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+{"doc_id": "0256137b6fffdd4b45df3fb3f150300b", "text": "MPC Statement 20 July 2023 \nPage 1 \n \n \n \n \nPRESS STATEMENT \n20 July 2023 \n \n \nSTATEMENT OF THE MONETARY POLICY COMMITTEE \n \nIssued by Lesetja Kganyago, Governor of the South African Reserve Bank \nAs we enter the second half of 2023, near term prospects for the global economy are \nbroadly unchanged, with inflation easing and growth forecasts stable. The longer-term \neconomic outlook however remains clouded by risks to the inflation trajectory, ongoing \ngeopolitical tensions and the effects of climate change. China’s growth performance \nis expected to remain modest, with little benefit to commodity prices.1 In the \ndeveloping world, many economies face high debt levels, weaker economic growth \nand prolonged adverse financing conditions. As a result, Sub-Saharan Africa’s growth \nprospects remain muted. \nWhile goods price inflation has eased in much of the world, core inflation remains \nelevated, keeping consumer price inflation from falling more sharply. Globally, \n \n1 Commodity export prices in USD terms fell by 0.9% in 2022. South Africa’s commodity export index is forecast \nto decline by 27.6% this year, a further 11.5% in 2024, and an additional 5.4% in 2025. \nMPC Statement 20 July 2023 \nPage 2 \n \nmonetary policy is likely to remain focused on ensuring inflation continues to retreat, \nimplying policy rates will stay higher. We expect markets in major financial centers to \nremain volatile. \nTaking these and other factors into account, the SARB’s forecast for global growth in \n2023 is revised marginally higher to 2.5% (from 2.4%), and remains unchanged at \n2.7% in 2024.2 \nWhile South Africa’s economic conditions appear to have improved, the longer-term \noutlook mirrors the uncertainty of the global environment. Prices for commodity \nexports continue to weaken. In addition, energy supply remains unreliable and \nstronger El Nino conditions threaten the agricultural outlook. \nFor 2023, the Bank’s forecast for South Africa’s GDP growth is slightly higher than in \nMay, at 0.4% (from 0.3%). Energy and logistical constraints remain binding on the \ngrowth outlook, limiting economic activity and increasing costs.3 \nFrom a demand perspective, spending by firms, households, public corporations and \ngeneral government remains positive in real terms. Disposable income of households \ncontinues to grow, albeit slowly. Investment by the private and public sectors is \nrevised up and the terms of trade has remained more beneficial than previously \nforecast. Debt service costs of households have increased to 8.4% of disposable \n \n2 Global growth in the QPM model is a trade-weighted average of South Africa’s trading partners. \n3 The number of days of expected load-shedding is 280 days in 2023, decreasing to 150 days and 100 days, \nrespectively in 2024, and 2025. Estimates of the average stages of load-shedding is multiplied by the number \nof days and then multiplied by the cost to GDP per stage-day. The cost per stage has been revised lower for \nstages 1 and 2. In nominal terms, these costs vary between R0-R1.2 million for stages 1 and 2 and up to R204-\nR899 million for stages 3 to 6, when continued on a 24 hour basis on weekdays. \nMPC Statement 20 July 2023 \nPage 3 \n \nincome, and now sit at around the average for the past decade.4 Although credit \ngrowth to households and corporates has slowed in recent months, it has increased \nin real terms compared to last year. \nOur GDP growth forecast for 2024 and 2025 is unchanged from the previous meeting, \nat 1.0% and 1.1%, respectively.5 \nWhile households and firms exhibit resilience, economic growth has been volatile for \nsome time and highly sensitive to new shocks. An improvement in logistics and a \nsustained reduction in load-shedding, or greater energy supply from alternative \nsources, would significantly increase growth. \nAt present, we assess the risks to the medium-term domestic growth outlook to be \nbalanced. \nTurning to inflation prospects, our current growth forecast leaves the output gap \naround zero over the next three years, implying little positive or negative pressure on \ninflation from GDP growth.6 \nSouth Africa’s external financing needs are expected to rise due to expansion in the \ncurrent account deficit. Despite somewhat lower oil prices, falling export commodity \nprices are forecast to result in a current account deficit of 1.9% of GDP this year (down \nfrom 2.5%), 2.9% and 3.3% of GDP in 2024 and 2025, respectively.7 \n \n4 Debt service costs are the product of prevailing interest rates and debt volumes. The average from 1994 to \n2019 was 8.8%. From the beginning of the pandemic until March 2023, the average was 7.4%. In the last \nquarter of 2022, the average was 7.9%. \n5 The growth forecast includes expected changes in the policy rate as given by the QPM. \n6 Potential growth is revised marginally, to -0.1% in 2023 (up from -0.2%), and is unchanged at 0.8% for 2024 \nand 1.0% for 2025. \n7 In May, a current account balance of -2.5% of GDP was expected for the forecast period. Exports are forecast \nto grow in real terms by 6.2% this year (from 1.8%) and 3.4% in 2024. Our oil price forecast is also slightly \nMPC Statement 20 July 2023 \nPage 4 \n \nSharply lower tax revenue, higher employee compensation and ongoing financing \nneeds of state-owned enterprises are likely to keep the long-term cost of borrowing \nelevated. Despite the expected moderation of inflation over the forecast period, long-\nterm bond yields currently trade at about 11.6%. \nThe rand has generally weakened over the past year, depreciating by about 5% year \nto date against the US dollar, and showing high volatility in response to risk-on and \nrisk-off episodes. The implied starting point for the rand forecast is R18.52 (23q3) to \nthe US dollar, compared with R18.73 at the time of the previous meeting. \nThe trajectory of South Africa’s headline inflation rate has been shaped primarily by \nfuel, electricity and food price inflation. Compared to the previous meeting, fuel price \ninflation is lower at -3.1% in 2023 (from -2.0%). The electricity price forecast is \nunchanged at 11.6% this year, 13.4% in 2024, and 10.9% in 2025. Our food price \ninflation forecast for 2023 remains high but is revised lower in this meeting to 10.3% \n(from 10.8%), and up slightly to 5.2% in 2024 (from 5.0%). \nBetter monthly outcomes have led to a downward revision in our forecast for core \ninflation to 5.2% in 2023 (previously 5.3%), 4.9% (from 5.0%) and 4.5% (from 4.6%) \nin 2024 and 2025, respectively. Services price inflation in 2023 is expected to come in \nat 4.8% (down from 4.9%). Core goods inflation, while still elevated, is also revised \n \nlower than in May, averaging US$81 per barrel in 2023, and unchanged at US$82 for 2024 and US$80 for \n2025. \nMPC Statement 20 July 2023 \nPage 5 \n \nslightly lower for this year at 6.2% (from 6.3%).8 Growth in average salaries and unit \nlabour costs is lower in 2023 and 2024 and slightly higher in 2025.9 \nWith core goods and food inflation lower in the near term, headline inflation for 2023 \nis revised down to 6.0% (from 6.2%). The headline inflation forecast for 2024 also \ndecreases to 5.0%, before stabilising at 4.5% in 2025. \nRisks to the inflation outlook are assessed to the upside. Headline inflation at a global \nlevel continues to moderate, but food price inflation remains high and oil markets \nremain tight. Despite recent easing in some food price components, domestic food \nprice inflation is still elevated at 11% in June and the risk of drier weather conditions \nin coming months has increased. In the absence of sustained and consistent \nincreases in energy supply, electricity prices continue to present clear inflation risks. \nLoad-shedding and logistics constraints may also have broader effects on the cost of \ndoing business and the cost of living. Given uncertain fuel and food price inflation, \nconsiderable risk still attaches to the forecast for average salaries. \nSticky inflation in major economies suggests that average interest rates in these \neconomies will remain high.10 As a result, tighter global financial conditions are likely \nto persist, raising the risk profile of economies needing foreign capital. \nHigher inflation outcomes have generally resulted in elevated inflation expectations \nacross businesses and households, while market-based expectations have eased \n \n8 Core goods refers to total CPI goods excluding food and NAB, fuel and electricity, whereas services include all \nsurveyed services within the CPI basket. Core goods inflation is expected to be 5.1% in 2024 and 4.3% in 2025. \n9 Average salaries are expected to rise by 6.6% in 2023, 6.1% in 2024, and by 5.2% in 2025, compared to 6.8%, \n6.5%, and 4.9%, at the time of the May meeting, respectively. Unit labour costs are forecast to rise by 6.0%, \n5.3% and 4.6%, respectively, in 2023, 2024, and 2025. \n10 G3 interest rates average 4.0% in 2023, 3.9% in 2024, and 2.6% in 2025. \nMPC Statement 20 July 2023 \nPage 6 \n \nrecently.11 The Bureau for Economic Research survey released in July shows average \ninflation expectations of 6.5% for 2023 (from 6.3% in the first quarter). Expectations \nfor inflation in 2023 based on market surveys are currently 5.9%, and near-term break-\neven rates have decreased to around 4.5%.12 Longer-term expectations remain \nelevated. \nHeadline inflation returned to the upper end of the inflation target range in June, and \nis forecast to sustainably revert to the mid-point of the target range by the third quarter \nof 2025. The forecast takes into account the policy rate trajectory indicated by the \nBank’s Quarterly Projection Model (QPM). \nAgainst this backdrop, the MPC decided to keep the repurchase rate at its current level \nof 8.25% per year. Three members of the Committee preferred to keep rates on hold \nand two preferred an increase of 25 basis points. \nAt the current repurchase rate level, policy is restrictive, consistent with elevated \ninflation expectations and the inflation outlook. Serious upside risks to the inflation \noutlook remain. In light of these risks, the Committee remains vigilant and decisions \nwill continue to be data dependent and sensitive to the balance of risks to the outlook. \nThe policy stance aims to anchor inflation expectations more firmly around the mid-\npoint of the target band and to increase confidence of attaining the inflation target \nsustainably over time.13 The MPC will seek to look through temporary price shocks \n \n11 The BER Q2 2023 survey of inflation expectations indicated inflation at 6.5% in 2023 (up from 6.3% in Q1) \nand 5.9% for 2024 (up from 5.8% in Q1) and 5.6% in 2025. \n12 At the median, market analysts (Reuters Econometer) in July expect inflation to remain at 5.9% in 2023, \n4.9% in 2024 and 4.4% in 2025 (from 4.6%). Market-based rates are calculated from the break-even inflation \nrate, which is the yield differential between conventional and inflation-linked bonds. The 10-year breakeven \nnow sits at about 6.1%. The 15-year break-even inflation rate sits at 7.3%. \n13 The forecasted trajectory for the repurchase rate implies a rise in the inflation-adjusted repo rate from -1.4% \nin 2022, to 2.7% in 2023, and 3.0% in 2024. The real repo level for 2025 is expected to be 2.7%. The real \nMPC Statement 20 July 2023 \nPage 7 \n \nand focus on potential second round effects and the risks of de-anchoring inflation \nexpectations. \nGuiding inflation back towards the mid-point of the target band reduces the economic \ncosts of high inflation and will achieve lower interest rates in the future. Since early \n2020, the Committee has recommended additional and indirect means of lowering \ninflation that are within the reach of the public sector, including achieving a prudent \npublic debt level, increasing the supply of energy, moderating administered price \ninflation and keeping wage growth in line with productivity gains. Such steps would \nstrengthen monetary policy effectiveness and its transmission to the broader \neconomy. \nThe repo rate projection from the updated QPM remains a broad policy guide, \nchanging from meeting to meeting in response to new data and risks. \n \nLesetja Kganyago \nGOVERNOR \nThe next statement of the Monetary Policy Committee will be released on 21 \nSeptember 2023. \n \nContact person: \nThoraya Pandy \n0824168416 \nmedia@resbank.co.za \n \nrepurchase rates calculated here are based on the 3-quarter ahead inflation forecast and are annual average \nrates.", "source": "SARB", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///SARB/MPC_Statements/Statement of the Monetary Policy Committee July 2023.pdf"}

