RBZ Allays Fears on Diaspora Remittances
By Staff Reporter
Harare, Zimbabwe – The Reserve Bank of Zimbabwe (RBZ) has reassured the public that their diaspora remittances will not be tempered with following recent concerns and misconceptions surrounding the country’s possible policy changes.
In statement issues on Friday, 16 August 2024, RBZ Governor, Dr. John Mushayavanhu said a recent video circulating on social media has sparked worries among the public, suggesting that the bank planned to review and potentially restrict the current policy, which is not true.
The current policy, which treats diaspora remittances as free funds, will remain unchanged, he said.
Recipients can continue to receive remittances in foreign currency and exchange them freely at their preferred licensed agencies.
The Reserve Bank emphasized the significance of diaspora remittances to the economy, accounting for 17% of total foreign currency receipts.
Dr. Mushayavanhu said instead of hindering remittance flows, the bank aims to explore incentives to boost them.
He assured the public and stakeholders that recipients of diaspora remittances will not be forced to change their free funds at the point of collection or at any other time.
The Reserve Bank’s commitment to maintaining the current policy aims to promote confidence and stability in the economy, he said.
This clarification comes as a relief to Zimbabweans living abroad and their families, who rely on remittances as a vital source of support.
“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.
“The Reserve Bank would like to assure 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,” Dr. Mushayavanhu said.
