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Tuesday, May 28, 2024

Diasporan remittances reach over US$900 million

Story by Stanley James, Business Editor

DIASPORA remittances to Zimbabwe reached over US$900 million in the first six months of this year, translating to a 15 percent increase from last year’s figure.

Diaspora remittances continue to increase as Zimbabweans abroad are sending money back home.

At US$919 million in the first six months of the year, the remittances have increased from around US$$797 million during the same duration in 2022.

Data from the Reserve Bank of Zimbabwe reflects that diaspora remittances are now ranked second in terms of Zimbabwe’s overall sources of foreign currency.

The remittances come as a boost to national development, with Zimbabwe targeting an overall growth rate of 5,3 percent by the end of the year.

Monetary authorities are expecting further growth in diaspora remittances from last year’s figure of 11 billion United States dollars, owing to increased confidence in productive sectors of the economy.

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