.jpg)
2 hours ago
2
Article content
(Bloomberg) — The UK is expected to be the largest source of remittances to Zimbabwe this year, overtaking South Africa for the first time, according to Finance Minister Mthuli Ncube.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
Official data shows four out of five Zimbabweans who live abroad are based in neighboring South Africa, traditionally the origin of the bulk of money expatriates send home.
Article content
Article content
Zimbabwe’s Treasury estimates that 28.6% of $2.72 billion in remittances this year will emanate from the UK and 27.5% from South Africa. The US, Australia, Botswana and Canada are the other key sources of such transfers, the biggest source of foreign exchange after mining exports, Ncube told lawmakers at the weekend ahead of a budget statement scheduled for later this month.
Article content
Article content
“In 2026, remittances are projected to grow further to $2.75 billion,” he said, even as he forecast that the economic growth rate will slow to 5% next year from 6.6%.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
Regular economic crises in Zimbabwe, including bouts of runaway inflation and frequent currency crashes, have fueled emigration and there has been a steady exodus of professionals to the UK in recent years — which has contributed to the higher remittances.
Article content
However, the UK government announced in May that it had scrapped care visas, which many Zimbabweans have relied on to secure access, citing “abuse and exploitation” of the migrants.
Article content
Sign up here for the twice-weekly Next Africa newsletter, and subscribe to the Next Africa podcast on Apple, Spotify or anywhere you listen.
Article content
Advertisement 1
English (US)