Zimbabweans hold $1 billion in offshore accounts

A parliamentary organ on the national budget raised concern over a spike in cash held by Zimbabweans in offshore bank accounts, which escalated to nearly $1 billion during the current half of the year.

A report indicates that cash held by Zimbabweans in foreign banks amounted to $821 million during the first quarter of 2009 when the country ditched its currency for a foreign currency regime to escape hyper-inflation, but had declined to $373 million by the end of that year.

More to follow....