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Finance, Economic Development, and Investment Promotion Permanent Secretary George Guvamatanga said that the government has no intention of seizing remittances and will continue to treat them as free funds.
Speaking at the Zimbabwe Economic Society and Friedrich-Ebert Stiftung (ZES/FES) mid-term budget breakfast meeting in Harare on August 21, Guvamatanga said these free funds also include funds from NGOs, salaries for diplomatic missions, and other uses.
He said the government was aware that altering the current approach would lead to significant and unnecessary disruption in the market. Said Guvamatanga:
<blockquote>
For years, remittances in this country have been treated as free funds. It is your money.
It is given to you in the form you want and you use it as you, please. The Government has no intention whatsoever to change that position.
We have no intention to tamper with anything called free funds and that is the Government’s official position.
</blockquote>
This follows remarks by Reserve Bank of Zimbabwe (RBZ) Deputy Director William Mamhimanzi, which sparked controversy last week when he suggested that banks and money remittance agencies should convert diaspora remittances into the local ZiG currency.
Speaking at an event in Harare, Mamhimanzi argued that diaspora remittances are fueling the informal sector and proposed that the central bank develop policies to withhold these remittances, paying recipients instead in local currency. He said:
<blockquote>
Where does the informal sector get its money from? One big source of this money is your remittances. When someone receives money from external sources, from relatives, they immediately get that money in hard currency.
And once people get that hard currency in cash, you know it’s not going to the bank. It goes into Mbare Musika, it buys steel and it goes wherever.
So we need to find ways of tapping that money to make sure that it doesn’t leave the bank. It doesn’t leave the remittance institution, or it leaves as local currency at some point.
</blockquote>
A few days later, RBZ Governor John Mushayavanhu clarified that the central bank does not plan to implement a policy requiring recipients of diaspora remittances to convert their funds into the ZiG currency. Said Mushayavanhu:
<blockquote>
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.
</blockquote>
However, some citizens believe that a policy change is imminent, arguing that Mamhimanzi prematurely revealed intentions that may soon lead to the mandatory conversion of diaspora remittances into ZiG.
They point to President Emmerson Mnangagwa’s recent statement that ZiG will become the sole legal tender within two years as a possible catalyst for this shift.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

The government promises not to take away money sent by people living abroad to Zimbabwe. They will keep treating these funds as free money. Some officials suggested converting this money into the local currency, but the government says they will not force people to change their money. They believe it is important to keep the money in the banks and not let it leave the country. People worry that there might be a change soon, but the government says they will not make people change their money. This news comes after the President said the local currency will be the only one accepted in two years.

Treasury Pledges To Continue Treating Diaspora Remittances As Free Funds

Zimbabwe’s foreign currency remittances rose by 16.5% to hit a record US$1.2 billion in the first half of 2024 resulting in a favourable impact on the country’s current account balance.
This was said by Finance Minister Mthuli Ncube while presenting the Mid Term Budget Review Statement in Parliament Thursday. He said:
<blockquote>
Remittances grew significantly by 16.5%, from US$1 billion in the first half of 2023 to US$1.2 billion in 2024, reflecting higher inward remittances from the diaspora, resulting in a favourable impact on the current account balance.
</blockquote>
Minister Ncube also revealed that total foreign currency receipts increased by 9.5% to US$6.2 billion during the period from January to June 2024. He said:
<blockquote>
Mr Speaker Sir, total foreign currency receipts increased by 9.5% to US$6.2 billion during the period from January to June 2024, from US$5.6 billion received during the same period in 2023, largely driven by the growth in export receipts, mainly from gold, agriculture commodities and manufactured 
products, as well as diaspora remittances.
In line with this improvement in foreign currency receipts, preliminary estimates indicate that the current account recorded a surplus of US$19.2 million in the first half of 2024, a turnaround from the deficit of US$13.8 million recorded in the same period last year.
To year-end, the current account surplus is projected to narrow to US$44.5 million in 2024, relative to a surplus of US$133.9 million recorded in 2023.
</blockquote>
Ncube said the country’s total debt has soared to US$20.5 billion with the government resorting to local borrowing.
The country’s stock of debt as at end of June 2024 amounted to an equivalent of around US$20,5 billion with external debt making up US$12 billion and domestic debt US$8.47 billion.
The debt stock is broken down as 58.7% external debt and the remainder being domestic debt 41.3%. Said Ncube:
<blockquote>
Mr Speaker Sir, the country’s stock of debt as at end of June 2024 amounted to ZiG287.2 billion, comprising of external debt of ZiG168.5 billion and domestic debt of ZiG118.7 billion.
The debt stock is broken down as 58.7% external debt and the remainder being domestic debt 41.3%.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Zimbabwe got a lot of money from people overseas, reaching $1.2 billion in the first half of 2024. This helped the country's financial balance. The total money coming from outside increased by 9.5% to $6.2 billion. The country's debt also went up to $20.5 billion, with the government borrowing from inside the country. Most of the debt is external, meaning the country owes money to other countries. The Finance Minister shared all this information in Parliament.

