According to statistics released by Reserve Bank of Zimbabwe governor, Gideon Gono, remittances into the country to the end of June increased from US$80 million to US$112 million.
An estimated 4 million Zimbabweans live abroad with the bulk in neighbouring South Africa and the United Kingdom. Gono said the positive response could be attributed to the adoption of the United States dollars amongst a cocktail of other currencies in a bid to arrest inflation.
For the period 1 January 2010 to 30 June 2010, remittances from the Diaspora into Zimbabwe through Bureaux de Change were USD112.2 million representing about 40 per cent increase when compared to US$80.8 million for the same period in 2009, reads part of the statement.
Zimbabwe’s economy has shown signs of recovery since the formation of a power-sharing government in September 2008. The compromise government was aimed at mending the economy ravaged by high inflation and easing political tensions following disputed election results.
With the advent of the multi-currency system, most bureaux transformed their operations to engage in inward money transfers, as bureau de change business became limited. Furthermore the liberalisation of the current account transactions allowed for the unfettered and free flow of foreign currency remittances from the diaspora, hence an increase in inward bound money transfers.
Gono said going forward as the countrys financial services sector continue to recover the central bank would soon Money Transfer agencies to carry out outward bound remittances.
At the moment Zimbabweans can only receive money from outside the country and not send.
Said Gono, Current policy on money transfers is limited to inward bound remittances and all outward money transfers can only be done through authorised Dealers. Licensed bureaux who wish to partake in additional products which involve outward remittances may do so through authorised Dealers of their choice.
Post published in: Politics