Zimbabwe’s foreign currency inflows soar to US$13.3bn

The country’s foreign currency inflows surged by 21 percent in 2024, reaching $13.3 billion, up from $11 billion the previous year, reports Zimbabwe Economic Review.

This growth was largely attributed to increased export proceeds, with mineral exports dominating.

Gold exports alone jumped by 37% to $2.5 billion, benefiting from record-high production of 36.5 tonnes and favorable global prices, which peaked at $2,700 per ounce in October 2024.

Key Forex Contributors:
? Exports: $7.9B (59.2% of total inflows)
? Diaspora Remittances: $2.2B (16% of total inflows)
? Gold Exports: $2.5B (+37% YoY)
? Mineral Exports: $5.9B (+7.8% YoY)

The strong forex inflows have improved Zimbabwe’s current account, resulting in a surplus of $501.2 million in 2024, up from $133.9 million in 2023.

With the government targeting 40 tonnes of gold production in 2025, Zimbabwe’s economy is on a promising trajectory for further growth.

Zwnews