Zimbabwe

Zim to stem cash flight

2011-09-12 22:20

Special Report

Mugabe 'unmoved' after Obama snubs him
Mugabe 'unmoved' after Obama snubs him

Zimbabwean President Robert Mugabe’s spokesperson has reportedly described President Barack Obama’s visit to the African Union headquarters as 'just a visit by another visitor'.

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.

Read more on:    robert mugabe  |  zimbabwe  |  southern africa

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