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+{"doc_id": "0505ef4cb351c7933e11864820e3dc0c", "text": "i \n \n \n \n \n \n \n \n \nNOVEMBER 2016 \n \n \n1 \n \nTable of Contents \n \nSELECTED ECONOMIC INDICATORS ................................................................................. 2 \nSTOCK MARKET DEVELOPMENTS ..................................................................................... 3 \nMONETARY DEVELOPMENTS .............................................................................................. 4 \nINFLATION OUTTURN ............................................................................................................. 6 \nAnnual Inflation ........................................................................................................................ 6 \nMonthly Inflation ...................................................................................................................... 6 \nNATIONAL PAYMENTS SYSTEM .......................................................................................... 7 \nZimbabwe Electronic Transfer Settlement System (ZETSS) ............................................... 7 \nCash transactions ...................................................................................................................... 7 \nCard Based Transactions ......................................................................................................... 7 \n Cheque Transactions ................................................................................................................. 7 \n \n \n \n \n \n \n \n2 \n \n \n \n \n2016 \n \nOctober \n2016 \n \nNovember \nMonth-on- \nMonth \nChange \nZ.S.E. Mining Index1 \n33.8 \n57.4 \n69.8% \nZ.S.E. Industrial Index1 \n120.8 \n137.1 \n13.5% \nNational Payment System Transactions \n(US$ millions) \n6 467.5 \n6 900.0 \n7% \nMoney Supply (US$ millions)2 \n5 356.0 \n5 466.2 \n2.1% \nMoney Supply (M3) Annual Growth2 (%) \n16.4 \n15.2 \n \nYearly Inflation3 (%) \n-0.95% \n-1.1% \n \nMonthly Inflation3 (%) \n0.09% \n0.02% \n \nNominal Lending Rate2 (% per annum) \n4.0-18.0 \n4.0-18.0 \n \nSources: \n1. Zimbabwe Stock Exchange (ZSE) \n2. Reserve Bank of Zimbabwe (RBZ) \n3. Zimbabwe National Statistics Agency (ZIMSTAT) \nSELECTED ECONOMIC INDICATORS \n \n \n \n3 \n \nSTOCK MARKET DEVELOPMENTS \n \nMajor stock markets in the USA registered gains, \nduring the month of November 2016. European \nand Asian markets, however, registered mixed \ntrading during the same period. The CAC 40, \nNikkei and Shangai recorded gains, while the \nFTSE 100, DAX and Hang Seng recorded losses. \n \nIn Africa, the performance of leading stock \nmarkets was mixed during the month under \nanalysis. Gains were registered in Egypt, \n24.40%, Kenya, 3.40% and Tunisia, 1.02%. \nStock markets in Nigeria and South Africa, \nhowever, recorded losses of -7.3% and -0.20%, \nrespectively. \n \nThe Zimbabwe Stock Exchange (ZSE) was \nbullish during the month of November 2016, on \naccount of renewed investor interest in blue-chip \ncounters. Resultantly, both the mainstream and \nresources indices increased. The industrial index \ngained by 13.5%, to close the month under \nreview at 137.08 points. Similarly, the mining \nindex increased by 69.76% to 57.38 points in \nNovember 2016, from 33.8 points in October \n2016. \n \n \n \nThe volume of shares traded rose by 31.74% to \n233.7 million shares during the month of \nNovember. \nThis \nwas underpinned by \na \nsubstantial number of block trades recorded as \nfollows: Nicoz Diamond, 24.5 million shares \ntraded at 2.75 cents; Econet, 4.7 million shares \ntraded at 28 cents; Delta, 3.29 million shares \ntraded at 4 cents; and Axia Corporation, 2.5 \nmillion shares traded at 6 cents. \nZSE \nmarket \nturnover \nstood \nat \nUS$23.5 million in November 2016, up from \nUS$22.6 million in October 2016. \n0\n20\n40\n60\n80\n100\n120\n140\n160\n30-Oct-15\n30-Nov-15\n31-Dec-15\n31-Jan-16\n29-Feb-16\n31-Mar-16\n30-Apr-16\n31-May-16\n30-Jun-16\n31-Jul-16\n31-Aug-16\n30-Sep-16\n31-Oct-16\n30-Nov-16\nFigure 1: ZSE Indices\nIndustrial\nMining\nSource: Zimbabwe Stock Exchange, 2016 \n \n \n \n4 \n \n \nSource: Zimbabwe Stock Exchange, 2016 \nConcurrently, the ZSE market capitalization rose \nby 14% to close at US$3.80 billion, during the \nmonth under review. This was on account of \ngains in heavy weight stocks. \n \nMONETARY DEVELOPMENTS \nBroad money supply recorded an annual growth \nrate of 15.20% in November 2016. The growth \nwas on the back of increases in demand, 33.98%; \nand savings deposits, 2.94%. Partially offsetting \nthese increases, were declines of 8.82% and \n6.68% in over 30-day and under 30-day deposits, \nrespectively. \n \n \n \nSource: Reserve Bank of Zimbabwe, 2016 \nMonth- on- month, money supply increased by \n2.06%, from US$5 356.0 million in October \n2016 to US$5 466.2 million in November 2016. \nBroad money continued to be dominated by short \nterm deposits, partly reflecting economic agents’ \npreference to hold financial assets in the form of \ncash. \n \n \nSource: Reserve Bank of Zimbabwe, 2016 \n0.00\n5.00\n10.00\n15.00\n20.00\n25.00\n0.00\n50.00\n100.00\n150.00\n200.00\n250.00\n300.00\nNov-15\nDec-15\nJan-16\nFeb-16\nMar-16\nApr-16\nMay-16\nJun-16\nJul-16\nAug-16\nSep-16\nOct-16\nNov-16\nVALUES TRADED (US$ MILLIONS)\nVOLUMES TRADED (MILLIONS)\nFigure 2: ZSE: Monthly Volumes \nFigure 2: ZSE: Monthly Volumes and Values Traded\nand Values Traded\nVolume\nTurnover\n-2\n0\n2\n4\n6\n8\n10\n12\n14\n16\n18\n -\n 1.0\n 2.0\n 3.0\n 4.0\n 5.0\n 6.0\nFeb-14\nMay-14\nAug-14\nNov-14\nFeb-15\nMay-15\nAug-15\nNov-15\nFeb-16\nMay-16\nAug-16\nNov-16\n%\nUS$ BILLIONS\nFigure 4: Money Supply\nFigure 4: Money Supply\nM3\nM3 Annual Growth rate\nUnder 30 \nDays\n11.87%\nOver 30 \nDays\n16.44%\nDemand\n59.51%\nsavings\n12.18%Figure 5: Bankin\nFigure 5: Banking Sector Deposits November 20\nDeposits November 2016\n \n \n \n5 \n \nThe total deposits as at end November 2016, \ncomprised of demand deposits, 59.51%; over 30-\ndays \ndeposits, \n16.44%; \nsavings \ndeposits, \n12.18%; and under 30-days deposits, 11.87%. \n \nBanking sector credit to local economic agents \nstood at US$6 210.3 million, during the month \nunder analysis. This represented a 16.18% annual \nincrease from the US$5 345.3 million recorded \nduring the same period last year. On a month-on-\nmonth basis, banking sector credit increased by \n3.9% \nin \nNovember \n2016, \nfrom \nUS$5 978.5 million in October 2016. \n \nCredit to the private sector, the dominant \ncomponent of domestic credit, recorded a decline \nof \n7.15% \nto \nUS$3 \n622.6 \nmillion \nin \nNovember 2016, from US$3 901.6 million in \nNovember 2015. On a monthly basis, however, \ncredit to the private sector rose by 2.12% from \nUS$3 547.5 million in October 2016 to \nUS3 \n622.7 \nmillion \nin \nNovember \n2016. \n \nThe credit availed to the private sector was in the \nform of loans and advances, 85.94%; mortgages, \n10.37%; \nother \ninvestments, \n3.56%; \nbills \ndiscounted, 0.11%; and bankers’ acceptances, \n0.01%. \n \nSource: Reserve Bank of Zimbabwe, 2016 \nIn terms of sectors, private sector credit was \ndistributed as follows: households, 23.41%; \nservices, \n16.95%; \nagriculture, \n19.23%; \nmanufacturing, 15.11%; distribution, 12.36%; \nmining, 5.55%; financial organisations and \ninvestments, \n3.06%; \ntransport \nand \ncommunications, \n2.38%; \nand \nconstruction, \n1.55%. \n \nIn proportions, private sector credit was utilised \nfor inventory build-up, 31.82%; consumer \ndurables, 16.27%; fixed capital investment, \n16.08%; and pre and post shipment financing, \n1.66%. Borrowed funds channelled towards \nother recurrent expenditures constituted 34.16% \nof the total outstanding loans and advances. \n \n \n \n \nLoans & \nAdvances\n85.94%\nMortgages\n10.37%\nBills Discounted\n0.11%\nOther investments\n3.56%Figure 6: Composi\nFigure 6: Composition of Private Sector Credit\nSector Credit\n \n \n \n6 \n \nINFLATION OUTTURN \n \nAnnual Inflation \n \nThe annual headline inflation stood at -1.09% in \nNovember 2016, a 0.14 percentage points \ndecrease from the October 2016 rate of -0.95%. \nThis was underpinned by declines in both food \nand non-food inflation. \n \n \nSource: ZIMSTAT, 2016 \nAnnual food inflation stood at -1.54% in \nNovember 2016, up from -2.0% recorded in \nOctober 2016. This was due to increases in prices \nof sugar, confectionery, fish and sea food. \nPartially offsetting the increase were declines in \nprices of fruits, milk, cheese and eggs. \n \nThe year-on-year non-food inflation decreased \nfrom -0.45% in October 2016, to -0.89% in \nNovember 2016. The decline was largely \nattributed to decreases in communication \nservices; transport services; recreational and \ncultural services and miscellaneous goods and \nservices. Partially offsetting the decline in annual \nnon-food inflation was an increase in education. \n \nMonthly Inflation \n \n \nMonth-on-month inflation shed 0.07 percentage \npoints to close the month under review at 0.02%, \nfrom 0.09% recorded in the previous month. This \nwas largely driven by the decrease in non-food \ninflation. \n \nSource: ZIMSTAT, 2016 \nNon-food inflation decelerated from -0.05% in \nOctober 2016 to -0.22% in November 2016, \nlargely on account of decreases in restaurants and \nhotels, recreation and culture as well as clothing \nand footwear. \n \nMonthly food inflation rose to 0.54% during the \nmonth under analysis, from 