Reserve Bank of Zimbabwe Governor John Mangudya revealed that diaspora remittances into Zimbabwe dropped by 11,4 per cent in 2018 to $619, 2 million from $699 million received in 2017.
Mangudya said this while presenting the 2019 Monetary Policy Statement on Wednesday. He said:
Diaspora remittances contributed $619,2 million, a decline of 11,4 per cent as compared to $699 million received in 2017.
The decline of diaspora remittances is mainly attributed to the preference to send in-kind remittances by the diaspora and the interception of remittances in South Africa by cross border traders.
Remittances by volumes are indicative of the financial sector business culture, the assurances and guarantees it gives the local and international remitting communities. However remittances constitute a great factor in economic development by the Diasporas if well co-ordinated programs are crafted, with the acceptable diplomatic guarantees.