RBZ, ZSE still to meet over clearing system


Roadwin Chirara


THE Reserve Bank is yet to meet the Zimbabwe Stock Exchange (ZSE) over its proposed funding to set up a
central depository for the local bourse.



ify>The stock exchange has been battling to secure US$2 million to fund its modernisation exercise to bring it in line with other stock exchanges in Africa.


The stock exchange is currently operating manually with a paper-based trading and clearing system.


ZSE chief executive Emmanuel Munyukwi said they were still to meet with RBZ officials to discuss the funding modalities.


“Something is being worked out but I cannot go into the details over what stage we are at currently,” said Munyukwi.


He said the ZSE would issue a statement in due course on any progress made in the consultations.


“As per the governor’s statements, we will issue a statement on the matter,” said Munyukwi.


The RBZ governor, Gideon Gono, in his monetary statement in January said the bank would pursue collaborative efforts with the stock exchange to introduce an efficient system of trading.


He said the move would ensure the speedy and efficient clearing and settlement of securities traded on the bourse.


He said the initiative would complement the efforts of the central bank to turn around the local economy.


“As the speedy execution of payment transactions is becoming a critical argument for financial markets and business at large, such inconveniences cannot be sustained under the turnaround programme,” said Gono.

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