Zimbabwe stock exchange to resume trading

HARARE – Zimbabwe's stock exchange will resume trade on Thursday after a three-month halt and transactions will be in foreign currency due to the collapse of the Zimbabwe dollar, a bourse official said.

"The market will finally start trading again today at noon," a ZSE official told Reuters.

Zimbabwe’s central bank said earlier this month it would licence the stock market to trade in foreign currency once listed companies and the exchange provide valuation criteria.

The ZSE had asked the government for permission to trade using dollars to protect it from a crippling economic crisis in the southern African country and hyper-inflation.

Trading on the ZSE stopped in November during a central bank crackdown on banks and stockbrokers accused of allowing traders to use fraudulent cheques to purchase shares.

Long-time rivals President Robert Mugabe and MDC leader Morgan Tsvangirai last week formed a unity government after months of wrangling and have pledged to make reviving the battered economy a top priority.

The ZSE had a total market value of about $4 billion when it ceased trading.