Zimbabwe Central Bank Stole Cash to Stay Solvent

Zimbabwe's central bank governor admits he took money from bank accounts of private businesses and foreign aid groups without permission to keep the country's cash-strapped ministries running. Gideon Gono said today he loaned money from the private hard-currency accounts to the government. He says the accounts will be reimbursed when the loans are repaid.

Gono has been harshly criticized for raiding foreign-currency accounts, among other questionable practices. In his statement, Gono pleaded with his detractors to ease up. Now that Zimbabwe has a new coalition government dedicated to reversing its severe economic decline, Gono says it's time "to let bygones be bygones." (More Zimbabwe stories.)