Monday, February 2, 2009

Zimbabwe to open stock market to foreign currency

Harare - Zimbabwe's central bank will licence the country's stock market to trade in foreign currency once listed companies and the exchange provide valuation criteria, Reserve Bank Governor Gideon Gono said on Monday. 'The Reserve Bank stands ready to issue the ZSE with appropriate foreign exchange licences so as to transact in foreign exchange legally in terms of the Exchange control Regulations,' Gono said in a monetary policy statement. The ZSE has not operated for two months. It had asked the government to dollarise trading to protect it from the economic crisis and hyper-inflation.

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