0.40% recorded in \nthe previous month. This was, in large part, \nexplained by the increase in prices of sugar and \nconfectionery. Partially offsetting the increase \nwere decreases in the prices of fruits, milk, \ncheese and eggs. \n-5\n-4\n-3\n-2\n-1\n0\n1\n2\nFigure 7: Annual Inflation \n(%)\nHeadline Inflation\nFood\nNon Food\n-1.0\n-0.8\n-0.6\n-0.4\n-0.2\n0.0\n0.2\n0.4\n0.6Figure 8: M\nFigure 8: M-\n-O\nO-\n-M Inflation\nM Inflation\n \n \n \n7 \n \nNATIONAL PAYMENTS SYSTEM \n \nThe total value of transactions processed through \nthe \nNational \nPayment \nSystem \nstood \nat \nUS$6 900.03 million, during the month ending \n30th November 2016. This represented a 7% \nincrease from the US$6 476.52 million recorded \nin the previous month. \n \nZimbabwe Electronic Transfer Settlement \nSystem (ZETSS) \n \nTransactions processed through the RTGS \nsystem rose by 12%, to close the month under \nreview at US$4.62 billion. Likewise, the volume \nof transactions also increased by 19% to 357 137 \nin the same month. \n \nSource: Reserve Bank of Zimbabwe, 2016 \n \n \n \n \n \n \n \n \nCash transactions \n \nDuring \nthe \nmonth \nunder \nanalysis, \ncash \ntransactions \ndeclined \nby \n25% \nto \nUS$ 396.43 million, from US$492.30 million \nrecorded in October 2016. \n \nMobile and Internet Based Transactions \n \nThe total value of mobile and internet based \ntransactions \nincreased \nby \n3.59%, \nfrom \nUS$ 740.50 million in October 2016, to \nUS$767.07 million in November 2016. \n \nCard Based Transactions \n \nCard \nbased \ntransactions \nstood \nat \nUS$447.89 million during the month under \nreview. This was a 2.89% increase, compared to \nthe US$435.28 million recorded in the previous \nmonth. \n \nCheque Transactions \nThe total value of cheque transactions declined \nby 13% to US$691.78 million in November \n2016, from US$7 990.87 million in October \n2016. \n \nRESERVE BANK OF ZIMBABWE \nJANUARY 2017\n -\n 0.5\n 1.0\n 1.5\n 2.0\n 2.5\n 3.0\n 3.5\n 4.0\n 4.5\n 5.0\n -\n 50\n 100\n 150\n 200\n 250\n 300\n 350\n 400\nVALUE IN US$ BILLIONS\nVOLUME IN THOUSANDS\nFigure 9: ZETSS Volumes and \nFigure 9: ZETSS Volumes and Values\nValues\nVolume\nValue\n \n \n8 \n \nStatistical Tables \n \n1. Monetary Statistics \n \n1.1 Monetary Aggregates \n \n \n \n \n \n10 \n \n1.2 Broad Money Survey \n \n \n \n \n \n11 \n \n1.3 Analysis of Monthly Changes in Money Supply \n \n12 \n \n1.4 Analysis of Yearly Changes in Money Supply \n \n \n13 \n \n 2. Sectoral Analysis of Bank Loans and Advances and Deposits \n \n2.1 Sectoral Analysis of Commercial Banks Loans and Advances 14 \n \n2.2 Sectoral Analysis of Commercial Banks Deposits \n \n15 \n \n \n3. External Statistics \n \n3.1 Total External Debt Outstanding by Debtor \n \n \n16 \n \n4. Interest Rates \n \n4.1 Lending Rates \n \n \n \n \n \n \n17 \n \n4.2 Banks Deposit Rates \n \n \n \n \n \n18 \n \n5. Inflation \n \n5.1 Monthly Inflation \n \n \n \n \n \n19 \n \n5.2 Yearly Inflation \n \n \n \n \n \n \n20 \n \n6. Exchange Rates \n \n \n \n \n \n \n \n21 \n \n7. Commercial Banks \n \n7.1 Assets \n \n \n \n \n \n \n \n22 \n \n7.2 Liabilities \n \n \n \n \n \n \n23 \n \n \n \n \n9 \n \n \n8. Merchant Banks \n \n8.1 Assets \n \n \n \n \n \n \n \n24 \n \n8.2 Liabilities \n \n \n \n \n \n \n25 \n \n 9. Building Societies \n \n9.1 Assets \n \n \n \n \n \n \n \n26 \n \n9.2 Liabilities \n \n \n \n \n \n \n27 \n \n10. Zimbabwe Stock Exchange Statistics \n \n \n \n \n28 \n \n11. Savings with Financial Institutions \n \n \n \n \n29 \n \n12. Analysis of Liquid Assets of Monetary Banks \n \n \n \n30 \n \n13. ZETSS, Cheques and Cards Activity \n \n \n \n \n \n \n13.1 Values of Transactions \n \n \n \n \n31 \n \n13.2 Volumes of Transactions \n \n \n \n \n32 \n \n \n \n \n \n \n \n \n \n 10 \n \n \n \n \n \n \n \nNovember\nDecember\nJanuary\nFebruary\nMarch\nApril\nMay\nJune\nJuly\nAugust\nSeptember\nOctober\nNovember\nBond Notes and Coins\n5,789.3\n7,127.0\n7,355.5\n7,457.3\n7,612.1\n7,758.5\n8,005.8\n8,106.8\n8,243.2\n8,854.6\n9,423.3\n9,681.9\n18,849.1\nRBZ Demand Deposits\n2,470.9\n726.0\n1,832.8\n2,086.4\n1,423.3\n5,061.6\n3,602.5\n3,701.2\n9,125.9\n4,363.6\n4,176.7\n802.3\n3,655.5\nComm. Banks Dem. Deposits\n2,358,226.5\n2,362,538.7\n2,430,098.0\n2,409,398.2\n2,510,951.1\n2,575,573.8\n2,644,003.9\n2,743,164.8\n2,690,977.0\n2,849,745.9\n2,926,587.6\n3,066,529.1\n3,178,979.8\nMerchant Banks Dem. Deposits\n58,750.3\n58,524.4\n58,511.7\n58,304.5\n58,315.0\n58,346.2\n58,364.1\n58,364.1\n58,350.7\n58,341.8\n58,880.3\n58,880.3\n58,880.3\nM1\n2,425,237.0\n2,428,916.0\n2,497,798.0\n2,477,246.4\n2,578,301.4\n2,646,740.1\n2,713,976.2\n2,813,336.8\n2,766,696.7\n2,921,305.9\n2,999,067.9\n3,135,893.6\n3,260,364.8\nComm. Banks Savings Deposits\n259,856.4\n266,166.6\n280,598.5\n291,567.7\n290,006.1\n299,136.9\n282,597.7\n270,213.2\n346,442.2\n289,814.6\n337,034.7\n268,949.6\n277,242.3\nBuilding Soc. Savings Deposits\n308,439.9\n296,041.8\n297,854.8\n305,980.4\n311,092.0\n317,629.3\n332,211.2\n313,154.7\n313,391.2\n278,711.3\n270,825.2\n267,268.9\n311,842.1\nP O S B Savings Deposits\n76,307.7\n72,505.8\n73,735.7\n73,847.9\n74,405.9\n80,067.6\n79,203.4\n79,502.7\n75,483.3\n74,820.4\n74,238.6\n70,818.1\n74,466.9\nComm. Banks U-30 Day Deposits\n565,317.5\n650,234.3\n597,527.6\n588,796.4\n506,719.1\n574,185.2\n674,068.8\n546,356.7\n552,519.8\n629,146.7\n522,187.7\n527,870.4\n534,813.3\nMerchant Banks U-30 Day Deposits\n0.0\n0.0\n0.0\n0.0\n0.0\n0.0\n0.0\n0.0\n0.0\n0.0\n0.0\n0.0\n0.0\nBuilding Soc. U- 30 Day Deposits\n127,578.2\n165,352.5\n131,683.2\n123,683.2\n108,106.2\n171,635.9\n118,100.1\n134,140.9\n90,761.4\n45,096.0\n114,909.8\n185,803.2\n111,766.1\nM2\n3,762,736.7\n3,879,217.1\n3,879,197.9\n3,861,122.0\n3,868,630.7\n4,089,395.1\n4,200,157.3\n4,156,705.0\n4,145,294.6\n4,238,894.9\n4,318,263.9\n4,456,603.8\n4,570,495.4\nComm. Banks O-30 Day Deposits\n503,244.7\n420,265.1\n424,676.9\n449,879.1\n573,809.8\n519,330.5\n438,306.5\n554,032.6\n522,523.5\n458,749.8\n541,267.4\n485,830.4\n404,186.0\nMerchant Banks O-30 Day Deposits\n0.0\n0.0\n0.0\n0.0\n0.0\n0.0\n0.0\n0.0\n0.0\n0.0\n0.0\n0.0\nBuilding Soc. O- 30 Day Deposits\n444,267.1\n432,822.3\n413,975.8\n421,729.2\n438,461.8\n361,565.5\n374,720.6\n390,530.0\n429,065.6\n488,344.9\n419,987.3\n369,909.3\n448,272.7\nBuilding Soc. Other Share Deposits\n11,266.6\n11,266.6\n11,266.6\n11,266.6\n11,266.6\n11,266.6\n11,266.6\n11,266.6\n11,266.6\n11,266.6\n11,266.6\n11,266.6\n11,266.6\nP O S B Time Deposits\n23,668.6\n21,851.3\n25,326.6\n24,881.2\n24,640.9\n23,321.3\n26,430.9\n28,174.9\n29,891.3\n30,579.6\n30,126.8\n32,425.9\n32,027.8\nM3\n4,745,183.7\n4,765,422.3\n4,754,443.8\n4,768,878.1\n4,916,809.8\n5,004,879.1\n5,050,881.9\n5,140,709.1\n5,138,041.5\n5,227,835.9\n5,320,912.0\n5,356,035.9\n5,466,248.6\nSource:Reserve Bank of Zimbabwe, 2016\nTABLE 1.1 : MONETARY AGGREGATES\n US$ thousands\n2016\n2015\n \n \n \n11 \n \n \nNOV\nDEC\nJAN\nFEB\nMAR\nAPR\nMAY\nJUN\nJUL\nAUG\nSEP\nOCT\nNOV\nNET FOREIGN ASSETS \n-771,548.0\n-667,684.9\n-688,591.4\n-780,139.7\n-728,823.7\n-803,152.0\n-897,595.5\n-682,718.0\n-569,021.5\n-572,883.4\n-572,132.0\n-712,362.1\n-758,350.3\n Assets\n667,350.7\n792,677.3\n758,634.6\n679,001.9\n687,149.8\n637,447.5\n623,538.1\n667,173.2\n663,489.3\n661,991.9\n636,418.9\n691,301.0\n607,523.5\n Reserve Bank (RBZ)\n300,180.5\n433,452.9\n424,269.1\n390,810.3\n334,552.7\n354,608.4\n407,381.8\n389,004.0\n380,890.0\n352,410.1\n341,528.2\n413,365.2\n363,344.5\n Deposit Money Banks (DMBs) \n310,522.6\n300,320.1\n302,773.5\n259,017.9\n318,832.0\n269,044.4\n200,060.3\n256,915.8\n267,266.8\n297,214.3\n286,317.1\n263,221.2\n232,802.1\n Other Banking Institutions (OBIs) \\1\n56,647.6\n58,904.3\n31,592.0\n29,173.7\n33,765.2\n13,794.7\n16,096.0\n21,253.4\n15,332.5\n12,367.6\n8,573.7\n14,714.6\n11,376.9\n Liabilities \\2\n-1,438,898.6\n-1,460,362.2\n-1,447,226.0\n-1,459,141.6\n-1,415,973.5\n-1,440,599.5\n-1,521,133.6\n-1,349,891.2\n-1,232,510.8\n-1,234,875.3\n-1,208,550.9\n-1,403,663.1\n-1,365,873.9\n RBZ\n1,048,664.8\n1,096,800.8\n1,090,485.7\n1,117,823.6\n1,075,644.5\n1,117,787.5\n1,184,783.0\n1,042,014.2\n935,954.6\n944,035.4\n931,544.6\n1,106,477.2\n1,076,069.2\n DMBs\n347,787.2\n320,578.9\n313,434.2\n299,029.1\n303,288.3\n285,945.2\n300,200.0\n272,477.2\n260,900.2\n257,249.7\n246,495.2\n267,813.3\n260,189.7\n OBIs\n42,446.6\n42,982.5\n43,306.1\n42,288.9\n37,040.8\n36,866.8\n36,150.7\n35,399.8\n35,656.0\n33,590.3\n30,511.2\n29,372.7\n29,615.0\nNET DOMESTIC ASSETS \n5,516,731.6\n5,433,107.3\n5,443,035.2\n5,549,017.8\n5,645,633.4\n5,808,031.0\n5,948,477.4\n5,823,427.1\n5,707,063.0\n5,800,719.3\n5,893,044.0\n6,068,398.0\n6,224,599.0\nDOMESTIC CREDIT\n5,345,272.0\n5,535,396.4\n5,476,442.4\n5,489,962.3\n5,542,678.3\n5,623,621.7\n5,627,841.4\n5,719,589.2\n5,759,394.1\n5,753,421.7\n5,829,096.5\n5,978,450.5\n6,210,252.4\n Claims on Government (net) \n1,359,827.4\n1,564,354.7\n1,530,792.2\n1,671,934.4\n1,691,128.7\n1,804,057.3\n1,834,775.4\n1,948,003.0\n2,028,573.1\n2,026,952.7\n2,092,955.9\n2,200,966.6\n2,363,357.0\n RBZ\n314,096.4\n331,552.1\n355,230.5\n418,006.5\n446,003.9\n456,287.0\n468,433.1\n508,837.0\n552,972.5\n583,837.7\n602,271.5\n654,694.8\n845,057.9\n DMBs\n954,556.6\n1,119,720.1\n1,068,095.4\n1,153,295.1\n1,166,120.4\n1,226,195.8\n1,241,961.8\n1,305,509.6\n1,342,573.5\n1,320,529.8\n1,359,348.4\n1,405,130.2\n1,367,641.0\n OBIs\n91,174.4\n113,082.5\n107,466.4\n100,632.7\n79,004.4\n121,574.4\n124,380.4\n133,656.4\n133,027.1\n122,585.2\n131,336.0\n141,141.6\n150,658.2\n Claims on Public Enterprises \n83,806.0\n140,910.1\n145,507.6\n120,445.0\n179,370.7\n185,698.9\n197,207.6\n199,989.6\n242,550.6\n238,843.8\n215,863.7\n229,963.6\n224,285.9\n RBZ\n30,375.1\n79,569.5\n76,732.8\n54,168.2\n70,356.5\n78,226.4\n91,056.2\n99,304.3\n138,657.6\n138,175.0\n121,890.6\n126,318.5\n122,526.4\n DMBs\n52,504.5\n60,202.8\n67,848.4\n65,328.0\n108,062.4\n106,568.6\n105,088.3\n99,643.7\n102,872.2\n99,545.6\n92,700.0\n102,534.1\n100,660.1\n Agri-PEs\n0.0\n0.0\n0.0\n0.0\n0.0\n0.0\n0.0\n0.0\n0.0\n0.0\n0.0\n0.0\n0.0\n Other\n52,504.5\n60,202.8\n67,848.4\n65,328.0\n108,062.4\n106,568.6\n105,088.3\n99,643.7\n102,872.2\n99,545.6\n92,700.0\n102,534.1\n100,660.1\n OBIs\n926.4\n1,137.9\n926.4\n948.9\n951.8\n904.0\n1,063.1\n1,041.6\n1,020.8\n1,123.2\n1,273.1\n1,111.0\n1,099.4\n Claims on Private Sector\n3,901,638.6\n3,830,131.6\n3,800,142.6\n3,697,582.8\n3,672,178.9\n3,633,865.5\n3,595,858.4\n3,571,596.6\n3,488,270.3\n3,487,625.2\n3,520,276.9\n3,547,520.2\n3,622,609.5\n RBZ\n77,442.5\n90,549.5\n93,049.5\n74,614.5\n56,342.7\n58,614.2\n58,864.7\n49,967.1\n50,177.0\n52,542.1\n53,467.1\n59,163.7\n56,254.8\n DMBs\n2,981,759.1\n2,874,287.6\n2,860,825.0\n2,773,512.1\n2,774,147.9\n2,736,322.0\n2,691,318.7\n2,681,469.9\n2,571,743.7\n2,572,338.2\n2,605,032.7\n2,621,994.2\n2,663,407.4\n OBIs\n842,437.0\n865,294.5\n846,268.2\n849,456.3\n841,688.3\n838,929.3\n845,675.0\n840,159.6\n866,349.6\n862,744.9\n861,777.1\n866,362.3\n902,947.3\nOTHER ITEMS (NET) \n171,459.6\n-102,289.2\n-33,407.2\n59,055.5\n102,955.1\n184,409.4\n320,636.1\n103,837.9\n-52,331.0\n47,297.6\n63,947.5\n89,947.6\n14,346.5\nBROAD MONEY (M3) \n4,745,183.7\n4,765,422.3\n4,754,443.8\n4,768,878.1\n4,916,809.8\n5,004,879.1\n5,050,881.9\n5,140,709.1\n5,138,041.5\n5,227,835.9\n5,320,912.0\n5,356,035.9\n5,466,248.6\nSource:Reserve Bank of Zimbabwe, 2016\n1. Building societies and P. O. S. B.