Financial Services provider, Homelink Group has dismissed social media claims that it has stopped issuing hard foreign currency to recipients of international remittances, following the government pronouncement of Statutory Instrument (SI 142) outlawing the multi-currency system.
The confusion stems from the directive issued by the Ministry of Finance and Economic Development and Reserve Bank of Zimbabwe (RBZ) that all local transactions will now be done in the local RTGS dollars currency.
“We are issuing US dollars; nothing has changed for our customers who receive diaspora remittances. Definitely there has been some confusion as to the currency that we are going to be handing out and we would like to reassure our public that we are giving them the US dollars, hard currency as they get it. Business is going on as normal,” Homelink Group marketing manager, Tendai Rafemoyo told 263Chat Business.
“The effect that we have noted is the growing concern from our loyal customers, everyone is calling in to ask, can we send our money? Can we receive our money? We are cashing out normally; we haven’t closed any other day. Business is as usual,” she added.
Since Monday when the Statutory Instrument 142 of 2019 was issued, social media platforms has been awash with false messages that local financial institutions were no-longer giving out foreign currency to Foreign Currency Accounts holders, a situation that has created panic amongst the public.
Authorities have since clarified the issue, with the Reserve Bank of Zimbabwe governor, Dr John Mangudya confirming that recipients of diaspora remittances will still be able to withdraw their foreign currency in hard cash.
A snap survey by 263Chat Business this morning showed that major international money transfer service providers like Homelink were issuing withdrawals to customers in US dollar notes.
Due to widespread confusion and misinformation, economic analysts have called on monetary authorities to increase awareness and clarity with regards to the new policy to protect diaspora remittances which could go down due to lack of confidence.
