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“Confusing,” As ZANU PF Endorse A Decision To “Eject Old Mutual From The Financial System”- Finance Expert

A local finance expert has described as confusing, the decision by ZANU PF politburo to endorse a decision to eject Old Mutual from the financial system as a measure to address the runaway inflation and illegal foreign currency trading.

The endorsement to “eject Old Mutual” was announced on Friday by ZANU PF acting secretary for information, Patrick Chinamasa.

In response to the development, Lloyd Mlotshwa, the head of equities at Harare-based IH Securities said the statement by the ruling party was so far confusing. He said:

When they say it is ejected, I’m not sure what he means.

I’m not sure it’s a delisting yet, at this point it’s a confusing statement.

Sean Gammon, managing director of Harare-based Imara Edwards Securities, said Old Mutual shares may be suspended from trading on the Zimbabwe Stock Exchange (ZSE).

Related to this, the Reserve Bank of Zimbabwe (RBZ) recently released a statement stating that Zimsitch was now the designated national payment switch adding that all mobile money payments would go through Zimswitch thereby making Ecocash and One money just wallets, Techzim interprets.

More: NewZimbabwe

 

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