The Reserve Bank of Zimbabwe (RBZ) has issued a statement to clarify misconceptions surrounding its Diaspora Remittances Policy, following the circulation of a video on social media that sparked concerns about potential policy changes.
In a press release dated August 16, 2024, RBZ Governor Dr. John Mushayavanhu emphasized that there are no plans to introduce a new Diaspora Remittances Policy. He addressed the public’s concerns, noting that the video in question misrepresented discussions focused on strategies to formalize the informal sector. Dr. Mushayavanhu reassured that the current policy, which allows diaspora remittances to be treated as free funds, remains unchanged.
He highlighted that under the current Exchange Control regulations, recipients of diaspora remittances can continue to receive their funds in foreign currency and exchange freely at their chosen institutions. This practice, he said, aligns with global best practices and is crucial to supporting Zimbabwe’s economy, which benefits significantly from remittances—accounting for 17% of total foreign currency receipts.
The Governor further underscored the RBZ’s commitment to exploring incentives aimed at boosting remittance flows while avoiding any measures that could hinder the process. Dr. Mushayavanhu assured stakeholders that recipients will not be forced to change their free funds at any point of collection or at any other time.
