Zimbabwe Economy Looters Take Heed Of The ED Moratorium

Only $250 million of the expected $1,3 billion was returned by cash looters the given  during the moratorium period given by the president of Zimbabwe, however, the Zimbabwean government has extended the grace period to 19 March 2018.

Cde. Simon Khaya Moyo who is the Acting Information, Media and Broadcasting Services Minister  read a statement on behalf of His Excellency.
 

The noted key points in the statement were:

• 30 cases valued at $50 million of immovable properties in various countries were reported to RBZ.
• 210 cases valued at $287 million related to externalized funds that were used to procure imports.
• 45 percent by value of the reported cases have been successfully processed.
• “The Presidential Powers (Temporary) Measures (Amendment of Exchange Control Act) regulations, SI 145 of 2017 gazetted on December 1, 2017 gave an amnesty in respect of the repatriation of foreign currency and assets that were externalized by commission or omission or under the liberalized Exchange Control Framework,”
• The amnesty expired on the of February 2018 but was further extended by 2 weeks to give RBZ enough time to work on the outstanding cases.
• “Government is pleased to advise the public that out of 1 166 valued at $1,3 billion cases of externalization known by Government, a total of 105 cases valued at $250 million were processed by the Reserve Bank of Zimbabwe in respect of externalized foreign currency.

“In order to facilitate the above, the bank has sought my authority to extend the amnesty period by a two-week period. Accordingly, I have granted the authority for the extension of the amnesty by a period of two weeks to 16 March 2018 after which time the outstanding cases will be publicized on 19 March 2018.”
Source: First published by Herald Zimbabwe