Zimbabwe Halts Stock Exchange, Mobile Money to Calm Currency

Zimbabwe suspended most monetary transactions on mobile-phone platforms and halted trade on the local stock exchange in an effort to stabilize its currency.

The measures come two days after President Emmerson Mnangagwa warned his government will tackle “malpractices” that he said have undermined his government’s efforts to end an economic crisis. Inflation in the southern African nation is at 786%, its recently revived currency has collapsed, and the World Bank estimates the economy will shrink as much as 10% this year.