\n2. Sign reversal.\nTABLE 1.2 : BROAD MONEY SURVEY\nUS$ thousands\n2015\n2016\n \n \n \n12 \n \n \nNOV\nDEC\nJAN\nFEB\nMAR\nAPR\nMAY\nJUN\nJUL\nAUG\nSEP\nOCT\nNOV\nNET FOREIGN ASSETS \n50,869.2\n103,863.0\n-20,906.5\n-91,548.3\n51,316.0\n-74,328.3\n-94,443.6\n214,877.6\n113,696.5\n-3,862.0\n751.4\n-140,230.1\n-45,988.2\n Assets\n-117,021.9\n125,326.6\n-34,042.7\n-79,632.7\n8,148.0\n-49,702.3\n-13,909.4\n43,635.1\n-3,683.9\n-1,497.4\n-25,573.0\n54,882.1\n-83,777.5\n Reserve Bank (RBZ)\n-35,141.2\n133,272.4\n-9,183.8\n-33,458.8\n-56,257.6\n20,055.8\n52,773.4\n-18,377.7\n-8,114.0\n-28,479.9\n-10,881.9\n71,837.1\n-50,020.7\n Deposit Money Banks (DMBs)\n-76,782.4\n-10,202.5\n2,453.4\n-43,755.6\n59,814.1\n-49,787.5\n-68,984.1\n56,855.5\n10,351.0\n29,947.5\n-10,897.2\n-23,095.9\n-30,419.1\n Other Banking Institutions (OBIs) \\1\n-5,098.3\n2,256.7\n-27,312.3\n-2,418.3\n4,591.5\n-19,970.5\n2,301.3\n5,157.4\n-5,920.9\n-2,964.9\n-3,793.9\n6,140.8\n-3,337.6\n Liabilities \\2\n167,891.2\n-21,463.6\n13,136.2\n-11,915.5\n43,168.1\n-24,626.0\n-80,534.1\n171,242.4\n117,380.4\n-2,364.5\n26,324.4\n-195,112.2\n37,789.3\n RBZ\n-21,307.6\n48,136.0\n-6,315.1\n27,337.9\n-42,179.1\n42,143.1\n66,995.5\n-142,768.8\n-106,059.7\n8,080.8\n-12,490.8\n174,932.6\n-30,408.0\n DMBs\n-146,670.7\n-27,208.4\n-7,144.6\n-14,405.1\n4,259.2\n-17,343.1\n14,254.8\n-27,722.8\n-11,577.0\n-3,650.5\n-10,754.5\n21,318.1\n-7,623.6\n OBIs\n87.1\n535.9\n323.5\n-1,017.2\n-5,248.1\n-174.0\n-716.1\n-750.9\n256.2\n-2,065.7\n-3,079.1\n-1,138.5\n242.3\nNET DOMESTIC ASSETS \\3\n93,488.0\n-83,624.4\n9,928.0\n105,982.5\n96,615.7\n162,397.6\n140,446.4\n-125,050.3\n-116,364.1\n93,656.3\n92,324.7\n175,354.1\n156,200.9\nDOMESTIC CREDIT\n148,609.3\n190,124.4\n-58,954.0\n13,519.9\n52,716.0\n80,943.4\n4,219.7\n91,747.9\n39,804.8\n-5,972.4\n75,674.8\n149,354.0\n231,802.0\n Claims on Government (net) \n106,608.7\n204,527.3\n-33,562.5\n141,142.2\n19,194.3\n112,928.5\n30,718.1\n113,227.7\n80,570.1\n-1,620.4\n66,003.2\n108,010.7\n162,390.4\n RBZ\n42,099.2\n17,455.7\n23,678.3\n62,776.1\n27,997.4\n10,283.1\n12,146.1\n40,403.9\n44,135.6\n30,865.2\n18,433.8\n52,423.3\n190,363.1\n DMBs\n64,402.6\n165,163.5\n-51,624.8\n85,199.8\n12,825.3\n60,075.4\n15,766.0\n63,547.8\n37,063.9\n-22,043.8\n38,818.7\n45,781.8\n-37,489.2\n OBIs\n106.9\n21,908.1\n-5,616.0\n-6,833.7\n-21,628.3\n42,570.0\n2,806.0\n9,276.0\n-629.3\n-10,441.9\n8,750.8\n9,805.7\n9,516.5\n Claims on Public Enterprises \n-1,071.0\n57,104.1\n4,597.4\n-25,062.5\n58,925.6\n6,328.3\n11,508.7\n2,782.0\n42,561.0\n-3,706.9\n-22,980.1\n14,100.0\n-5,677.7\n RBZ\n12.5\n49,194.3\n-2,836.7\n-22,564.6\n16,188.3\n7,869.9\n12,829.8\n8,248.1\n39,353.3\n-482.6\n-16,284.4\n4,427.9\n-3,792.1\n DMBs\n-843.4\n7,698.3\n7,645.6\n-2,520.4\n42,734.4\n-1,493.8\n-1,480.3\n-5,444.6\n3,228.5\n-3,326.6\n-6,845.6\n9,834.1\n-1,874.0\n Agri-PEs\n-1,527.5\n-1,528.5\n-9,457.5\n-7,505.4\n-6,965.8\n-6,966.8\n-6,967.8\n-6,968.8\n-6,969.8\n-6,970.8\n-6,971.8\n-6,972.8\n-6,973.8\n Other\n684.1\n9,226.8\n17,103.1\n4,985.0\n49,700.2\n5,473.1\n5,487.6\n1,524.3\n10,198.3\n3,644.2\n126.2\n16,807.0\n5,099.8\n OBIs\n-240.1\n211.5\n-211.5\n22.5\n3.0\n-47.9\n159.1\n-21.5\n-20.8\n102.4\n149.9\n-162.0\n-11.6\n Claims on Private Sector\n43,071.6\n-71,507.0\n-29,989.0\n-102,559.8\n-25,403.9\n-38,313.4\n-38,007.1\n-24,261.7\n-83,326.3\n-645.1\n32,651.7\n27,243.3\n75,089.3\n RBZ\n1,482.9\n13,107.0\n2,500.0\n-18,435.0\n-18,271.7\n2,271.5\n250.4\n-8,897.6\n210.0\n2,365.0\n925.0\n5,696.6\n-2,908.9\n DMBs\n30,914.2\n-107,471.5\n-13,462.6\n-87,312.9\n635.8\n-37,825.9\n-45,003.2\n-9,848.8\n-109,726.3\n594.5\n32,694.5\n16,961.5\n41,413.1\n OBIs\n10,674.5\n22,857.6\n-19,026.4\n3,188.1\n-7,768.0\n-2,759.0\n6,745.7\n-5,515.3\n26,190.0\n-3,604.7\n-967.8\n4,585.2\n36,585.0\nOTHER ITEMS (NET) \n-55,121.3\n-273,748.8\n68,882.0\n92,462.7\n43,899.6\n81,454.2\n136,226.7\n-216,798.2\n-156,168.9\n99,628.7\n16,649.8\n26,000.1\n-75,601.1\nBROAD MONEY (M3) \n144,357.2\n20,238.7\n-10,978.5\n14,434.3\n147,931.7\n88,069.3\n46,002.9\n89,827.2\n-2,667.6\n89,794.3\n93,076.1\n35,123.9\n110,212.7\n Broad Money (M3) \n3.14%\n0.43%\n-0.23%\n0.30%\n3.10%\n1.79%\n0.92%\n1.78%\n-0.05%\n1.75%\n1.78%\n0.66%\n2.06%\n Domestic Credit \n2.86%\n3.56%\n-1.07%\n0.25%\n0.96%\n1.46%\n0.08%\n1.63%\n0.70%\n-0.10%\n1.32%\n2.56%\n3.88%\n Claims on Private Sector\n1.12%\n-1.83%\n-0.78%\n-2.70%\n-0.69%\n-1.04%\n-1.05%\n-0.67%\n-2.33%\n-0.02%\n0.94%\n0.77%\n2.12%\nSource:Reserve Bank of Zimbabwe, 2016\n1. Finance houses, building societies and P. O. S. B.\n2. Sign reversal.\n3. Net Domestic Assets consist of domestic credit and other items net.\n2016\nTABLE 1.3 : ANALYSIS OF MONTHLY CHANGES IN MONEY SUPPLY (M3)\n US$ thousands\n2015\n \n \n \n13 \n \n \nNOV\nDEC\nJAN\nFEB\nMAR\nAPR\nMAY\nJUN\nJUL\nAUG\nSEP\nOCT\nNOV\nNET FOREIGN ASSETS \n-3,723.5\n51,716.5\n25,599.2\n-16,833.2\n-162,864.4\n-167,123.9\n-216,529.0\n92,794.6\n154,751.3\n154,902.2\n143,557.4\n110,055.1\n13,197.6\n Assets\n-160,163.5\n-103,502.5\n-72,324.8\n-58,831.6\n-128,929.8\n-118,045.9\n-187,662.4\n-259,180.5\n-180,199.9\n-205,455.2\n-252,599.6\n-93,071.6\n-59,827.1\n Reserve Bank (RBZ)\n-34,353.8\n70,271.8\n67,607.2\n109,920.3\n52,382.6\n71,707.8\n104,163.2\n-64,982.0\n-14,881.0\n-8,295.5\n-18,727.7\n78,043.6\n63,164.0\n Deposit Money Banks (DMBs)\n-106,467.2\n-162,792.6\n-103,107.2\n-141,455.7\n-150,731.3\n-155,323.7\n-218,661.6\n-133,692.5\n-94,250.8\n-131,488.5\n-161,902.7\n-124,083.8\n-77,720.5\n Other Banking Institutions (OBIs) \\1\n-19,342.5\n-10,981.7\n-36,824.9\n-27,296.3\n-30,581.0\n-34,430.0\n-73,164.0\n-60,506.0\n-71,068.1\n-65,671.1\n-71,969.2\n-47,031.4\n-45,270.7\n Liabilities \\2\n156,440.0\n155,218.9\n97,924.0\n41,998.4\n-33,934.6\n-49,078.0\n-28,866.7\n351,975.1\n334,951.2\n360,357.4\n396,157.0\n203,126.7\n73,024.8\n RBZ\n18,611.0\n75,864.3\n83,389.7\n108,661.8\n217,549.1\n223,580.0\n315,851.6\n-51,292.1\n-104,005.1\n-112,782.5\n-125,536.2\n36,504.8\n27,404.4\n DMBs\n-162,923.9\n-219,844.2\n-170,029.2\n-139,327.3\n-169,893.9\n-163,052.9\n-274,592.8\n-287,828.7\n-218,055.8\n-233,541.4\n-257,589.8\n-226,644.7\n-87,597.5\n OBIs\n-12,127.1\n-11,239.0\n-11,284.5\n-11,332.9\n-13,720.6\n-11,449.1\n-12,392.1\n-12,854.3\n-12,890.3\n-14,033.5\n-13,031.0\n-12,986.8\n-12,831.6\nNET DOMESTIC ASSETS \\3\n333,441.6\n310,287.2\n388,719.3\n447,824.3\n709,354.1\n733,158.4\n779,443.5\n503,904.7\n509,329.9\n599,885.4\n591,330.9\n645,154.4\n707,867.3\nDOMESTIC CREDIT\n992,339.8\n1,156,742.8\n1,244,947.0\n1,240,909.9\n1,171,650.7\n1,093,844.4\n809,966.1\n850,516.8\n777,882.6\n724,314.5\n749,254.1\n781,787.7\n864,980.4\n Claims on Government (net) \n897,401.8\n1,048,718.3\n986,766.1\n1,122,755.2\n1,153,453.4\n1,138,798.4\n884,181.4\n873,765.5\n868,528.4\n834,946.0\n910,601.9\n947,747.9\n1,003,529.6\n RBZ\n328,127.9\n356,615.8\n367,824.5\n430,914.6\n468,278.0\n357,909.4\n370,585.4\n417,029.5\n309,889.6\n339,320.1\n347,973.7\n382,697.6\n530,961.5\n DMBs\n511,078.6\n631,757.3\n563,398.7\n643,214.9\n665,775.9\n727,359.2\n457,533.3\n401,397.3\n496,708.2\n460,300.9\n520,365.5\n514,976.2\n413,084.4\n OBIs\n58,195.3\n60,345.2\n55,543.0\n48,625.8\n19,399.5\n53,529.8\n56,062.7\n55,338.7\n61,930.5\n35,325.0\n42,262.7\n50,074.1\n59,483.8\n Claims on Public Enterprises \n17,145.1\n74,160.0\n80,539.8\n51,500.7\n107,827.5\n83,224.6\n92,901.3\n146,841.4\n193,908.8\n182,335.8\n161,340.0\n145,086.6\n140,479.9\n RBZ\n30,375.1\n79,569.5\n76,732.8\n54,168.2\n70,356.5\n77,489.1\n89,969.1\n98,115.2\n136,726.1\n136,076.3\n119,466.9\n95,955.9\n92,151.3\n DMBs\n-14,156.5\n-6,547.4\n2,880.7\n-3,616.3\n38,245.6\n5,825.7\n2,652.3\n48,389.8\n56,361.9\n46,415.4\n41,912.3\n49,186.1\n48,155.6\n Agri-PEs\n-1,516.5\n-1,517.5\n-1,518.5\n-1,519.5\n-1,520.5\n-1,521.5\n-1,522.5\n-1,523.5\n-1,524.5\n-1,525.5\n-1,526.5\n-1,527.5\n-1,528.5\n Other\n-12,639.9\n-5,029.8\n4,399.2\n-2,096.7\n39,766.1\n7,347.3\n4,174.9\n49,913.3\n57,886.4\n47,940.9\n43,438.8\n50,713.7\n49,684.1\n OBIs\n926.4\n1,137.9\n926.4\n948.9\n-774.5\n-90.2\n279.9\n336.4\n820.8\n-155.9\n-39.1\n-55.4\n173.0\n Claims on Private Sector\n77,793.0\n33,864.5\n177,641.0\n66,654.0\n-89,630.2\n-128,178.6\n-167,116.6\n-170,090.0\n-284,554.6\n-292,967.3\n-322,687.8\n-311,046.8\n-279,029.1\n RBZ\n42,717.2\n55,824.2\n58,324.2\n39,889.2\n24,933.7\n27,056.2\n27,709.1\n-1,722.7\n-16,545.4\n-40,226.8\n-13,892.2\n-16,795.9\n-21,187.7\n DMBs\n-55,036.1\n-135,814.0\n25,822.4\n-50,903.8\n-186,744.5\n-212,671.7\n-269,599.0\n-219,160.2\n-338,413.9\n-303,139.1\n-351,897.9\n-328,850.7\n-318,351.7\n OBIs\n90,111.8\n113,854.3\n93,494.4\n77,668.6\n72,180.6\n57,436.9\n74,773.4\n50,792.9\n70,404.6\n50,398.7\n43,102.3\n34,599.8\n60,510.3\nOTHER ITEMS (NET) \n-658,898.2\n-846,455.6\n-856,227.7\n-793,085.7\n-462,296.6\n-360,686.0\n-30,522.6\n-346,612.1\n-268,552.7\n-124,429.1\n-157,923.2\n-136,633.3\n-157,113.1\nBROAD MONEY (M3) \n329,718.1\n362,003.6\n414,318.5\n430,991.1\n546,489.7\n566,034.5\n562,914.4\n596,699.4\n664,081.2\n754,787.7\n734,888.3\n755,209.5\n721,064.9\nGROWTH RATES\n Broad Money (M3) \n7.5%\n8.2%\n9.5%\n9.9%\n12.5%\n12.8%\n12.5%\n13.1%\n14.8%\n16.9%\n16.0%\n16.4%\n15.2%\n Domestic Credit \n22.8%\n26.4%\n29.4%\n29.2%\n26.8%\n24.1%\n16.8%\n17.5%\n15.6%\n14.4%\n14.7%\n15.0%\n16.2%\n Claims on Private Sector\n2.0%\n0.9%\n4.9%\n1.8%\n-2.4%\n-3.4%\n-4.4%\n-4.5%\n-7.5%\n-7.7%\n-8.4%\n-8.1%\n-7.2%\nSource:Reserve Bank of Zimbabwe, 2016\n1. Finance houses, building societies and P. O. S. B.\n2. Sign reversal.\n3. Net Domestic Assets consist of domestic credit and other items net.