This Week In Zimbabwe: The Cost Of Political Blindness
It has been business as usual in Zimbabwe this week. On Monday, as the SADC Troika met in Harare, the Zimbabwe Stock Exchange had a mini-crash. Punters were unsure what would come out of the talks (they obviously do not read this blog!). Most counters retreated marginally (by our standards). The very next day, however, the market was back to its old ways, with most counters gaining heavily. Both Minings andIndustrials put on an impressive show. Bindura, a perennial favourite, shot up from 70 billion dollars a share to 250 billion. It closed yesterday at 700 billion dollars a share. Even newcomers like Trust Holdings (re-listed after being plundered by Gidiot Gono in 2004) closed yesterday around 2 billion dollars a share. Rio Zim was quoted at over 4 trillion dollars a share. The US dollar yesterday was being quoted at anywhere between 60 billion and 200 billion Zim dollars. The black market, which is now the real Reserve Bank in Zimbabwe, operates as follows: the small players (most...