for subscribers

Zim stock exchange cuts jobs after trading slumps

Share your Subscriber Article
You have 5 articles to share every month. Send this story to a friend!
iStock
iStock

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.”

There’s more to this story
Subscribe to News24 and get access to our exclusive journalism and features today.
Subscribe
Already a subscriber? Sign in
ZAR/USD
15.20
(-0.25)
ZAR/GBP
20.40
(-0.01)
ZAR/EUR
18.42
(-0.06)
ZAR/AUD
11.29
(-0.13)
ZAR/JPY
0.15
(+0.06)
Gold
1835.48
(-0.24)
Silver
24.14
(+0.55)
Platinum
1061.00
(+3.78)
Brent Crude
48.78
(+0.95)
Palladium
2336.01
(+1.71)
All Share
59419.37
(+0.80)
Top 40
54500.04
(+0.61)
Financial 15
11646.83
(+2.17)
Industrial 25
79758.36
(+0.10)
Resource 10
57015.33
(+0.70)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Please select an option Oops! Something went wrong, please try again later.
Results
Yes, and I've gotten it.
21% - 383 votes
No, I did not.
52% - 946 votes
My landlord refused
27% - 499 votes
Vote