‘Diaspora remittances policy unchanged’

Sunday Mail Reporter

THERE are no plans to compel recipients of diaspora remittances to convert their funds into the local currency, the Reserve Bank of Zimbabwe (RBZ) has said.

In a statement released on Friday, RBZ Governor Dr John Mushayavanhu said diaspora remittances will continue to be treated as free funds, which recipients can receive in foreign currency and exchange at their discretion through licensed agencies.

This follows concerns raised over a recent video circulating on social media, which suggested that the central bank was planning to review its current diaspora remittances policy.

“The Reserve Bank of Zimbabwe wishes to put it on record that there are no plans to introduce a new diaspora remittances policy,” said Dr Mushayavanhu.

“In terms of our current exchange control regulations, diaspora remittances are treated as free funds, which recipients can receive in foreign currency and change freely at their instance and preferred licensed agencies, as is best practice globally.”

Diaspora remittances, he said, account for 17 percent of the country’s total foreign currency receipts.

“The Reserve Bank would like to assure the public and all stakeholders that recipients of diaspora remittances will not be forced to change their funds at the point of collection and at any other time,” added Dr Mushayavanhu.