Zimbabwe’s capital outflows nearly doubled in the first half, with outward remittances surging 91% to US$866 million as companies stepped up external debt repayments, according to the Reserve Bank of Zimbabwe (RBZ)’s mid term monetary policy review.
The sharp increase, from US$453,6 million recorded during the same period last year, came as total foreign payments rose sharply.
Outward capital remittances accounted for 12% of the US$7,3 billion in foreign payments processed through banks during the six months to June, compared with 9% a year earlier.
The figures point to a significant acceleration in the movement of capital out of Zimbabwe at a time when the country is seeking to attract foreign direct investment and encourage businesses to retain and reinvest earnings locally.
The RBZ reported a 162,1% increase in disinvestments to US165,5 million, while foreign investment outflows rose 74,7% to US79,6 million. External loan repayments also increased by 80% to US$621 million over the period.
While much of the increase was driven by external loan repayments, the steep rise in disinvestments and foreign investment outflows could indicate that companies were also moving more capital offshore rather than retaining it for expansion and reinvestment in the domestic economy.
The RBZ said foreign payments through authorised dealers increased 44,9% to US7,3billionduringthefirstsixmonthsof2026,fromUS5 billion in the corresponding period last year.
“During the first six months of 2026, foreign payments through authorised dealers amounted to US7,3billion,upby44,9%fromUS5 billion recorded in the same period in 2025,” the RBZ said.
“Trade-related payments accounted for 81 % of total foreign payments as at 30 June 2026, reflecting the country’s heavy dependence on imported goods and services. Notably, 37% (US$2,7 billion) of payments were directed towards importation of raw materials/intermediate goods and capital goods.”
The increase in foreign payments was also driven by a sharp rise in the country’s fuel import bill.
The central bank said fuel import payments increased 64,6%, from US853,5millioninthefirsthalfof2025toUS1,4 billion during the same period this year.
It attributed the increase partly to higher global energy prices linked to geopolitical tensions in the Middle East.
The latest capital-flow figures come as the central bank grapples with uncertainty surrounding Zimbabwe’s planned transition towards a mono-currency system.
During consultations underpinning the mid-term policy review, stakeholders sought clarity on the roadmap towards eventual mono-currency adoption and whether the Reserve Bank would make the transition immediately after the conditions precedent (CPs) had been fulfilled.
“Stakeholders sought clarification regarding the roadmap towards eventual mono-currency adoption and whether the Reserve Bank would transition overnight after fulfilling the conditions precedent,” the RBZ said.
“They noted that SI218 of 2023, which limits the multi-currency system to 2030, is still in effect. This raises uncertainty around the CPs framework and the practical milestones involved.”
The central bank said it had sought to reassure the market that the transition would be gradual and guided by economic conditions.
“The Reserve Bank allayed fears and assured the stakeholders that the roadmap would be market driven and the Reserve Bank will continue to prioritise transparent communication on the CPs,” it said.
The RBZ also encouraged market participants to independently assess the conditions required for the transition.
“The Reserve Bank encouraged the market to make and publish its own assessment of the CPs. The Reserve Bank advised that it would liaise with Treasury to facilitate repeal of SI 218,” it said.
The central bank added that banks had confirmed they were issuing loans beyond 2030, while foreign-currency denominated contracts would remain payable in the currency in which they were originated.
“The Reserve Bank advised that banks had confirmed they were issuing loans beyond 2030. In addition, the Reserve Bank clarified that all foreign currency denominated contracts will remain payable in the currency of origination.”
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