Zimbabwe launches quixotic war on modern finance

Johannesburg-listed insurer Old Mutual is seeking clarification from Zimbabwe’s ruling party after a spokesman said it had decided to “eject Old Mutual from the financial system” because of its alleged role in stoking inflation, Bloomberg reported on July 12. Old Mutual denied any impropriety.

The move follows the government’s decision to suspend trading on the Harare stock exchange on June 26 and ban mobile phone-based payments, as part of efforts to address a slide in the value of the Zimbabwe dollar. Prior to the suspension, Zimbabwe’s industrial stock index had posted year-to-date gains of 666% as Zimbabweans rushed to convert any available cash into equities as protection against hyperinflation.

The Zimbabwe dollar fell to 57 against the U.S. dollar on June 23 in the southern African nation’s first foreign currency auction since scrapping a fixed exchange rate of 25 to the greenback. On the black market, it is trading at around 105 to the U.S. dollar.

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

NRA Touts The AR-15 As An 'Everyday Gun' For 'Everyday Citizens.' Critics Go Ballistic.“Modern-day musket my ass,” tweeted David Hogg.
Source: HuffPostWomen - 🏆 27. / 68 Read more »

What a History of Smells Can Teach Us About Medicine, Misogyny, and Farts of the PastThe book is as interested in how people related to their stinky surroundings as it is in the odors themselves. Interesting. The French as colonizers replicated the same horrendous lack of sewage systems making Francophone Africa susceptible to disease & pollution that continue today. Whereas the British were the Boy Scouts of colonization & at least built sewers for Anglophone Africa.
Source: Slate - 🏆 716. / 51 Read more »

‘Star Wars’ Animated Series ‘The Bad Batch’ Ordered at Disney PlusA new animated “Star Wars” series is imperial marching its way towards the small screen. Disney Plus has issued a series order for “Star Wars: The Bad Batch,” a spinoff of t… I read this incorrectly. 🤣😂
Source: Variety - 🏆 108. / 63 Read more »

BUSINESS INSIDER: Personal FinanceProviding you with the tools and advice for managing your finances.
Source: BusinessInsider - 🏆 729. / 51 Read more »

The Chicest Modern French Manicure Ideas to Try NowThe French manicure has acquired different statuses over the years. Going from a huge trend to a classic, to outdated
Source: Fashionisers - 🏆 399. / 53 Read more »