Zim Diaspora remits $1,4 billion

Zim Diaspora remits $1,4 billion

via Zim Diaspora remits $1,4 billion | The Herald July 15, 2014 by Lovemore Mataire

Zimbabweans in the Diaspora have remitted US$1,4 billion in the past two years and the figure could be higher if non-formal remittances are included.
Statistics from the Reserve Bank of Zimbabwe indicate that in 2012, total remittances, including those of industrial organisations, amounted to US$2,1 billion, while in 2013 remittances totalled US$1,8 billion.

A Reserve Bank official said yesterday that the amount could be higher given that a substantial amount of diaspora remittances continued to be transmitted through informal channels.

He said although the total remittances may show a decline, there was actually an upsurge in terms of individual remittances.

The official said of the US$2,1 billion recorded in 2012, US$655 million were individual remittances by Zimbabweans, while US$764 million was part of the US$1,8 billion recorded last year.

“There was actually an increase in individual remittances from 2012 to 2013,” he said. “In 2012, individual remittances were US$655 million and last year the figure was US$764 million, which shows that Zimbabweans in the Diaspora have confidence in the economic prospects of our country.”

The official said at least 50 percent of remittances came through informal channels and the central bank was in the process of devising strategies to ensure that a larger chunk of remittances came through formal banking channels. Zimbabwe has a strong skilled and non-skilled Diaspora population mainly in South Africa, the United Kingdom, Canada, Australia and the United States, who regularly send money back home to sustain their families.

Although it is difficult to verify the full statistics of remittances and other contributions, the RBZ said it was exploring other suitable facilities to effectively harness Diaspora savings for the development of the economy.

The central bank said the total decline in total remittance recorded last year was not a fair barometer in judging the Diaspora contributions as these were mainly from non-governmental and international organisations which could have been affected by a number of factors that include the global economic slow-down, subdued inflows from foreign investment, offshore credit lines and foreign aid.

In his 2014 Budget Statement, Finance Minister Cde Patrick Chinamasa said most countries in the world, including Zimbabwe’s regional neighbours, were benefiting immensely from financial transfers by their nationals in the Diaspora. He said there were plans by the Government to introduce a Diaspora bond to tap into the market.

According to the World Bank, African Diaspora savings, at US$53 billion every year, exceed annual remittances to the continent and are mostly invested abroad.

COMMENTS

WORDPRESS: 6
  • comment-avatar
    publicprotector 5 years ago

    LIES AND PROPAGANDA.
    What we need is a list of names and amounts, which will never happen.
    Given that most from Zimbabwe survive on handouts in uk in order to achieve 1 billion taking into acount that needed for food, double the entire population of Zimbabwe would have to be outside Zimbabwe.
    Please mr journalist if you cant count employ a mathematician before you make a fool of yourself.

    • comment-avatar

      “….Statistics from the Reserve Bank of Zimbabwe indicate that in 2012, total remittances, including those of industrial organisations, amounted to US$2,1 billion, while in 2013 remittances totalled US$1,8 billion…..”

      Can you even read and comprehend the words in front of you?
      You are a disgrace to those seeking the truth.

  • comment-avatar
    Nhekairo 5 years ago

    when will the diaspora be allowed to vote or you’re happy just to receive their remittances?

  • comment-avatar
    roving ambassador. 5 years ago

    Confidence in the economic prospects, you must be smoking some good staff. The money is to support the vulnerables whose servings were looted by Mugabe.

  • comment-avatar
    zanupf fear me 5 years ago

    Where are the martyrs ? Stop the remittances and in two weeks zanupf will have been locked up in our chikkers. Trouble is your relatives won’t make the requisite sacrifices as long as you continue bailing out the Mugabe rogues incorporated

  • comment-avatar
    Mlimo 5 years ago

    Nothing to be proud of this fool thinks sending money to support relatives is good where do these fools come from this govt has no shame that it can’t support the needy and have to rely on us outside zimbabwe