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SUNDAY, NOVEMBER 22, 2009
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Zimbabwe Central Bank Stole Cash to Stay Solvent

Governor admits pilfering private accounts to keep ministries running

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(AP) – Zimbabwe's central bank governor admits he took money from bank accounts of private businesses and foreign aid groups without permission to keep the country's cash-strapped ministries running. Gideon Gono said today he loaned money from the private hard-currency accounts to the government. He says the accounts will be reimbursed when the loans are repaid.

Gono has been harshly criticized for raiding foreign-currency accounts, among other questionable practices. In his statement, Gono pleaded with his detractors to ease up. Now that Zimbabwe has a new coalition government dedicated to reversing its severe economic decline, Gono says it's time "to let bygones be bygones."

Vengai Chigaramumba laughs while holding the new 10,000,000 dollar note introduced by the Reserve Bank of Zimbabwe, Jan. 18, 2008.
Vengai Chigaramumba laughs while holding the new 10,000,000 dollar note introduced by the Reserve Bank of Zimbabwe, Jan. 18, 2008.   (AP Photo)
Zimbabwean foreign-currency dealers conduct a transaction from the trunk of a car using money stashed in a cooler box in Harare, Oct. 2, 2007.
Zimbabwean foreign-currency dealers conduct a transaction from the trunk of a car using money stashed in a cooler box in Harare, Oct. 2, 2007.   (AP Photo)
Gideon Gono, the governor of Zimbabwe's central bank.
Gideon Gono, the governor of Zimbabwe's central bank.   (Wikimedia Commons)
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Africa • inflation • Zimbabwe • economics • economic reform • incompetence • central bank • economy • hyper-inflation • economic crisis • Gideon Gono

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