Zimbabwe foreign currency receipts up US$5,5 billion

ZIMBABWE's foreign currency receipts reached US$5, 5 billion in the first half of 2023 driven by exports and diaspora remittances among other top earners, the Reserve Bank of Zimbabwe (RBZ) latest Monetary Policy Statement (MPS) has revealed.

The central bank's Mid Term MPS data confirms that foreign currency receipts have sustained an upward trajectory.

"The positive trajectory in foreign currency receipts continued during the first half of 2023, with total receipts increasing by 3.5% to US$ 5,595 billion compared to US$ 5,405 billion during the comparable period in 2022.

"The increase in foreign currency receipts was driven by exports (55%) and diaspora remittances (16%)," the MPS said.

During the period, export proceeds earned the country US$ 3,055 million up from.

International remittances under two broad categories of Diaspora Remittances injected US$919 million with 16% contribution up from US$797 million recorded in a comparative period last year.

Overall, there was a 15,3% change in terms of growth in diaspora remittances during the period   testifying the positive contributions made by Zimbabweans in the diaspora towards the growth of the economy back home.

Remittances which were injected to NGOs US$514 million during the first half amounting to 9% in terms of overall contribution down from US$575 million earned in a comparative period last year to signify a decline of minus 10,5% during the period.

Loan proceeds stood at US$919 million while earnings based on foreign investment stood at US$127 million up from US$104 million signifying a 22,1% increase from the figure recorded in a comparative period last year.