Zim to stem cash flight

2011-09-12 22:20

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.

  • James Weather - 2011-09-12 22:42

    they'll try anything ... And it wont work! Route cause: farmland seizures in 2000 Once you chase away the people with money, not only the people go but so does the money ... Bob hasn’t figured this out yet?

      Felix - 2011-09-12 23:00

      he doesn't give a hoot, he's fine in his palace. The rest of the people can get stuffed as far as he's concerned.

      daaidoos - 2011-09-13 02:37

      it seems like the ancyl haven't figured that on out yet either. God bless our leaders of tommorow

      roboman1 - 2011-09-13 09:00

      Astute observation Mr. Weather, but SA politicians have not figured this elementary lesson out either. It gets them votes yousee, they do not really care about the outcome, because it is only the poor that get poorer, not the politicians, they stash their money overseas as well. So it works fine for them, and the naive poor masses just keep voting for them in good faith, and the dumbest of the dumb keep commenting on here in support of the crooked politicians. The rural poor have an excuse, they know no better, but any literate person has no excuse for perpetuating this cycle in Africa from country to country.

  • Oldbuck - 2011-09-12 22:42

    what a shame,zim is a beautiful country and this sick primate and his cronies have really messed it up,i doubt if zim will ever recover.Once you destroy the food supply the country is finished,i hope our government has the intelligence to have a good long look at this and wont make the same mistake here

      James Weather - 2011-09-12 22:47


      tryanything - 2011-09-13 01:28

      SAdly we are already making the same Mistake....our government is walking around (or lying around) with tanning masks on.....

      Majordad.007 - 2011-09-13 05:12

      tryanything. When you suntan, watch out for the melanoma/s. They are potentially deadly.

      Shrek - 2011-09-13 07:18

      I think the primates will take exeption to your statement..

      Hux - 2011-09-13 09:19

      unfortunately our gov. has no intelligence.

  • JWock - 2011-09-12 23:31

    Quoting: "The rest will be held in a Reserve Bank account for a year, effectively making it an involuntary loan to the broke state institution."

      rumsour - 2011-09-13 01:16

      No what it actually means is all land will be sold for $50,000 and the rest is forfeit to "Bob & Co".

  • AJ2 - 2011-09-13 00:00

    Mugabe has taken more money out that country than any other citizen, Zimbabwean or otherwise. Start with getting all those millions back, if you are serious that is..

      zaatheist - 2011-09-13 06:19

      Yeah! Grace Mugabe's international shopping allowance is exempt.

  • AJ2 - 2011-09-13 00:01

    The problem with these 'rules' is that they never seem to apply to the most serious offenders, which sort of negates the whole point of implementing them in the first place.

  • Frankly_Every1 - 2011-09-13 03:08

    Why do you guys stay and entertain these thieves? Every month you stay every cent of tax you pays goes towards your own demise.

      NM - 2011-09-13 05:21

      how true is that!

  • Flashman - 2011-09-13 05:35

    The Reserve Bank of Zimbabwe is just an enterprise of theft. Former governor Gideon Gono admitted that he "borrowed" large sums of money to buy fancy vehicles and to fund his "lifestyle" which of course included shafting old Bob's wife on the side. This is nothing new. In South Africa former herdboys also have to fund their "lifestyle"...This "lifestyle" ticket is being used interminably to deplete taxpayers money. Maybe this is what they mean by the "African Agenda"...

  • Hungwe - 2011-09-13 05:45

    Zim is too far down the tubes to recover, poaching of wildlife is rampant and in many areas has already reached tipping point. Zambian fishing poachers using gill nets are cleaning out fish stocks on the Zimbabwe side of Lake Kariba, the Chinese are raping the country's natural resources and encouraging the poaching of rhino and elephant. Some Chinese individuals mining in the Mashumbi Pools area recently poisoned 6 elephant using loaves of bread laced with poison. It goes on and on without end. Agriculture is in tatters, unemployment at an all time high, the nation bankrupt, aside from Bob and his cronies looting the diamond fields. Very sad and tragic for a beautiful country that doesn't deserve what it has been given. The reason for its failure? - black African governance. South Africa is heading the same way at an alarming rate. African governments are like a circus, except clowns don't run the circus.

  • ChrisW - 2011-09-13 06:39

    Prime evil

  • CaveatEmptor - 2011-09-13 07:55

    Is the writing on the wall for the new South Africa? Is this a prequel to what is coming to theatre near you, ala Julius Malema and his highly incompetent followers?

  • rudie.stoltz - 2011-09-13 08:01

    They must all die. Die DIE DIE DIE DIE DIE. Basterds.

  • Jim - 2011-09-13 08:03

    As long as Mugabe is there nothing will work and the country will never prosper. Mugabe has all the luxuries he needs and couldnt care about his people, he has drained Zim dry of everything, and now he is looking for scraps.

  • charliewoo - 2011-09-13 08:20

    Bob is a prick

  • Hendrik - 2011-09-13 08:22

      nn.prv - 2011-09-13 09:41

      Thats an old email photo from 2005 of a mansion that has belonged to almost all the rich people in this world...No News there! Where have you been?

  • zackie - 2011-09-13 10:50

    now zimbobwe is giving the anc gang some ideas to steal more from the economy another success ful african state

  • Martin - 2012-01-07 11:10

    Maybe Im being a tad dumb here. Surely the buyer is depositing the money anyway so as far as the paperwork is concerned, Money in equals Money out if the Gvn doesn't get involved. Therefore, with new ruling, a house sold for $300k means that the Reserve Bank get $300k from the buyer and $250k from the seller. Have I missed something here???

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