Categories: Top story of the day

Zimbabweans in diaspora sending more money home

Zimbabweans in the diaspora are sending more money home through the official channels according to figures released by the Reserve Bank of Zimbabwe recently. Remittances from Zimbabweans in the diaspora dropped from US$2.1 billion in 2012 to US$1.8 billion last year but remittances from individuals increased from US$655 million in 2012 to US$764 million last year. “There was actually an increase in individual remittances from 2012 to 2013. In 2012, individual remittances were US$655 million and last year the figure was US$764 million, which shows that Zimbabweans in the Diaspora have confidence in the economic prospects of our country,” a Reserve Bank official said. Nearly half of the money that is sent to Zimbabwe is sent through the informal channels, that is, through cross-border transport popularly known as malaishas and through bus drivers. The government is trying to capitalise on the remittances from the people in the diaspora to revive the economy and it is slowly winning the battle. More people outside the country are getting disgruntled with politics and are focusing on the economy and how then can invest.

(23 VIEWS)

Charles Rukuni

The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

Share
Published by
Charles Rukuni

Recent Posts

Can the ZiG sustain its rally against the US dollar?

Zimbabwe’s battered currency, the Zimbabwe Gold, which was under attack until the central bank devalued…

November 10, 2024

Will Mnangagwa go against the trend in the region?

Plans by the ruling Zimbabwe African National Union-Patriotic Front to push President Emmerson Mnangagwa to…

October 22, 2024

The Zimbabwe government and not saboteurs sabotaging ZiG

The Zimbabwe government’s insatiable demand for money to satisfy its own needs, which has exceeded…

October 20, 2024

The Zimbabwe Gold will regain its value if the government does this…

Economist Eddie Cross says the Zimbabwe Gold (ZiG) will regain its value if the government…

October 16, 2024

Is Harare the least democratic province in Zimbabwe?

Zimbabwe’s capital, Harare, which is a metropolitan province, is the least democratic province in the…

October 11, 2024

Zimbabweans against extension of presidential term in office

Nearly 80% of Zimbabweans are against the extension of the president’s term in office, according…

October 11, 2024