We noted in June that Zimbabwe's cash crisis continued unabated.
Those awaiting cash transfers at a bank may wait a month to be cleared and, even then, the transfer may be refused.
The Standard, Zimbabwe’s leading Sunday newspaper, ran an article at the time entitled, “Black market thrives, as banks run dry.”
Some highlights from that article:
The euphoria of the past month has ended with a thud and BTFDers are strangely missing as the commodity chill out of China (which overnight became full blown carnage), has unleashed a global risk-off phase ahead of today's critical CPI data, resulting in broad and sharp selling across global markets, as European stocks followed declines in Asia while bonds and gold advanced. The equity retreat, which spread to U.S. stock futures, started with last night's sharp puke in Chinese commodities.
Here’s a live transmission from the Texas courtroom where JP Morgan Chase & Co’s lawyers are asking a judge to throw out one of the largest punitive judgments in legal history...
The overnight fireworks in Japan, which saw the Nikkei plunge by 860 intraday points and sent vol and volumes soaring (before recovering most losses), spooked traders in Asia and around the globe, and U.S. equity futures are red this morning, along with European shares and oil.