Staff Reporter

Zimbabwe's foreign currency inflows surged to US$13.3 billion in 2024, reflecting a 21% increase from the US$11 billion recorded in 2023.

This surge in forex receipts is seen as a significant boost for the nation's economy, with much of the growth attributed to a rise in export proceeds, particularly in the mining sector.

According to the Zimbabwe Economic Review’s poston X, the increase in forex receipts is largely attributed to a remarkable rise in export proceeds.

"Exports alone accounted for US$7.9 billion, or 59.2% of total inflows, with gold exports seeing a notable 37% year-on-year increase, bringing in US$2.5 billion. This surge in gold exports is linked to record-high production levels of 36.5 tonnes and favourable globalmarket conditions, where gold prices reached US$2,700 per ounce in October 2024."

The report also states that mineral exports reached US$5.9 billion, a 7.8% rise from 2023, while diaspora remittances contributed US$2.2 billion, making up 16% of total inflows.

"Thanks to these favourable conditions, Zimbabwe recorded a current account surplus of US$501.2 million in 2024, up from US$133.9 million in 2023. This surplus is a reflection of the country's growing economic stability, driven by the rising forex receipts," noted the Zimbabwe Economic Review.

With inflation expected to remain below 3% in 2025, the review highlights that "This reinforces the positive outlook for the country’s economy and exchange rate stability."

The Government has set an ambitious goal of 40 tonnes of gold production for 2025. This signals the country’s commitment to further boost mineral exports and continuing its economic growth trajectory.

As Zimbabwe builds on this momentum, experts are optimistic that the increase in forex inflows will help strengthen the nation's economic fundamentals and pave the way for further development.