Zimbabwe’s dollar bourse plans commodity, electricity exchange

9th November 2023

By: Bloomberg


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Zimbabwe’s bourse in the resort city of Victoria Falls plans to start a commodity and electricity exchange in the first quarter of next year, its chief executive officer said.

“We are just waiting for the legislation first to go through,” Justin Bgoni, CEO of the Victoria Falls Stock Exchange, said Thursday in an interview. “We should meet with the attorney-general next week. Government is also committed to it.”

The VFEX, as the bourse is known, solely trades in US dollars and is a subsidiary of the country’s main exchange in Harare, the Zimbabwe Stock Exchange.

The regulations will lay out the running of the two new trading platforms as well as govern the spot and derivatives markets, according to Bgoni. The electricity exchange will mostly target miners in the resource-rich southern African nation, which produces chrome, gold and platinum.

The VFEX started operations in October 2020 and offers tax exemptions on capital gains and also seeks to give investors the ability to repatriate funds from a country where foreign exchange is typically in short supply. It currently has 14 listings.

Edited by Bloomberg


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