Word: exchangees
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These men would have once spent their days barking out orders for shares on the trading floor (actually a U-shaped conference table in a nondescript downtown office) of the Harare bourse, but Zimbabwe's central bank forced the exchange to shut down last November amid allegations of fraud and...
What Gono didn't mention is that the government has been one of the largest investors in the market, in which the lag between the implied currency-exchange rate on the floor and the black-market rate on the streets still creates opportunities for quick gains. Other big players include...
The government's move left Munyaradzi Ruzvidzo, one of the 38 licensed stockbrokers on the exchange, with little to do. Where once he enjoyed the frenetic lifestyle of a much sought-after banker, he has spent most of the past three months working "about five minutes" a day. He would...
Still, the traders are lucky to even have jobs in a country where 4 out of 5 people are unemployed and 7 out of 10 eat one meal per day or less. Governor Gono's incessant printing of Zimbabwean dollars has deepened the country's economic woes, turning what was...
Trading on Zimbabwe's volatile stock market made Wall Street's dubious derivatives look like Treasury bills. With an economy locked out of the global financial system, daring foreign hedge funds and institutional investors saw this obscure market - much like emerging investment funds in wine and fine art - as an...