Diaspora remittances to Zimbabwe decline

Diaspora remittances have fallen some 100 percent to $900 million this year despite an increase in registered money transfer agencies.

Finance and Economic Development Minister Patrick Chinamasa said Zanu-PF's 6th National Congress that he estimated remittances from Zimbabweans living abroad to reach nearly $900 million by end year.

The figure is expected to further decline to $840 million in 2015, according the 2015 National Budget.

This is a massive drop from the $1.8 billion send home in 2013 and from the $2.1 billion remitted in 2012.

It was not immediately clear what has led to the decline in remittances.