ZIMBABWE recorded its highest-ever foreign currency earnings since independence after raking in over US$16 billion last year, a historic milestone that underlines the economy’s growing resilience and export-driven recovery under the Second Republic.
The record haul represents a near tripling of the country’s forex earnings compared to 2017, when it earned about US$5,5 billion before the advent of the Second Republic.
In the previous year, the country had generated US$5,3 billion.
The historic performance reflects the success of Government’s export-led growth strategy, reforms to stabilise the macro-economy, improved mineral and agricultural production and rising diaspora remittances, all of which have combined to strengthen Zimbabwe’s foreign currency generation capacity.
According to the Reserve Bank of Zimbabwe, foreign currency receipts surged to US$16,2 billion in 2025, up from US$13,3 billion in 2024 — a 21,8 percent increase — marking the highest level ever recorded in the country’s history.
Foreign currency inflows have been on a steady upward trajectory in recent years, rising from about US$11 billion in 2023, as the economy benefits from improved production, export growth and renewed confidence.
In its quarterly snapshot on recent monetary, currency, price and financial developments, the RBZ said export earnings dominated the basket of foreign currency receipts, averaging 59,7 percent of total inflows in 2025, followed by loan proceeds at 14,8 percent and diaspora remittances at 13,5 percent.
“The resilience in the country’s foreign currency generation capacity has seen a notable increase of 21,8 percent to US$16,2 billion recorded in 2025 from US$13,3 billion in 2024,” said the Central Bank.
The surge in foreign currency earnings has been largely driven by strong export performance, particularly in mining and agriculture, which remain the backbone of Zimbabwe’s external earnings.
The RBZ said foreign currency receipts are expected to remain strong this year on the back of improved global prices for key export minerals, higher output of the commodity and continued growth in diaspora remittances.
Global gold prices, which surged to record highs in 2025 amid geopolitical uncertainty and inflation concerns, are expected to remain firm, boosting Zimbabwe’s export earnings.
Lithium, platinum and chrome prices are also projected to remain strong due to sustained demand from the electric vehicle and manufacturing industries.
Gold has remained the single biggest contributor to forex inflows, buoyed by rising global prices and increased deliveries by small-scale miners following Government’s formalisation drive, improved access to finance and enhanced incentives under the gold mobilisation programme.
Agriculture has also played a critical role, with tobacco once again delivering strong export earnings after another successful selling season.
In recent years, Government has prioritised value addition, export diversification and targeted incentives for exporters.
These measures have improved ease of doing business, attracted fresh capital into mining and manufacturing and positioned Zimbabwe to benefit from the global demand for battery minerals and industrial metals.
In addition to exports, diaspora remittances have emerged as a critical pillar of foreign currency inflows. The RBZ said these accounted for an average of 13,5 percent of total foreign currency receipts in 2025, supported by improved remittance channels, reduced transaction costs and increased use of formal money transfer platforms.
Government’s engagement with the diaspora, combined with financial sector reforms and exchange rate stability, has encouraged more Zimbabweans abroad to remit funds through official channels, strengthening the country’s forex reserves and supporting household incomes.
Sound monetary policy
RBZ Governor Dr John Mushayavanhu said the 2025 monetary policy framework had demonstrated clear effectiveness, restored discipline and delivered measurable macroeconomic gains, particularly in inflation control and exchange rate stability.
“Sustaining this trajectory in 2026 will require continuing to walk the talk in prudent money supply management, foreign currency reserve accumulation and strong fiscal and monetary policy complementarity,” he said.
The Central Bank said foreign currency reserves also rose to US$1,2 billion by December 31, 2025, representing one month of import cover.
The reserves backing the local currency were equivalent to about six times cover of ZiG reserve money and almost double the total ZiG deposits.
Exchange rate stability was maintained throughout the year, with the interbank rate oscillating around ZiG26 per US dollar, while the parallel market premium was contained below 20 percent for most of 2025.
Reserve money growth was kept under control at ZiG5,3 billion by end-December, with zero central bank financing of Government expenditure.
ZiG annual inflation declined to 15 percent by end-2025, beating the 30 percent target, while month-on-month inflation averaged a low 0,4 percent between February and December.
Economic analyst Mr Persistence Gwanyanya said the US$16 billion forex haul was a clear reflection of a growing and increasingly productive economy.
“This is phenomenal. It is historic. That is the highest figure we have ever recorded as a country since independence,” he said.
“And we need to take advantage of this windfall driven largely by external factors — from the gold price rally to tobacco performance to record diaspora remittances.
“The foreign currency receipts speak of a pumping economy, a growing economy and we have also seen tangible developments from these foreign currency inflows.”-herald
