Zim register US$920m diaspora remittance in 6 months

The country has received US$919 million from diaspora remittances in 6 months, the Zimbabwe Economic Review has revealed.

During the same period last year the country recorded US$797.27 million indicating a 15.30% growth rate.

Apparently, in the first quarter of 2023, Zimbabwe saw an 8.5% growth.

In early 2021, the World Bank indicated that the massive COVID-19 induced declines in remittance flows it had predicted in the previous year had not materialised; actual declines were smaller and shorter term than expected.

However, in some cases like that for Zimbabwe, there were significant increases.

It argued that coronavirus pandemic lock down policies led to a shift from use of informal to formal recorded money transfer channels.

However, given the diversity of contexts in source and receiving countries, there is need for continued localised investigations to understand the nature and development policy implications of these flows.

The country recently witnessed an accelerated migration due to the economic crisis.

Remittance means “send back.” In terms of money, a remittance is the sending of money to a recipient who lives abroad.

Most families living in slow-growing economies and developing nations rely heavily on these remittances as their main source of income.

Zwnews