Diaspora remittances reach US$388 million in Q1

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The group’s profit for the year 2021 was 357 million dollars compared to 88 million dollars in 2020.

ZIMBABWEANS abroad sent home US$388 million during the first three months of 2022, 29 percent more than they did over the same period last year, Reserve Bank of Zimbabwe data shows.

The jump in diaspora remittances followed increased use of formal banking channels due to the pandemic.

Including cash coming in from NGOs, which rose 25 percent to US$241,6 million. Total remittances through formal channels stood at US$493,9 million over the quarter.

The total remittances figure from diaspora and aid agencies beat what Zimbabwe earned from gold, the country’s highest export earner. In the first quarter of 2022, gold exports rose to US$463,1 million, up from US$207,2 million over the same period last year.

The increase in diaspora remittances extends the upward trend over the past two years. In 2021, Diaspora remittances rose 42,7 percent to US$1,47 billion.

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