Zimbabwe's government has suspended the transfer of local shares to foreign stock exchanges, one of the main sources of hard currency as inflation soars
Old Mutual and PPC are listed in Johannesburg while SeedCo is also listed in Botswana.
In a government notice on Sunday, Finance Minister Mthuli Ncube said the practice had been suspended for 12 months. The national treasury said this was “part of broad and bold measures to weed out some of the visible sources of currency instability.” The Zimbabwe dollar was officially trading at 18.4283 to the U.S. dollar on Monday and at 40 on the black market. Many investors use what is known as the Old Mutual Implied Rate to asses what they say is the true value of the local currency.
This compares share prices of Old Mutual in Harare and in Johannesburg to determine the exchange rate. The OMIR was at 60.77 on Friday, according to currency tracking website MarketWatch. In 2008 at the height of hyperinflation, Zimbabwe also suspended the transfer of dual-listed shares but this did not stem the crash of the local currency.
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