Zimbabwe's Foreign Currency Inflows Surge By 17.9% In 2024

Zimbabwe’s foreign currency inflows rose by 17.9%, during the first nine months of 2024 primarily driven by export receipts and diaspora remittances.

Presenting the 2025 National Budget on Thursday, Finance Minister Mthuli Ncube said export receipts accounted for 59% while diaspora remittances were 25% of the total receipts. Said Ncube:

The country’s external sector position has remained resilient, as reflected by a notable increase in foreign currency receipts, which rose by 17.9%, to US$10 billion, during the first nine months of 2024, from US$8.5 billion received during the same period in 2023.

The growth was primarily driven by export receipts and diaspora remittances which accounted for 59% and 25% of the total receipts, respectively.

Ncube said the improvement in foreign currency receipts has positively impacted the country’s balance of payments position.

The Treasury boss noted that preliminary estimates indicate that the current account balance recorded a surplus of US$227 million in the first nine months of 2024, a significant improvement from the surplus of US$59.4 million recorded in the same period last year. He added:

The country experienced strong inflows through secondary income, contributing to the current account surplus, notwithstanding deficits registered in the services and primary income accounts.

In 2024, the current account is projected to record a surplus of US$150.5 million and further improve to US$277.4 million in 2025, driven mainly by the resilient diaspora remittances inflows and a projected narrower trade deficit.

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