Diaspora remittances to Zimbabwe to reach US$2 billion this year

Remittances by Zimbabweans living abroad are projected at between US$1.9 billion and US$2 billion this year, Finance Minister Mthuli Ncube said in his 2023 budget statement this week.

He said the remittances which stood at US$1.4 billion last year and US$1 billion in 2020, are expected to continue driving the current account surplus.

The current account is projected at US$448.9 million by the end of this year up from US$348.2 million last year.

Ncube said reduced remittance charges were encouraging the use of formal channels and thus increasing foreign currency receipts.

Foreign currency receipts totalled US$9.7 billion last year up from US$6.3 billion in 2020.

They stood at US$5.4 billion during the first half of this year up from US$4.1 billion during the same period last year.

Diaspora remittances accounted for US$797.3 million up from US$650.5 million during the first half of last year.

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