Nevanji Munyaradzi Chiondegwa
Harare – The Reserve Bank of Zimbabwe (RBZ) has issued a statement refuting claims circulating on social media about plans to introduce a new policy forcing the conversion of diaspora remittances.
The central bank clarified that there are no plans to change the current diaspora remittance policy. Under the existing regulations, remittances are considered free funds, meaning recipients can receive them in foreign currency and exchange them at their convenience through licensed agencies.
The RBZ emphasized that this practice aligns with global best practices and highlighted the significant contribution of diaspora remittances to the Zimbabwean economy. Remittances currently account for 17% of total foreign currency receipts.
The statement sought to reassure the public and stakeholders, emphasizing that the RBZ remains committed to exploring incentives to further boost remittance flows rather than implementing restrictive measures.
“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,” the statement, attributed to RBZ Governor Dr. John Mushayavanhu, read.
The RBZ’s clarification comes amidst ongoing discussions about formalizing Zimbabwe’s informal sector, which may have fueled speculation about potential changes to remittance policies.
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