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JUST IN: Govt extends suspension of fungibility of Old Mutual and PPC shares

JUST IN: Govt extends suspension of fungibility of Old Mutual and PPC shares Enacy Mapakame Business Reporter Finance and Economic Development Minister Professor Mthuli Ncube, has extended the suspension of financial services giant Old Mutual and cement maker PPC’s fungibility by another 12 months. In a notice in the Government Gazette last Friday, Minister Ncube indicated that Government was still considering the implications of an audit report. The initial suspension was implemented last year on allegations that fingible stocks had become vehicles for repatriating investments out of the country, at a time foreign currency has been scarce and therefore fuelling currency distortions and spike in exchange rate.

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.

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