Zimbabwe's Currency Troubles Heightens ZIM Stock Market Trading Haulted for Thirty Minutes

 

For the second time in as many days, Wednesday witnessed a temporary break in trading on the Zimbabwe Stock Exchange (ZSE), after stocks had soared following the depreciation of the Zimdollar. The stock exchange announced they would pause activity for thirty minutes to allow prices to "cool off," and true to their word,

Trading resumed precisely half an hour later. A number of Zimbabweans have been buying shares in order to protect themselves from the dwindling value of their national currency -- which has lost close to seventy percent of its worth since January. To maintain stability on the stock market, the ZSE created a rule that gives them authority to call a halt when necessary, according to CEO Justin Bgoni. “It’s industry best practice that if a market moves too quickly, it must be cooled down,” Justin said. He also asserted that despite the destabilization of the domestic money, both the ZSE and its dollar-only sister bourse at Victoria Falls remain desirable investments. The Zimdollar remains illiquid compared to other global currencies - presently worth 3,674 against the US Dollar – yet governmental authorities are confident that having a native currency will be beneficial for Zimbabwe's troubled economic system.