Business / Companies
Zim govt to pay back $400m seized by RBZ from FCAs
04 Nov 2013 at 02:24hrs | Views
TOUR and Adventure operators in Victoria Falls have applauded the government for committing to address the issue of funds taken from their Foreign Currency Accounts by the Reserve Bank of Zimbabwe at the height of the country's economic challenges in 2007.
Back in 2007, with the economy paralysed by serious foreign reserves shortages, RBZ governor Dr Gideon Gono took about $400 million in foreign currency from bank accounts held by private citizens and also raided the accounts of non-governmental organisations, some charities and humanitarian trusts.
However, Finance Minister Patrick Chinamasa said on Wednesday that the government would pay back an estimated $400 million which was seized by the central bank from the bank accounts of private companies and individuals at the height of the country economic crisis.
According to the RBZ, the money was taken to fund critical national obligations at a time the economy was haemorrhaging due to the effects of illegal Western sanctions.
"This is a very welcome development by the government if it is to restitute our monies that were taken from our FCA back then. The money will come at the right time when we are talking about recapitalisation of the industry," said Mr Clement Mukwasi, public relations manager of Shearwater Adventures.
Other operators speaking on condition of anonymity said the positive development was coming at a time when the Government was working towards meeting some of its pre-election promises such as job creation, empowerment and indigenisation.
"We had five years under the Inclusive government and no positive thing came out because of discord. Now three months after the watershed elections, the Zanu-PF government has announced this positive move. As an industry we are very happy as that money will indeed help us boost our operations," said one operator.
Mr Steve Jonasi of Lion Encounter said he appreciated that the FCA accounts were raided at a time when the country was in dire need of foreign currency.
"We applaud the minister and the government for the positive move which will see the transformation of the tourism industry," he said.
Back in 2007, with the economy paralysed by serious foreign reserves shortages, RBZ governor Dr Gideon Gono took about $400 million in foreign currency from bank accounts held by private citizens and also raided the accounts of non-governmental organisations, some charities and humanitarian trusts.
However, Finance Minister Patrick Chinamasa said on Wednesday that the government would pay back an estimated $400 million which was seized by the central bank from the bank accounts of private companies and individuals at the height of the country economic crisis.
According to the RBZ, the money was taken to fund critical national obligations at a time the economy was haemorrhaging due to the effects of illegal Western sanctions.
"This is a very welcome development by the government if it is to restitute our monies that were taken from our FCA back then. The money will come at the right time when we are talking about recapitalisation of the industry," said Mr Clement Mukwasi, public relations manager of Shearwater Adventures.
Other operators speaking on condition of anonymity said the positive development was coming at a time when the Government was working towards meeting some of its pre-election promises such as job creation, empowerment and indigenisation.
"We had five years under the Inclusive government and no positive thing came out because of discord. Now three months after the watershed elections, the Zanu-PF government has announced this positive move. As an industry we are very happy as that money will indeed help us boost our operations," said one operator.
Mr Steve Jonasi of Lion Encounter said he appreciated that the FCA accounts were raided at a time when the country was in dire need of foreign currency.
"We applaud the minister and the government for the positive move which will see the transformation of the tourism industry," he said.
Source - chronicle
