Monday, June 21, 2010

Zim stops seizure of central bank assets

from Reuters

HARARE, June 20 (Reuters) - Zimbabwe has ordered creditors owed millions of dollars by its bankrupt central bank to stop auctioning the bank's property, local state media reported on Sunday, saying the seizures were tantamount to asset stripping.

The Reserve Bank of Zimbabwe (RBZ) failed to pay local and foreign companies about $1 billion mainly for fertiliser, seed, tractor and vehicle imports at the 2008 peak of an economic crisis which many people blame on President Robert Mugabe's policies.

Finance Minister Tendai Biti told the state-run Sunday Mail newspaper that the unity government Mugabe formed with rival Prime Minister Morgan Tsvangirai had decided to halt the auctioning of the bank's assets by creditors.

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