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Mthuli Ncube Projects Surge In Diaspora Remittances

Mthuli Ncube Projects Surge In Diaspora Remittances

The government expects diaspora remittances to rise to between US$1.5 billion and US$1.6 billion at year-end up from US$1.4 billion last year.

Speaking during a wide-ranging interview with Sunday News in Bulawayo on Saturday, the Minister of Finance and Economic Development, Mthuli Ncube, said the expected rise in remittances was due to increased diaspora support to locals.

Ncube also said Treasury was considering availing US dollar Diaspora Bonds to enable Zimbabweans living abroad to invest their funds at fair interest rates. Said Ncube:

There has been a steady increase in international remittances and we expect them to get to between US$1.5 and US$16 billion at year-end up from US$1.4 billion last year.

As a result of these remittances, my Ministry is considering availing US$ Diaspora Bonds to allow Zimbabweans living outside the country to invest their funds at fair interest rates.

This will enable them to remit to families in Zimbabwe their interest while leaving their initial capital investment intact.

Ncube said there has been a significant rise in domestic remittances and this will translate into lower costs of moving money. He said:

I think current money transfer rates are too high and should decrease but this will be determined by competition within the industry which is growing at a phenomenal rate.

Through the Reserve Bank of Zimbabwe (RBZ), we have been licensing more and more companies so in the medium to long term, the cost of moving money should decrease.

Ncube, however, noted that the increase in domestic transfers is not being reflected in Treasury inflows because they are not giving Government its Intermediated Money Transfer Tax (IMMT) on time.

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clueless 1 month ago

hooovarinmhiri ndovamutendera kuita far isu muchitisunga saka ndoda kuona kwazvichaperera nekwamunozvika hokoyoi na dudula uyo

Gwedu 1 month ago

Something must be done. This mother f u c k e r is taking advantage of those in diaspora as his investment. No Zombos work up!!

Machiavelli 1 month ago

What Mthuli conveniently forgets is that the high cost of transferring remittances is largely a function of RBZ/government levies on those transfers.

Intermediary Money Transfer Levy being the largest contributor. Innbucks used to levy 1%, now its forced to go to somewhere in the region of 6-7% because with regulation came the increased cost.

Selective amnesia and Selective Memory

chidodo 1 month ago

gadzirisai nyika vari diaspora vadzoke kumba ana mthuli kwete zvamuri kutaura izvi. No place is better than home. Mari irimo muno if the economy is managed well and the resources are used effeciently and effectively.

36 1 month ago

Mthuli mthuli mthuli shut up useless creature

5 1 month ago

Tibvigwe zvedu kuface, ko kana diaspora ichisupporter economy yedu zvakadai sei muchivarambidza kuvoter, zve investment at fair interest rates zvamunotaura izvo ndezvenhema chete kudakubira vana their hard earned money uko nxaaaaa

Doug 1 month ago

The greater the Poverty the more the remittances. This money is for food, school fees, medicines and funerals of their friends and relatives. We should generate money from the myriad of resources the Lord endowed upon our country and instead send money to our friends and relatives who are working like slaves to give most of us a decent living.

ComedyHalfHour 1 month ago

😂 😁 😂 😂 Is this clown for real,
How can the dependents live on the interest 😂 😂 😂 😂 😂 😂 clown from another country 😂


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