The Government of Zimbabwe announced on Tuesday, November 11, that the United Kingdom is expected, for the first time, to become the largest source of remittances sent to the country this year, surpassing South Africa.
Official data reviewed by Bloomberg indicate that four out of every five Zimbabweans living abroad reside in South Africa, a country that has traditionally led in sending remittances. However, the National Treasury of Zimbabwe estimates that 28.6% of this year’s US$2.72 billion in remittances will come from the United Kingdom, compared to 27.5% from South Africa.
The United States, Australia, Botswana, and Canada are also among the main sources of these transfers, which represent the country’s second-largest source of foreign currency after mining exports, according to Finance Minister Mthuli Ncube, who spoke in Parliament over the weekend ahead of the budget presentation scheduled for later this month.
Zimbabwe’s recurrent economic crises—marked by episodes of hyperinflation and currency depreciation—have driven increased emigration, particularly of skilled professionals to the United Kingdom, explaining the rise in remittance inflows.
However, the UK government announced in May the end of caregiver visas, a measure that has restricted access for many Zimbabweans who relied on this visa category to emigrate, citing “abuse and exploitation” of migrant workers.
