MEDIA RELEASE No: 2002-20 Date: 25 November 2002 Embargo: For Immediate Release

BANKING (FOREIGN EXCHANGE) REGULATIONS 1959
SANCTIONS AGAINST ZIMBABWE

The Reserve Bank of Australia has been directed by the Commonwealth Government to take steps under the Banking (Foreign Exchange) Regulations 1959 to implement financial sanctions against certain ministers and senior officials of the Government of Zimbabwe. These measures form part of the package of sanctions against the Mugabe Government announced recently by the Minister for Foreign Affairs.

With effect from today, the Reserve Bank has taken action to freeze the accounts of persons listed in the Annex. All transactions involving the transfer of funds or payments to, by the order of, or on behalf of such persons are prohibited.

Enquiries:
Information Department
Reserve Bank of Australia
SYDNEY
(02) 9551 9720