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.

This is an interesting trend as the World Bank predicted that remittances would decline by as much as 20% globally. Whilst this might still happen – it seems Zimbabwe is not as widely affected at the moment.

Remittances are generally very important as they make up nearly 15% of our GDP – the most globally;

 

Source:  TECZiM

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