\n2016\nTABLE 1.4 : ANALYSIS OF YEARLY CHANGES IN MONEY SUPPLY (M3)\nUS$ thousands\n2015\n \n \n \n14 \n \n \n \n \n \nAGRICULTURE\nCONSTRUCTION\nCOMMUNICATION\nDISTRIBUTION\nFINANCIAL &\nFINANCIAL\nMANUFACTURING\nMINING\nSERVICES\nTRANSPORT\nINDIVIDUALS CONGLOMERATES\nTOTAL\nEND OF\n \n \n \nINVESTMENTS\nORGANISATIONS\n \n \n \n \n2015 \nJan\n541,656.5\n46,681.6\n39,906.8\n445,656.6\n21,454.5\n131,350.1\n466,896.6\n207,686.6\n452,817.5\n47,945.7\n557,066.9\n1,401.2\n2,960,820.4\nFeb\n538,722.0\n42,062.8\n47,395.1\n446,647.8\n21,790.0\n117,681.6\n461,237.6\n214,420.4\n463,884.6\n48,357.0\n544,838.5\n1,416.2\n2,948,453.6\nMar\n549,118.0\n42,010.1\n44,087.2\n448,278.7\n76,302.3\n110,180.3\n473,978.1\n203,327.9\n466,104.7\n48,938.0\n550,140.6\n1,339.6\n3,013,805.6\nApr\n556,457.4\n30,687.3\n44,546.9\n451,852.9\n65,696.1\n72,653.7\n457,797.1\n202,418.2\n518,353.6\n47,653.8\n551,662.8\n990.1\n3,000,770.0\nMay\n577,258.6\n31,400.7\n44,839.1\n456,652.1\n64,792.3\n75,682.2\n460,700.3\n192,377.2\n545,363.4\n50,061.9\n561,058.3\n1,034.4\n3,061,220.5\nJun\n576,485.1\n29,649.0\n56,936.5\n463,750.7\n20,117.9\n91,678.4\n407,949.0\n181,512.7\n512,108.4\n40,839.7\n590,917.1\n965.9\n2,972,910.2\nJul\n589,866.7\n27,447.9\n56,456.1\n474,568.7\n21,025.9\n92,335.6\n418,612.0\n186,238.8\n416,928.9\n41,201.6\n579,629.0\n941.4\n2,905,252.7\nAug\n580,775.3\n28,148.8\n58,618.6\n460,451.4\n22,509.2\n105,466.9\n411,831.6\n176,732.7\n440,470.4\n41,154.5\n571,926.0\n886.9\n2,898,972.1\nSep\n598,429.9\n28,307.9\n59,213.0\n443,604.1\n22,711.9\n102,015.0\n421,228.0\n174,144.2\n467,804.5\n43,051.0\n569,250.1\n929.5\n2,930,689.0\nOct\n609,537.2\n33,868.4\n53,813.7\n466,727.6\n21,566.0\n104,959.3\n447,136.6\n141,401.6\n484,254.8\n40,156.6\n573,330.4\n907.7\n2,977,660.0\nNov\n650,547.2\n28,696.7\n49,784.9\n440,864.2\n12,868.9\n104,288.1\n428,393.1\n152,136.9\n444,207.8\n40,760.5\n543,920.4\n696.2\n2,897,164.8\nDec\n590,610.6\n30,958.8\n44,706.5\n366,799.2\n13,354.6\n87,897.5\n450,208.5\n163,452.9\n475,424.5\n40,154.3\n518,998.3\n527.5\n2,783,093.0\n2016\nJan\n577,684.4\n35,033.6\n35,535.9\n379,618.2\n13,329.2\n68,325.8\n476,677.0\n158,150.5\n410,992.6\n40,295.6\n535,379.3\n380.2\n2,731,402.2\nFeb\n539,562.8\n35,885.1\n37,857.4\n374,835.1\n13,285.9\n63,301.8\n473,970.3\n155,889.4\n415,520.6\n40,862.5\n531,789.5\n365.3\n2,683,125.7\nMar\n586,349.7\n39,180.5\n41,037.5\n371,809.6\n13,397.9\n63,061.4\n444,769.1\n156,209.2\n402,900.5\n44,606.7\n588,882.7\n410.7\n2,752,615.5\nApr\n527,545.8\n46,612.5\n40,624.2\n379,572.0\n13,428.1\n69,469.7\n437,795.4\n142,682.1\n421,335.6\n43,921.4\n645,037.3\n9,410.0\n2,777,434.0\nMay\n522,239.8\n40,194.4\n38,496.8\n358,042.5\n13,280.8\n65,381.2\n439,295.5\n145,180.0\n401,304.1\n41,908.5\n651,719.3\n9,579.0\n2,726,621.9\nJun\n510,016.8\n39,316.9\n36,866.1\n361,138.1\n12,764.5\n68,850.3\n433,145.3\n143,595.6\n476,484.5\n42,179.6\n650,071.4\n9,739.2\n2,784,168.3\nJul\n501,744.6\n43,266.6\n12,746.6\n287,960.5\n11,403.0\n64,344.7\n423,354.4\n141,639.6\n489,050.6\n40,059.9\n652,366.8\n9,804.6\n2,677,741.9\nAug\n498,489.6\n43,265.5\n26,005.4\n295,108.0\n11,957.4\n69,959.8\n423,824.7\n139,556.7\n458,763.3\n44,237.3\n636,726.8\n10,497.1\n2,658,391.5\nSep\n487,504.2\n42,900.7\n20,644.2\n338,165.8\n11,960.4\n154,582.0\n409,891.0\n142,259.6\n400,059.8\n40,609.7\n636,000.8\n11,273.3\n2,695,851.5\nOct\n513,303.7\n44,348.8\n23,814.1\n333,709.5\n11,968.6\n70,984.3\n418,465.3\n152,571.6\n456,867.4\n45,511.4\n637,546.1\n11,122.2\n2,720,213.0\nNov\n526,709.8\n42,580.2\n22,481.4\n338,556.1\n11,358.7\n72,491.9\n413,849.2\n152,092.3\n464,279.4\n42,762.1\n641,080.5\n10,545.5\n2,738,787.0\nSource:Reserve Bank of Zimbabwe,2016\n/1 Including the only merchant bank still in operation.\nTABLE 2.1 : SECTORAL ANALYSIS OF COMMERCIAL BANKS LOANS AND ADVANCES/1\nUS$ thousands\n \n \n \n15 \n \n \n \n \nEND OF\nAGRICULTURE CONSTRUCTION\nCOMMUNICATIONS\nDISTRIBUTION\nFINANCIAL &\nFINANCIAL\nMANUFACTURING\nMINING\nSERVICES\nTRANSPORT\nINDIVIDUALS\nCONGLOMERATES\nTOTAL\nINVESTMENTS ORGANISATIONS\n2015\nJan\n155,304.2\n63,950.4\n136,066.9\n349,099.7\n294,145.5\n809,684.0\n314,319.6\n113,452.0\n1,034,514.7\n48,876.5\n606,370.3\n78,746.0\n4,004,529.8\nFeb\n151,740.1\n63,112.6\n109,807.6\n370,581.8\n314,944.7\n784,737.6\n309,307.9\n120,255.1\n1,028,160.1\n43,112.0\n606,650.6\n78,891.2\n3,981,301.2\nMar\n199,484.8\n63,709.2\n116,397.4\n378,460.0\n351,448.0\n762,380.7\n373,911.9\n99,744.6\n912,654.4\n42,478.9\n644,951.3\n72,605.2\n4,018,226.6\nApr\n186,896.3\n65,974.0\n130,284.9\n380,884.8\n330,001.9\n799,952.4\n373,648.3\n109,735.0\n944,772.9\n44,964.9\n653,801.0\n75,850.9\n4,096,767.2\nMay\n185,803.2\n73,167.5\n111,512.1\n523,774.7\n299,659.2\n801,335.5\n419,453.7\n113,355.0\n1,041,392.8\n50,057.9\n619,767.9\n71,388.8\n4,310,668.3\nJun\n187,657.0\n76,777.8\n109,336.0\n498,031.3\n304,087.2\n877,042.8\n338,069.8\n67,556.6\n1,131,497.1\n43,949.0\n651,072.8\n72,166.9\n4,357,244.2\nJul\n180,261.3\n80,536.4\n106,645.3\n452,744.1\n295,611.1\n911,363.8\n360,746.5\n88,518.4\n971,759.9\n53,101.6\n647,215.1\n70,618.8\n4,219,122.4\nAug\n168,075.2\n86,038.9\n108,477.7\n472,875.1\n335,158.3\n784,616.6\n401,830.1\n76,647.0\n1,042,260.4\n55,455.9\n657,177.1\n51,922.5\n4,240,535.0\nSep\n197,641.5\n85,842.6\n112,415.3\n462,925.6\n349,564.2\n831,813.0\n379,121.4\n71,090.0\n1,033,106.7\n53,348.1\n676,308.0\n55,759.2\n4,308,935.5\nOct\n219,922.3\n85,382.0\n116,874.4\n447,200.7\n331,543.6\n821,640.8\n378,568.5\n68,298.7\n1,100,719.7\n55,846.7\n648,757.5\n67,353.2\n4,342,108.3\nNov\n212,806.1\n85,815.7\n98,468.4\n465,089.7\n334,835.6\n846,959.0\n363,754.4\n71,866.2\n1,074,141.8\n56,110.3\n665,421.1\n64,630.3\n4,339,898.7\nDec\n196,092.9\n88,273.0\n102,636.9\n518,411.4\n336,909.2\n864,491.7\n307,845.0\n63,337.5\n1,163,771.1\n57,410.5\n639,985.6\n66,435.7\n4,405,600.5\n2016\nJan\n231,827.3\n101,724.1\n93,544.2\n517,089.2\n325,203.1\n977,272.1\n345,812.2\n62,026.3\n1,083,702.7\n61,755.6\n618,080.1\n58,808.7\n4,476,845.6\nFeb\n226,568.3\n105,747.9\n97,684.4\n525,070.9\n339,839.0\n896,869.2\n326,026.0\n59,381.3\n1,047,904.6\n63,248.3\n634,478.3\n63,017.8\n4,385,835.9\nMar\n243,546.9\n102,238.4\n116,471.1\n582,943.5\n362,058.8\n879,340.8\n368,689.6\n60,514.0\n402,900.5\n62,839.4\n642,779.4\n61,037.6\n4,556,027.1\nApr\n243,151.6\n102,234.0\n112,219.5\n569,660.7\n360,299.5\n907,855.6\n335,068.6\n71,721.0\n1,156,122.6\n63,858.0\n628,901.1\n61,087.0\n4,612,179.4\nMay\n236,180.5\n97,008.6\n120,726.3\n593,284.9\n371,034.5\n923,580.9\n356,500.9\n99,176.4\n1,107,956.8\n61,396.5\n607,501.4\n64,066.3\n4,638,413.9\nJun\n218,386.8\n103,914.2\n134,181.8\n596,904.8\n362,400.2\n973,333.3\n316,490.8\n58,856.9\n1,128,688.7\n72,063.3\n601,813.8\n61,833.2\n4,628,867.8\nJul\n207,280.2\n99,727.9\n138,781.2\n616,359.8\n348,779.7\n1,035,697.0\n370,456.9\n63,986.1\n1,114,413.7\n65,391.9\n622,329.2\n69,058.9\n4,752,262.6\nAug\n233,004.5\n97,248.8\n153,590.8\n578,487.3\n365,366.8\n997,123.0\n356,522.0\n64,413.7\n1,227,979.0\n67,005.8\n621,307.8\n73,076.2\n4,835,125.8\nSep\n236,724.3\n101,117.1\n155,483.5\n597,290.0\n346,375.9\n1,046,195.2\n366,312.8\n57,885.0\n1,365,673.5\n73,805.9\n595,219.8\n70,669.7\n5,012,752.7\nOct\n239,373.9\n107,235.7\n160,641.2\n593,362.2\n344,681.9\n988,274.7\n363,815.8\n63,998.0\n1,384,083.2\n76,834.0\n593,827.7\n73,608.8\n4,989,737.2\nNov\n318,652.7\n107,089.5\n189,581.3\n501,506.5\n329,147.3\n992,135.7\n411,467.8\n150,691.6\n1,337,295.6\n79,405.2\n591,639.0\n71,016.3\n5,079,628.6\nSource: Reserve Bank of Zimbabwe,2016\n TABLE 2.2: SECTORAL ANALYSIS OF COMMERCIAL BANKS DEPOSITS \nUS$ thousands\n \n \n \n16 \n \n \n(US$ millions)\nEnd Period\n1999\n2000\n2001\n2002\n2003\n2004\n2005\n2006\n2007\n2008\n2009\n2010\n2011\n2012\n2013\n2014\n2015\nLong-Term External Debt\n3,530\n3,227\n3,255\n3,327\n3,644\n3,927\n3,805\n3,965\n4,032\n4,464\n4,951\n5,175\n6,096\n6,607\n7,370\n8,444\n8,426\nGovernment\n2,461\n2,249\n2,328\n2,376\n2,617\n2,844\n2,895\n3,024\n3,054\n3,464\n4,037\n4,095\n4,638\n4,929\n5,012\n4,522\n5,293\nBilateral Creditors\n935\n1,050\n1,115\n1,107\n1,255\n1,455\n1,438\n1,520\n1,520\n1,863\n2,308\n2,325\n2,597\n2,694\n2,928\n2,445\n3,310\nMultilateral Creditors\n1,235\n1,199\n1,213\n1,269\n1,362\n1,389\n1,457\n1,504\n1,524\n1,592\n1,729\n1,770\n2,041\n2,235\n2,084\n2,078\n1,982\nPrivate Creditors\n291\n0\n0\n0\n0\n0\n0\n0\n10\n10\n0\n0\n0\n0\n0\n0\n0\nPublic Enterprises\n543\n534\n568\n616\n698\n714\n709\n766\n790\n825\n857\n938\n1,092\n1,198\n1,356\n1,661\n1,220\nBilateral Creditors\n316\n301\n315\n351\n403\n442\n439\n464\n474\n497\n453\n238\n711\n703\n858\n1,155\n760\nMultilateral Creditors\n224\n233\n253\n265\n295\n272\n270\n302\n316\n327\n403\n700\n382\n495\n498\n506\n460\nPrivate Creditors\n3\n0\n0\n0\n0\n0\n0\n0\n0\n0\n0\n0\n0\n0\n0\n0\n0\nMonetary Authorities\n364\n292\n292\n279\n288\n291\n144\n130\n137\n140\n140\n138\n127\n125\n125\n120\n110\nMultilateral Creditors - IMF\n364\n292\n292\n279\n288\n291\n144\n130\n137\n140\n140\n138\n127\n125\n125\n120\n110\nPrivate\n162\n152\n67\n56\n41\n78\n57\n45\n51\n35\n57\n142\n366\n480\n1,002\n2,261\n1,913\nShort-Term External Debt\n532\n298\n167\n183\n169\n144\n173\n281\n387\n226\n1,198\n1,382\n1,289\n890\n1,564\n2,394\n2,258\nSupplier's Credits\n150\n42\n13\n26\n51\n69\n107\n122\n178\n41\n193\n286\n134\n30\n0\n0\n0\nReserve Bank\n642\n642\n618\n614\n614\n587\n587\nPrivate\n382\n256\n154\n157\n118\n75\n66\n159\n209\n185\n363\n454\n537\n246\n950\n1,807\n1,671\nTotal External Debt\n4,062\n3,525\n3,422\n3,510\n3,812\n4,071\n3,978\n4,246\n4,419\n4,690\n6,149\n6,557\n7,385\n7,497\n8,934\n10,838\n10,684\nSource: Ministry of Finance & Economic Development, 2016; & Reserve Bank of Zimbabwe, 2016\nTABLE 3.1: ZIMBABWE: EXTERNAL DEBT OUTSTANDING BY DEBTOR (INCLUDING ALL ARREARS)\n \n \n17 \n \n \nEnd Period\nNominal Lending Rates 1\nIndividuals \nCorporate\n2015 \nJan\n6.00-35.00\n14.16 \n9.66 \nFeb\n4.30-33.50\n14.00 \n9.73 \nMar\n4.30-33.50\n13.24 \n8.75 \nApr\n4.30-31.00\n12.71 \n8.84 \nMay\n5.00-31.00\n12.74 \n8.79 \nJun\n5.00-31.00\n11.94 \n8.42 \nJul\n5.00-31.00\n11.86 \n8.56 \nAug\n4.30-26.00\n11.96 \n8.51 \nSep\n4.30-25.00\n11.81 \n8.47 \nOct\n4.00-18.00\n10.98 \n7.28 \nNov\n4.00-16.25\n12.20 \n7.67 \nDec\n6.00-16.00\n11.99 \n7.57 \n2016 \nJan\n6.00-22.00\n12.08 \n7.38 \nFeb\n4.00-22.00\n11.48 \n7.29 \nMar\n4.00-22.00\n11.44 \n7.16 \nApr\n4.00-22.00\n11.50 \n7.20 \nMay\n4.00-18.00\n11.43 \n7.35 \nJun\n4.00-18.00\n11.40 \n7.48 \nJul\n4.00-18.00\n10.69 \n6.79 \nAug\n4.00-18.00\n10.67 \n6.84 \nSep\n4.00-18.00\n10.66 \n6.95 \nOct\n4.00-18.00\n10.70 \n6.93 \nNov\n4.00-18.00\n10.69 \n6.99 \nSource:Reserve Bank of Zimbabwe, 2016\nNotes\nTABLE 4.1 LENDING RATES (percent per annum)\n1. Nominal Lending Rates depict the range of rates quoted by banks.\nCommercial Banks\nWeighted Average Lending Rates\n \n \n \n18 \n \n \nEND OF\nSAVINGS\n3 MONTHS\n2015 \nJan\n0.15-8.00\n3.00-17.00\nFeb\n0.50-12.00\n1.00-17.00\nMar\n0.50-12.00\n1.00-17.00\nApr\n0.30-8.00\n1.00-17.00\nMay\n0.30-8.00\n1.00-17.00\nJun\n0.30-8.00\n1.00-17.00\nJul\n0.30-8.00\n1.00-15.00\nAug\n0.30-8.00\n1.00-15.00\nSep\n0.30-8.00\n1.00-16.00\nOct\n0.50-8.00\n1.00-17.00\nNov\n0.75-8.00\n1.00-17.00\nDec\n0.50-8.00\n0.75-17.00\n2016 \nJan\n0.50-8.00\n0.75-17.00\nFeb\n0.50-8.00\n0.75-17.00\nMar\n0.50-8.00\n0.75-17.00\nApr\n0.50-8.00\n0.75-17.00\nMay\n0.50-8.00\n0.75-17.00\nJun\n0.50-6.00\n0.75-17.00\nJul\n0.50-6.00\n0.75-17.00\nAug\n0.50-6.00\n1.00-17.00\nSep\n0.50-6.00\n1.00-17.00\nOct\n0.50-6.00\n1.00-17.00\nNov\n0.50-6.00\n1.00-17.00\n Source:Reserve Bank of Zimbabwe, 2016\n* The range of rates qouted by banks during the period.\nTABLE 4.2 : BANKS DEPOSIT RATES (percent per annum)*\nCOMMERCIAL BANKS\n \n \n 19 \n \n \n \nFOOD \nINFLATION\nALL\nALCOHOLIC \nBEVERAGES \nCLOTHING\nHOUSING, \nWATER,\nFURNITURE\nHEALTH\nTRANSPORT\nCOMMUNICATION\nRECREATION \n&\nEDUCATION\nRESTAURANTS \n&\nMISC.