Thursday, 2 October 2008

Zimbabwe market plummets 50% on one day.

We are getting so used to the Zimbabwe stock exchange being up 50% every day as a result of te hyper inflation, that declines like this come as a double surprise. The 50% fall yesterday was the direct result of the 137% depreciation in the OMIR to 1.367m/USD.

The movement in the OMIR rate was in response to the future make up of the Cabinet, and Mbeki’s resignation.

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