Zimbabwe

Zim to stem cash flight

2011-09-12 22:20

Special Report

Mugabe's wife Grace completes PhD in 3 months
Mugabe's wife Grace completes PhD in 3 months

Soon after being shoe-horned into the top ranks of Zimbabwe's ruling party, the wife of ageing leader Robert Mugabe has gained a PhD in orphanages, seen as the latest sign that she may be destined for the high office.

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
NEXT ON NEWS24X

SHARE:

Read News24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
28 comments
Add your comment
Comment 0 characters remaining
 

Inside News24

 
/Fashion

Jobs in Cape Town [change area]

Property [change area]

Travel - Look, Book, Go!

Magical Massinga

Spend 5 nights at the gorgeous Massinga Beach Lodge in Mozambique and only pay for 4 from R13 220 per person sharing. Includes return flights, accommodation, transfers and romantic turndown. Book now!

Kalahari.com - shop online today

Pre-order your iPhone 6 at kalahari.com

Hurry and pre-order your own iPhone 6 now at SA’s favourite online store!

Bargain box – 60% off

Reduced prices, very limited stock. While stocks last. Hurry and shop now!

Mind blow low prices on electronics

Get either the Prestigio multiphone or Proline tablet 7” tablet for only R699. Offers valid while stocks last. Shop now!

30% off Barbie toys

Save 30% on all Barbie toys and accessories. Offer valid while stocks last. Shop now!

Baby extravanganza month at kalahari.com

Celebrate baby month with a wide range of awesome baby products. Offers valid while stocks last. Shop now.

OLX Free Classifieds [change area]

Samsung Galaxy s4

Mobile, Cell Phones in South Africa, Western Cape, Cape Town. Date October 24

Best bargain in big bay

Real Estate, Houses - Apartments for Sale in South Africa, Western Cape, Cape Town. Date October 25

VW Golf 6, 1.6 Trendline (Excellent condition)

Vehicles, Cars in South Africa, Western Cape, Cape Town. Date October 25

Horoscopes
Aquarius
Aquarius

It may feel like you are treading water and going nowhere fast. You may want to get off the merry go round. By pushing yourself...read more

There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

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.








Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.