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Zimbabwe government eyes $2 billion from diaspora

Staff writer |
Estimates by the United Nations Development Programme put the number of Zimbabweans living outside the country between three to four million in 2010.

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The number has since grown significantly with recent estimates of Zimbabweans in South Africa alone between one to three million.

Speaking on the sidelines at the official launch of a financial aggregator website, in Harare, Reserve Bank of Zimbabwe (RBZ) governor John Mangudya said Zimbabweans living abroad were contributing $1,7 billion and authorities were putting measure to lure more inflows.

“Government are working on instruments to ensure that foreign-based companies can come and invest in the country whether they are foreign or Zimbabweans living in the Diaspora,” Mangudya said.

“Right now interest rates in Europe are low between 0, 25% and 0, 5% whereas here the interest rates are 6% or 7%.”

Mangudya said the $1, 7 billion was inclusive of the official and unofficial statistics and higher than exports by 50%.

Mangudya said that IT systems was one way of attracting investments from Zimbabweans living abroad who would be able to go online rather than come to Zimbabwe to make investments.

“Foreigners will also see what the investment offerings in Zimbabwe so therefore the more you give them in terms of services, the more that income can increase by up to more than $2 billion,” Mangudya said.

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