Reserve Bank of Zimbabwe Governor Dr John Mushayavanhu
By George Swarei
Harare, Zimbabwe – The Reserve Bank of Zimbabwe (RBZ) has issued a press release to address concerns surrounding the country’s Diaspora Remittances Policy. A video circulating on social media had sparked fears that the RBZ planned to review the policy, potentially restricting recipients’ access to foreign currency.
Governor Dr. John Mushayavanhu stated categorically that there are no plans to introduce a new policy, and the current framework will remain unchanged. According to the RBZ, diaspora remittances are treated as free funds, allowing recipients to receive them in foreign currency and exchange them freely at their preferred licensed agencies.
The RBZ emphasized the significance of diaspora remittances to the economy, accounting for 17% of total foreign currency receipts. The central bank assured the public that it will continue to explore incentives to boost remittance flows, rather than hindering them.
The press release clarified that recipients of diaspora remittances will not be forced to change their free funds at the point of collection or at any other time, alleviating concerns among the public and stakeholders.
This move aims to maintain confidence in the current policy and reassure Zimbabweans living abroad that their remittances will continue to support their families and the economy without unnecessary restrictions.