Zimbabwe's Foreign Currency Remittances Hit US$1.2 Billion

<a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe_Monetary_Policy_Committee">The Reserve Bank of Zimbabwe’s Monetary Policy Committee (MPC)</a> Tuesday 27 September 2022 reported that the country’s foreign currency receipts had risen to US$7.7 billion up from US$5.8 billion recorded during the same period in 2021.
This constituted a 32.4 per cent rise.
<a href="https://news.pindula.co.zw/2022/09/27/auction-rbz-resolves-to-increase-maximum-forex-companies-can-purchase-from-banks/">The MPC Resolutions report</a> seen by Pindula News says the received money will play a huge role in stabilising both the exchange rate and prices in the country. Reads in part the report:
<blockquote>
The Committee also expressed confidence that the prevailing favourable external sector environment, as reflected by robust performance in foreign currency receipts, will provide further impetus to the achievements relating to the exchange rate and price stability. Foreign currency receipts stood at US$7.7 billion as at 31 August 2022, representing a 32.4% increase from US$5.8 billion recorded during the same period in 2021. The foreign currency receipts compare favourably with the corresponding foreign payments which amounted to US$5.1 billion as at 31 August 2022, translating into a surplus foreign exchange position with attendant positive implications for external sector stability.
</blockquote>
The MPC is chaired by central bank governor, John Panonetsa Mangudya.
Zimbabwe’s top <a href="https://news.pindula.co.zw/2021/02/21/diaspora-remittances-among-top-forex-earners-in-2020/">foreign currency earners</a> include the mining sector (gold, platinum and diamond), agriculture sector (horticulture, tobacco) and <a href="https://news.pindula.co.zw/2021/02/21/diaspora-remittances-among-top-forex-earners-in-2020/">diaspora remittances</a>.
Most of the revenue, however, is lost <a href="https://news.pindula.co.zw/2022/06/02/south-africa-remains-zimbabwes-major-trading-partner-zimstat/">through imports</a> as the local industry is collapsed for decades. Zimbabwe <a href="https://news.pindula.co.zw/2022/05/21/zimbabwe-remove-import-licences-requirement-for-7-commodities/">imports basic commodities</a> such as Rice; Flour; Cooking Oil, Margarine; Salt; Sugar; Maize meal; Milk Powder; Infants’ Milk Formula; Tea; Petroleum Jelly; Toothpaste; Bath Soap; Maches; Laundry Bar; and Washing Powder.
<h2><a href="https://news.pindula.co.zw/">Pindula News</a></h2>

Zimbabwe's Foreign Currency Receipts Rise To US$7.7 billion As Of 31 August 2022

Reserve Bank of Zimbabwe (RBZ) governor John Mangudya said that Zimbabwe received US$3 billion in foreign currency inflows from January to June 2019.
He revealed this on Thursday while addressing captains of industry and potential investors at the on-going Confederation of Zimbabwe Industries (CZI) Congress and International Investment Forum in Victoria Falls. He said:
<blockquote>Over the six months of January to June 2019, the total export receipts amounted to $1,7 billion with other receipts, loan proceeds and foreign investments, amounting to $1,3 billion giving us a total of $3 billion.
So, some will say the RBZ has $3 billion. We’re not keeping this money, it’s the economy that earned $3 billion from among other sources, diaspora cash-outs, tobacco receipts and others and we’re quite happy with the performance.</blockquote>
<h4>More: <a href="https://www.herald.co.zw/zim-receives-3bn-forex-inflow/" rel="noopener noreferrer" target="_blank">The Herald</a></h4>

Zim Earns US$3 Billion From FDI, Diaspora Remittances - Mangudya

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