The move will also support efforts to grow Victoria Falls’ status as an offshore financial hub.
Finance Minister Mthuli Ncube said that the hard currency exchange would run off the ZSE system to have continuity in securities governance. However, there are plans to have an external back-office for ease of settlement and confidence.
In announcing the new Victoria Falls Stock Exchange (VFEX) which is aimed at foreign investors, Ncube said the exchange will be a hard currency stock exchange. The VFEX will be managed by the Zimbabwe Stock Exchange, so as to have continuity in securities governance. VFEX boosts the Offshore financial services hub targeted for Victoria Falls.
Said Ncube, “$18 Billion Economic Stimulus: The stimulus measures also aimed at supporting “Zimbabwe is open for business” Drive, through the launch of the Victoria Falls Stock Exchange (VFEX) in hard currency. This is aimed at Foreign investors and global capital, especially the mining sector.”
Prof. Mthuli Ncube@MthuliNcube$18 Billion Economic Stimulus: The stimulus measures also aimed at supporting “Zimbabwe is open for business” Drive, through the launch of the Victoria Falls Stock Exchange(VFEX) in hard currency. This is aimed at Foreign investors and global capital, especially mining sector.
According to Ncube, The VFEX will be managed by the Zimbabwe Stock Exchange, so as to have continuity in securities governance. VFEX boosts the Offshore financial services hub targeted for Vic Falls.
“$18 billion economic stimulus: The VFEX will be managed by the Zimbabwe Stock Exchange, so as to have continuity in securities governance. VFEX boosts the Offshore financial services hub targeted for Vic Falls,” added Prof Ncube.
Prof. Mthuli Ncube@MthuliNcube$18 billion economic stimulus: The VFEX will be managed by the Zimbabwe Stock Exchange, so as to have continuity in securities governance. VFEX boosts the Offshore financial services hub targeted for Vic Falls.
“$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$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.
Ncube said that VFEX would seek partnerships with other global exchanges and they were actively discussing with three exchanges; London Stock Exchange, JSE and Dubai’s DFM.
Government approved the implementation of an offshore financial hub in Victoria Falls in 2012 before it had even approved the establishment of the Special Economic Zones. At that time then Reserve Bank of Zimbabwe governor was quoted as saying; “Once set up, it (Vic Falls) would become the growth nucleus of Matabeleland provinces, transforming the region into the financial capital of the country.”
