Zimbabwe Banks On Cows As Inflation Soars
Investing money into cattle is a growing business in Zimbabwe, where inflation is skyrocketing. Many people now consider it safer than putting money in the bank. They are an investment on four hooves. Cattle have become a safe financial option for some Zimbabweans. Hyperinflation in the southern African nation has led to a loss of public confidence in banks and conventional pension systems. Zimbabwe's annual inflation rate jumped to 192% in June, the highest level over a year. The reason behind this is the war in Ukraine, which is driving global commodity prices higher. Over the last 20 years, many citizens have lost savings in banks and pension funds. The "mooing bank" Some are now looking for safer ways to protect their investments. And one option is investing in cattle. Ted Edwards is the chief executive officer of Silverback Asset Managers, which some also mockingly call a "mooing bank." It is a unit trust primarily based on cattle. But, according to Edwards...