Yesha
Senior Member
- Jan 28, 2026
- 157
- 82
Zimbabwe recorded a record US$15.9 billion in foreign currency inflows between January and September 2026, putting the country on course for its strongest annual forex performance on record.
The figure represents a 33.7% increase from the US$11.9 billion recorded during the same period last year, according to the Reserve Bank of Zimbabwe’s latest monetary and financial developments report.
Exports were the largest source of foreign currency, accounting for about 69% of total inflows. Diaspora remittances contributed around 15%, while loan proceeds accounted for about 9%.
The strong performance was supported by mineral exports, particularly gold, platinum group metals and lithium, alongside increased export earnings from tobacco and lithium sulphates.
Zimbabwe also recorded a cumulative external surplus of about US$4.3 billion during the first nine months of the year.
In August alone, exports generated US$1.7 billion against imports of US$1.2 billion, resulting in a trade surplus of US$526.5 million.
The stronger foreign currency position has also helped build Zimbabwe’s reserves, which reached US$2 billion in September, equivalent to about two months of import cover.
The Reserve Bank says the ZiG has remained relatively stable, trading between ZiG25 and ZiG27 against the US dollar during the period, while the premium between the official and parallel foreign exchange markets fell below 15%.
For ordinary Zimbabweans, the increased foreign currency supply could help reduce pressure on the exchange rate and make it easier for businesses to access foreign currency to pay for imports such as fuel, machinery, medicines and raw materials.
A more stable exchange rate can also help contain inflation because Zimbabwe relies heavily on imported goods and inputs whose prices are affected by movements in the exchange rate.
However, the record inflows do not mean the government has US$15.9 billion available to spend. The figure represents foreign currency entering the economy through exports, remittances, borrowing and other channels, much of which belongs to businesses, exporters and households.
The sustainability of the inflows is also a key concern.
With exports, particularly minerals, accounting for the majority of foreign currency earnings, Zimbabwe remains exposed to changes in international commodity prices and production levels.
The latest figures come as Zimbabwe works towards eventually transitioning from its current multicurrency system to a ZiG-based mono-currency system.
The RBZ’s progress score towards meeting the conditions for the transition rose to 54.9% in September. However, the country still needs to strengthen its foreign currency reserves, with the central bank targeting between three and six months of import cover.
The record inflows therefore provide a stronger economic cushion, but their long-term impact will depend on whether Zimbabwe can maintain export growth, build reserves, keep inflation under control and translate foreign currency earnings into productive investment and jobs.
For Zimbabweans, the key question is no longer simply how much foreign currency is entering the country, but whether the record inflows will result in a more stable currency, predictable prices, increased production and improved living standards.
The figure represents a 33.7% increase from the US$11.9 billion recorded during the same period last year, according to the Reserve Bank of Zimbabwe’s latest monetary and financial developments report.
Exports were the largest source of foreign currency, accounting for about 69% of total inflows. Diaspora remittances contributed around 15%, while loan proceeds accounted for about 9%.
The strong performance was supported by mineral exports, particularly gold, platinum group metals and lithium, alongside increased export earnings from tobacco and lithium sulphates.
Zimbabwe also recorded a cumulative external surplus of about US$4.3 billion during the first nine months of the year.
In August alone, exports generated US$1.7 billion against imports of US$1.2 billion, resulting in a trade surplus of US$526.5 million.
The stronger foreign currency position has also helped build Zimbabwe’s reserves, which reached US$2 billion in September, equivalent to about two months of import cover.
The Reserve Bank says the ZiG has remained relatively stable, trading between ZiG25 and ZiG27 against the US dollar during the period, while the premium between the official and parallel foreign exchange markets fell below 15%.
For ordinary Zimbabweans, the increased foreign currency supply could help reduce pressure on the exchange rate and make it easier for businesses to access foreign currency to pay for imports such as fuel, machinery, medicines and raw materials.
A more stable exchange rate can also help contain inflation because Zimbabwe relies heavily on imported goods and inputs whose prices are affected by movements in the exchange rate.
However, the record inflows do not mean the government has US$15.9 billion available to spend. The figure represents foreign currency entering the economy through exports, remittances, borrowing and other channels, much of which belongs to businesses, exporters and households.
The sustainability of the inflows is also a key concern.
With exports, particularly minerals, accounting for the majority of foreign currency earnings, Zimbabwe remains exposed to changes in international commodity prices and production levels.
The latest figures come as Zimbabwe works towards eventually transitioning from its current multicurrency system to a ZiG-based mono-currency system.
The RBZ’s progress score towards meeting the conditions for the transition rose to 54.9% in September. However, the country still needs to strengthen its foreign currency reserves, with the central bank targeting between three and six months of import cover.
The record inflows therefore provide a stronger economic cushion, but their long-term impact will depend on whether Zimbabwe can maintain export growth, build reserves, keep inflation under control and translate foreign currency earnings into productive investment and jobs.
For Zimbabweans, the key question is no longer simply how much foreign currency is entering the country, but whether the record inflows will result in a more stable currency, predictable prices, increased production and improved living standards.
