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*Zimbabwe's Foreign Currency Remittances Hit US$1.2 Billion* *Follow Pindula on WhatsApp for daily new updates* https://whatsapp.com/channel/0029Va84dngJP21B2nWeyM3v?kn Zimbabwe’s foreign currency remittances rose by 16.5% to hit a record US$1.2 billion in the first half of 2024 resulting in a favourable impact on the country’s current account balance. This was said by Finance Minister Mthuli Ncube while presenting the Mid Term Budget Review Statement in Parliament Thursday. He said: ---------- Latest itel A06 on Pindula: 32GB storage, 4GB RAM $69 USD WhatsApp: +263715068543 Calls: 0772464000 ---------- > Remittances grew significantly by 16.5%, from US$1 billion in the first half of 2023 to US$1.2 billion in 2024, reflecting higher inward remittances from the diaspora, resulting in a favourable impact on the current account balance. Minister Ncube also revealed that total foreign currency receipts increased by 9.5% to US$6.2 billion during the period from January to June 2024. He said: > Mr Speaker Sir, total foreign currency receipts increased by 9.5% to US$6.2 billion during the period from January to June 2024, from US$5.6 billion received during the same period in 2023, largely driven by the growth in export receipts, mainly from gold, agriculture commodities and manufactured products, as well as diaspora remittances. > In line with this improvement in foreign currency receipts, preliminary estimates indicate that the current account recorded a surplus of US$19.2 million in the first half of 2024, a turnaround from the deficit of US$13.8 million recorded in the same period last year. > To year-end, the current account surplus is projected to narrow to US$44.5 million in 2024, relative to a surplus of US$133.9 million recorded in 2023. Ncube said the country’s total debt has soared to US$20.5 billion with the government resorting to local borrowing. The country’s stock of debt as at end of June 2024 amounted to an equivalent of around US$20,5 billion with external debt making up US$12 billion and domestic debt US$8.47 billion. The debt stock is broken down as 58.7% external debt and the remainder being domestic debt 41.3%. Said Ncube: > Mr Speaker Sir, the country’s stock of debt as at end of June 2024 amounted to ZiG287.2 billion, comprising of external debt of ZiG168.5 billion and domestic debt of ZiG118.7 billion. > The debt stock is broken down as 58.7% external debt and the remainder being domestic debt 41.3%. More: Pindula News _If you found this article useful_ *Please support Pindula by forwarding to friends and groups*
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