Chronicle Editor
Judith Phiri, Business Reporter
The Reserve Bank of Zimbabwe (RBZ) has assured members of the public and stakeholders that recipients of diaspora remittances will not be forced to change their free funds at the point of collection and at any other time.
RBZ also stated that there are no plans to introduce a new Diaspora Remittances Policy.
This comes after the circulation of a video on social media purportedly focused on strategies for formalisation of the informal sector and the resultant concerns from the market regarding misconstrued plans to review the current Diaspora Remittances Policy.
Responding to that in a statement, RBZ Governor, Dr John Mushayavanhu said the diaspora remittances have continuously supported the economy.
“Accordingly, the Reserve Bank wishes to put it on record that there are no plans to introduce a new Diaspora Remittances Policy. 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 the best practice globally,” he said.
“For the record, the diaspora remittances have continuously supported the economy, accounting for 17 percent of the total foreign currency receipts. Given the importance of remittances in the economy, the Reserve Bank will continue to explore incentives to boost remittance flows and not to hinder such as misconstrued.”
He assured the public and all stakeholders that recipients of diaspora remittances will not be forced to change their free funds at the point of collection and at any other time.
Meanwhile, the Government’s ongoing engagement with Zimbabweans in the diaspora continues to
yield results, with remittances increasing by 18 percent in the first quarter, compared to the same period last year.
Last month, Foreign Affairs and International Trade Deputy Minister Sheila Chikomo, highlighted this achievement, while officiating at the Matabeleland South Hybridge Investment Conference in Beitbridge.
The event, which attracted nearly 400 stakeholders from the diaspora, national and provincial levels ran under the theme: “Matabeleland South Province — Unlocking New Investment Frontiers through Diaspora Community Engagement”.
The Ministry of Foreign Affairs hosted the programme, aligning it with the country’s devolution agenda to transform provinces into dynamic economic hubs that attract investments.
“It would be remiss of me, if I fail to acknowledge the ever-growing contribution of our diaspora to the country’s socio-economic development through social and financial remittances. You may wish to note that financial remittances for the year 2024 are on course to surpass the US$1,8 billion received in 2023, denoting an increase of 18 percent of remittances realised during the first quarter of 2024, amounting to US$494 million compared with US$420 million received during the same period last year,” said the Deputy Minister.
She urged Zimbabweans in the diaspora to invest back home in productive sectors, creating sustainable projects that benefit families.
Deputy Minister Chikomo highlighted the Government’s interest in partnering with the diaspora and other citizens to drive national development.
Online Reporter