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Lack of investment knowledge hampers participation in Zimbabwean markets

HARARE – Investment analysts have blamed low participation of individuals, households and SMEs in investment markets to lack of investment knowledge in developing nations like Zimbabwe. The Zimbabwe Investment 101 handbook indicates that lack of financial literacy in Zimbabwe has accounted for low savings and investment rates compared to world standards. As a result, Zimbabwe has witnessed individuals and households channelling their hard-earned money to unsafe investment vehicles such as gambling and some ponzi scheme, the latest being the Beven Capital and KWD ponzi schemes that saw Zimbabweans losing US$2 million since 2018, according to the Zimbabwe Republic Police report presented in court in August last year.

Forex business boon for Zimbabwe capital markets

HARARE – Zimbabwe’s capital markets are likely to see a spike in US dollar-denominated assets after Government last year allowed insurance companies and pension funds to collect premiums and contributions in foreign currency. And because these entities typically need to grow these funds and pay them back in the currency of collection, demand for foreign currency denominated investment assets in the country will rise. Statutory Instrument 280 of 2020, which was promulgated last November, amended the Exchange Control (Exclusive Use of Zimbabwe Dollar for Domestic Transactions) Regulations to allow insurance companies and pension funds to transact in foreign currency. Association of Investment Managers of Zimbabwe chairman Mr Jubelah Magutakuona, said the move will boost the local capital markets.

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