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Africa Subsaharan
Zim admits to raiding private bank accounts
2009-04-21
[Mail and Globe] Zimbabwe's central bank governor admitted on Monday 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, Reserve Bank Governor 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.
"So let me keep the money."
The central banker said gave the money he took from the hard currency accounts as loans to various ministries, and those private accounts would be reimbursed when the ministries repaid the loans.
Sorta like how the mob 'loans' money ...
He said the bank's efforts "sustained the country" in its hour of need.

Gono's statement showed the practice was widespread. It was first hinted at last year, when the international aid agency Global Fund threatened to cut off funds to Zimbabwe for fighting Aids, tuberculosis and malaria unless money taken from its account was returned. The central bank returned $7,3-million to Global Fund.

The raiding of foreign currency accounts is just one of the highly questionable actions for which Gono has been sharply criticized.

In the past two years, Gono slashed 25 zeros from the local currency, printed more local money without backup reserves or assets and distributed agricultural equipment to many in President Robert Mugabe's party who were given farms seized from whites.

Gono declared Monday that the criticism of his office had reached "ridiculous dimensions ... in the name of trying to show how evil, unworthy and incompetent the governor is." "All this is being done to in an effort to show the central bank governor killed the economy single-handedly," his statement said.
Posted by:Fred

#3  white ppl sell your farms realllllll quick
Posted by: rabid whitetail   2009-04-21 20:19  

#2  .....and distributed agricultural equipment to many in President Robert Mugabe's party who were given farms seized from whites.

Barry is postponing this action for the time being. The Chinese manufactured farm tractors have not yet arrived.
Posted by: Besoeker   2009-04-21 07:33  

#1  Don't laugh. Timothy Geithner is probably asking the question, "And how long did he get away with it?"
Posted by: Anonymoose   2009-04-21 01:04  

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