Zimbabweans in SA remit $700 million back home

Zimbabweans in SA remit $700 million back home
Published: 04 December 2014 (1058 Views)

Zimbabweans living in South Africa remitted more than $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.

Industry and Commerce Minister Mike Bimha said among reasons the money quickly found its way back to South Africa was the low capacity utilisation which had affected the manufacturing sector.

He 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.

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.

- The Herald

Tags: Zimbabweans,
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