HARARE — Zimbabwe has been forced into a humiliating climbdown over its seizure of $400m from individual and business bank accounts at the height of economic collapse in 2008, saying on Thursday it would repay the funds to “restore confidence in the financial sector”.
Assuming responsibility for the debt incurred by the Reserve Bank of Zimbabwe (RBZ) is seen as a stop-gap measure by the Treasury to calm markets. Independent estimates put the amount of foreign currency seized during the meltdown at close to $1bn.
