Zimpapers Logo

Bulawayo Bureau
Zimbabwe received a record US$1 billion in Diaspora remittances last year, surpassing US$635,7 million realised in 2019.

The Reserve Bank of Zimbabwe (RBZ) had projected that Diaspora remittances would close the year at US$940 million.

In his 2021 Monetary Policy Statement issued Thursday RBZ Governor, Dr John Mangudya, attributed the improvement in Diaspora remittances to the liberalisation of the use of free funds in the country and improved channelling of remittances through formal channels.

“In the year 2020, Diaspora remittances amounted to US$1 billion, a 58 percent increase from previous year of US$635,7 million,” he said.

“The increase in Diaspora remittances is mainly due to liberalisation of the use of free funds in the country and improved channelling of remittances through formal channels.”

Dr Mangudya

During the year under review, international remittances received through the normal banking system on behalf of non-governmental organisations (NGOs) amounted to US$647,8 million in year, a 26 percent increase from the previous year’s US$519,4 million.

Altogether, international remittances, which comprise transfers by NGOs and Zimbabweans in the Diaspora as at December 31, 2020, totalled US$1,7 billion, an increase of 43 percent from US$1,2 billion during the same period in 2019.