RBZ Governor John Mushayavanhu has confirmed no plans to mandate diaspora remittances be converted to ZiG.
A video making its rounds on social media has stirred up a whirlwind of speculation about Zimbabwe’s policies on diaspora remittances.
The video, which delved into strategies for formalizing the informal sector, unintentionally raised concerns about potential changes to the Diaspora Remittances Policy.
To clear the air, the Reserve Bank of Zimbabwe issued an official statement. Dr. John Mushayavanhu, the Governor, addressed the situation directly. “There are no plans to introduce a new Diaspora Remittances Policy,” he stated firmly.
Dr. Mushayavanhu went on to explain that under the current Exchange Control regulations, funds sent by Zimbabweans living abroad are classified as free funds. This means recipients can receive these funds in foreign currency and exchange them at their convenience through licensed agencies, following global best practices.
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He emphasized the critical role of these remittances, which contribute a significant 17% to the country’s total foreign currency receipts. Recognizing their impact, the Reserve Bank is committed to finding ways to further encourage these inflows, rather than restricting them as some had feared.
To reassure the public, Dr. Mushayavanhu confirmed that recipients of diaspora remittances will not be compelled to convert their funds at the time of collection or at any other point.
The Governor’s statement was clear: the Reserve Bank remains dedicated to supporting and enhancing the flow of remittances, acknowledging their essential contribution to Zimbabwe’s economy.
See full statement below:
