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RBZ Denies Plans To Convert Foreign Currency Remittances Into ZiG

7 months agoSat, 17 Aug 2024 05:59:03 GMT
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RBZ Denies Plans To Convert Foreign Currency Remittances Into ZiG

Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavanhu says the central bank does not intend to implement a policy requiring recipients of diaspora remittances to convert their funds into ZiG.

This statement comes in response to RBZ Deputy Director William Mamhimanzi’s earlier comments suggesting that measures might be considered to prevent diaspora remittances from being withdrawn as foreign currency, effectively mandating conversion to ZiG.

Mamhimanzi hinted that the RBZ could take control of the funds sent by relatives abroad, converting foreign currency to ZiG.

However, in a statement released late Friday, following the circulation of Mamhimanzi’s remarks on social media, Mushayavanhu said that there are no plans to forcibly convert remittances into ZiG. He said:

The Reserve Bank of Zimbabwe has noted the circulation of a video on social media whose discussion was focused on strategies for formalization of the informal sector and the resultant concerns from the market regarding misconstrued plans to review the current Diaspora Remittances Policy.

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Accordingly, the Reserve Bank wishes to put it on record that there are no plans to introduce a New Diaspora Remittances Policy.

In terms of our current Exchange Control regulations, Diaspora remittances are treated as free funds, which recipients can receive in foreign currency and change freely at their instance and preferred licensed agencies, as is the best practice globally.

For the record, the diaspora remittances have continuously supported the economy, accounting for 17% of the total foreign currency receipts.

Given the importance of remittances in the economy, the Reserve Bank will continue to explore incentives to boost remittance flows and not to hinder such as misconstrued.

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.

More: Pindula News

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28 Comments

Anonymous · 7 months ago
As long as corruption ex̌ist ŵe going noʻŵhère
Anonymous · 7 months ago
Hakuna moto usina hutsi....
Sir African · 7 months ago
...and hakuna hutus hasina motho.🤭
Anonymous · 7 months ago
Ko anga ambodisa information iyoyo ndiyani kuda kujairira ikoko
Anonymous · 7 months ago
Hahaha zig marara chaiwo kuda kubira vanhu Mari chete Zvakangooma Hazvo zve zim
Ini Zvangu · 7 months ago
Apparently they cant enforce forex remitted thru international agencies like Mukuru, World Remit, even Ecocash to be paid in Zig. It cant.
xman · 7 months ago
zig is now on the free fall kwa OK 2litre yemafuta 73 zig whilst in other shops it's 2.90usd -3.10usd so rate yavo yava pa chii. 10kg roller meal 135 zig. was shocked umwe achiti tinotenda mwari vakazotipa zig zvinhu zvadzikama
Ediots · 7 months ago
If there is such a rumor best believe the plans are underway
Anonymous · 7 months ago
Mr Mushayavanhu is a very sensible governor. What this economy needs right now is confidence in consistency of policy. Therefore, those at the helm must always be very careful with their words, and if it so happens that their toungue slips, they must quickly dispel the wrong or inaccurate statements publicly and give assurance to the nation.
Helter Skelter · 7 months ago
Ndo kubuda musaga ka uku munhu wadeputy director here. Ngavangoita corp comms manager because this is embarrassing.
· 7 months ago
William Mamhimanzi must be arrested for causing alarm and despondency. 🤣🤣🤣
theLastAntKing · 7 months ago
they said in 2026 zig will be the sole currency in Zim, so these statements mustn't be treated lightly. uyu amera muswe nekubva aita kachimunyabvurira kekupakura zvisati zvaibva but it could be something being planned & brewed
Mutundo · 7 months ago
@antiman It is a litmus test ! They test people's minds !
Mhesvamukono · 7 months ago
Chii chinonzi ZiG nhai imi ?
Muturi · 7 months ago
Itsamba inoshandiswa nehurumende kubira vanhu mari
1
Anonymous · 7 months ago
Kkkkkkk
lootology · 7 months ago
🤣🤣🤣🤣🤣🤣🤣 mbavha
Antman · 7 months ago
I like my Zimbabwe. Two grown up man from the same organisation brushing shoulders daily but somehow with two different stories, later story denouncing the previous one. Policies policies they should be stable
Mutundo · 7 months ago
So where did the deputy director got that from ? Saka angori mazvake mazvake nhai pamari dzavanhu ! Uyo deputy director ndi money changer , mustreet hamuchadyisi hanty !
Antman · 7 months ago
Its posible it back lashed as they risk losing 17% of Direct foreign injections so they so it fi5 to retract their move
Apo · 7 months ago
Uyo Mamhimanzi akuda kukonzeresa panic zvamanjemanje.
unru!ÿ · 7 months ago
so toita zvedu hre chimoney changer??
Antman · 7 months ago
If its registered then you have green light
,,,,,dott · 7 months ago
chimoney changer chirikusungisa unobiwa iweee ****
,,,,,dott · 7 months ago
chii money changer chirikusungisa **** iweeee
unru!ÿ · 7 months ago
so people can still get the foreign money and change it at any place they want to in Zimbabwe

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