Diaspora remittances drop

via Diaspora remittances drop February 4, 2014  NewsDay

INTERNATIONAL money transfers received by money transfer agencies (MTAs) and formal banking channels declined by 15% to $1,8 billion last year due to a rise in remittances sent via informal channels

Presenting the monetary policy statement last week, Reserve Bank of Zimbabwe (RBZ) acting governor Charity Dhliwayo said money received through MTAs and formal banking channels has declined significantly while a substantial amount of Diaspora remittances continue to be transmitted through informal channels.

“Toward this end, work is currently underway to come up with appropriate facilities to effectively harness diaspora savings for the development of the domestic economy,” Dhliwayo said.

She said RBZ was being guided by the 2014 National Budget in order to tap into Diaspora resources.

Dhliwayo added that the deterioration in the external sector position was due to lack of balance of payments support that further amplifies liquidity shortages obtaining in the economy.

“This has a constraining effect on banks’ ability to mobilise and avail credit to the productive sectors of the economy, thereby dampening economic growth prospects,” she said.

According to the 2014 budget statement, Finance minister Patrick Chinamasa said most countries in the world, including Zimbabwe’s regional neighbours, were benefiting immensely from financial transfers by their nationalities in the diaspora.

Chinamasa said Zimbabwe has a large part of its population living in the Diaspora and these were eager to contribute towards the development of their country.

“. . . The full statistics on Diaspora remittances and other contributions have been difficult to verify due, in some cases, to the informal channels of remittances used, many households survived on these remittances during the period 2002 to 2009,”Chinamasa said.

“Many Zimbabwean professionals, artisans and other skilled persons who left the country, and may not return soon, still want to invest and contribute to the country’s development process.”

He said during January to November 2013 Zimbabwe received $1,6 billion in remittances from the Diaspora.

Chinamasa said in order to harness the Diaspora market the government would formalise the platform for dialogue with the Diaspora through engaging the Zimbabwe Diaspora Home Interface Programme.

 

COMMENTS

WORDPRESS: 9
  • comment-avatar
    Saddened 10 years ago

    Sorry Chinamasa rejection of your diapora bonds clearly indicates that very few want to invest in Zimbabwe while you lot are at the helm. Once you all go then watch them & the rest of the world go in wanting to invest here

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    Harper 10 years ago

    I am still waiting for the Reserve Bank to pay out on my National Defence Bond that was payable on 23 February, 1982. Equivalent of a month’s salary. It bears the following instruction:
    “The State is required by law to repay the above amount mentioned above together with simple interest thereon at the rate of 4.5% per annum, on maturity.”
    Not to mention my pension, unpaid for the last twelve years.
    When I help out people in Zimbabwe I send a parcel of brand new US$1.00 bills by hand.

  • comment-avatar
    Tjingababili 10 years ago

    TIMES ARE HARD HERE AS WELL! BRING BACK THE ZIM DOLLAR, WE SHALL START BURNING IT!

  • comment-avatar
    Mdidi 10 years ago

    Does Zanu Pf really think straight? Barely last year when robert mugabe was campaining in matshonaland he said people of Matebeleland run away from school and go to South Africa to bring home a small blanket and a bicycle. What money does he want from them. He is solely responsible for the mass exodus of skilled people from zimbabwe. Does he think people in the diaspora will send money through the so called “formal” channels so that he pays $10 600.00 rent a month for his daughter? Are the diasporans so stupid to send money “formally” to a place where they can’t vote? to a place were their families are maimed and killed indiscriminantly? Stupid indeed!

  • comment-avatar

    Keep on dreaming Chinamasa. The Diaspora has nothing to do with your dream land of investment in a dead economy like yours. We worry about our people’s welfare chete.Otherwise you can go and piss yourself. Nxaaaa!!!

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    adam jones 10 years ago

    China- (zhingzhong) masa, how many farms does Mugabe own? You should know by now it has been some time since you said ‘to be honest, I din’t know’ on BBC TV. Remember?

    Now to these diaspora remittances that you keep dreaming about – where is the diaspora vote? You want money from Zimbabweans that you caused to ran away from Zim in the first place into the diaspora yet you won’t let them vote? How stupid can you be? Thats why Mutasa akadirwa diesel ngemusikana uyane. Wakaone kupusa akati rega ndiridire mafuta.

    The diaspora will continue to find innovative means of getting money to their loved ones in Zim that bypasses the Zanu systems. When the MDC was in government, a lot of people had good will towards Zim and money was coming. But that is when you in Zanu were stealing from Marange – remember? Now maChina otiza you are looking west. No, continue to look east.

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    mujibha 10 years ago

    you politicians you think u r very clever than n-one else, how could someone send his/her hard earned money to thieves like u chinamasa and company. you r the ones who cleated all these problems for zimbabwe people, do u know that during smith regime no zimbabweans think of going to other countries including you. why? simply because was being run smoothly, without favour or corruption. those whites were 1000% better than you black idiots in terms of running the country. now u r saying diaspora, diaspora and u don’t even want them to say their say during election time. if u keep on asking money from diasporians I’m going to ask bennet to bit u again. idiot. keep your zimbabwe diasporians will keep their money. cabinet yakazara nevanhu vanofunga neshure

  • comment-avatar
    easily fooled 10 years ago

    I only exchange dollars already in Zimbawe with ZAR this side as i pay for my friends’ dstv, purchase basics and deos for them. I dont send cash via MTAs at all.

    The Charity girl at RBZ will be worse off than Gono. She just utters rubish. How can the state pay her for such rubish

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    Ndebvu Mukomichi 10 years ago

    Thank you Diasporans. As you support your families back home, you are also sustaining the Zimbo nation. Keep it up!