Zimbabwean President Robert Mugabe, whose increasingly totalitarian government oversaw hyperinflation and chronic shortage, was reelected last week. Today, the Zimbabwean stock market plunged.
Zimbabwe’s stock market plunged on Monday, the first trading day since confirmation of President Robert Mugabe’s landslide election victory, as fears spread that his ZANU-PF party might target foreign-owned businesses or scrap the U.S. dollar.
The bourse’s Industrial Index fell 11 percent in a clear sign of jitters over ZANU-PF, whose economic policy centers on the “indigenization” of foreign firms – essentially forcing them to cede majority control to local blacks.
Who would’ve guessed this given Mugabe’s previous economic track record….