Business / Economy
Bond notes scare away foreign traders from the ZSE
01 Nov 2016 at 16:55hrs | Views
Foreign buyers continue to stay away from the Zimbabwe Stock Exchange largely due to uncertainty over the pending bond notes introduction.
Reports indicate that at the close of trade today, the market remained with a net foreign sellers' position at $520 526.15 outflows while there were no foreign buyers.
Total turnover was $693,853.50 from 37 trades.
The Mining Index added 1.13% to 34.14 after RioZim put on 2.43% to 19c albeit on thin volume.
A total 99 shares changed hands with a value of $19.
The Industrial Index was up a marginal 0.07% to 120.91.
Finance Minister Patrick Chinamasa said in a statement that the Reserve Bank of Zimbabwe will with immediate effect start the process towards issuance of Bond Notes as a legal tender.
"The process will commence with media publicity to inform and raise awareness of the public on the denominations, design, form, material and security features which are used in the Bond Notes to be introduced. This is to ensure that the public is not duped by fake Bond Notes that may be circulated into the market by unscrupulous elements in our society" said.
Chinamasa also appealed to the public to embrace the Bond Notes to ensure a sustainable recovery of our economy.
Reports indicate that at the close of trade today, the market remained with a net foreign sellers' position at $520 526.15 outflows while there were no foreign buyers.
Total turnover was $693,853.50 from 37 trades.
The Mining Index added 1.13% to 34.14 after RioZim put on 2.43% to 19c albeit on thin volume.
The Industrial Index was up a marginal 0.07% to 120.91.
Finance Minister Patrick Chinamasa said in a statement that the Reserve Bank of Zimbabwe will with immediate effect start the process towards issuance of Bond Notes as a legal tender.
"The process will commence with media publicity to inform and raise awareness of the public on the denominations, design, form, material and security features which are used in the Bond Notes to be introduced. This is to ensure that the public is not duped by fake Bond Notes that may be circulated into the market by unscrupulous elements in our society" said.
Chinamasa also appealed to the public to embrace the Bond Notes to ensure a sustainable recovery of our economy.
Source - Byo24News
