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Zimbabwe diaspora remittances reach US$2,1 billion
42 mins ago |
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Zimbabwe's diaspora community has continued to play a crucial role in supporting the local economy, with remittances surging to US$2,1 billion in the first nine months of 2025, Finance and Investment Promotion Minister Professor Mthuli Ncube revealed during the delivery of the 2026 National Budget statement on Thursday.
The figure represents a 12,1% increase from US$1,9 billion recorded over the same period in 2024, reflecting continued global economic recovery across major regions. Minister Ncube projected that annual remittances would surpass US$2,7 billion in 2025 and reach around US$2,8 billion in 2026.
The Minister also highlighted improvements in Zimbabwe's foreign reserves, which increased from US$285 million in April 2024 to approximately US$950 million by the end of October 2025, covering over one month of the country's average import bill of US$800 million.
In addition, Ncube noted the banking sector's strong capitalisation, with average capital adequacy and tier 1 ratios at 33,8% and 25,3%, well above the regulatory minimums of 12% and 8% respectively. The sector's aggregate core capital stood at ZiG33,1 billion as of June 30, 2025, largely bolstered by retained earnings.
"These figures demonstrate resilience and growing stability in both remittance inflows and the domestic financial system, providing a solid foundation for economic growth," the Minister said.
The figure represents a 12,1% increase from US$1,9 billion recorded over the same period in 2024, reflecting continued global economic recovery across major regions. Minister Ncube projected that annual remittances would surpass US$2,7 billion in 2025 and reach around US$2,8 billion in 2026.
The Minister also highlighted improvements in Zimbabwe's foreign reserves, which increased from US$285 million in April 2024 to approximately US$950 million by the end of October 2025, covering over one month of the country's average import bill of US$800 million.
In addition, Ncube noted the banking sector's strong capitalisation, with average capital adequacy and tier 1 ratios at 33,8% and 25,3%, well above the regulatory minimums of 12% and 8% respectively. The sector's aggregate core capital stood at ZiG33,1 billion as of June 30, 2025, largely bolstered by retained earnings.
"These figures demonstrate resilience and growing stability in both remittance inflows and the domestic financial system, providing a solid foundation for economic growth," the Minister said.
Source - NewZimbabwe
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