Wednesday, September 22, 2021

Zimbabwe’s forex-based bourse signs cooperation agreement with Dubai exchange

Zimbabwe's Victoria Falls Stock Exchange (VFEX)
Zimbabwe’s Victoria Falls Stock Exchange (VFEX)

Zimbabwe’s Victoria Falls Stock Exchange (VFEX) on Wednesday signed a memorandum of understanding (MoU) with the Dubai Gold and Commodities Exchange (DGCX) to strengthen bilateral cooperation and exchange knowledge around commodities trading.

The MoU was signed by Zimbabwe Stock Exchange (ZSE) chief executive officer Justin Bgoni and DGCX chief executive officer Les Male in Dubai.

DGCX will extend technical support, knowledge and skills to VFEX, which is a subsidiary of ZSE, with the aim of establishing an international commodities exchange in Zimbabwe.

It will also support VFEX with the development of a clearing and settlement commodities exchange framework.

Located in the resort city of Victoria Falls, VFEX was established in 2020 as Zimbabwe’s second stock exchange trading in U.S. dollars, with officials hoping that it would shield investors from currency instability and exchange control risks.

Zimbabwe’s finance minister Mthuli Ncube, who witnessed the signing of the one-year agreement, said the move positioned VFEX not just as an investment window into Zimbabwe, but also into Africa.

He also noted that DGCX traded both hard and soft global commodities of about 2 billion U.S. dollars a day.

Bgoni said in a statement that DGCX’s geographic location between Asia, Europe and Africa served as a unique, global window for traders and investors. Enditem

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