Remittances look on course to breaking the US$1 billion and some change record that was set last year. According to the Reserve Bank of Zimbabwe’s (RBZ) Mid-Term Monetary Policy Statement, remittance figures are up by 73% at US$649 million from the US$374 million that was recorded over the same period last year.
Inflows January to June 2021 vs 2020
|Month||Year 2021||Year 2020||% Change|
The Reserve Bank of Zimbabwe projects that remittances (if this trend continues) could hit as close as makes no difference to US$1.5 billion. That’s a sizable contribution from those abroad and one wonders why there is no vote for Zimbabweans in the diaspora who are putting in so much money into the economy.
On another note, these figures by the Reserve bank of Zimbabwe are for money sent through formal channels. There is no estimate for the amounts that are sent through informal channels but it wouldn’t be a stretch to say that the combined total remittances could have already surpassed the benchmark set last year.
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You can download the full Mid Term Monetary Policy Statement with the link below:
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