Zimbabwe Fed Raided Private Accounts

I’m no longer surprised by any news story out of Zimbabwe. Still, this is just crazy:

Zimbabwe’s central bank governor admitted today that he took hard currency from the bank accounts of private businesses and foreign aid groups without permission, saying he was trying to keep his country’s cash-strapped ministries running.
In a statement that would be unthinkable coming from most central banks, the governor of the Reserve Bank, Gideon Gono, appeared to be issuing a plea to keep his job in the face of growing criticism.
Gono said it was time “to let bygones be bygones” now that Zimbabwe has a new coalition government dedicated to reversing its economic decline.
The central banker said he gave the money he took from the hard currency accounts as loans to various ministries, and the private accounts would be reimbursed when the ministries repaid the loans. He said the bank’s efforts “sustained the country” in its hour of need.

Posted by on April 22nd, 2009 at 10:52 am


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