, especially the mining sector,” Mthuli Ncube said on Twitter.
$18 billion simulus: As a global securities exchange, VFEX will seek partnerships with other global exchanges and partners around the world, and become a truly global platform. Foreign Global companies invested in Zimbabwe can now seek a listing on VFEX. Enquiries at ZSE.
— Prof. Mthuli Ncube (@MthuliNcube) May 2, 2020
It will be managed by the Zimbabwe Stock Exchange, which operates the country’s main bourse in Harare, Ncube said.
The nation has suffered foreign-currency shortages for years, which have hammered its economy. Gross domestic product contracted 8.3% last year and will slump another 7.4% in 2020, according to the International Monetary Fund.
Source: Bloomberg
