Wonderland Wire

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Zimbabwe Raids Private Bank Accounts

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20 Apr 09 | Reuters

Zimbabwe’s central bank raided the private bank accounts of companies and donors to fund President Robert Mugabe’s government during the economic crisis, according to a central bank statement made available on Monday.

Central Bank Governor Gideon Gono said the central bank took foreign currency from private accounts to help pay for some $2 billion in loans to state-owned companies and utilities and for power and grain imports.

He said the government still had to repay about $1.2 billion to the central bank, which would allow it to repay money it owes private accounts.

“Immediate reimbursement to the central bank … will enable the Reserve Bank to also reimburse all corporate and NGO foreign currency account dues,” the central bank said. >>>

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Written by Editors

21 April 2009 at 12:15 am

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