KINGSTONE ZIMUNYA
HARARE – The Reserve Bank of Zimbabwe (RBZ) issued a statement on Friday assuring the public that they will not be forced to receive their diaspora remittances through the banking system, and in the local currency ZiG.
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| Zimbabwe's central bank |
"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," reads part of the statement.
The statement comes after public outrage over a video circulating on social media in which RBZ Deputy Director William Mamhimanzi suggested that a policy change was under discussion.
"When somebody receives money from external sources, such as from relatives, they immediately get that money in hard currency. Once people get hard currency in cash, you know its not going to the bank," he said.
"We need to find ways of tapping that money so that it doesn’t leave the bank or the remittance institution or it leaves as local currency at some point. That's what's important for us."
The video ignited speculation that government seeks to target remittances as part of an intense de-dollarisation strategy; in a macro-economic environment where trust in the formal banking system remains low.
Government recently set early 2026 as the new deadline for adopting the ZiG as the country’s sole currency, replacing the previous target of 2030.
Diaspora earnings remain a key forex earner for Zimbabwe, contributing some 17% to total forex receipts.
Last year, Zimbabweans in the diaspora sent home US$1.8bn, bringing in more forex than agricultural exports ($1.3 bn).
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