Zimbabwe saw a 7.5% rise in diaspora remittances in February this year, with inflows totalling $165 million, up from $153.8 million during the same period last year, according to the latest data from the Reserve Bank of Zimbabwe (RBZ).

The central bank highlighted that these remittances now make up 17% of the country's total foreign currency earnings, highlighting their increasing importance in supporting Zimbabwe’s economy.

“In February 2025, Zimbabwe’s diaspora remittances grew by 7.5% year-on-year, totalling $165 million, compared to $153.8 million in February 2024,” the central bank said in its monthly report.

Zimbabwe has seen a steady increase in remittance inflows in recent years, The Zimbabwe Mail reports.

In 2024, diaspora remittances reached a record $2.2 billion, a 22% rise from the $1.8 billion received in 2023.

Economists argue that these inflows have been vital in stabilising the country's foreign currency reserves, helping to offset Zimbabwe’s trade deficit and supporting domestic spending.

With millions of Zimbabweans residing in countries such as South Africa, the United Kingdom, the United States, Australia, Canada, and the United Arab Emirates, remittances have become a crucial source of income for families in Zimbabwe.

These remittance funds play a vital role in supporting Zimbabwean families by covering essential needs such as food, education, healthcare, housing, and investments in small businesses.

In a country still struggling with high inflation and limited job opportunities, these financial inflows provide a critical economic buffer, helping to alleviate some of the pressures on households.

In addition, financial experts have called on the government to develop policies that encourage the use of formal remittance channels and create investment opportunities for Zimbabweans living abroad.

By fostering a more structured approach to these financial flows, they argue, Zimbabwe can ensure that it continues to benefit from a steady stream of foreign currency, which can be used to further strengthen the economy and promote long-term growth.