Off Shore Financial Centre In Zimbabwe

Zimbabwe –

According to News24, Zimbabwe’s Minister of Finance, Mthuli Ncube, has stated that Zimbabwe aims to compete with any offshore financial center in the world. The country intends to establish an offshore financial center and allow firms to choose the stock exchange to list on based on their capital requirements.

The initiative has received international support, with the appointment of veteran US banker Marc Holtzman as board chairman. Zimbabwe has been cut off from international capital markets after defaulting on payments to the World Bank, the International Monetary Fund, and other lenders.

VFEX, Zimbabwe’s offshore financial center, offers tax exemptions on capital gains, the ability to trade in US dollars, and the ability to repatriate funds from a country facing a foreign exchange shortage.

Currently, eight businesses are traded on VFEX. Holtzman believes that building confidence will be key to addressing the challenges facing VFEX.