ZIMBABWE has recorded a 33 percent increase in Diaspora remittances to US$466,2 million as at 31 July 2020 compared to US$349,7 million at the same time last year, according to Reserve Bank of Zimbabwe (RBZ) Governor Dr John Mangudya.

This is despite the adverse impact of the Covid-19 pandemic, which has crippled the global economy and rendered millions of migrant workers jobless.

Based on this view, experts had predicted a drop in diaspora remittances mainly from developed economies such as Europe and the United States, as these were heavily affected by the pandemic, leading to loss of incomes mainly on key economic sectors.

Dr Mangudya told journalists during a joint online press conference hosted by the Zimbabwe Revenue Authority (Zimra) and the Apex Bank today that the Diaspora community has greatly assisted the economy by injecting more foreign exchange in the first seven months of the year.

“Over the past months, despite Covid-19, the amount of money that is coming from the Diaspora to Zimbabwe has never gone down,” said the Governor.

“The first seven months of the year (January to July) we received US$466,2 million compared to US$349,7 at the same time last year. This is a 33 percent increase and these are the funds we use in the country.”

-State Media