Diaspora Remittances Among Top Forex Earners In 2020

Diaspora Remittances Among Top Forex Earners In 2020
Diaspora Remittances Among Top Forex Earners In 2020

Africa-PressZimbabwe. The Reserve Bank of Zimbabwe (RBZ) has said Diaspora remittances were among the top foreign currency earners for the country in 2020.

RBZ governor Dr. John Mangudya said Diaspora remittances for the year 2020 were far much higher compared to those of 2019.

In the Monetary Policy Statement issued Thursday last week, Mangudya said Export Proceeds earned US$3,696.30 billion last year compared to US$3,614.88 billion the previous year.

This constituted a 2.3% growth.

Meanwhile, International Diaspora or Diaspora remittances earned US$1,002.10 billion last year compared to US$635.67 million in 2019.

This constituted a 57.6% jump. The World Bank had projected that Diaspora remittances, globally, would fall due to the outbreak of the coronavirus pandemic.

The development reminds of the need for Zimbabwe to connect with the Diaspora community and give them an incentive for remitting more money.

Some citizens in the diaspora have complained over inefficiencies in getting their monies from banks and transfer agencies.

Some have been urging the government to reform investment policies so that they invest in Zimbabwe rather than just sending money for the upkeep of their families.

It is also important for Zimbabwe to engage and re-engage the international community since that is very essential for boosting remittances.

Some countries still do not allow the transfer of money to Zimbabwe which makes it difficult for Zimbabweans citizens in those counties to send money back home.

More: RBZ MPS

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