Zimbabwe orders trade permits for dollar-based commodity bourse

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The rule is among new guidelines that will govern mineral commodities trading at the Victoria Falls Stock Exchange — which is managed by the Harare-based Zimbabwe Stock Exchange — that the government published Friday. The ZSE first planned to role out such trading in the first quarter of this year.

The southern African nation is endowed with natural resources that include gold, diamonds, lithium, platinum and coal.

To obtain a commodity-dealing license, an applicant must be registered and the principal officer must have at least one year of experience in trading such assets, according to the regulations.

The Zimbabwe Stock Exchange set up VFEX in the resort city bordering Zambia in 2020 to provide investors with the option of a market that has fewer risks stemming from currency swings and surges in inflation that have plagued the country for years.

The rules also set out clearing and settlement requirements for the commodities bourse, ZSE Chief Executive Officer Justin Bgoni said.