Per a June Pymnts.com report, Zimbabweans living abroad almost doubled the amount of money they sent home this year, bolstering the economy.
Remittances jumped to $411.1 million in the first four months of the year, compared with $221.9 million a year earlier, they say. The inflows are Zimbabwe’s second-biggest source of foreign-exchange earnings, after revenue from platinum exports.
However, the general state of the economy in the African nation is mixed. The IMF expects Zimbabwe’s economy to grow 3.1% this year — less than half the 7.4% the nation’s Treasury has projected.
Remittances last year in Zimbabwe totaled $1 billion, compared with $635.7 million in 2019.
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