As strong as the S&P 500 has looked this year, 2023's most blistering stock rally is happening in Harare, Zimbabwe. The market is up more than 800% to start the year, according to Bloomberg data.
But in a country that's seen its share of economic crises, there's little reason to cheer. Local investors have piled into stocks in the hope of protecting the value of their cash as inflation hit 176% in June. The central bank's primary lending rate is now hovering at 150%, the world's highest. Launched in 1894, the stock market of Zimbabwe is relatively small. Its total capitalization is about $1.8 billion, with 55 stocks to trade, and daily turnover of about $650,000, per Bloomberg.
Hyperinflation has plagued Zimbabwe's economy for over a decade, ravaging the country's currency. The Zimbabwe dollar has plunged this year, losing more than 80% in the last two months alone, and continues to fall.Last year,
Canada Canada Latest News, Canada Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: MarketWatch - 🏆 3. / 97 Read more »