The Zimbabwe Revenue Authority (ZIMRA) has exceeded its revenue target for the first half of 2024, showcasing significant progress amidst stable economic conditions. According to ZIMRA Board Chair Antony Mandiwanzira, the successful introduction of the Zimbabwean structured currency, the ZiG, has been pivotal in achieving this milestone. The ZiG has stabilized the exchange rate and significantly reduced inflation to below 5% on a month-to-month basis, a trend expected to continue in the near term.
The economic landscape in Zimbabwe has notably improved since the beginning of 2024. The transition from the Zimbabwean dollar (ZWL) to the ZiG on April 5th marked a turning point. The local currency had previously faced a dramatic depreciation, with a 261.3% decline over three months, resulting in an exchange rate of US$1 to ZWL22,055.47 by March’s end. The introduction of the ZiG has restored stability, enabling businesses to adapt and thrive under the new economic conditions.
ZIMRA has capitalized on this stability, successfully transitioning its systems to accommodate the new currency. This transition has facilitated seamless client operations and contributed to a continued upward trend in revenue collection. The Authority surpassed its first-half revenue target by 1.88% and is now projecting to collect over ZiG55 billion in the second half of 2024.
In addition to financial achievements, ZIMRA has enhanced its border management through advanced technologies. The Authority has adopted drones for improved surveillance, fast scanners for efficient non-intrusive inspections, and a single window facility to streamline customs processes. These innovations are aimed at further boosting efficiency and revenue collection in the future.
