- Minimum deposits on ZSE-Direct increased to ZWL5000
- Minimum withdrawal to ZWL10000
- This comes amidst the rapid depreciation of the Zimbabwe dollar
Harare- The Zimbabwe Stock Exchange (ZSE) has revised its minimum transaction thresholds for ZSE Direct due to the persistent currency depreciation in the country. The latest depreciation recorded was a double-digit 14% drop within a week at the auction market.
The ZSE Direct is an online and mobile platform allowing users to trade securities remotely. It was introduced in 2019 and one of its biggest advantages besides being cheap is that buying, selling and checking your balances are easy to find and navigate.
In a circular, Justin Bgoni, the bourse’s chief executive officer said, “In trying to keep up with the changing economic environment, the Zimbabwe Stock Exchange Limited (“ZSE”) hereby notifies the investing public of the new minimum transaction thresholds on ZSE Direct with effect from Monday 26 June 2023.”
Minimum deposits were reviewed from ZWL500 to ZWL5000 while custodial fees were from ZWL200 to ZWL2000. From ZWL1000, the minimum withdrawal was reviewed to ZWL10 000 while the minimum trading amount from ZWL500 to ZWL5000. All these attests to a 900% increase.
The Zimbabwe dollar has been depreciating since its reintroduction in 2019. The currency recorded in worst decline in mid-June where week-on-week losses widened by 38%, taking the premium to over 50%.
The government has been implementing policies to support the Zimbabwean dollar, including compelling companies to pay 50% of their June taxes in the local currency. However, most of the policies have short legs as they are failing to address the money creation crisis and confidence deficit.
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