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Remittances up by 73% from the recorded figure this time last year!

ZimSwitch (ZIPIT) enabled card placed on top of USD in cash, 2% tax, e-commerce ZWL$ USD visa Mastercard, deposit incentives, remittances RBZ, mid term monetary policy statement

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

MonthYear 2021Year 2020% Change
January81,915,56960,607,24935%
February93,424,55169,230,03435%
March125,389,95861,172,535105%
April110,381,37430,920,048257%
May115,575,29366,815,29173%
June122,783,43985,849,31143%
Total649,470,184374,594,46673%
RBZ Mid Term Monetary Policy Statement

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.

You can download the full Mid Term Monetary Policy Statement with the link below:

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2 thoughts on “Remittances up by 73% from the recorded figure this time last year!

  1. Take their money, but don’t allow them to vote. If it weren’t for these remittances, some would have have starved to death.

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