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Windfall for locals in the diaspora

Staff Writer

ZIMBABWEANS living outside the country will now be able to send money back home through the establishment of the dispora fund, which will see them changing their money at $5 200 against the gree

nback.


The central bank governor Gideon Gono on Wednesday announced that as an incentive to Zimbabweans outside the country, the beneficiaries would be paid the full amounts converted at the auction rates or “Diaspora price floor” of $5 200.


Gono said with a total estimate of around 3,4 million Zimbabweans in the diaspora, it was now time to unlock considerable foreign exchange inflows via this avenue.


“The new foreign currency mobilisation framework allows beneficiaries of such funds in Zimbabwe to receive payouts in foreign currency, cash travellers cheques at a floor price of $5 200 or the auction price whichever is higher,” he said.


The governor also announced that so far he had licensed Standard Chartered Bank, Stanbic Bank, CFX, Barnfords Global Financial Service, Fredex Financial Service, Kingdom Bank, TransAfric Money-transfer and Post Office Savings Bank.


Gono also formalised the operations of gold panning known as “Makorokoza”.


He added that a new gold price of $71 000 per gramme would apply for those producers who elect to sell 100% of their gold in exchange for local currency. In the process, the central bank will set up a purchasing point within the area where gold is extracted. Over the past two years, many parts of the country especially in Midlands and Matabeleland, have been affected by panning but the money does not find its way into the official market.


Gono has shot down suggestions that the central bank had imposed a blanket amnesty on all those who had violated exchange control regulations.

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