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The Zimbabwe Stock Exchange Limited (ZSE) is pleased to advise all stakeholders that the Exchange Control (Special Provisions for Securities Listed on Victoria Falls Stock Exchange) Regulations have been published under Statutory Instrument 196 of 2020. The Statutory Instrument provides that securities listed on VFEX shall be traded solely in United States Dollars (USD) or any other convertible currency.


Local investors with free funds, as defined in Exchange Control (Exclusive Use of Zimbabwe Dollar for Domestic Transactions) Regulations, 2019, published in Statutory Instrument 212 of 2019, will be able to invest on VFEX in addition to foreign investors.

Resident Zimbabwean companies listed on the ZSE will be permitted to list up to 20% of their capital on VFEX whilst Non-resident and non-ZSE listed entities will be permitted to list 100% of their capital on VFEX. Non-resident ZSE listed companies (or non-resident companies that delisted within the previous five (5) years) will be permitted to list on VFEX provided they commit to invest 20% of the capital raised in Zimbabwe within five (5) years.

Listing on VFEX will be in accordance with the VFEX listing rules as approved by the Securities and Exchange Commission of Zimbabwe (SECZ) and capital raised on VFEX may be held in an approved local or offshore account with an internationally recognised banking institution.

The clearing and settlement of transactions executed on VFEX shall be done by VFEX either locally or offshore in accordance with Clearing and Settlement rules as approved by SECZ and in consultation with the Reserve Bank of Zimbabwe (RBZ).