The highest decision-making body of the Zimbabwe African National Union-Patriotic Front on Friday said it endorsed a decision to “eject Old Mutual from the financial system” and to shut down the country’s biggest mobile-money platform, Ecocash. The institutions have caused “runaway inflation through illegal parallel exchange-market rates,” the party’s acting spokesman, Patrick Chinamasa, said after the meeting in Harare. A spokesperson for Old Mutual in Johannesburg didn’t respond to calls and a text message seeking comment. The Old Mutual Implied Rate values the Zimbabwean dollar at 122 against the greenback, compared with a black-market rate of about 100, and Friday’s closing price of 65.8765. Old Mutual spans banking, property and insurance in the country.

Source: The Local July 11, 2020 14:58 UTC