Offshore financial centre is in the works for Zimbabwe Posted by Jordyn Johnson on 21 February 2023 Zimbabwe has plans to set up an offshore financial centre (OFC) in Victoria Falls. It hopes to compete with OFCs like Dubai, Mauritius, and the Isle of Man. Picture: GettyImages An offshore financial centre is a country of jurisdiction ‘that provides financial services to non-residents.’ The Victoria Falls Stock Exchange (VFSE) was opened in October 2022 and has experienced a listing boom, reports MoneyWeb. ‘The trigger [for the announcement of the OFC] is the success of the VFSE,’ said Financial Minister Mthuli Ncube in an interview. They ‘want to compete with any offshore financial centre in the world.’ News24 reports that ‘Marc Holtzman, a US veteran banker with 35 years experience in emerging markets has been appointed board chairman of the centre.’ The OFC will be based on the US dollar, making it a hard currency zone (a currency issued by developed countries, globally traded, and seen as politically and economically stable). Land has also been made available for global banks to establish their offices in Victoria Falls, Zimbabwe. The VFSE already has eight traded businesses with ‘two more companies… coming and two more are seeking approval,’ said the chief executive officer at VFSE, Justin Bgoni. Follow us on social media for more travel news, inspiration, and guides. You can also tag us to be featured. TikTok | Instagram | Facebook | Twitter ALSO READ: Cape Town paddler completes solo kayak crossing of Atlantic Ocean Related Posts Cape Town’s sustainability: Leading the way in environmental initiatives 1 June 2023 As National Environmental Month commences in South Africa, Cape Town stands proudly at the forefront... read more Kapama to host Safari Guide of the Year Awards 2023 1 June 2023 Kapama Private Game Reserve near Hoedspruit will host this year’s Safari Guide of the Year... read more Blood Lions relaunches for public viewing on YouTube 1 June 2023 Award-winning documentary feature film Blood Lions has been relaunched on YouTube for public viewing, creating... read more PREV ARTICLE NEXT ARTICLE
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