Monday, March 29, 2010

DIANNA GAMES: Making up for wasted time after Zimbabwe’s ‘lost decade’

EMMANUEL Munyukwi, CE of the Zimbabwe Stock Exchange (ZSE), has had a stressful time during Zimbabwe’s lost decade — keeping interest alive in a stock market increasingly disconnected from the rest of the world.
Hyperinflation, peaking far north of the last official rate of 231-million percent, a government driven by political expedience and a currency in freefall were just some of the other headaches Munyukwi, along with the rest of the country’s business sector, had to cope with over the past 10 years. The ZSE saw foreigners pulling out and local companies using the exchange as a hedge against inflation. In 1997, 30% of trading was driven by foreigners; in 2008 it was closer to 2%.

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