The Reserve Bank of Zimbabwe governor John Mangudya has said that remittances grew exponentially after COVID-19. It was largely expected that remittances would crash due to job-losses and the Coronavirus-induced economic recession.
When Mangudya was speaking at the ZIMRA press conference he says that remittance increases, From January to July 2019 Zimbabwe received US$466.2 million and it increases this year during the same period with the amount of US$466.2 which is 33 percent.
Mangudya said in July alone there was 79% growth as US$59 million was sent to Zimbabwe.
Remittances are generally very important as they make up nearly 15% of our GDP – the most globally;