Diaspora, NGO Remittances Decline 16 Percent

Remittances into Zimbabwe fall 16 percent in the first quarter to US$192.9 million against US$231.4 million recorded in the same period a year ago

Remittances - of both Diaspora and non-governmental organisations flows - into Zimbabwe fell 16 percent in the first quarter to US$192.9 million against US$231.4 million recorded in the same period a year ago.

According to the Ministry of Finance, the slowdown is attributed to slow recovery in global and regional economic activity while the stronger United States dollar also meant that remittances from countries such as South Africa would have a much lower value if converted.

In January, remittances stood at US$62.9 million only to drop slightly to US$62.92 million in February.

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Source: 
Nehanda Radio

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