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industry official has said.
Beatrice Nkanza, Lusaka Stock Exchange chief executive officer, said the Zambian bourse would suspend trading to allow traders to start next year on a clean slate after the kwacha re-basing.
“In December we may have to suspend trading to allow and test our systems and be able to get all the trades settle and start on a clean slate,” Nkanza said without giving details to when the suspension would be effected.
“The suspension shouldn’t, however, be for more than a week but the market will be advised in due course. We want to be up and running on the second of January,” Nkanza added.
Zambia will introduce a re-based currency beginning January 1, 2013 and will cease using the existing notes in ordinary transactions by June of the same year.
Finance Minister Alexander Chikwanda earlier on said the latest development this year would re-base the kwacha by lopping off the three zeros inflation. — CAJ News.
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