Expert insights on Old Mutual, and Zimbabwe, as Zanu-PF moves to ‘eject’ biggest company
Zimbabwe is blaming the collapse of the Zimbabwean dollar on the stock market and is pointing a finger at Old Mutual, the largest company by market value on the exchange. The government threatened to 'evict' Old Mutual from the stock exchange, with the ruling ZANU-PF party saying in a statement that Old Mutual could trade in US dollars on another stock exchange in Victoria Falls. But that stock exchange does not exist. Zimbabwe experts Sean Gammon, Professor Tony Hawkins and Tara O'Connor told the BizNews Midweek Catchup webinar that the steps that Zimbabwe wants to take are not going to slow inflation. – Linda van Tilburg
Zimbabwe's inflation rate has been above 700% for most of the year and the value of the Zimbabwean dollar has plummeted, raising fears that it is another race to the bottom – similar to what happened in 2008 when hyperinflation was counted in billions.Â
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