1997 Zimbabwean Black Friday

1997 Black Friday of Zimbabwe October 2023 The lead needs to quickly and clearly inform the reader about the article's topic. See MOS:LEAD 1997 Zimbabwean Black Friday is an economic event that led to the turmoil of Zimbabwean economy as a result of former president, Mugabe's measure. The term ‘Black Friday’ was driven from a national electricity blackout that happened the same day.Time line of collapse of Zim dollar - Mike Campbell Foundation http://www.mikecampbellfoundationresources.com/page/time-line-of-collapse-of-zim-dollar 2023-10-18 www.mikecampbellfoundationresources.com On 14 November 1997,Marawanyika Godfrey 2007-11-11 Zim marks 10 years since 'Black Friday' https://mg.co.za/article/2007-11-11-zim-marks-10-years-since-black-friday/ 2023-10-18 The Mail & Guardian en-ZA Robert Mugabe gave order to Finance Minister to release Z$4.2 billion into the economy as a once off payment to over 50,000 war veterans. The Zimbabwean dollar crashed the same day by 71.5% against United States Dollar while Zimbabwe Stock Market lost 46% of its previous day market capitalization. Private Companies lost Z$4 billion in market value, the likes of Delta Corporation.Black Friday: A spark fell into a keg of rumour, nervousness and blind panic – eBusiness Weekly https://www.businessweekly.co.zw/black-friday-a-spark-fell-into-a-keg-of-rumour-nervousness-and-blind-panic/amp/ 2023-10-18 www.businessweekly.co.zwBlack Friday 17th anniversary https://www.herald.co.zw/black-friday-17th-anniversary/ 2023-10-18 The Herald en-US Background The situation was propelled by war veterans, as they pushed to be paid their war packages. Events Zimbabwe's introduction of unbudgeted Z$4.2 billion, which represented 3% of the GDP, led to the plummeting of local currency by 71.5% and stock market by 46%. The central bank intervened into the market with an $15 million worth of reserves to restore order. The central bank placed several measures including forcing corporates to liquidate their foreign currency holdings, banks and bureau de change were no longer allowed to hold $5 million and $500,000 in foreign currency respectively. Companies lost Z$4 billion in form foreign exchange losses and stock market losses. October 2023 Aftermath Zim dollar crashed by nearly 72% in four hours.Zimbabwe's power failure The Economist https://www.economist.com/finance-and-economics/1997/11/20/zimbabwes-power-failure 2023-10-18 0013-0613 ZSE shed 46% of its value. See also Economy of Zimbabwe Robert Mugabe Zimbabwe national budget References Category:1997 in Zimbabwe Category:Economic history of Zimbabwe