Finance Minister has said ZSE is under probe and will only reopen after the Financial Intelligence Unit has completed their investigations which could take as many as two weeks.
We are waiting for the conclusions of the investigations led by the Financial Intelligence Unit (FIU). They should be able to conclude within the next week or two weeks. Then we will review that and then decide on modalities for reopening.
It’s just a matter of going through the paces and receiving the reports once the investigation is complete. It should have certain recommendations and we will follow those recommendations so that we are systematic. All we are trying to do as regulators is to intervene the right way; is to be positive about the issue, make sure there’s some discipline in our private sector activities.
The government waged war against the ZSE on the 29th of June, claiming that the stock exchange was driving up parallel market rates. Unlike mobile money operators who were accused of the same but refused to bow down, ZSE announced they would suspend trading whilst awaiting gudiance.
The move to suspend trading on the ZSE came as a surprise and regardless of what the outcome is it will definitely impact ZSEs push to onboard retail investors as confidence in the Stock Exchange or it’s ability to operate without government interference will be rightly called into question.