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[2008-05-25] Minimum Investment Now 100 Billion Investors now need at least Z$100 billion to invest on the Zimbabwe Stock Exchange (ZSE).
Kingdom and Rennaisance Asset Management, who are leading stock market analysts have hiked their rates from about Z$50 billion last week to a staggering Z$100 billion.
Econet Wireless shares are now at Z$1 billion the highest on the lucrative bourse in Zimbabwe.
They began selling at a mere Z$1 about 10 years ago when the company listed on the ZSE under Strive Masiyiwa who is now based in South Africa.
Nigel Chanakira and Masiyiwa have more than 5 million shares in the company making them arguably the two richest Zimbabweans on the ZSE today.
Meanwhile the United States dollar is now worth at least Z$45 million on the thriving black market in Zimbabwe compared to the banks which are offering between Z$24 million and Z$30 million.
The rate has been going up since last week when the RBZ liberalised the foreign currency market in cash-strapped Zimbabwe.
The South African Rand is now at Z$4 million on the streets of Harare.
Banks are however giving about Z$24 million for the greenback with Metroplitan Bank giving customers Z$30 million for the greenback, the highest by commercial banks in Zimbabwe.
Citizens are still going to the black market for their change because commercial banks cannot give them more than Z$10 billion over the counter when they need money for groceries and transport everyday.
Transport costs have gone up to more than Z$150 million each way in Harare. Mbare high density suburb is the cheapest at about Z$100 million into town.
The staple diet sadza now costs Z$1 billion in some hotels
