Zim bank chief begs IMF not to expell Zim

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05 September 2005 07:50

Zimbabwe's central bank head on Sunday obliquely pleaded against the country's threatened expulsion from the International Monetary Fund and denied using undeclared foreign exchange to pay back part of the IMF debt.....

South Africa's Business Day newspaper on Thursday said the money came from "undeclared foreign exchange reserves which could be seen by the IMF as a serious violation of its rules on transparent presentation of key data".

Gono said: "For anyone to suggest that we either raided exporters' FCAs [foreign currency accounts] or raided any other depositors' facilities ... is scandalous to say the least."

He said the funds accrued came through belt-tightening and not from "diamonds in the DRC [Democratic Republic of Congo] ... or [President Robert Mugabe's] friends in the region," namely South Africa.