Zimbabwe’s foreign currency inflows surged 47,8% to US$10,72 billion in the first half of 2026, buoyed by a sharp increase in export earnings and diaspora remittances, strengthening the country’s external position and boosting its capacity to meet foreign payment obligations.
The latest figures contained in the Reserve Bank of Zimbabwe’s 2026 Mid-Term Monetary Policy Statement show that foreign currency receipts rose from US$7,25 billion recorded during the corresponding period last year.
Presenting the 2026 Mid-Term Monetary Policy Statement, RBZ Governor, Dr John Mushayavanhu, said the growth in foreign currency receipts reflected stronger economic activity and had helped improve liquidity in the foreign exchange market.
“The robust (economic) growth momentum for the country has supported a 47,8% increase in foreign currency inflows during the first half of the year, which amounted to US$10,72 billion as of 30 June 2026,” he said.
The inflows exceeded foreign currency payments of US$7,30 billion made between January and June, resulting in a stronger external position for the economy.
Export proceeds accounted for the bulk of the inflows, rising 90,7% to US$7,53 billion from US$3,95 billion during the first half of 2025.
The figure represented 70,3% of total foreign currency receipts, underscoring the continued dominance of exports in generating foreign exchange for the economy.
Mining was the biggest contributor to the export surge, with earnings more than doubling to US$6,21 billion from US$2,81 billion, representing a 121,3% increase.
Gold led the mining sector’s performance, with receipts jumping 176% to US$3,82 billion from US$1,38 billion.
Platinum earnings increased 82,8% to US$1,46 billion, while lithium ore and concentrates rose 78,2% to US$382,4 million.
Chrome ore and ferrochrome receipts also increased 60,1% to US$239,5 million.
Tobacco, another major source of foreign exchange, generated US$967,6 million, up 23,5% from US$783,7 million recorded in the first half of 2025.
Diaspora remittances provided another major boost, increasing 41,4% to US$1,55 billion from US$1,09 billion.
Dr Mushayavanhu said remittances accounted for 14,4% of total foreign currency receipts and continued to provide an important source of hard currency.
“Remittances accounted for 14,4% of total foreign currency receipts, providing another important source of hard currency at a time when Zimbabwe continues to manage its transition towards greater monetary and exchange-rate stability,” he said.
Other foreign currency sources also recorded significant movements during the period.
Foreign direct investment increased 126,8% to US$269,9 million, while income from foreign investments rose 35,9% to US$88,9 million.
However, private loan proceeds declined 33,1% to US$984,9 million, while receipts from non-governmental organisations fell 46,1% to US$296,6 million.
The surge in foreign currency receipts also translated into stronger reserves, with the RBZ holding US$1,7 billion by the end of July, equivalent to about 1,7 months of import cover.
Dr Mushayavanhu said the reserves were further supported by gold purchases and in-kind royalties.
“The foreign currency reserves supported the Reserve Bank’s strategic intervention in the interbank foreign exchange market, ensuring that all bona fide foreign payments are met,” he said.
The stronger supply of foreign currency also helped support exchange-rate stability, with the ZiG/US dollar exchange rate moving within a range of ZiG25 to ZiG27 per US dollar during the first half of the year.
The improved external position was further reflected in the current account, which moved to an estimated US$1,3 billion surplus during the first half of 2026, up from US$248 million recorded during the same period last year.
However, increased foreign currency availability was accompanied by rising demand, with payments through authorised dealers increasing 44,9% to US$7,30 billion.
Trade-related payments accounted for 81% of total foreign currency payments, with US$2,7 billion directed towards raw materials, intermediate goods and capital goods.
Fuel imports accounted for a significant portion of the increase, rising 64,6% to about US$1,4 billion from US$853,5 million, reflecting higher international energy prices.
The surge in foreign currency inflows is strengthening Zimbabwe’s external position, boosting reserves, supporting exchange-rate stability and enhancing the country’s capacity to finance imports and meet external obligations. Sustained growth in exports and remittances could further deepen economic stability and provide a stronger foundation for investment and growth.
