RBZ to pay forex remittance recipients in ZiG

The Reserve Bank of Zimbabwe (RBZ) says it is working on ways to make sure that those receiving foreign currency through remittances get it in local currency, Zimbabwe Gold (ZiG).

Speaking on HStv, RBZ deputy director William Mamhimanzi said remittance money is fueling black market hence the need to make sure that recipients get it in local currency.

“When somebody receives money from external sources, relatives outside.

“They immediately get it in hard currency and the money doesn’t get into the banking system. So we are looking at ways to tap that money into the banking sector,” he said.

Zwnews