Zimbabwe’s foreign currency receipts soar 21% to US$13.3 billion in 2024

HARARE – Zimbabwe’s foreign currency receipts reached a record high of US$13.3 billion in 2024, marking a 21% increase from the previous year, according to the 2025 Monetary Policy Statement released by Reserve Bank of Zimbabwe (RBZ) Governor, John Mushayavanhu.

The surge in foreign currency inflows significantly improved the country’s current account performance, resulting in a surplus of US$501.2 million, a substantial rise from the US$133.9 million surplus recorded in 2023.

Key drivers of this growth include exports. According to the report, merchandise exports reached US$7.9 billion, with mineral exports, particularly gold, playing a pivotal role.

Gold exports alone increased by 37% to US$2.5 billion, driven by both higher production volumes and favourable global prices. Fidelity Gold Refiners (FGR) reported a 21% increase in gold purchases, reaching 36.5 tonnes.

Remittances have also played a crucial role. Personal transfers, largely driven by diaspora remittances, rose by 18.1% to US$2.6 billion, contributing positively to the current account balance.

While exports and remittances showed robust growth, the country’s import bill also increased by 4.9% to US$9.1 billion.

This rise was attributed to increased imports of essential goods such as food, fuel, raw materials, vehicles, and manufactured goods. Food imports rose significantly by 55.2% to US$976.1 million, largely due to increased maize imports necessitated by the El Niño-induced drought.

The RBZ report also highlighted that total foreign currency payments facilitated through Authorised Dealers increased slightly by 0.7% to US$9.4 billion.

Renowned economist Professor Gift Mugano, a well known government critic, commented on the record-breaking figures, highlighting the potential for further economic stability.

He stated that improved accountability and efficient utilisation of foreign currency, particularly by moving away from command exchange rate policies, could facilitate the building of sufficient reserves (estimated at US$4.5 billion).

This, in turn, could support the sustainable introduction and management of a local currency.

“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 said.