Harare - The Zimbabwe Stock Exchange is cutting jobs and will soon announce a strategy to generate additional income after revenue fell by half in 2015 and has shown little sign of recovery this year, its chief executive officer said.
Zimbabwe has suffered deflation for the past 18 months because of a fall in consumer demand and the economy is half the size it was in 2000. Cash shortages in a country that primarily uses the US dollar have forced banks to limit withdrawals and made it difficult for companies to pay salaries.
“The continuing low trades and lack of approval of new products has necessitated the need to review our cost structure,” said Albany Chirume, the bourse CEO, in an e-mailed response to questions. “Human capital is one of the major costs.”