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Through a General Notice in the Government Gazette, the Minister of Finance suspends fungibility of dually listed counters: Old Mutual, PPC and Seedco International. The move implies that investors can no longer transfer shares of these counters across stock exchanges.
HISTORY CHECK:

28 May 2008 we suspended fungibility of shares. 7 months later we dollarised! We are going full circle.

allafrica.com/stories/200805…
FUNGIBILITY(def)
If Company A is listed on more than one stock exchanges, shareholders are able to transfer shares across the stock exchanges in which it is listed. The process assumes that the share should have one price across(Law of One price or Purchasing Power Parity)
However due to exchange rate disparities, investors can make an arbitrage (riskless) profit by buying and selling the same share across different stock exchanges.
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ZimBollar Research Institute
@ZimBollar
RBZ MPC Statement (Comment)

1) Having the interbank market to use a Reuters based platform is welcome.This will allow price discovery and transparency.However there has to be a mechanism for the RBZ to allow willing sellers of forex to indicate their parcels through the same
2) Reserve Money growth of 80% is too big for an economy that is growing at under 5% p.a. On the other end the projected overall reserve money growth of under 50% is still too high for an economy that is expected to weaken by 6,5%. Excess liquidity in the market
3) Worringly, the RBZ has hinted at a guided liquidity management framework for the market to even out liquidity skewness towards a few corporates.This move is likely to result in Banks being forced to invest their money with the RBZ at low interest rates.
Read 5 tweets
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ZimBollar Research Institute
@ZimBollar
MONETARY POLICY Highlights

1) Overnight accomodation window adjusted from 50% to 70%. Move mearnt to discourage borrowing which destabilises the exchange rate and fuels inflation. Interests rates likely to spike for the second time
2) Economic growth expected to shrink by 3.2% for full year 2019. This comes on the back of cyclone idai, drought plus climate change.
3) Forex receipts in the economy up to June 2019 declined by 24% to close at $2.58b. There was a drop across the major forex earners: mining, remittances and agriculture. It is expected that pressure on the exchange rate will continue into the full year 2019!
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ZimBollar Research Institute
@ZimBollar
Implications of the new measures (A Thread)

a) This will mop excess liquidity to the tune of $1.2b and in the process reduce pressure on the exchange rate since the payments will be done at 1:1 from the RBZ. Key issue will be availability of the forex to meet this quantum
b) The move is mearnt to divert pressure that was coming on the exchange rate from borrowing customers. By increasing the cost of borrowing, the RBZ has limited credit creation and hence money supply. This is essential for exchange rate stability.
c) The removal of administrative limits on banks and beaureu de changes will allow them to correctly price foreign currency on their Buy and Sell Trades. As a result they are technically empowered to match the Alt Market. This move should deal a heavy blow to Alt Mkt activities!
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Sanjay Swamy
@TheSwamy
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Olufemi Osasona
@OsasDapheel
Have you been buying lands in the Ibeju Lekki axis of Lagos? Cheap cheap lands right and you probably thought everything is good? Well i hate to break it to you, There are no cheap lands in Lagos. If it is cheap, there are risks involved. I'll explain.
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