Yesterday during a post-cabinet briefing Finance and Economic Development Minister Mthuli Ncube said stockbrokers were to tell their investors that their investments are safe, ZBC News reports. This came after brokers said they were having a hard time explaining the situation to their shocked and stressed investors after the government ordered that trading be temporarily halted at the Stock exchange.
Professor Ncube said:
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Stockbrokers should tell investors that their investments are safe. What you need to understand is these investments are handled in an off-balance sheet manner. Stockbrokers merely charge fees for advisory services.
Secondly, the stock market is not opened on Saturdays, Sundays or Christmas holidays. It does not mean that when the stock market is closed, investments are insecure. It cannot be different this time around. It is similar to a long weekend and we will open once investigations are complete
The move by the government to halt trading at the stock market has already attracted criticisms from people on social media who collectively echoed that the move to halt trading is closing Zimbabwe for business contrary to the President’s “Zimbabwe is open for business” mantra.