RBZ Throws Deputy Director Under The Bus After Viral Video, Denies Plans to Seize Diaspora Remittances

RBZ Denies Plans to Seize Diaspora Remittances After Deputy Director’s Comments Go Viral

The Reserve Bank of Zimbabwe (RBZ) has distanced itself from controversial remarks allegedly made by its Deputy Director, William Mamhimanzi, in a viral video. The video spread like wildfire across social media and sparked fears that the central bank was planning to seize foreign currency sent by Zimbabweans living abroad as diaspora remittances.

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“Gross Misinterpretation”

Persistence Gwanyanya, a senior member of the RBZ Monetary Policy Committee, quickly denied the claims, saying that the video had been “grossly misinterpreted.”

“The central bank does not, and shall not, lay its hands on diaspora remittances. They are free funds and remain as such,” Gwanyanya stated firmly.

He claimed that Mamhimanzi was discussing the increase in remittances and the potential for voluntary policies to encourage the use of these funds within the local economy.

“Any such policy will not be forceful as alleged but will be birthed through voluntary encouragement for recipients to inject the funds into the economy by first and foremost making the local currency highly attractive,” he added.

RBZ Governor Responds

RBZ Governor John Mushayavanhu also addressed the issue in a formal statement, seeking to calm the public’s concerns.

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

He reiterated that there are “no plans to introduce a new Diaspora Remittances Policy,” and reassured that diaspora remittances are treated as free funds, which recipients can manage as they wish.

Mushayavanhu emphasised, “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 any other time.”

Diaspora Remittances Surge

Official figures reveal that diaspora remittances to Zimbabwe rose by 17% to US$490 million in the first quarter of 2024, compared to US$420 million during the same period last year, underscoring the vital support provided by Zimbabweans abroad to their families.

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