\nTOTAL NON\nFOOD & \nITEMS\n& TOBACCO\nFOOTWEAR\nELECTRICTY, \nGAS\nAND\nCULTURE\nHOTELS\nGOODS &\nFOOD\nNON \nALCOHOLIC \nBEVERAGES\n& OTHER\nEQUIPMENT\nSERVICES\nFUELS\nWEIGHTS\n4.38\n6.05\n17.74\n9.91\n2.16\n9.76\n3.41\n2.1\n5.67\n1.38\n3.91\n66.47\n33.53\n100\n2015 \nJan\n-0.04\n-0.01\n0.08\n0.07\n0.06\n-0.97\n-13.41\n0.02\n-0.08\n-0.48\n0.30\n-0.69\n0.40\n-0.34\nFeb\n0.25\n-0.35\n-0.09\n-0.11\n-0.02\n-0.41\n-0.10\n-0.17\n0.00\n-0.28\n0.10\n-0.13\n0.05\n-0.07\nMar\n0.12\n-0.27\n-0.06\n-0.02\n-0.05\n0.02\n0.00\n0.03\n0.00\n0.12\n0.10\n-0.03\n-0.03\n-0.03\nApr\n-0.63\n-0.01\n-0.71\n-3.35\n-0.46\n-0.05\n-0.15\n-0.13\n-0.07\n0.59\n0.41\n-0.04\n-1.01\n-0.89\nMay\n-0.17\n-0.41\n0.18\n-0.25\n0.10\n-0.25\n-0.02\n-0.11\n0.00\n-0.08\n-0.44\n-0.10\n-0.37\n-0.19\nJun\n0.36\n-0.06\n-0.02\n-0.07\n-0.17\n0.06\n0.01\n-0.09\n0.00\n-0.07\n0.11\n0.01\n-0.45\n-0.14\nJul\n-0.08\n0.05\n-0.56\n-0.82\n0.15\n-0.09\n-0.02\n-0.14\n7.48\n-0.02\n0.03\n0.47\n-0.81\n0.06\nAug\n-0.27\n-0.01\n0.02\n-0.14\n-0.04\n-0.29\n-0.06\n-0.26\n0.00\n-0.14\n-0.09\n-0.10\n-0.75\n-0.36\nSep\n-0.05\n0.00\n-0.62\n-0.52\n0.04\n-0.42\n-0.38\n-0.01\n0.00\n1.28\n-0.30\n-0.31\n-0.47\n-0.36\nOct\n-0.43\n-0.31\n-0.08\n-0.32\n0.61\n-0.47\n0.02\n-0.14\n0.00\n-0.18\n0.12\n-0.17\n-0.53\n-0.29\nNov\n-0.15\n-0.19\n-0.01\n-0.24\n0.00\n-0.08\n-0.23\n-0.02\n2.83\n-0.03\n-0.02\n0.22\n0.04\n0.16\nDec\n-0.41\n-0.15\n0.18\n-0.07\n-0.06\n-0.25\n-0.03\n0.09\n0.00\n-0.07\n-0.30\n-0.06\n-0.21\n-0.11\n2016 \nJan\n0.05\n-0.02\n-0.04\n-0.30\n-0.15\n-0.37\n0.00\n-0.18\n0.00\n-0.16\n-0.29\n-0.13\n0.13\n-0.05\nFeb\n-0.14\n0.00\n-0.12\n-0.19\n-0.17\n-0.37\n-0.13\n-0.01\n0.00\n-0.17\n0.06\n-0.14\n-0.03\n-0.10\nMar\n-0.15\n-0.17\n-1.03\n-0.73\n-0.13\n-0.30\n0.42\n-0.04\n3.36\n-0.62\n-0.60\n-0.11\n-0.13\n-0.12\nApr\n0.03\n-0.14\n-0.02\n-0.32\n0.00\n0.07\n-0.08\n-0.02\n-0.01\n-0.09\n-0.35\n-0.08\n-0.51\n-0.21\nMay\n-0.29\n-0.22\n0.12\n-0.11\n-0.18\n-0.11\n-1.61\n0.06\n0.00\n0.02\n-0.33\n-0.12\n-0.49\n-0.24\nJun\n0.07\n-0.21\n0.58\n0.03\n0.15\n-0.08\n-0.01\n-0.23\n2.65\n0.31\n0.09\n0.44\n-0.35\n0.19\nJul\n0.01\n-0.15\n0.04\n0.05\n-0.15\n-0.03\n-0.36\n0.09\n0.00\n0.04\n-0.30\n-0.03\n-0.52\n-0.19\nAug\n-0.06\n-0.22\n0.00\n-0.03\n-0.02\n-0.13\n-0.02\n-0.10\n0.00\n0.01\n0.13\n-0.04\n-0.31\n-0.13\nSep\n0.10\n-0.03\n-1.11\n-0.27\n-0.03\n-0.08\n-0.09\n-0.26\n0.00\n0.01\n0.10\n-0.34\n-0.06\n-0.26\nOct\n-0.05\n-0.24\n-0.13\n0.06\n-0.03\n-0.06\n0.00\n-0.01\n0.00\n-0.06\n0.17\n-0.05\n0.40\n0.09\nNov\n-0.06\n-0.09\n0.00\n0.10\n-0.07\n0.33\n0.00\n0.18\n-2.46\n-0.01\n0.14\n-0.22\n0.54\n0.02\nSource:Zimstat, 2016\nNON-FOOD INFLATION\nTABLE 5.1 : MONTHLY INFLATION -- PERCENTAGE CHANGE IN CONSUMER PRICE INDEX\n( DECEMBER 2012 = 100)\n \n \n \n20 \n \n \nF OOD \nIN F LA TION\nA LC OHOLIC \nC LOTHIN G\nHOUS IN G, \nWA TER ,\nF UR N ITUR E\nM IS C .\nF OOD & \nB EVER A GES \n& \nELEC TR IC T\nY, GA S\nA N D\nR EC R EA TION \n&\nR ES TA UR A N TS \n&\nGOOD S &\nTOTA L N ON\nN ON \nA LC OHOLIC \nA LL\n& TOB A C C O\nF OOTWEA R\n& OTHER\nEQUIP M EN T\nC ULTUR E\nHOTELS\nS ER VIC ES\nF OOD\nB EVER A GES\nITEM S\nF UELS\n2015\nJan\n0.47\n0.00\n-0.16\n-1.86\n1.21\n0.19\n-13.69\n-0.44\n4.35\n-2.16\n-1.82\n-0.57\n-2.74\n-1.28\nFeb\n0.73\n-0.25\n-0.14\n-1.88\n1.10\n-0.30\n-13.78\n-0.57\n4.11\n-2.36\n-1.80\n-0.68\n-2.87\n-1.40\nMar\n0.90\n-0.46\n0.62\n-1.78\n1.03\n-0.28\n-13.78\n-0.54\n4.11\n-2.26\n-1.41\n-0.44\n-2.77\n-1.20\nApr\n-2.93\n0.59\n-1.07\n-2.62\n-1.50\n0.81\n-0.76\n-13.88\n-0.95\n-7.02\n-0.84\n-1.41\n-2.51\n-2.65\nMay\n0.31\n-1.37\n-2.39\n-1.45\n0.92\n-1.23\n-13.87\n-0.86\n-7.09\n-0.79\n-1.42\n-2.56\n-3.00\n-2.70\nJun\n0.72\n-1.54\n-2.41\n-1.58\n0.45\n-1.14\n0.00\n-0.87\n-7.09\n-0.75\n-1.38\n-2.57\n-3.32\n-2.81\nJul\n0.74\n-1.61\n-3.24\n-2.37\n0.50\n-1.12\n-13.77\n-0.93\n-1.90\n-1.61\n-0.99\n-2.35\n-3.65\n-2.77\nAug\n0.61\n-1.53\n-3.22\n-2.37\n0.42\n-1.67\n-13.77\n-1.11\n-1.88\n-1.78\n0.13\n-2.38\n-3.59\n-2.77\nSep\n0.47\n-1.67\n-4.25\n-2.62\n0.25\n-2.45\n-14.05\n-0.99\n-1.88\n-0.12\n-0.28\n-2.83\n-3.72\n-3.11\nOct\n-0.12\n-2.04\n-4.33\n-2.80\n0.86\n-2.64\n-13.98\n-1.09\n-1.89\n-0.32\n-0.20\n-2.95\n-4.00\n-3.29\nNov\n-0.45\n-2.35\n-4.32\n-2.94\n0.77\n-2.81\n-14.19\n-1.14\n11.08\n0.28\n-0.27\n-1.80\n-3.85\n-2.46\nDec\n-0.88\n-2.39\n-4.29\n-2.91\n0.57\n-3.24\n-14.22\n-0.89\n11.08\n0.43\n-0.42\n-1.89\n-3.71\n-2.47\n2016\nJan\n-0.79\n-2.41\n-4.40\n-3.27\n0.37\n-2.66\n-0.93\n-1.09\n11.17\n0.75\n-1.01\n-1.34\n-3.96\n-2.19\nFeb\n-1.16\n-2.06\n-4.43\n-3.35\n0.22\n-2.62\n-0.97\n0.21\n11.17\n0.96\n-1.17\n-1.35\n-4.04\n-2.22\nMar\n-1.43\n-1.97\n-5.36\n-4.04\n0.14\n-2.92\n-0.55\n-1.00\n14.91\n0.21\n-1.86\n-1.43\n-4.13\n-2.31\nApr\n-1.40\n-1.40\n-2.11\n-3.91\n0.19\n-2.71\n-0.50\n-0.95\n14.21\n-0.28\n-2.17\n-0.51\n-4.02\n-1.64\nMay\n-1.52\n-1.21\n-2.17\n-3.77\n-0.10\n-2.57\n-2.09\n-0.78\n14.21\n-0.18\n-2.07\n-0.53\n-4.13\n-1.69\nJun\n-1.80\n-1.36\n-1.58\n-3.67\n0.21\n-2.71\n-2.10\n-0.92\n17.24\n0.20\n-2.09\n-0.09\n-4.04\n-1.37\nJul\n-1.71\n-1.56\n-0.98\n-2.83\n-0.09\n-2.66\n-2.43\n-0.69\n9.09\n0.27\n-2.42\n-0.59\n-3.76\n-1.60\nAug\n-1.50\n-1.77\n-1.01\n-2.73\n-0.07\n-2.50\n-2.39\n-0.54\n9.09\n0.42\n-2.21\n-0.54\n-3.34\n-1.43\nSep\n-1.36\n-1.79\n-1.50\n-2.48\n-0.14\n-2.17\n-2.10\n-0.78\n9.09\n-0.84\n-1.82\n-0.58\n-2.94\n-1.33\nOct\n-0.97\n-1.73\n-1.54\n-2.10\n-0.76\n-1.77\n-2.13\n-0.65\n9.09\n-0.72\n-1.77\n-0.45\n-2.03\n-0.95\nNov\n-0.77\n-1.63\n-1.53\n-1.77\n-0.83\n-1.37\n-1.91\n-0.45\n3.48\n-0.70\n-1.62\n-0.89\n-1.54\n-1.09\nSource: Zimstat, 2016\nC OM M UN IC A TION\nTR A N S P OR T\nHEA LTH\nED UC A TION\nN ON -F OOD IN F LA TION\nTABLE 5.2 : YEARLY INFLATION -- PERCENTAGE CHANGE IN CONSUMER PRICE INDEX \n(DECEMBER 2012 = 100)\n \n \n21 \n \nSA\nBW\nJAPANESE\nEUROPEAN\nPOUND\nEND OF\nRAND/1\nPULA/1\nYEN/1\nCURRENCY/2\nSTERLING/2\n2015\nJAN\n11.5530\n9.6108\n117.8500\n1.1334\n1.5081\nFEB\n11.5530\n9.6108\n119.1700\n1.1200\n1.5400\nMAR\n12.1600\n9.9600\n120.1900\n1.0790\n1.4771\nAPR\n11.8200\n9.7400\n118.6000\n1.1100\n1.5400\nMAY\n12.1338\n9.7561\n123.8650\n1.0947\n1.5300\nJUNE\n12.2600\n9.9200\n122.3100\n1.1191\n1.5723\nJULY\n12.7100\n10.6700\n124.0300\n1.0941\n1.5601\nAUG\n13.3100\n10.2000\n121.1100\n1.1247\n1.5427\nSEPT\n13.9000\n10.5500\n119.9400\n1.1245\n1.5385\nOCT\n13.8500\n10.4700\n121.1500\n1.0981\n1.5400\nNOV\n14.3958\n10.6952\n122.7250\n1.0589\n1.5315\nDEC\n15.5600\n11.0990\n120.4200\n1.0929\n1.4925\n2016\nJAN\n16.0900\n11.4300\n120.5500\n1.0905\n1.4493\nFEB\n16.1100\n11.2700\n113.0300\n1.0990\n1.3880\nMAR\n15.4500\n11.1000\n112.9500\n1.1100\n1.4200\nAPR\n14.6200\n10.7575\n109.6825\n1.1340\n1.4306\nMAY\n15.3200\n10.9800\n108.9323\n1.1340\n1.4522\nJUN\n14.8834\n10.9349\n102.6700\n1.1095\n1.3397\nJUL\n14.4277\n10.7892\n103.9398\n1.1069\n1.3180\nAUG\n13.7656\n9.4521\n101.2190\n1.0960\n1.2280\nSEP\n13.9200\n10.5800\n101.6000\n1.1200\n1.3200\nOCT\n13.9400\n10.6500\n103.7600\n1.0989\n1.2346\nNOV\n13.9402\n10.6875\n107.9934\n1.0811\n1.2430\nSource: Reserve Bank of Zimbabwe, 2016\n TABLE 6 : SELECTED INTERNATIONAL EXCHANGE RATES\n1. Foreign currency per US dollar.\n2. US dollars per unit of foreign currency\n \n \n 22 \n \n \n \nForeign\nLoans & \nContigent\nOther\nNon Financial \nTOTAL\nEnd of\nNotes\nTotal\nOther Balances\nAdvnces\nAssets\nAssets\nAssets\nBond\n&\nBalances\nBalances \nBalances\nwith RBZ\n Notes &\nCoin\nwith\nwith Other \nat\nTrade\nTreasury\nAgric PEs\nCoins\nat Banks\nRBZ\nBanks\nForeign Banks\nBills\nBills\n2015\n Jan\n0.6\n222.5\n527.9\n159.0\n182.6\n163.6\n325.7\n0.0\n1,581.9\n \n21.4\n2,796.76\n \n557.7\n360.2\n366.1\n5,684.2\n \n Feb\n0.4\n216.7\n501.2\n149.6\n183.2\n128.6\n344.6\n0.0\n1,524.2\n \n17.9\n2,792.50\n \n564.8\n325.3\n356.8\n5,581.5\n \n Mar\n0.6\n246.9\n461.4\n147.8\n222.2\n121.6\n338.0\n5.4\n1,543.8\n \n15.5\n2,925.46\n \n527.3\n352.5\n362.0\n5,726.6\n \n Apr\n0.7\n205.5\n492.8\n158.6\n218.5\n112.0\n335.1\n5.4\n1,528.6\n \n18.2\n2,967.13\n \n527.1\n364.2\n385.4\n5,790.7\n \n May\n0.7\n237.3\n495.6\n135.1\n181.0\n101.4\n622.7\n5.5\n1,779.2\n \n18.2\n2,922.70\n \n525.7\n434.2\n384.3\n6,064.3\n \n Jun\n0.8\n245.7\n570.9\n155.1\n144.7\n90.8\n750.1\n4.4\n1,962.4\n \n28.8\n2,872.55\n \n498.4\n351.0\n386.2\n6,099.4\n \n Jul\n0.9\n226.0\n544.9\n137.3\n135.3\n86.3\n770.0\n0.0\n1,900.7\n \n28.8\n2,815.04\n \n504.1\n361.1\n388.8\n5,998.5\n \n Aug\n1.0\n234.0\n523.7\n104.3\n194.7\n76.1\n786.5\n5.1\n1,925.3\n \n28.8\n2,810.06\n \n535.2\n339.9\n390.5\n6,029.6\n \n Sep\n1.0\n255.2\n551.8\n114.8\n192.9\n63.7\n764.9\n5.1\n1,949.4\n \n28.0\n2,844.13\n \n599.2\n404.6\n392.3\n6,217.7\n \n Oct\n0.9\n215.7\n536.1\n143.7\n171.5\n83.5\n808.3\n5.2\n1,964.9\n \n26.7\n2,884.16\n \n599.3\n350.6\n391.5\n6,217.0\n \n Nov\n1.2\n186.9\n526.1\n135.9\n123.5\n74.3\n871.8\n5.2\n1,924.9\n \n26.6\n2,931.49\n \n603.6\n355.3\n393.6\n6,235.5\n \n Dec\n0.7\n181.6\n542.9\n127.5\n118.6\n79.7\n1031.3\n5.2\n2,087.6\n \n20.8\n2,820.54\n \n582.0\n352.8\n396.7\n6,260.4\n \n2016\n Jan\n1.0\n172.0\n646.9\n119.2\n130.7\n76.6\n981.9\n5.2\n2,133.5\n \n20.6\n2,763.7\n \n582.8\n387.3\n396.6\n6,284.4\n \n Feb\n1.2\n140.7\n682.1\n96.3\n118.1\n21.5\n1125.6\n5.2\n2,190.7\n \n20.1\n2,680.9\n \n477.1\n390.1\n399.3\n6,158.2\n \n Mar\n1.3\n161.9\n714.2\n96.3\n156.8\n19.2\n1140.5\n5.1\n2,295.4\n \n20.3\n2,690.6\n \n430.6\n428.7\n405.1\n6,270.8\n \n Apr\n1.3\n135.5\n757.8\n135.5\n133.3\n18.7\n1198.1\n5.1\n2,385.4\n \n20.4\n2,653.4\n \n413.7\n441.1\n404.7\n6,318.6\n \n May\n1.4\n89.6\n871.6\n130.5\n110.4\n19.3\n1215.9\n5.0\n2,443.6\n \n19.8\n2,681.8\n \n397.0\n358.0\n412.6\n6,312.8\n \n Jun\n1.4\n108.5\n914.7\n84.6\n148.3\n19.2\n1274.4\n1.8\n2,553.0\n \n19.7\n2,669.3\n \n407.7\n358.0\n431.6\n6,439.3\n \n Jul\n1.4\n101.2\n972.6\n82.5\n166.0\n16.5\n1313.2\n0.0\n2,653.5\n \n20.5\n2,567.9\n \n393.2\n342.6\n440.3\n6,418.1\n \n Aug\n1.4\n140.2\n1054.0\n97.5\n156.9\n14.9\n1293.8\n0.0\n2,758.7\n \n20.5\n2,565.9\n \n390.2\n367.5\n447.3\n6,550.2\n \n Sep\n1.4\n91.6\n1104.1\n143.9\n194.6\n6.0\n1329.1\n5.4\n2,876.2\n \n18.5\n2,547.7\n \n382.3\n422.0\n455.9\n6,702.6\n \n Oct\n1.3\n81.0\n1069.6\n130.2\n182.1\n6.5\n1373.5\n5.4\n2,849.7\n \n20.8\n2,614.8\n \n397.2\n357.9\n458.2\n6,698.6\n \n Nov\n4.2\n69.4\n1221.3\n103.2\n163.4\n7.6\n1346.8\n5.3\n2,921.3\n \n20.8\n2,644.9\n \n350.5\n348.5\n466.2\n6,752.2\n \nSource:Reserve Bank of Zimbabwe, 2016\nLiquid Assets\nTABLE 7.1: COMMERCIAL BANKS - ASSETS\nSecurities\nUS$ millions\n \n \n \n23 \n \n \n \nDeposits\nCapital\nContigent\nOther\nTotal\nOf which\nand\nLiablities\nLiablities\nLiabilities to the \nEnd of\nDemand\nSavings and Short-term\nLong-term\nTotal\nForeign Liabilities\nRBZ\nOther Banks\nReserves\nPublic\n2015\nJan\n2,056.2\n \n996.2\n561.7\n3,614.0\n \n470.1\n0.0\n79.5\n728.5\n557.7\n234.3\n5,684.2\n \n3,614.0\n \nFeb\n2,079.6\n \n876.1\n611.6\n3,567.3\n \n426.6\n0.0\n75.6\n720.3\n564.8\n227.0\n5,581.5\n \n3,567.3\n \nMar\n2,139.3\n \n940.4\n513.3\n3,593.0\n \n461.1\n0.0\n101.9\n749.7\n527.3\n293.6\n5,726.6\n \n3,593.0\n \nApr\n2,098.7\n \n943.5\n629.8\n3,672.0\n \n448.9\n0.0\n103.4\n747.4\n527.1\n291.8\n5,790.7\n \n3,672.0\n \nMay\n2,131.8\n \n1015.3\n615.3\n3,762.4\n \n574.7\n0.0\n82.4\n814.7\n525.7\n304.4\n6,064.3\n \n3,762.4\n \nJun\n2,213.2\n \n1021.9\n593.5\n3,828.7\n \n560.2\n0.8\n103.1\n814.9\n498.4\n293.2\n6,099.4\n \n3,828.7\n \nJul\n2,166.4\n \n889.7\n732.5\n3,788.6\n \n478.9\n0.8\n88.2\n813.0\n504.1\n325.0\n5,998.5\n \n3,788.6\n \nAug\n2,266.7\n \n790.9\n723.1\n3,780.7\n \n490.7\n0.0\n83.4\n825.7\n535.2\n313.9\n6,029.6\n \n3,780.7\n \nSep\n2,276.7\n \n967.6\n648.7\n3,892.9\n \n504.0\n0.0\n72.0\n828.1\n599.2\n321.5\n6,217.7\n \n3,892.9\n \nOct\n2,259.9\n \n909.3\n667.8\n3,837.0\n \n494.3\n0.0\n122.2\n841.2\n599.3\n322.9\n6,217.0\n \n3,837.0\n \nNov\n2,475.9\n \n919.4\n580.1\n3,975.4\n \n347.6\n0.0\n126.0\n845.3\n603.6\n337.5\n6,235.5\n \n3,975.4\n \nDec\n2,512.2\n \n999.0\n543.0\n4,054.2\n \n320.4\n0.0\n140.4\n866.9\n582.0\n296.5\n6,260.4\n \n4,054.2\n \n2016\nJan\n2,562.6\n \n952.2\n558.7\n4,073.5\n \n313.2\n0.0\n135.6\n871.3\n582.8\n308.0\n6,284.4\n \n4,073.5\n \nFeb\n2,545.7\n \n959.3\n572.0\n4,077.1\n \n298.9\n0.0\n126.0\n878.1\n477.1\n301.0\n6,158.2\n \n4,077.1\n \nMar\n2,653.7\n \n893.4\n680.0\n4,227.1\n \n303.1\n0.0\n135.2\n886.6\n430.6\n288.2\n6,270.8\n \n4,227.1\n \nApr\n2,675.3\n \n1008.1\n591.9\n4,275.3\n \n285.7\n0.0\n154.4\n893.9\n413.7\n295.5\n6,318.6\n \n4,275.3\n \nMay\n2,764.6\n \n1100.0\n449.7\n4,314.3\n \n300.0\n0.0\n101.3\n908.9\n397.0\n291.2\n6,312.8\n \n4,314.3\n \nJun\n2,865.3\n \n907.1\n673.1\n4,445.5\n \n272.3\n0.0\n118.6\n915.7\n407.7\n279.5\n6,439.3\n \n4,445.5\n \nJul\n2,826.1\n \n993.3\n654.3\n4,473.7\n \n260.7\n0.0\n93.8\n922.3\n393.2\n274.4\n6,418.1\n \n4,473.7\n \nAug\n2,979.0\n \n1002.4\n587.6\n4,569.0\n \n257.0\n0.0\n87.1\n932.3\n390.2\n314.7\n6,550.2\n \n4,569.0\n \nSep\n3,093.4\n \n965.0\n662.8\n4,721.2\n \n246.3\n0.0\n100.2\n944.5\n382.3\n308.1\n6,702.6\n \n4,721.2\n \nOct\n3,207.8\n \n917.4\n568.7\n4,693.9\n \n267.7\n0.0\n97.5\n954.5\n397.2\n287.9\n6,698.6\n \n4,693.9\n \nNov\n3,377.7\n \n929.4\n470.9\n4,777.9\n \n260.0\n0.0\n79.6\n966.9\n350.5\n317.3\n6,752.2\n \n4,777.9\n \nSource:Reserve Bank of Zimbabwe, 2016\nTABLE 7.2: COMMERCIAL BANKS - LIABILITIES\nUS$ millions\nAmounts Owing to\n \n \n \n24 \n \n \n \n \n \nForeign\nLoans & \nContigent\nOther\nNon Financial \nTOTAL\nEnd of\nNotes\nTotal\nOther Balances\nAdvnces\nAssets\nAssets\nAssets\nBond\n&\nBalances\nBalances \nBalances\nLiquid\nwith RBZ\nCoins\nCoin\nwith\nwith Other \nat\nTrade\nTreasury\nAgris Pes\nAssets\nat Banks\nRBZ\nBanks\nForeign Banks\nBills\nBills\n2015\n Jan\n0.0\n0.6\n0.3\n0.0\n0.1\n1.6\n0.0\n0.0\n2.0\n0.0\n70.2\n8.3\n19.0\n23.7\n123.8\n Feb\n0.0\n0.4\n0.2\n0.1\n0.1\n1.6\n0.0\n0.0\n2.5\n0.0\n72.0\n8.3\n19.3\n23.6\n125.7\n Mar\n0.0\n0.4\n0.1\n0.0\n0.1\n1.5\n0.0\n0.0\n2.1\n0.0\n73.3\n8.2\n18.5\n23.4\n125.5\n Apr\n0.0\n0.3\n0.1\n0.0\n0.1\n0.2\n0.0\n0.0\n0.6\n0.0\n66.7\n0.0\n10.3\n21.3\n98.9\n May\n0.0\n0.4\n0.0\n0.0\n0.0\n0.2\n0.0\n0.0\n0.6\n0.0\n67.9\n0.0\n9.6\n21.2\n99.3\n Jun\n0.0\n0.3\n0.0\n0.0\n0.0\n0.4\n0.0\n0.0\n0.7\n0.0\n68.1\n0.0\n9.7\n21.1\n99.6\n Jul\n0.0\n0.2\n1.6\n0.0\n0.0\n0.2\n0.0\n0.0\n2.0\n0.0\n67.8\n0.0\n9.2\n21.0\n100.0\n Aug\n0.0\n0.1\n1.8\n0.0\n0.0\n0.2\n0.0\n0.0\n2.0\n0.0\n60.0\n0.0\n9.3\n28.1\n99.4\n Sep\n0.0\n0.1\n2.2\n0.0\n0.0\n0.2\n0.0\n0.0\n2.5\n0.0\n59.2\n0.0\n9.2\n28.0\n98.9\n Oct\n0.0\n0.1\n2.1\n0.0\n0.0\n0.2\n0.0\n0.0\n2.4\n0.0\n59.4\n0.0\n9.1\n27.8\n98.8\n Nov\n0.0\n0.1\n2.0\n0.0\n0.0\n0.2\n0.0\n0.0\n2.4\n0.0\n58.5\n0.0\n9.5\n20.6\n91.0\n Dec\n0.0\n0.1\n1.6\n0.0\n0.0\n0.2\n0.0\n0.0\n1.9\n0.0\n59.8\n0.0\n9.4\n20.5\n91.6\n2016\n Jan\n0.0\n0.1\n1.9\n0.0\n0.0\n0.2\n0.0\n0.0\n2.2\n0.0\n60.7\n0.0\n9.3\n20.3\n92.5\n Feb\n0.0\n0.1\n0.9\n1.1\n0.0\n0.2\n0.0\n0.0\n2.3\n0.0\n61.6\n0.0\n9.2\n20.2\n93.2\n Mar\n0.0\n0.1\n1.9\n0.0\n0.0\n0.2\n0.0\n0.0\n2.3\n0.0\n62.0\n0.0\n9.3\n20.1\n93.6\n Apr\n0.0\n0.2\n0.7\n1.1\n0.0\n0.2\n0.0\n0.0\n2.2\n0.0\n62.3\n0.0\n9.4\n19.9\n93.8\n May\n0.0\n0.1\n0.9\n1.2\n0.0\n0.2\n0.0\n0.0\n2.4\n0.0\n62.7\n0.0\n9.3\n19.8\n94.2\n Jun\n0.0\n0.1\n0.9\n1.2\n0.0\n0.4\n0.0\n0.0\n2.6\n0.0\n62.7\n0.0\n9.3\n19.8\n94.4\n Jul\n0.0\n0.1\n1.8\n0.6\n0.0\n0.2\n0.0\n0.0\n2.7\n0.0\n63.4\n0.0\n9.2\n19.8\n95.1\n Aug\n0.0\n0.1\n1.7\n0.6\n0.0\n0.2\n0.0\n0.0\n2.6\n0.0\n63.6\n0.0\n9.3\n19.7\n95.2\n Sep\n0.0\n0.1\n1.7\n0.6\n0.0\n0.2\n0.0\n0.0\n2.6\n0.0\n63.9\n0.0\n9.4\n19.6\n95.5\n Oct\n0.0\n0.1\n1.1\n0.6\n0.0\n0.2\n0.0\n0.0\n2.0\n0.0\n64.5\n0.0\n9.4\n19.6\n95.5\n Nov\n0.0\n0.0\n1.7\n0.7\n0.0\n0.2\n0.0\n0.0\n2.6\n0.0\n63.9\n0.0\n9.5\n19.6\n95.6\nSource:Reserve Bank of Zimbabwe, 2016\nUS$ millions\nTABLE 8.1 : ACCEPTING HOUSES - ASSETS\nLiquid Assets\nSecurities\n \n \n \n25 \n \n \nOf which\nDeposits\nCapital\nContigent\nOther\nTotal\nLiabilities to the \nand\nLiablities\nLiablities\nPublic\nEnd of\nDemand\nSavings and Short-term\nLong-term\nTotal\nForeign Liabilities\nRBZ\nOther Banks\nReserves\n2015\n Jan\n39.0\n40.9\n0.0\n80.0\n11.7\n0.0\n0.0\n-47.0\n8.3\n70.7\n123.8\n80.0\n Feb\n38.4\n40.4\n0.0\n78.7\n11.7\n0.0\n0.0\n-48.7\n8.3\n75.6\n125.7\n78.7\n Mar\n68.6\n12.1\n0.0\n80.7\n12.0\n0.0\n0.0\n-50.7\n8.2\n75.2\n125.5\n80.7\n Apr\n63.9\n0.0\n0.0\n63.9\n0.0\n0.0\n0.0\n-27.5\n0.0\n62.4\n98.9\n63.9\n May\n63.9\n0.0\n0.0\n63.9\n0.0\n0.0\n0.0\n-28.8\n0.0\n64.2\n99.3\n63.9\n Jun\n62.9\n0.0\n0.0\n62.9\n0.0\n0.0\n0.0\n-28.9\n0.0\n65.6\n99.6\n62.9\n Jul\n62.9\n0.0\n0.0\n62.9\n0.0\n0.0\n0.0\n-27.8\n0.0\n64.8\n100.0\n62.9\n Aug\n62.9\n0.0\n0.0\n62.9\n0.0\n0.0\n0.0\n-14.9\n0.0\n51.3\n99.4\n62.9\n Sep\n62.2\n0.0\n0.0\n62.2\n0.0\n0.0\n0.0\n-15.3\n0.0\n52.0\n98.9\n62.2\n Oct\n61.9\n0.0\n0.0\n61.9\n0.0\n0.0\n0.0\n-16.4\n0.0\n53.2\n98.8\n61.9\n Nov\n58.8\n0.0\n0.0\n58.8\n0.0\n0.0\n0.0\n-20.2\n0.0\n52.5\n91.0\n58.8\n Dec\n58.5\n0.0\n0.0\n58.5\n0.0\n0.0\n0.0\n-20.1\n0.0\n53.2\n91.6\n58.5\n2016\n Jan\n58.5\n0.0\n0.0\n58.5\n0.0\n0.0\n0.0\n-18.8\n0.0\n52.9\n92.5\n58.5\n Feb\n58.3\n0.0\n0.0\n58.3\n0.0\n0.0\n0.0\n-19.4\n0.0\n54.3\n93.2\n58.3\n Mar\n58.3\n0.0\n0.0\n58.3\n0.0\n0.0\n0.0\n-20.1\n0.0\n55.3\n93.6\n58.3\n Apr\n58.3\n0.0\n0.0\n58.3\n0.0\n0.0\n0.0\n-19.5\n0.0\n55.0\n93.8\n58.3\n May\n58.4\n0.0\n0.0\n58.4\n0.0\n0.0\n0.0\n-20.2\n0.0\n56.0\n94.2\n58.4\n Jun\n58.4\n0.0\n0.0\n58.4\n0.0\n0.0\n0.0\n-20.2\n0.0\n56.0\n94.2\n58.4\n Jul\n58.4\n0.0\n0.0\n58.4\n0.0\n0.0\n0.0\n-19.3\n0.0\n56.1\n95.1\n58.4\n Aug\n58.3\n0.0\n0.0\n58.3\n0.0\n0.0\n0.0\n-19.3\n0.0\n56.1\n95.2\n58.3\n Sep\n58.9\n0.0\n0.0\n58.9\n0.0\n0.0\n0.0\n-19.3\n0.0\n55.9\n95.5\n58.9\n Oct\n58.9\n0.0\n0.0\n58.9\n0.0\n0.0\n0.0\n-19.3\n0.0\n55.9\n95.5\n58.9\n Nov\n58.9\n0.0\n0.0\n58.9\n0.0\n0.0\n0.0\n-19.2\n0.0\n55.9\n95.6\n58.9\nSource:Reserve Bank of Zimbabwe, 2016\nAmounts Owing to\nTABLE 8.2 : ACCEPTING HOUSES - LIABILITIES\nUS$ millions\n \n \n \n26 \n \n \nForeign\nMortgage\nOther\nOther\nNon Financial \nTOTAL\nEnd of\nNotes\nTotal\nAdvances\nAdvances\nAssets\nAssets\n&\nBalances \nNostro \nBond\nCoin\nwith Other \nBalances\nTrade\nTreasury\nCoins\nat Banks\nBanks\nBills\n2015\nJan\n0.1\n37.3\n196.0\n0.0\n0.1\n51.8\n307.1\n511.6\n172.1\n105.8\n126.1\n1,222.6\n \nFeb\n0.1\n32.1\n244.4\n0.0\n0.1\n51.9\n328.6\n522.9\n176.2\n106.8\n125.8\n1,260.2\n \nMar\n0.1\n52.4\n214.4\n0.0\n0.1\n52.0\n319.0\n508.7\n180.0\n122.5\n125.5\n1,255.5\n \nApr\n0.1\n32.5\n243.2\n0.0\n0.1\n60.4\n336.3\n520.2\n182.5\n118.3\n124.8\n1,282.0\n \nMay\n0.1\n33.6\n257.7\n0.0\n0.1\n60.1\n351.5\n448.7\n235.1\n137.5\n125.2\n1,298.0\n \nJun\n0.2\n59.6\n204.9\n0.0\n0.1\n60.1\n324.8\n464.9\n231.9\n139.4\n122.0\n1,283.0\n \nJul\n0.2\n51.6\n205.5\n0.0\n0.1\n62.9\n320.2\n461.5\n230.6\n133.9\n121.9\n1,268.2\n \nAug\n0.1\n53.0\n158.9\n0.0\n0.1\n76.2\n288.4\n482.9\n228.4\n136.0\n122.2\n1,257.9\n \nSep\n0.1\n55.4\n161.7\n0.0\n0.1\n76.0\n293.3\n480.4\n263.4\n125.8\n122.1\n1,285.0\n \nOct\n0.1\n45.2\n229.1\n0.0\n0.1\n76.0\n350.5\n494.0\n265.1\n126.0\n122.8\n1,358.4\n \nNov\n0.1\n43.6\n256.8\n0.0\n0.1\n76.1\n376.7\n292.0\n479.3\n131.8\n121.1\n1,400.9\n \nDec\n0.1\n27.3\n284.0\n0.0\n0.0\n76.6\n387.9\n317.4\n470.4\n114.7\n118.4\n1,408.8\n \n2016\nJan\n0.1\n17.4\n227.8\n10.0\n0.0\n76.6\n331.9\n326.9\n415.3\n145.6\n119.7\n1,339.4\n \nFeb\n0.2\n13.9\n240.0\n13.5\n0.0\n65.6\n333.2\n324.4\n420.2\n148.4\n119.6\n1,345.8\n \nMar\n0.2\n20.8\n255.7\n10.9\n0.0\n48.3\n335.9\n339.6\n399.4\n142.9\n119.4\n1,337.2\n \nApr\n0.2\n9.5\n210.3\n3.4\n0.0\n90.9\n314.2\n332.5\n402.2\n143.6\n119.2\n1,311.8\n \nMay\n0.1\n7.1\n214.5\n5.8\n0.0\n93.3\n320.8\n404.6\n341.0\n149.9\n122.9\n1,339.2\n \nJun\n0.2\n7.9\n267.9\n10.2\n0.0\n103.7\n389.8\n347.9\n389.4\n145.9\n119.3\n1,392.3\n \nJul\n0.2\n8.2\n225.6\n5.9\n0.0\n101.6\n341.4\n341.5\n412.1\n154.8\n123.8\n1,373.5\n \nAug\n0.1\n7.4\n221.3\n4.3\n0.0\n95.1\n328.2\n348.0\n402.7\n152.0\n123.4\n1,354.3\n \nSep\n0.2\n4.1\n232.8\n3.9\n0.0\n95.5\n336.5\n349.1\n406.2\n145.3\n123.3\n1,360.4\n \nOct\n0.1\n8.4\n243.4\n5.7\n0.0\n100.9\n358.5\n351.7\n416.2\n145.8\n123.4\n1,395.6\n \nNov\n0.1\n6.4\n269.4\n4.0\n0.0\n114.9\n394.8\n375.8\n432.0\n143.9\n124.7\n1,471.3\n \nSource:Reserve Bank of Zimbabwe, 2016\nLiquid Assets\nSecurities\nTABLE 9.1 : BUILDING SOCIETIES - ASSETS\nUS$ millions\n \n \n \n27 \n \n \nOf which\nCapital\nOther\nTotal\nLiabilities to the \nand\nLiabilities\nPublic\nEnd of\nSavings and Short-term\nLong-term\nTotal\nForeign Liabilities\nOther Banks\nReserves\n2015\nJan\n373.0\n397.1\n770.2\n54.6\n99.1\n267.8\n31.0\n1,222.6\n \n770.2\nFeb\n405.8\n400.3\n806.2\n53.6\n98.3\n272.9\n29.2\n1,260.2\n \n806.2\nMar\n408.1\n386.3\n794.4\n50.8\n108.8\n275.8\n25.8\n1,255.5\n \n794.4\nApr\n464.1\n364.8\n828.9\n48.3\n99.4\n276.8\n28.7\n1,282.0\n \n828.9\nMay\n472.0\n391.6\n863.6\n48.5\n87.4\n270.7\n27.8\n1,298.0\n \n863.6\nJun\n492.9\n343.9\n836.8\n48.3\n94.0\n272.9\n31.1\n1,283.0\n \n836.8\nJul\n458.3\n370.6\n828.9\n48.5\n85.8\n277.4\n27.5\n1,268.2\n \n828.9\nAug\n438.4\n386.1\n824.5\n47.6\n73.2\n282.7\n29.9\n1,257.9\n \n824.5\nSep\n498.9\n334.3\n833.2\n43.5\n84.9\n288.4\n35.0\n1,285.0\n \n833.2\nOct\n465.3\n428.4\n893.7\n42.4\n99.0\n293.6\n29.7\n1,358.4\n \n893.7\nNov\n446.1\n474.4\n920.4\n42.4\n104.3\n297.7\n36.0\n1,400.9\n \n920.4\nDec\n480.5\n463.9\n944.4\n43.0\n99.4\n293.3\n28.8\n1,408.8\n \n944.4\n2016\nJan\n447.7\n443.1\n890.7\n43.3\n74.7\n298.3\n32.3\n1,339.4\n \n890.7\nFeb\n446.8\n441.8\n888.6\n42.3\n81.6\n301.9\n31.5\n1,345.8\n \n888.6\nMar\n433.3\n449.5\n882.8\n37.0\n81.7\n289.7\n46.0\n1,337.2\n \n882.8\nApr\n495.3\n380.6\n875.9\n36.9\n75.1\n290.1\n33.9\n1,311.8\n \n875.9\nMay\n455.3\n403.8\n859.2\n36.2\n77.7\n320.7\n45.5\n1,339.2\n \n859.2\nMay\n455.3\n403.8\n859.2\n36.2\n77.7\n320.7\n45.5\n1,339.2\n \n859.2\nJun\n463.4\n443.7\n907.0\n35.4\n84.6\n319.0\n46.3\n1,392.3\n \n907.0\nJul\n420.3\n486.9\n907.3\n35.7\n73.1\n324.1\n33.4\n1,373.5\n \n907.3\nAug\n359.8\n523.3\n883.2\n33.6\n76.9\n327.4\n33.3\n1,354.3\n \n883.2\nSep\n414.2\n477.3\n891.5\n30.5\n82.7\n320.2\n35.5\n1,360.4\n \n891.5\nOct\n471.1\n441.1\n912.2\n29.4\n88.2\n325.7\n40.1\n1,395.6\n \n912.2\nNov\n474.4\n486.9\n961.3\n29.6\n91.4\n332.2\n56.8\n1,471.3\n \n961.3\nSource:Reserve Bank of Zimbabwe, 2016\nDeposits\nTABLE 9.2 : BUILDING SOCIETIES - LIABILITIES\nUS$ millions \nAmounts Owing to\n \n \n28 \n \n \n \n \n \n \n \n \n \n \nMarket Capitalisation\nUS$ millions\n2015\nJan\n164.9\n58.1\n16.1\n57,390,451\n4,365.1\nFeb\n167.2\n55.4\n34.8\n119,324,114\n4,353.4\nMar\n158.2\n43.9\n18.9\n405,884,918\n4,117.1\nApr\n156.2\n42.9\n29.2\n563,833,853\n4,066.1\nMay\n153.0\n44.5\n23.3\n290,320,685\n3,978.1\nJun\n148.4\n44.3\n14.5\n80,441,278\n3,803.8\nJul\n145.4\n39.4\n20.4\n157,184,218\n3,812.7\nAug\n135.4\n35.3\n15.3\n76,187,436\n3,552.0\nSep\n131.9\n24.4\n18.2\n105,678,504\n3,444.5\nOct\n130.8\n23.6\n12.9\n63,758,585\n3,416.1\nNov\n117.6\n22.3\n8.9\n90,417,554\n3,141.7\nDec\n114.9\n23.7\n16.4\n183,792,940\n3,073.4\n2016\nJan\n103.0\n19.5\n10.4\n61,882,757\n2,790.4\nFeb\n99.4\n19.1\n15.6\n95,020,938\n2,692.3\nMar\n97.6\n19.4\n16.4\n97,601,725\n2,645.1\nApr\n105.8\n20.2\n14.0\n187,848,946\n2,862.6\nMay\n104.7\n25.5\n13.9\n99,055,230\n2,881.3\nJun\n101.0\n24.7\n18.1\n88,525,472\n2,780.9\nJul\n98.8\n25.7\n11.8\n57,222,624\n2,772.0\nAug\n99.5\n26.3\n7.1\n41,264,438\n2,734.3\nSep\n98.9\n26.6\n13.0\n68,329,516\n2,725.1\nOct\n120.8\n33.8\n22.6\n177,384,684\n3,328.3\nNov\n137.1\n57.4\n23.5\n233,749,377\n3,804.6\nSource:Zimbabwe Stock Exchange (ZSE),2016\nIndices\nTable 10: ZIMBABWE STOCK MARKET STATISTICS\nIndustrial\n Market Turnover \nUS$ million \nVolume of Shares\nMining\n \n \n \n29 \n \n \nCommercial\nBuilding \nEnd of\nBanks\nP.O.S.B.