Strong dollar hits remittances to Zimbabwe

Remittances from abroad into Zimbabwe fell 16% in the first quarter to $192.9 million against $231.4 million recorded in the same period year ago period. Remittances consist of both Diaspora and non-governmental organisations flow.
 
According to the Ministry of Finance, the slowdown is attributed to slow recovery in global and regional economic activity while the stronger US dollar also meant that remittances from countries such as South Africa would have a much lower value if converted.
 
In January, remittances stood at $62.9 million only to drop slightly to $62.92 million in February. In March, there was an increase of 7% on the previous month to $67.41 million.
 
Remittances however continue to be one of the main sources of net financial flows not only in Zimbabwe but in Africa.