Zimbabwe Banks On Cows As Inflation Soars

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https://funnysparrow880.blogspot.com/2022/08/zimbabwe-banks-on-cows-as-inflation.html

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.

https://funnysparrow880.blogspot.com/2022/08/zimbabwe-banks-on-cows-as-inflation.html
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, business is booming.

"Cows seem to be a safe option for some," Edwards said, adding that some asset management companies are creatively coming up with the old tradition of investing in cattle to create wealth for investors.

Edward's asset company has established a unit trust investment vehicle where citizens can invest in cattle using the local currency.

Over time, cattle have proven that they can absorb inflationary shocks, Edwards told DW.

"What we have done is to create a unit trust fund called Mombe Mari trust fund. We have essentially unitized cattle into the trust fund as a means of attracting investment into the cattle industry."

Currently, one unit is equivalent to hundred kilograms of live cattle. "It is open to investment for anyone out there who wants to buy units in the unit trust."

While a cattle unit trust may be a new phenomenon in Zimbabwe, cattle have traditionally been a source of wealth for rural farmers.

https://funnysparrow880.blogspot.com/2022/08/zimbabwe-banks-on-cows-as-inflation.html
In the southern part of Zimbabwe, a region predominantly suitable for cattle ranching, farmer Zenzele Ndebele says he has never regretted investing in cattle.

Ndebele has managed to withstand the inflation pressures that the country is experiencing.

"I have a certain control over what I can do with my cattle," Ndebele told DW. "You can really calculate. Your cattle will add value over a period. Then, you can sell if you want to sell."

Cattle essentially retain their value regardless of inflation swings. In addition, they yield value long-term due to their potential reproduction rate of around one calf a year.

https://funnysparrow880.blogspot.com/2022/08/zimbabwe-banks-on-cows-as-inflation.html
"To have investments in cows or animals is a better investment opportunity than gold coins," Mugano told.

"When the animals drop their offspring, that is your interest rate. It is a better bank than going to the bank and put money that is eroded by inflation."

Zimbabwe's central bank started selling gold coins to the public in July to help protect people's savings against the country's runaway inflation.

The gold coins are sold in local currency, US dollar, and other foreign currencies.

The Mosi-oa-Tunya gold coin, named after Victoria Falls, is mostly made of gold and can be used for purchases in shops as well as be used as security for loans and credit facilities.

"I can work independently using my own initiative or as part of a team."

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