Old Mutual Zimbabwe Resumes Pension Payment After Conversion, Newsday Says

Old Mutual Zimbabwe Ltd. has resumed paying some pensions after converting payment to U.S. dollars, Newsday said, citing a company statement.

The company’s life insurance unit has limited payments to policies taken out before 2004, Harare-based Newsday said on its website. Policy-holders may be able to cash-in pensions worth less than $250, Newsday added.

Zimbabwe abandoned its currency in 2009 in an attempt to wipe-out inflation of 500 billion percent. The country now uses multiple currencies. The inflation rendered most pensions worthless.

To contact the reporter on this story: Brian Latham in Johannesburg at blatham@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net

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