LAST UPDATED: 2013-05-25, 08:02

AU's efforts to tackle problems 'strained'

The AU's efforts to tackle the continent's problems, especially conflict, are strained by a shortage of cash, poor organisation, lack of capacity and often reluctance to get involved, analysts warn.

Cape Town

Sunday 15-17°C

Numerous showers. Mostly cloudy. Cool.

7 day forecast

Monday	15-18°c	Passing showers. More sun than clouds. Mild.
Tuesday	13-19°c	Showers early. Afternoon clouds. Mild.
Wednesday	14-20°c	More sun than clouds. Mild.
Thursday	14-19°c	More sun than clouds. Mild.
Friday	14-20°c	High level clouds. Mild.
Saturday	14-16°c	Numerous showers. More clouds than sun. Cool.

More weather from Weather24 >

Brought to
you by:

Mugabe expected to 'save' foreign banks

2012-07-05 14:20

Zimbabwe president, Robert Mugabe. (AP)

Multimedia · User Galleries · News in Pictures Send us your pictures · Send us your stories

Special Report

Chinese call for stability in Zimbabwe

Chinese vice premier Wang Yang has urged Zimbabwe to ensure peace and political stability ahead of elections this year.

Cape Town - Zimbabwe’s Central Bank boss says he will be consulting with President Robert Mugabe for guidance on the latest moves by the country's indigenous minister to have foreign banks seized under the Zanu-PF led asset grab programme, a report said on Thursday.

According to Newsday, President Robert Mugabe was now expected to intervene in the battle between Reserve Bank of Zimbabwe's (RBZ) governor Gideon Gono and indigenous minister Saviour Kasukuwere after Gono declared that foreign banks would be not be seized.

The indigenous minister last Friday extended government’s asset grab programme under the indigenisation laws to include banks, crèches, primary and secondary schools as well as institutions of higher learning. He gave foreign-owned banks a year to transfer 51% of their shareholding to locals.

But Gono on Thursday warned the move breached the country's own banking laws. He said he was now seeking a meeting with Mugabe - who is in Singapore until this weekend for a medical check-up - for guidance.

"The Zimbabwean banking sector needs to be advised that there is no law that provides for arbitrariness on the part of anyone and/or expropriation of banking assets in Zimbabwe," he said.

"I will soon... be consulting with and obtaining further guidance from President Mugabe on the latest moves by the minister [Kasukuwere] in relation to the sector that I superintend, the banking sector, and his [Mugabe’s] instructions will be final in the manner in which we will proceed.

"Until such guidance is received from the president, we regard the regulations as gazetted as devoid of detail and rationality as they are contradictory in many respects with existing laws in the country such as the Banking Act and the RBZ Act which stand at par with any other law in the country except the Constitution," he said.

Gono said Kasukuwere’s notice had been published without consultation with "monetary authorities in the country".

- News24

NEXT ON NEWS24X

Sudan suspends two biggest dailies

2013-05-25 19:00

Inside News24

Restaurant specials

R9.99 bottle of wine, 2 for 1 burger and more...
Pics: Vuyo Mbuli funeral

Images from the funeral of the beloved SABC host in Johannesburg.
Best looks: Cannes fest

Our top celeb looks from the Cannes Red Carpet.
Sexy city break

The perfect itinerary for an urban romance.
Pet snake alert

Many people keep dangerous snakes in their homes.
Outa speaks out

Outa chairperson has his say about e-tolling, ANC and the Catholics.
Debt freedom

People who enjoy a debt-free status had to work hard to get there.
Pics: Vuyo Mbuli memorial

A massive crowd of mourners say goodbye to TV icon Vuyo Mbuli.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.

Sunday 15-17°C

Mugabe expected to 'save' foreign banks

Special Report

Other Stories in Zimbabwe...

Inside News24

Welcome to News24

News in your area

Latest comment in Africa

Travel - Look, Book, Go!

Kalahari.com - shop online today

Sponsored links

I'm shopping for:

services

Hello

Create Profile

Please provide a username for your profile page:

Hello

Choose a display name:

Edit your avatar:

Tell us a bit about yourself:

Saving your profile

Settings

Saving your settings

Facebook Sign-In