from MARCUS MUSHONGA in Harare, Zimbabwe
Zimbabwe Bureau
HARARE, (CAJ News) – THE Reserve Bank of Zimbabwe (RBZ) reports it has resolved a network failure that plunged local markets to a standstill this week.
Such an assurance was given on Tuesday night in an unprecedented development after the bank’s network suffered the network challenge from Monday.
The tumultuous central bank assured that the “technical challenge” had no link or effect on depositors’ funds.
RBZ stated it and all financial institutions maintained robust data recovery frameworks, which ensured necessary backup and business continuity in the event of any technical challenges.
“In line with best practice, the Reserve Bank will continue to ensure the stability and integrity of the financial services sector,” RBZ stated.
The Zimbabwe Stock Exchange (ZSE) Holdings, operator of the ZSE and Victoria Falls Stock Exchange (VFEX) were most impacted by the network glitch.
Trades due for settlement on Monday and Tuesday were impacted as a result of the challenges faced by the RBZ.
“ZSE Holdings is engaging with the settlement bank and all outstanding batches will be settled once the system has been restored,” Justin Bgoni, ZSE Group Chief Executive Officer, stated.
Apart from the ZSE, banks were also impacted.
ZSE is one of the continent’s oldest stock exchanges, rooted on the stock exchange established in 1896 by the colonial government.
It has in recent years gone through some changes, notably the introduction of electronic trading and the recent launch of a new automated trading system.
– CAJ News