News / Local
RBZ has no plans to grab foreign currency received from diaspora
17 Aug 2024 at 15:14hrs | Views
The Reserve Bank of Zimbabwe (RBZ) has dismissed rumors that it plans to forcefully withhold all foreign currency from diaspora remittances.
This follows a viral video suggesting that the RBZ, through its deputy director William Mamhimanzi, is considering measures to compel recipients to convert foreign currency into local currency.
RBZ senior official Persistence Gwanyanya clarified that the bank does not intend to seize or control diaspora remittances. He explained that the viral message was a misinterpretation of Mamhimanzi’s comments.
Instead, Gwanyanya emphasized that the RBZ aims to develop policies to encourage the use of foreign funds in the local economy through voluntary means, such as making the local currency more attractive.
RBZ Governor John Mushayavanhu also confirmed that no new policy to forcibly alter remittance practices is under consideration. He assured that diaspora remittances will continue to be treated as free funds, allowing recipients to receive and exchange them freely.
The RBZ highlighted that diaspora remittances increased by 17% to US$490 million in the first quarter of 2024 compared to the same period in 2023.
This follows a viral video suggesting that the RBZ, through its deputy director William Mamhimanzi, is considering measures to compel recipients to convert foreign currency into local currency.
RBZ senior official Persistence Gwanyanya clarified that the bank does not intend to seize or control diaspora remittances. He explained that the viral message was a misinterpretation of Mamhimanzi’s comments.
Instead, Gwanyanya emphasized that the RBZ aims to develop policies to encourage the use of foreign funds in the local economy through voluntary means, such as making the local currency more attractive.
RBZ Governor John Mushayavanhu also confirmed that no new policy to forcibly alter remittance practices is under consideration. He assured that diaspora remittances will continue to be treated as free funds, allowing recipients to receive and exchange them freely.
The RBZ highlighted that diaspora remittances increased by 17% to US$490 million in the first quarter of 2024 compared to the same period in 2023.
Source - NewZimbabwe
