The government is on record telling us all about how de-dollarisation is working. While ZWL money supply has grown over the past year, about half the transactions in Zimbabwe are now being conducted in US dollars. Even when a transaction or price in Zimbabwean dollars it is often based on a price set in US dollars. The government itself and its various affiliates has been slowly adopting the US dollar as the basis of most of its fees, fines and prices. One of the latest changes on this front come in the form of SI 218 of 2022 which sets the new Zimbabwe Stock Exchange fees which are now based in USD.
The following fees are now based on a US dollar price point:
- Listing fees
- Annual listing fees
- Documentation fees
- Ruling fees
- Sponsor fees and
- Fees applicable to authorised advisors
It is important to note that while the fees are in US dollars, companies have the option of paying either in US dollars or paying in Zimbabwean at the prevailing exchange rate on the given date. It probably means that just like everyone else the government is tired of having to update it’s ZWL prices each time the rate moves upwards.
Starting this month new listing fees will now be as follows:
| Tier | Lower Market Capitalisation US$ | Upper Capitalisation US4 | Fee in US$ |
|---|---|---|---|
| 1 | 0 | $785 000 | $5 400 |
| 2 | $785 001 | $3 900 000 | $8 200 |
| 3 | $3 900 001 | $7 800 000 | $12 800 |
| 4 | $7 800 001 | $15 700 000 | $15 300 |
| 5 | $15 700 001 | $23 600 000 | $19 300 |
| 6 | $23 600 001 | $31 400 000 | $27 200 |
| 7 | $31 400 001 | $39 300 000 | $30 600 |
| 8 | $39 300 001 | $55 100 000 | $36 300 |
| 9 | $55 100 001 | $78 700 000 | $40 500 |
| 10 | $78 700 001 | $118 100 000 | $43 400 |
| 11 | $118 100 001 | $157 400 000 | $45 400 |
| 12 | $157 400 001 | ∞ | $50 000 |
- Listing fees are paid each quarter
- For REIT trusts the listing fees are 0.05% of the value of securities with a minimum fee of US$5 500 and a maximum fee of US$67 300
At this point the joke is no longer funny.
The way they loudly profess about how well things are going and then silently release SI going against everything they just said not even a week ago.