New regulations for Zim capital markets

PHILLIMON MHLANGA

Government is planning to put in place new rules to enhance Zimbabwe’s capital markets regulatory regime, it has been established.

The development was revealed by the deputy chief secretary for policy analysis, coordination and development planning in the office of the President and Cabinet, Willard Manungo.

He spoke at the Chartered Governance and Accountancy Institute in Zimbabwe awards ceremony held in the capital on Tuesday this week.

“…we are putting structures in place to enhance our transparency and accountability.

To promote our capital markets, on the part of the government and regulators, we are committed to continuously enhance the regulatory regime and upgrade our market quality,” Manungo said.

He added: “The Zimbabwe Stock Exchange and the Victoria Falls stock Exchange are key as they act as a barometer of economic activity.

“As a market, the stock exchange must attract investors, including foreign investors, so that companies can realise value from listing thereon.”

Manungo said good corporate governance is one of the key benchmarks on which international investors rely and a standard to which listed companies should aspire.

“Corporate governance is a culture of good ethics. The government, regulators, professional bodies and the investing public, we all have our roles to play.”

In the second quarter of this year, the government unveiled new measures to curb. speculative activities on the Zimbabwe Stock Exchange, resulting in the value of shares plummeting.

Market capitalization stood at ZWL$1.691 trillion yesterday from more than ZWL$3 trillion in April this year.