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World Service,1 min

Zimbabwe firm introduces pensions denominated in cattle

Newsday

Available for over a year

Pensioners in Zimbabwe have been worried about their life savings being wiped out by hyperinflation and a weak currency. But here's a possible solution... cows. Zimbabweans have long seen cattle as a store of wealth. But one company, Nhaka Life Assurance, has started using cows as a form of pension. The pensions are not denominated in Zimbabwe dollars, since they quickly evaporate, nor in American dollars, since many Zimbabweans are struggling to obtain any. Instead, they are denominated in cows, which the government can鈥檛 print. We spoke to Kelvin Chamunorwa, the man behind the idea, who told us that he "has really taken an age old concept and modernised it." (Photo: A cow with long horns is put for sale at a livestock market. Credit EPA)

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