Zimbabwe’s economy continues to lean heavily on its citizens abroad, and their remittances are still growing.
Finance Minister Professor Mthuli Ncube told Parliament last Thursday that Zimbabweans living outside the country sent home about US$2,1 billion (R36 billion) in the first nine months of 2025, a noticeable jump from last year.
In November, The South African reported on Zimbabwe’s recent remittance statistics.
In in the first quarter of 2025, the UK contributed roughly 28.6% of total remittances, or about R13.35 billion, just edging past South Africa’s 27.5% (around R12.81 billion).
Diaspora boosts Zim economy with rising remittances
The minister said remittances were up 12,1% compared to the US$1,9 billion (R32.57 billion) recorded over the same period in 2024.
He believes the numbers will keep rising as global conditions improve, predicting that total remittances could pass US$2,7 billion (R46 billion) next year and edge closer to US$2,8 billion (R48 billion) in 2026.
Foreign reserves record significant growth
Ncube also spoke about the country’s foreign reserves, which have grown steadily.
In April 2024, Zimbabwe had around US$285 million (R4.88 billion) in reserves.
By the end of October this year, that figure had climbed to about US$950 million (R16.28 billion), just enough to cover slightly more than a month of the country’s average import bill of US$800 million (R13.71 billion).
Government optimistic about continued remittance surge
He said the banking sector remains in stable shape as well. Capital adequacy and tier 1 ratios continue to sit well above the required levels, and by June 30 this year, the sector’s combined core capital had risen to ZiG33,1 billion, helped mainly 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,” Ncube said.
