Zimbabwe’s central bank pushes for diaspora remittance incentives

Remittance Inflows To Ghana
Remittance Inflows

The Reserve Bank of Zimbabwe (RBZ) on Monday called on the Zimbabwean government to offer fiscal and non-fiscal incentives to diaspora investments, given their huge contribution to the country’s total foreign currency inflows.

Diaspora remittances have emerged as Zimbabwe’s largest source of foreign currency, consistently surpassing foreign direct investment, portfolio investment and official development assistance since 2009, RBZ Governor John Mangudya said in a statement issued Monday after a meeting of the RBZ Monetary Policy Committee (MPC) Friday.

He said diaspora remittances alone contributed 16 percent to the country’s total foreign currency inflows of 9.44 billion U.S. dollars as of Oct.31, 2023.

“Thus the MPC underscored the need to leverage diaspora remittances for development as part of a broader package of measures to cushion the economy from recurring global shocks,” he said.

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