Thursday, December 15, 2005

Mugabe legalizes stealing


The Zimbabwe government plans to introduce new regulations to allow it to temporarily borrow from foreign currency accounts (FCAs) of private organisations and individuals, in yet another desperate bid to lay its hands on whatever little hard cash is available in the country, ZimOnline has learnt.

Sources within the central Reserve Bank of Zimbabwe (RBZ) said the proposed new regulation that they said could be announced early next year would bring FCAs held by individuals and others such as non-governmental organisations within reach of President Robert Mugabe's hard cash-strapped government.

If implemented as planned, the move would widen the sources of hard cash for the internationally-isolated Mugabe government, currently battling fuel, power and basic commodity shortages due to lack of foreign currency.

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