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

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
January	81,915,569	60,607,249	35%
February	93,424,551	69,230,034	35%
March	125,389,958	61,172,535	105%
April	110,381,374	30,920,048	257%
May	115,575,293	66,815,291	73%
June	122,783,439	85,849,311	43%
Total	649,470,184	374,594,466	73%

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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