Reserve bank of Zimbabwe on the right (pictured)
GOVERNMENT says remittances by non-resident Zimbabweans either investing in the country or simply sending money back to their families increased to more than US$159 million this year.
Treasury says the non-resident population which sent back a total of US$159.1 million through money transfer agencies between January and October this year can play a central role in the reconstruction of the country’s economy.
A new economic blue-print launched on Wednesday says Government plans to work with associations of non-resident Zimbabweans to develop an appropriate remittance framework that will be linked to investment opportunities.
Zimbabweans living abroad have generally expressed an interest in participating in efforts to revive the country’s economy although most made short shrift of a proposal to levy taxes in return for voting and dual citizenship rights
Meanwhile bank deposits also rose from US$376 million in March to over US$1 billion by October 2009 and government says further growth is anticipated in line with the growth of incomes
Figures released by the Reserve Bank of Zimbabwe show that the Commercial Bank of Zimbabwe (CBZ) had the largest share of deposits with a total of US$250 million followed by Stanbic with US$150 million.
Barclays and Standard Chartered had deposits of US$112 million and US$103 million respectively.
The top four financial institutions control about 61 percent of the market.
(newzimbabwe)
