Remittances sent by Zimbabweans in the diaspora increased by 8%, reaching USD 879 million by May this year. According to the Reserve Bank of Zimbabwe (RBZ), this growth confirms the diaspora’s growing role in supporting the national economy.
“The contributions from emigrants have been crucial for household finances, at a time when the country is seeking to strengthen its foreign currency sources,” the bank stated.
During the reporting period, remittances accounted for 16.1% of total foreign currency inflows. This performance places money transfers from citizens living abroad among the most significant sources of external financing for the country, alongside other traditional forex revenues.
The RBZ emphasized that the steady growth in remittances reflects the “strong financial support from the Zimbabwean diaspora to their families and to the economy as a whole.” This statement highlights the ongoing commitment of overseas citizens to Zimbabwe’s domestic development.
This increase further reinforces the importance of Zimbabweans living abroad in boosting foreign currency revenues. In addition to helping their families, the funds sent by these citizens have a direct impact on the country’s balance of payments. In the first five months of 2025, total foreign currency inflows grew by 22%. This performance was also driven by the contribution of remittances, which remain a financial anchor in a challenging economic environment.
Source: The Herald
