Broke RBZ Tracks Down Zimbabweans Living Outside The Country Over Taxi

 Broke RBZ Tracks Down Zimbabweans Living Outside The Country Over Taxi
Published: 2016 September 22 09:16:20 (36016 Views)

THE Reserve Bank of Zimbabwe (RBZ) is on a campaign trail to entice Zimbabweans living outside the country to transfer money through formal channels to boost its dry coffers caused by the country's ailing economy. 
Speaking at the official signing of the partnership between Econet Zimbabwe and Mukuru Money Transfer yesterday in Harare, RBZ director of exchange control Morris Mpofu said they were visiting countries where the bulk of Zimbabweans live.
"Just yesterday, I came from a remittances mission. We had gone to engage the diaspora with the ministry of Macro-Economic Planning and Investment Promotion at the University of East London. We met quite a number of Zimbabweans who showed keen interest to use formal systems. Now, they have gone to Canada, while next week they will be in South Africa," Mpofu said.
"Remittances are a major source of liquidity in the country. We have through our formal systems as the Reserve Bank accounted for $1 billion last year that came from the diaspora through cash-to-cash and hand-to-hand remittances."
Mpofu said RBZ research showed that $1 billion was coming through informal systems "so we can see how big the market is and the potential that is there. 
"It is this $1 billion that is coming through other systems that we want to come through formal systems," he said. 
Last week, RBZ extended the export incentive scheme to between 2,5% and 5% to diaspora remittances in a move to incentivise diasporans to send money. It will include any form of private unrequited transfers on funds remitted to Zimbabwe through normal banking channels with effect from October 1 next month.
Remittance companies have witnessed a decline in business over the past six months due to a lack of trust as some recipients have struggled to cash out money sent due to the current liquidity constraints.
The campaign comes as result of weak exports, the major source of liquidity, as the cash crisis continues with a recent ease of the shortages being attributed to increased usage of plastic money.
According to the International Organisation for Migration, the majority of Zimbabwean diasporans live in South Africa, the United Kingdom, Botswana, the United States and Canada.
Although no official figures have been released, it is estimated that there are about five million Zimbabweans living outside the country.



- NewsDay
 1

You May Like These Videos

Comments

| Comment With Facebook Submit
Anonymous user 2024 February 18 18:53:11
This comment has been flagged as spam!

Big Reads

Pictures show fuel tankers offloading fuel in the bush

by Moses Zhou | 2019 August 13 07:53:37

Schoolgirl drops out after continuous 'sexual abuse' by teacher

by Staff Reporter | 2019 August 13 07:42:33

Bulawayo prostitutes dollarise

by Staff Reporter | 2018 December 01 00:43:29

DRAMA as mourners fight over deceased loan sharks' loot

by B-Metro | 2018 November 30 23:35:19

'Tsvangirai's ex' on police wanted list

by B-Metro | 2018 October 19 12:39:23

Dumped man glasses wife's face with broken beer bottle

by Staff Writer | 2018 October 19 12:32:05

Zimbabwe prostitutes hike prices

by Zimbabwe prostitutes hike prices | 2018 October 18 17:13:08

Pastor shocks female congregant with new panties

by Metro Writer | 2017 March 28 10:50:44

Harare man steals 10kg mealie meal from neighbour

by Court Reporter | 2017 March 28 07:56:29

Four company directors die in Vumba Mountain plane crash

by Staff Writer | 2017 March 28 07:38:59

Man with 'deformed' body bashes parents

by Staff Writer | 2017 March 24 09:48:46

Mugabe Knows Nothing About The Zimbabwe Constitution: MP

by Staff Reporter | 2016 October 01 08:12:02

Troubled Harare Giants Dynamos Falls Into Another Deep Crisis

by Own Correspondent | 2016 October 01 07:49:17

Shock As Local Bank Denies 'Rich' Mugabe's Son Heifty Credit

by Own Correspondent | 2016 September 30 19:14:54

Mugabe "Home Coming" And "Thank You" Rally On Cards

by Own Correspondent | 2016 September 23 06:48:24

Prof Moyo Was Dumped By Western Embassies, Claims Mutsvangwa

by Staff Reporter | 2016 September 22 10:08:07

Prof Jonathan Moyo In Fresh Beef With War Vets

by Own Correspondent | 2016 September 22 07:48:10

You Are Too Old To Lead, Aging Zim President Mugabe Told

by Own Correspondent | 2016 September 22 07:19:25

Younger Lover Beats Up Sugar Mama For Cheating

by Own Correspondent | 2016 September 20 03:21:43

Anti-Corruption Commission Loses Property In Failed Probe

by Own Correspondent | 2016 September 20 03:18:19

Mutsvangwa's Son Caught Up In Rape Case

by Own Correspondent | 2016 September 20 01:24:00

REMAINING PSL FIXTURES: ONLY 7 WEEKS LEFT

by Sports Correspondent | 2016 September 20 01:21:33

Victims Involved In Horror Crash Named

by Own Correspondent | 2016 September 20 01:16:09

Man Kills Uncle For Taking Him To Prophet

by Own Correspondent | 2016 September 20 01:11:08

Mphoko Threatens Zimra Over Irregular Taxes

by Own Correspondent | 2016 September 20 01:07:44

China Pours $46m On New Parliament Construction

by Own Correspondent | 2016 September 20 01:05:11

SHOCKING:14 Year Old HIV-Positive Boy Rapes 7 Pupils

by Own Correspondent | 2016 September 20 00:04:55

Tajamuka Slams Zimpapers, Fumes Over

by Own Correspondent | 2016 September 19 11:56:42

Mthwakazi Activists Torment Mujuru

by News Editor | 2016 September 19 10:52:58

We Did Not Fire Live Bullets: Police

by Staff Reporter | 2016 September 19 08:09:20

Ruling On 58 Protesters Expected Today 



by Court Reporter | 2016 September 19 08:10:40

6 Zanu PF Youths Nabbed For Assaulting Cops

by Court Reporter | 2016 September 19 08:11:50

Mutare Con-artist Cracks Zanu PF

by Own Correspondent | 2016 September 19 08:13:32

MSU Student Caught Peddling Drugs Tor Tuition Fees

by Own Correspondent | 2016 September 19 05:29:18

ZIMRA Dishes Out Rewards To Faithful Tax Payers

by Own Correspondent | 2016 September 19 05:24:19

Headmaster ‘Steals’ $17 000 From School's Fees

by Own Correspondent | 2016 September 19 05:21:24

Mujuru Party Fails To Pay $15 000 For Printed T-shirts

by Own Correspondent | 2016 September 19 05:14:37