HARARE – Zimbabwe’s overseas forex receipts reached a file excessive of US$13.3 billion in 2024, marking a 21% improve from the earlier 12 months, in keeping with the 2025 Monetary Policy Statement launched by Reserve Bank of Zimbabwe (RBZ) Governor, John Mushayavanhu.
The surge in overseas forex inflows considerably improved the nation’s present account efficiency, leading to a surplus of US$501.2 million, a considerable rise from the US$133.9 million surplus recorded in 2023.
Key drivers of this development embrace exports. According to the report, merchandise exports reached US$7.9 billion, with mineral exports, notably gold, taking part in a pivotal function.
Gold exports alone elevated by 37% to US$2.5 billion, pushed by each increased manufacturing volumes and beneficial international costs. Fidelity Gold Refiners (FGR) reported a 21% improve in gold purchases, reaching 36.5 tonnes.
Remittances have additionally performed a vital function. Personal transfers, largely pushed by diaspora remittances, rose by 18.1% to US$2.6 billion, contributing positively to the present account stability.
While exports and remittances confirmed strong development, the nation’s import invoice additionally elevated by 4.9% to US$9.1 billion.
This rise was attributed to elevated imports of important items similar to meals, gas, uncooked supplies, autos, and manufactured items. Food imports rose considerably by 55.2% to US$976.1 million, largely as a consequence of elevated maize imports necessitated by the El Niño-induced drought.
The RBZ report additionally highlighted that complete overseas forex funds facilitated via Authorised Dealers elevated barely by 0.7% to US$9.4 billion.
Renowned economist Professor Gift Mugano, a well-known authorities critic, commented on the record-breaking figures, highlighting the potential for additional financial stability.
He acknowledged that improved accountability and environment friendly utilisation of overseas forex, notably by transferring away from command change fee insurance policies, may facilitate the constructing of enough reserves (estimated at US$4.5 billion).
This, in flip, may help the sustainable introduction and administration of a neighborhood forex.
“Well done, Zimbabwe. It is evident that if we improve on accountability and efficient use of our forex (by stopping command exchange rate), we can easily build sufficient reserves (i.e., US$4.5 billion) required to introduce our local currency and run it sustainably,” Mugano mentioned.
