Latest News Editor's Choice

News / Press Release

FULL TEXT: ZANU PF speaks on Old Mutual

by Patrick Chinamsa
14 Jul 2020 at 18:13hrs | Views
ZANU PF is totally opposed to the fungibility of the Old Mutual Shares and to this end it reaffirms its policy position that the ZSE should compulsorily de-list the Old Mutual Limited shares from trading on the ZSE. To protect the interests of the 30168 shareholders of Old Mutual Limited, ZANU PF is recommending to its government that it sets up a stock exchange which will trade only in US$.

Old Mutual Limited can then be allowed to migrate, find home and trade on such a foreign currency denominated counter in Zimbabwe. Trading on other counters has been normal and the Party is recommending that trading be resumed.

Setting up a foreign exchange denominated stock exchange is an appropriate institution for raising and attracting foreign direct investment into Zimbabwe. Companies that want to invest in Zimbabwe and requiring foreign currency would then list on such a stock exchange to attract foreign direct investment in foreign currency for investment.

The details of implementing this recommendation is left to government including the timeframe within which this recommendation can be implemented.

It is the desire of ZANU PF that implementation be in the shortest possible time to avoid undue disruption to inflows of investment capital.

ZANU PF says an emphatic NO, to self-enrichment through speculative trading and externalisation
ZANU PF also wishes to commend government for the decision that it has taken to allow mobile money operators to be overseen by the Reserve Bank of Zimbabwe through the Zim-Switch platform.

As a matter of fact, ZANU PF considers this decision to be a master stroke which will give an invisible hand to the government to manage and direct the country towards a common good

The channelling of all mobile money transactions through this platform is the right thing to do and will in the end restore stability and sanity to the banking sector. Mobile money transaction platforms had become a law unto themselves making rules for banks and others to comply with.

ZANU PF thus supports the measures that the government has taken in this regard as it considers them necessary medicine to cure our economy which is under siege. The measures will no doubt in due course become a sound basis for a strategic sustainable nation building, a platform for robust employment creation for our people, stabilisation of the exchange rate and resuscitation of our key productive sectors

It is high time that Zimbabwe corporates and foreign corporates working in Zimbabwe put Zimbabwean Interests First and deploy their resources to the productive sectors that generate employment, goods and services

Source - ZANU PF