Saturday, 20 February 2021

DIASPORA REMITTANCES TOP US$1 BILLION

ZIMBABWE’S diaspora remittances increased by 58 percent to US$1 billion last year surpassing US$635,7 million realised in 2019.

In 2020, the Reserve Bank of Zimbabwe had projected that diaspora remittances would close the year at US$940 million.

In his 2021 Monetary Policy Statement issued yesterday, 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 channeling of remittances through formal channels.

“In the year 2020, diaspora remittances amounted to US$1.0 billion, a 58 percent increase from previous year of US$635,7 million.

“The increase in diaspora remittances is mainly due to liberalisation of the use of free funds in the country and improved channeling of remittances through formal channels,” he said.

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

Economic analysts have urged the Government to craft policies that attract Zimbabweans in the diaspora to channel their resources beyond domestic consumption as they have a key role to play in transforming the economy. Herald

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