Zim Records 7.5% Increase in February Diaspora R...

Zim Records 7.5% Increase in February Diaspora Remittances

Witness Runodada- Zim Now Reporter

In February 2025, Zimbabwe recorded a notable increase in diaspora remittances, receiving US$165 million—a 7.5% rise from the US$153.8 million recorded in the same month of the previous year. These remittances accounted for 17% of the country's total foreign currency inflows during the period.

The cumulative impact of these inflows remains significant. In 2024, annual diaspora remittances reached a record US$2.2 billion, marking a 22% increase from the US$1.8 billion received in 2023.

A substantial portion of these funds comes from Zimbabweans living abroad. More than 908,000 Zimbabweans reside in South Africa, with large communities also in Botswana and the United Kingdom. While the total number of Zimbabweans abroad is estimated at under 2 million, their financial contributions play a crucial role in bolstering the country's foreign exchange reserves and stimulating consumer demand.

These remittances support essential sectors such as healthcare, education, housing, and small business investments, contributing to the country's socio-economic development.