Home » Industry » Zimbabweans Remit U.S $700 Million Back Home

ZIMBABWEANS living in South Africa remitted more than US$700 million (about R7,7 billion) back home last year. This did not make much value as the same money was immediately taken back to South Africa as the country imports most of its goods from the country.

“A total of $700 million was remitted into Zimbabwe by Zimbabweans living in South Africa, but the same amount is taken back to South Africa,” Industry and Commerce Minister Mike Bimha said.

He said among reasons the money quickly found its way back to South Africa was the low capacity utilisation which had affected the manufacturing sector.

Minister Bimha said South Africa was Zimbabwe’s largest trading partner in Africa stating that goods and services worth $2,9 billion (about R33,64 billion) were supplied into the country during the first ten months of this year.

He said in the just ended financial year, Zimbabwe imported goods from South Africa worth more than $6 billion against Harare’s exports valued at $3 billion.

“Trade favours South Africa. We would like to see a balanced relationship. Foreign Direct Investment (FDI) is critical in the resuscitation of industry in Zimbabwe,” said Minister Bimha.

Millions of Zimbabweans have fled the economic situation in their country to seek refuge in neighbouring South Africa.

CAJ News

Source : The Herald