Byline by Darryl Pietersen, Director Anglophone Africa, WorldRemit
HARARE, Zimbabwe, 24 January, 2023,-/African Media Agency (AMA)/- Migration from Zimbabwe to Pan African countries and overseas continues to increase, with a new study finding almost 15 percent of the country’s population now has a family member residing outside the country.
Over the years, thousands of Overseas Zimbabwean Workers (OZWs) have left the country for work to help improve their families’ well-being through remittances and meet personal financial goals.
As OZWs shoulder the significant economic responsibility of supporting family members and loved ones, they are not immune to the sky-high inflation and rising cost of living which has affected many global countries over the last few months.
By the end of 2022, Zimbabwe’s inflation rate peaked at 280%, one of the highest rates globally.
The dollar also weakened, trading at 930 ZWL to $1 USD – a steep decline after two months of relative stability at 700 ZWL to $1. The decline led to plummeting living standards in Zimbabwe, where more than half (7.9 million) people, fell into extreme poverty.
According to The Reserve Bank of Zimbabwe, the inflation rate in 2023 is expected to slow down as the government continues to tighten fiscal and monetary policies. However, the International Monetary Fund (IMF) predicted a further fall in the gross domestic product (GDP) by 3.5% in 2023 due to renewed domestic and external shocks. While inflation will likely remain high for the rest of the year, money management and budgets are increasingly important.
The following are four savings tips from leading global payments company WorldRemit.
1.Make realistic budgets
Have long-term or short-term financial goals in mind? It’s important to set goals and amounts that…
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