Zimbabwe

Zim to stem cash flight

2011-09-12 22:20

Special Report

Tsvangirai hints at anti-Mugabe protests
Tsvangirai hints at anti-Mugabe protests

Zimbabwe's main opposition leader Morgan Tsvangirai says his party could roll out protests against President Robert Mugabe’s government over its inability to improve a flagging economy.

Harare - Zimbabwe's central bank says it is enforcing new currency controls to stop the flight of cash from the southern African nation's broke economy.

The bank said in an order made available on Monday that property sellers will receive only the first $50 000 of their price. The rest will be held in a Reserve Bank account for a year, effectively making it an involuntary loan to the broke state institution.

Since Zimbabwe abandoned its own currency in 2009 and adopted the US dollar as legal tender, property sales drained the formal economy of cash. The bank says money sent out of the country weakened the nation's ability to balance its books.

Zimbabwe has experienced economic problems and seen record inflation since long time ruler President Robert Mugabe ordered farmland seizures in 2000.

- SAPA

Read more on:    robert mugabe  |  zimbabwe  |  southern africa

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