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Vol 57 No 7

Published 1st April 2016


Zimbabwe

Dollar curbs anger bigwigs

The central bank is restricting dollar exports in the face of strong resistance from the ruling elite

Government officials and bankers are 'narrowing options' for international transfers in US dollars because correspondent banks fear the United States government will punish them for dealing with the country. The Reserve Bank of Zimbabwe Governor, John Mangudya, has been forced to take drastic action to curtail money-laundering, which financial sources in Harare say is at the centre of increasing concern. Washington still has sanctions against several banks and members of the elite. The RBZ move is also designed to improve revenue collection from mining.

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