Zimbabwe Central Bank Stole Cash to Stay Solvent

Governor admits pilfering private accounts to keep ministries running
By Newser Editors and Wire Services
Posted Apr 20, 2009 11:26 AM CDT
Zimbabwe Central Bank Stole Cash to Stay Solvent
Vengai Chigaramumba laughs while holding the new 10,000,000 dollar note introduced by the Reserve Bank of Zimbabwe, Jan. 18, 2008.   (AP Photo)

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." (Read more Zimbabwe stories.)

We use cookies. By Clicking "OK" or any content on this site, you agree to allow cookies to be placed. Read more in our privacy policy.
Get the news faster.
Tap to install our app.
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.