Zimbabwe’s foreign currency inflows increased in the first four months of the year, lifted by record gold prices, agricultural exports and remittances.
This saw forex inflows 18.5 percent up to US$4.6bn (Jan-Apr 2025), from US$3.87bn in 2024.
Exports rose 20.4% to US$2.6 billion, driven mostly by record gold prices and tobacco.
Diaspora remittances up 8% to US$720m (from US$663m over the same period in 2024).
Loan proceeds jumped 63.2% to US$560m, which includes international lending to the private sector.
Zimbabwe’s foreign currency inflows grew by 21 percent to US$13,3 billion in 2024 compared to US$11 billion in 2023, largely driven by growth in export proceeds.
According to the Reserve Bank of Zimbabwe (RBZ) 2025 Monetary Policy Statement (MPS), export receipts at US$7,9 billion contributed 59,2 percent to total inflows, followed by diaspora remittances at US$2,2 billion, representing a 16 percent contribution.
The central bank noted that merchandise exports totalled US$7,9 billion in 2024, driven by gold and tobacco exports.
It said mineral exports, which constituted the largest share of merchandise exports, grew by 7,8 percent, from US$5,4 billion in 2023 to US$5,9 billion in 2024.
Gold exports recorded a remarkable growth of 37 percent to US$2,5 billion in 2024, from US$1,8 billion in 2023, amid strong global prices.
“This was largely driven by both higher production volumes and favourable global gold prices.
“Gold purchases by Fidelity Gold Refiners (Private) Limited (FGR) increased from 30,1 tonnes in 2023 to 36,5 tonnes in 2024, representing a 21 percent growth,” the RBZ said.
Gold prices remained buoyant in 2024, reaching a peak of US$2 700 per ounce in October 2024, and the uptick in gold prices reflected heightened geopolitical tensions, sustained demand from central banks, and the onset of United States monetary policy easing.
“Central banks in emerging markets and developing economies (EMDEs) increased their gold holdings in 2024 as they diversified their international reserve portfolios away from the dollar.
“Continued safe-haven demand for gold, on the back of geopolitical tensions and financial and policy uncertainties, will likely sustain the higher gold prices in the near term,” reads part of the MPS.
According to Equity Axis, in 2024, Zimbabwe’s gold production surged to 36,47 tonnes, up from 31 tonnes the previous year, marking the highest output on record.
It said the increase was driven by favourable gold prices, enhanced pricing strategies from Fidelity, the proliferation of gold buying centres nationwide, and Government initiatives aimed at formalising the informal sector.
“These factors collectively contributed to a more robust and structured gold market, positioning Zimbabwe for improved revenue generation in the mining sector,” the firm said.
In 2025, the Government is targeting to produce 40 tonnes of gold. However, the central bank said the improved foreign currency inflows resulted in improved current account performance.
It said preliminary estimates indicate that the current account recorded a surplus of US$501,2 million in 2024, representing a significant improvement from a surplus of US$133,9 million recorded in 2023.
