Old Mutual is poised to stop trading on the Zimbabwe Stock Exchange. Old Mutual is poised to stop trading its shares on the Zimbabwe Stock Exchange, the latest step in the government's efforts to bring order to its chaotic foreign-exchange market. Companies were using the so-called Old Mutual Implied Rate to determine the forward value for the Zimbabwean currency by using differences in the dollar values of the company’s securities in London, Johannesburg and Harare. It is still unclear when the stock exchange in the resort town of Victoria Falls will begin operating. Old Mutual, which listed on the Zimbabwe Stock Exchange in December 1999, opened its first office in the country in 1902 and offers life, property and casualty cover, asset management, property development and banking services in the country.

Source: News 24 July 27, 2020 19:59 UTC