Zimbabwe recorded its highest-ever foreign currency earnings since independence after generating more than US$16 billion in 2025, a historic milestone that highlights the economy’s growing resilience and export-led recovery under the Second Republic.
According to the Reserve Bank of Zimbabwe (RBZ), foreign currency receipts surged to US$16,2 billion in 2025, up from US$13,3 billion in 2024, representing a 21,8 percent increase and the highest level ever achieved by the country.
The record performance marks a near tripling of foreign currency earnings compared to 2017, when Zimbabwe earned about US$5,5 billion, underscoring the scale of growth achieved in recent years. In 2023, the country had generated approximately US$11 billion, reflecting a steady upward trajectory in forex inflows.
The RBZ said the strong performance reflects the success of Government’s export-led growth strategy, macroeconomic stabilisation reforms, improved mineral and agricultural output, and rising diaspora remittances, all of which have strengthened Zimbabwe’s foreign currency generation capacity.
In its quarterly snapshot on recent monetary, currency, price and financial developments, the central bank noted that export earnings dominated foreign currency inflows, accounting for an average 59,7 percent of total receipts in 2025. This was 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,” the RBZ said.
Mining and agriculture drive growth
The surge in forex earnings was largely driven by strong export performance, particularly in mining and agriculture, which remain the backbone of Zimbabwe’s external earnings.
Global gold prices, which climbed to record highs in 2025 amid geopolitical tensions and inflation concerns, played a major role in boosting export receipts. Gold remained the single largest contributor to foreign currency inflows, supported by increased deliveries from small-scale miners following Government’s formalisation drive, improved access to finance and incentives under the gold mobilisation programme.
Prices for lithium, platinum and chrome are also expected to remain firm, driven by sustained demand from the electric vehicle and manufacturing industries.
Agriculture continued to play a critical role, with tobacco once again delivering strong export earnings after another successful selling season.