Zimbabwe has suspended trading on the stock exchange as well as all mobile phone monetary transactions. Zimbabwe stock exchange chief executive officer Justin Bgoni said on Sunday, June 28, that trading was suspended until further notice. In a statement on Friday, the government halted these activities with immediate effect citing criminality and economic sabotage. They blame the stock exchange for fuelling the collapse of the Zimbabwe dollar and housing fake counters. Meanwhile, the decision to suspend mobile payments will hit the economy hard. Mobile money is widely used as a form of payment of goods and services. According to central bank data more than 80 per cent of all transactions are conducted on phones due to a shortage of banknotes. The government states that all mobile money platforms were complicit in illicit activities.
SOURCE: AFRICA NEWS
More Stories
Establishing Manufacturing Nodes across the Continent and Leveraging on the AfCFTA
The Agritech Innovators Bringing Transformative Change to the Continent’s Green Economy
Women in Nigeria Lead the Charge in Plastic Waste Innovation
Tunisia’s President is Looking for Ways to Avoid a Bailout Package Worth nearly $2bn
A Decision that Brought Lagos to a Standstill
The European Union Engages African Nations to Secure the Supply of Vital Battery Minerals
The Unintended Consequence of Lusaka’s Decision to Allow Partial Withdrawal of Pensions
Ghana’s Economy and its IMF Engagements
Addis Ababa is Likely to Require a more Comprehensive Package of Debt Restructuring
Kenya’s Central Bank Parks Digital Currency Talk
One of Africa’s Most-celebrated Authors and Playwrights has Died Aged 81
Ethiopian Airliner Accused of Discrimination