Old Mutual singled out as part of ‘instrument of economic sabotage’ in Zimbabwe – Wall Street Journal

The difference between the Old Mutual London and Harare listings has become a widely used proxy measure for figuring out the market value of the Zimbabwe dollar.
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Headlines about poverty, corruption and political uncertainty hide another side to the Zimbabwe financial picture: it has a vibrant investor class, with the stock market vitally important for individuals and funds aiming to take cover from triple-digit hyperinflation. The Zimbabwe government shut down the stock exchange in an effort to halt a financial crisis. South Africa's Old Mutual, which has listings in London and Harare, is a popular stock but is accused of contributing to the problems. The Zimbabwe government says Old Mutual has been serving as part of the "instrument of economic sabotage" that the stock exchange has become. – Editor.

Zimbabwe's plan to save its currency: shut down the stock exchange

By Gabriele Steinhauser in Johannesburg and Bernard Mpofu in Harare, Zimbabwe

Justin Bgoni, chief executive of the Zimbabwe Stock Exchange, received an unexpected call from a colleague last month: The government had decided to shut down the world's best performing stock market.

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