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Despite COVID-19, money sent to Zim from the diaspora is up by 48%

USD, Deposit Protection Corporation, DPC, Nostro accounts

Back in April, the World Bank forecasted that remittances to Sub-Saharan Africa would take a 20% dip. The reasoning behind this was of course because of the impact that COVID-19 has had on the incomes of those who are working abroad. Job losses have been a feature of the pandemic and all of that was going to play a part in money inflows from the diaspora.

Well, it seems like that hasn’t been the case if we look at Zimbabwe in isolation. Remittance figures for the country have been growing steadily over the year. According to the RBZ’s latest figures, money from the diaspora has grown by 48% in the last 10 months:

Month2020 (in US$)2019 (in US$)% Change
January60 607 24944 567 75736%
February 69 230 03441 788 07666%
March 61 172 53562 414 369-2%
April 30 920 04849 227 045-37%
May 66 815 29153 896 27224%
June 85 849 31146 525 10285%
July 91 853 26951 255 84679%
August92 935 17251 493 73480%
September 98 384 80752 538 45687%
October103 084 50359 818 51872%
Total 760 752 217513 515 18348%
via @DailyNewsZim

From the above figures, there was a contraction in March and July which would have indicated that 20% decline the World Bank alluded to. However from then on the numbers have been very impressive, this year’s figures are on course to being the best since 2016:

Total Individual Remittances (US$)838 million939 million776 million699
619 million636 million761 million

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One thought on “Despite COVID-19, money sent to Zim from the diaspora is up by 48%

  1. It’s possible the informal channels of sending money are limited at this time and so people are forced to use more formal channels

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