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Zimbabwe's Foreign Currency Inflows Surge By 17.9% In 2024

4 months agoFri, 29 Nov 2024 04:11:24 GMT
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Zimbabwe's Foreign Currency Inflows Surge By 17.9% In 2024

Zimbabwe’s foreign currency inflows rose by 17.9%, during the first nine months of 2024 primarily driven by export receipts and diaspora remittances.

Presenting the 2025 National Budget on Thursday, Finance Minister Mthuli Ncube said export receipts accounted for 59% while diaspora remittances were 25% of the total receipts. Said Ncube:

The country’s external sector position has remained resilient, as reflected by a notable increase in foreign currency receipts, which rose by 17.9%, to US$10 billion, during the first nine months of 2024, from US$8.5 billion received during the same period in 2023.

The growth was primarily driven by export receipts and diaspora remittances which accounted for 59% and 25% of the total receipts, respectively.

Ncube said the improvement in foreign currency receipts has positively impacted the country’s balance of payments position.

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The Treasury boss noted that preliminary estimates indicate that the current account balance recorded a surplus of US$227 million in the first nine months of 2024, a significant improvement from the surplus of US$59.4 million recorded in the same period last year. He added:

The country experienced strong inflows through secondary income, contributing to the current account surplus, notwithstanding deficits registered in the services and primary income accounts.

In 2024, the current account is projected to record a surplus of US$150.5 million and further improve to US$277.4 million in 2025, driven mainly by the resilient diaspora remittances inflows and a projected narrower trade deficit.

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6 Comments

Bvoricho Bvoricho · 4 months ago
word iro rekuti "surplus" riri kuitwa child abuse.
Jah🇿🇼Tsvarie-07 · 4 months ago
Positivity is the message we send then wait for the results...
ummmm · 4 months ago
surplus????
CDE 70 · 4 months ago
pamberi ne Zanu PF pamberi na President ED Munangagwa nema minister ake rambai makadaro tinotenda
Ngwere · 4 months ago
vana mutuvi maitodzidzwo here or maimwa tumbwa vamwe vachidzidza
Mp · 4 months ago
you are sick minister Money sent by our brothers and sisters to us in not forexinflow hapana economics dzakadaro

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