The Diaspora Engagement Event: 18 April 2025, Washington D.C.

1. The Reserve Bank of Zimbabwe (RBZ) in close collaboration with the Zim – Washington Mission, organized an event to engage the Zimbabwean professionals working at the IMF and World Bank, alongside other professionals working in the DC, Maryland and Virginia (DMV) area. The event that took place on 18 April 2025, was organized to exchange views on the RBZ’s policy priorities, discuss how best to harness investments and skills residing in these professionals to support Zimbabwe’s economic and development aspirations. The event which ran under the theme: “Role of Diaspora in Engendering Price and Currency Stability: Opportunities and Prospects” was hosted by the Zimbabwe Embassy in Washington DC. The event was officially opened by the Mrs. Sarah Bhoroma the Charge d’Affaires.

2. The Governor of the Reserve Bank, Dr J. Mushayavanhu and his RBZ team made presentations on recent monetary and financial sector developments, operations of the foreign exchange market, and exchange control dispensations for non-resident Zimbabweans. In addition, the Commissioner General for the Zimbabwe Revenue Authority (ZIMRA), Ms. R. Chinamasa made a presentation on Tax Dispensations for Non-Resident Zimbabweans. Following the Governor’s keynote address, the following discussion points emerged from the lively interactive session:

• Specific strategies to bring stability and promote the envisaged growth recovery.
• Steps to achieve a mono-currency by 2030.
• The difference between Bonafide and free funds.
• The impact of surrender requirements on exporters.
• The need to address high costs of remittances to Zimbabwe.
• Concerns on the high level of bank charges.
• How profits from investments can be repatriated to non-resident Zimbabweans.
• Updates on the arrears clearance process.
• The importance of digitalizing ZIMRA operations to plug leakages.
• The need to tackle double taxation.
• How Government policies should accommodate SMEs and the informal sector.

3. Following the lively discussion and responses from the Governor, the ZIMRA Commissioner General and the Ministry of Finance, the meeting agreed that constant engagement through key contacts from the Reserve Bank and the Ministry of Finance would be essential going forward. Further, the Governor launched the Guidelines to Authorized Dealers on Foreign Exchange Transactions designed to better facilitate trade and investment.

4. Considering that it was Zimbabwe’s 45^th Independence Day, Ms. Bhoroma concluded the event with a toast to the continued success and health of Zimbabwe and its leadership.