Oliver Kazunga-Senior Reporter
ZIMBABWE received nearly US$1,86 billion in diaspora remittances in the first eight months of this year, a 22 percent increase from the same period last year, reinforcing the importance of Zimbabweans living abroad to the country’s foreign currency inflows.
Latest Reserve Bank of Zimbabwe (RBZ) statistics show that remittances reached US$1,859 billion between January and August 2026, up from US$1,520 billion recorded during the corresponding period in 2025.
The increase of about US$339,2 million highlights the continued flow of financial support from Zimbabweans abroad to families and other beneficiaries at home.
An estimated three million Zimbabweans are believed to be living in the diaspora and they regularly send money back home to sustain their families.
Economic commentator Ms Wendy Mpofu said the additional US$339 million represents a significant increase in external financial inflows—and thus the remittances could help ease foreign currency constraints and support imports.
“But the overall economic impact depends on how much of these funds circulates in the formal financial market and how these funds are subsequently used.
Therefore, it is vitally important to examine the channels through which remittances are received and whether the increase is improving access to foreign currency for productive sectors,” she said.
Monthly inflows remained above US$200 million throughout the eight months, with July recording the highest amount of US$258,5 million, followed by May at US$244,8 million. March registered the strongest year-on-year growth, with remittances rising 32 percent to US$234,3 million from US$177,1 million in the same month last year.
May followed with a 28 percent increase to US$244,8 million, while February recorded a 26 percent rise to US$211,8 million.
In January, inflows grew 17 percent to US$222 million from US$189,7 million in the prior year, while April recorded a 22 percent increase to US$224,8 million. June remittances rose 22 percent to US$226 million, while July inflows increased 25 percent from US$207,1 million recorded in July 2025. August closed the period with US$237,7 million, representing a nine percent increase from US$217,4 million received during the same month last year.
The figures point to sustained growth in diaspora transfers, which provide financial support for household expenditure and can contribute to investment and business activity.
Another economic commentator, Mr Peter Mhaka, said the country needs to turn remittances into productive investment that includes small businesses, agriculture, housing, and manufacturing.
“This requires credible investment products, transparent management, predictable policies and adequate protection for investors — the objective should not be to discourage family support, but to create additional opportunities for those willing to invest,” he said.
The RBZ data also show that Zimbabwe’s remittance inflows originate from a broad range of countries, reflecting the geographical spread of Zimbabweans living and working abroad.
Ireland was among the leading contributors in the supplied country breakdown, accounting for US$37,5 million, followed by Canada with US$34,4 million and Botswana with US$29,3 million.
The United Arab Emirates contributed US$24,5 million, while Poland and Germany accounted for US$19,4 million and US$14,5 million, respectively. Other recorded sources included New Zealand, Zambia, the Democratic Republic of Congo, Saudi Arabia, Qatar, Lithuania, the Netherlands, Mozambique, Tanzania, Switzerland, Namibia, and France.
The central bank’s figures underscore the significance of diaspora remittances as an external source of funds for Zimbabwe, with the sustained inflows providing support to recipients amid the country’s continuing need for foreign currency.
The latest figures also highlight the potential for stronger engagement with Zimbabweans abroad through formal remittance channels, investment opportunities, and initiatives aimed at mobilising diaspora savings for national development.
Of late, the Government has been urged to craft policies that attract Zimbabweans in the diaspora to channel their resources beyond domestic consumption as they have a key role to play in transforming the economy.
Countries such as China and India, for instance, offer different business-oriented incentive models that enlist diaspora contributions to development.
These countries have succeeded in becoming among the leading global economies without reliance on foreign direct investment alone.
Zimbabweans in the diaspora stand a chance to participate in various sectors of the economy as well as investing in capital markets, venture capital funds, and pension funds.
