Zimbabwe's Reserve Bank To Set Up Diaspora Remittance System

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Published Sep 27, 2016

The Reserve Bank of Zimbabwe has engaged a central bank in the SADC region to help it set up a diaspora remittance system. It's estimated that about three million Zimbabweans work abroad, but don't use formal channels to send funds back home. If migration is managed properly it could contribute positively towards national development. The bank plans to tap into this critical sector by introducing reforms and review policies. Zimbabwe's economy is struggling, with a growing budget deficit, cash shortages and an unemployment figure of above 80 percent.