RBZ Introduce Diaspora Investment Accounts, Which Will Be Protected From RTGS System

The Reserve Bank of Zimbabwe (RBZ) has introduced the Diaspora Investments Accounts with the aim of getting more funding for local investments. The accounts which function as savings accounts will receive a 7 percent Diaspora Remittance Incentive from the RBZ in addition to the interest which the account will earn from the bank. The RBZ also said that the accounts will be protected from the RTGS system, in order to maintain their value in foreign currency.

Presenting the 2018 Monetary Policy Statement yesterday, RBZ governor John Mangudya said:

In an effort to facilitate inward investments by Zimbabweans in the diaspora, going forward, Zimbabweans in the diaspora can open Diaspora Investment Accounts with local banks of their choice. The accounts which shall be for savings/investment purposes or for holding funds earmarked for undertaking investment projects in Zimbabwe, shall be funded from offshore and shall be entitled to a 7% Diaspora Remittance Incentive from the RBZ over and above the interest offered by the bank. These accounts shall be ring-fenced against comingling with RTGS money.