\nSocieties\nTOTAL\n2015\nJan\n1,557.9\n86.3\n770.2\n2,455.2\nFeb\n1,487.7\n90.4\n806.2\n2,384.2\nMar\n1,453.7\n93.6\n794.4\n2,353.9\nApr\n1,573.3\n90.4\n828.9\n2,492.6\nMay\n1,630.6\n89.2\n863.6\n2,583.4\nJun\n1,615.4\n95.1\n836.8\n2,547.3\nJul\n1,622.2\n92.4\n828.9\n2,543.5\nAug\n1,514.0\n93.1\n824.5\n2,431.5\nSep\n1,616.2\n101.3\n833.2\n2,550.7\nOct\n1,577.1\n97.5\n893.7\n2,568.3\nNov\n1,499.5\n100.0\n920.4\n2,520.0\nDec\n1,542.0\n94.4\n944.4\n2,580.8\n2016\nJan\n1,511.0\n99.6\n890.7\n2,501.3\nFeb\n1,531.3\n99.2\n888.6\n2,519.2\nMar\n1,573.4\n99.6\n882.8\n2,555.8\nApr\n1,599.9\n103.9\n875.9\n2,579.7\nMay\n1,549.8\n106.1\n859.2\n2,515.1\nJun\n1,580.2\n108.3\n859.2\n2,547.7\nJul\n1,647.7\n105.4\n907.0\n2,660.0\nAug\n1,590.0\n105.4\n907.3\n2,602.7\nSep\n1,627.7\n104.4\n883.2\n2,615.3\nOct\n1,486.1\n267.7\n97.5\n1,052.0\nNov\n1,400.2\n260.0\n79.6\n1,046.5\nSource:Reserve Bank of Zimbabwe, 2016\n1/ Comprises all deposits other than demand deposits.\nTABLE 11 : SAVINGS /1 WITH FINANCIAL INSTITUTIONS\nUS$ millions\n \n \n \n30 \n \n \n \n \n \n \nLiquid\nPrescribed\nExcess\nLiquid\nPrescribed\nExcess\nassets\nliquid\nliquid\nassets\nliquid\nLiquid\nEnd of\nheld\nassets/1\nassets\nheld\nassets/1\nassets\n2015\nJan\n1,581.9\n1,084.2\n497.7\n2.0\n24.0\n-22.0\nFeb\n1,524.2\n1,070.2\n454.0\n2.5\n23.6\n-21.2\nMar\n1,543.8\n1,077.9\n465.9\n2.1\n24.2\n-22.1\nApr\n1,528.6\n1,101.6\n427.0\n0.6\n19.2\n-18.6\nMay\n1,779.2\n1,128.7\n650.4\n0.6\n19.2\n-18.5\nJun\n1,962.4\n1,148.6\n813.8\n0.7\n18.9\n-18.2\nJul\n1,900.7\n1,136.6\n764.1\n2.0\n18.9\n-16.9\nAug\n1,925.3\n1,134.2\n791.0\n2.0\n18.9\n-16.9\nSep\n1,949.4\n1,167.9\n781.6\n2.5\n18.6\n-16.1\nOct\n1,964.9\n1,151.1\n813.8\n2.4\n18.6\n-16.2\nNov\n1,924.9\n1,192.6\n732.2\n2.4\n17.6\n-15.3\nDec\n2,087.6\n1,216.3\n871.3\n1.9\n17.6\n-15.6\n2016\nJan\n2,133.5\n1,222.1\n911.4\n2.2\n17.6\n-15.4\nFeb\n2,190.7\n1,223.1\n967.6\n2.3\n17.5\n-15.2\nMar\n2,295.4\n1,268.1\n1,027.2\n2.3\n17.5\n-15.2\nApr\n2,385.4\n1,282.6\n1,102.8\n2.2\n17.5\n-15.3\nMay\n2,443.6\n1,294.3\n1,149.3\n2.4\n17.5\n-15.1\nJun\n2,553.0\n1,333.6\n1,219.4\n2.6\n17.5\n-14.9\nJul\n2,653.5\n1,342.1\n1,311.3\n2.7\n17.5\n-14.8\nAug\n2,758.7\n1,370.7\n1,388.0\n2.6\n17.5\n-14.9\nSep\n2,876.2\n1,416.4\n1,459.9\n2.6\n17.7\n-15.1\nOct\n2,849.7\n1,408.2\n1,441.6\n2.0\n17.7\n-15.7\nNov\n2,921.3\n1,433.4\n1,487.9\n2.6\n17.7\n-15.1\nSource:Reserve Bank of Zimbabwe, 2016\n1/With effect from 1 August 2011, the prescribed liquid asset ratio was reviewed from 20% to 25% of liabilities to the public. \nUS$ millions\nTABLE 12 : ANALYSIS OF LIQUID ASSETS OF COMMERCIAL BANKS & ACCEPTING HOUSES \nCommercial Banks\n Accepting Houses\n \n \n \n31 \n \n \n \n \n \n \n \n \n \nMONTH \nZETSS \nCHEQUE \nPOS\nATM\nMOBILE INTERNET\n2015\nJan\n 3,659.0 \n11.8\n154.4\n311.9\n352.2\n113.5\nFeb\n 3,221.1 \n13.7\n141.8\n275.8\n334.6\n104.6\nMar\n 3,802.0 \n11.1\n132.0\n298.3\n364.7\n111.7\nApr\n 3,919.5 \n10.8\n134.0\n299.7\n341.2\n112.4\nMay\n 3,467.1 \n13.1\n128.8\n316.7\n390.0\n124.5\nJun\n 3,014.7 \n15.4\n123.5\n333.7\n438.7\n136.6\nJul\n 4,010.3 \n12.6\n154.6\n332.4\n391.0\n128.6\nAug\n 3,299.1 \n11.4\n193.4\n313.2\n391.2\n133.6\nSep\n3,762.7\n \n12.9\n131.9\n318.8\n396.3\n396.3\nOct\n 3,964.5 \n11.8\n149.4\n334.9\n434.7\n151.0\nNov\n 3,551.4 \n12.0\n130.2\n347.7\n417.0\n154.4\nDec\n 4,167.9 \n11.0\n146.6\n411.3\n477.5\n213.3\n2016\nJan\n 3,385.9 \n11.1\n137.4\n331.5\n388.9\n167.7\nFeb\n 3,448.2 \n11.9\n138.8\n312.1\n389.3\n167.9\nMar\n 3,460.2 \n11.3\n142.1\n288.8\n417.1\n255.9\nApr\n 3,564.3 \n9.7\n180.1\n247.6\n427.3\n168.3\nMay\n 3,869.2 \n10.8\n214.8\n203.3\n479.9\n217.9\nJun\n 4,522.2 \n10.3\n203.9\n131.4\n465.1\n174.1\nJul\n 3,911.8 \n9.2\n240.0\n166.3\n491.2\n218.0\nAug\n 3,928.7 \n7.9\n238.0\n165.9\n535.4\n230.6\nSep\n 4,382.9 \n10.5\n237.3\n167.7\n533.9\n215.9\nOct\n 4,127.6 \n8.0\n322.8\n112.5\n524.5\n216.0\nNov\n 4,624.7 \n6.9\n363.4\n84.5\n537.2\n229.9\nSource:Reserve Bank of Zimbabwe, 2016\nTABLE 13.1 : ZETSS AND RETAIL PAYMENTS \n Values of Transactions (US$ millions)\n \n \n \n32 \n \n \n \n \n \n \n \n \nMONTH \nZETSS \nCHEQUE \nPOS\nATM\nMOBILE\n INTERNET\n2015\nJan\n170.8\n29.6\n 1,174.1 1,124.5 16,903.3 \n37.6\nFeb\n172.3\n32.2\n 1,140.9 1,027.9 16,160.4 \n39.9\nMar\n191.6\n30.3\n 1,183.6 1,110.2 18,211.9 \n44.5\nApr\n180.3\n27.0\n 1,151.3 1,107.5 17,269.7 \n43.6\nMay\n179.8\n27.4\n 1,052.5 1,123.8 18,684.6 \n43.2\nJun\n196.4\n31.9\n 1,121.2 1,038.2 17,478.2 \n47.2\nJul\n199.1\n34.0\n 1,288.2 1,167.4 18,670.4 \n49.4\nAug\n153.1\n28.1\n 1,373.5 1,122.2 19,750.6 \n46.5\nSep\n164.3\n31.1\n 1,196.9 1,103.9 19,133.2 \n50.4\nOct\n156.4\n30.8\n 1,295.0 1,152.8 22,166.4 \n54.0\nNov\n143.4\n32.2\n 1,206.2 1,151.3 21,390.2 \n51.3\nDec\n155.0\n27.2\n 1,359.9 1,183.6 22,904.3 \n52.6\nAnnual Total\n 2,062.6 \n361.7\n 14,543.3 13,413.3 228,723.3 \n560.2\n2016\nJan\n132.3\n24.6\n1328.9\n1104.4\n 19,956.1 \n49.9\nFeb\n148.4\n30.3\n1289.5\n1067.1\n 19,793.7 \n54.6\nMar\n152.5\n29.6\n1455.7\n962.9\n 21,731.5 \n61.9\nApr\n161.7\n25.0\n1962.6\n841.3\n 21,086.6 \n59.9\nMay\n199.3\n29.1\n2779.9\n675.8\n 23,293.0 \n83.2\nJun\n268.2\n33.5\n3203.8\n741.9\n 23,321.2 \n88.0\nJul\n242.4\n31.1\n3946.3\n1052.8\n 24,538.8 \n102.7\nAug\n253.9\n27.8\n4038.1\n1156.4\n 26,009.6 \n109.5\nSep\n288.5\n32.5\n4421.9\n1188.5\n 27,300.0 \n100.0\nOct\n296.0\n29.2\n6247.4\n1106.4\n 29,801.7 \n117.9\nNov\n353.0\n30.6\n8691.2\n1086,9\n 28,542.1 \n128.8\nSource:Reserve Bank of Zimbabwe, 2016\nTABLE 13.2 : ZETSS AND RETAIL PAYMENTS \n Volumes of Transactions (thousands)", "source": "SARB", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///SARB/MPC_Statements/November2016.pdf"}

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+{"doc_id": "05f9588ef798710818ac4e3363157daf", "text": "MPC Statement 19 May 2022 \nPage 1 \n \n \n \n \nPRESS STATEMENT \n19 May 2022 \n \n \nSTATEMENT OF THE MONETARY POLICY COMMITTEE \n \nIssued by Lesetja Kganyago, Governor of the South African Reserve Bank \nIn recent months, the Omicron variant has transmitted globally and a major war started \nin Europe. The economic costs of the corona virus generally continue to fall, as most \neconomies remained open despite the rapid spread of the Omicron variant. China’s \nresponse to the new covid-19 outbreak and the sustained invasion of Ukraine by \nRussia will however weigh heavily on global economic growth and contribute to higher \ninflation. The war has impaired the production and trade of a wide range of energy, \nfood and other commodities and will continue to do so for some time. \nAs a result of these factors, the International Monetary Fund (IMF) reduced its global \ngrowth forecast for 2022 to 3.6%. The SARB’s forecast for global growth in 2022 is \nrevised down from the March meeting to 3.5% (from 3.7%), and for 2023 is lowered to \n \nMPC Statement 19 May 2022 \nPage 2 \n \n2.7% (from 2.8%).1 The economy of the Euro Area is also expected to weaken \nsignificantly this year and next. For 2024, global growth remains unchanged at 2.7%.2 \nDramatically higher oil, commodity and food prices, additional constraints to trade and \nfinance, and rising debt costs, worsen economic conditions for most emerging and \ndeveloping economies. \nAlthough policy settings in advanced economies remain broadly accommodative, \npolicy normalization by major central banks and higher yields have tightened global \nfinancial conditions. Investor appetite for riskier assets is weaker and asset values in \nmajor markets have declined sharply. Economies that failed to take advantage of \nbetter global conditions or to reduce large macroeconomic imbalances remain \nvulnerable to currency depreciation and capital outflows. \nLast year saw the ongoing recovery of the South African economy from the pandemic, \nexpanding by 4.9%. The economy is expected to grow by 1.7% in 2022, revised down \nfrom 2.0% at the time of the March meeting. This is due to a combination of short-\nterm factors, including the flooding in Kwa-Zulu Natal and the continued electricity \nsupply constraints. Growth in output in the first quarter of this year is expected to be \n3.6%, stronger than the 3.2% expected at the time of the March meeting.3 \nThe economy is forecast to expand by 1.9% in both 2023 and 2024.4 At these rates, \ngrowth remains well above a low rate of potential, impacted by loadshedding, \n \n1 The International Monetary Fund’s (IMF) April forecast for global growth in 2023 is 3.6% and 3.4% for 2024. \n2 Global growth in the QPM model is a trade-weighted average of South Africa’s trading partners. \n3 The January forecast for first quarter growth was 2.1%, seasonally adjusted and annualised, revised up to \n3.2% in March. \n4 The growth forecast includes expected changes in the policy rate. \n \nMPC Statement 19 May 2022 \nPage 3 \n \ninfrastructure and policy constraints.5 Investment by the government sector has \nweakened significantly in recent years and that of public corporations is forecast to be \nvery modest. Household spending remains supportive, as a result of good growth in \ndisposable income, rising asset prices, and low interest rates. Private investment has \nalso proved to be more resilient than previously expected. Tourism, hospitality and \nconstruction should see stronger recoveries as the year progresses. \nOverall, and after revisions, the risks to the medium-term domestic growth outlook are \nassessed to be balanced. With potential growth and expected GDP growth revised \nsomewhat lower for this year, the output gap is unchanged over the forecast period. \nThe output gap is expected to turn positive after the third quarter of 2023. \nAlthough important commodity export prices such as for coal, iron ore, platinum, and \nrhodium generally decreased in the latter half of 2021, they surged higher with the war. \nOil prices spiked to around US$130 per barrel in the early days of the conflict. While \noil prices currently sit at about US$110 per barrel, we expect them to stay higher than \nwe did in March and to average US$103 per barrel for 2022, US$90 per barrel in 2023 \nand US$85 per barrel in 2024.6 \nSouth Africa’s export commodity price basket is forecast to rise by 9.5% for the year \nas a whole (up from 8.0%), keeping the terms of trade elevated, before gradually falling \nin 2023 and 2024. As a result of these export and import price developments, the \n \n5 Potential growth for 2022 is 0.6% (down from 0.8%), 0.9% (from 0.8%) in 2023 and unchanged at 1.1% in \n2024. \n6 The Brent crude oil assumptions in March were US$103, US$80, and US$75, respectively. \n \nMPC Statement 19 May 2022 \nPage 4 \n \ncurrent account surplus is expected to reach 2.1% of GDP this year, easing to 0.8% \nin 2023 and around 0.0% in 2024.7 \nAlthough fiscal risk has eased on the back of better tax revenue and reduced \nborrowing needs, financing conditions remain tight and the yield curve for rand-\ndenominated bonds is steep. Ten-year bond yields increased to about 10.3% in late \nFebruary, and have remained around that level. \nThe commodity export price surge appreciated the value of the currency. The rand \nhas since depreciated strongly from April due to the start of policy normalisation in \nmajor economies and the slowdown in China’s economy. The implied starting point \nfor the rand forecast is R15.88 to the US dollar, compared with R15.41 at the time of \nthe previous meeting.8 \nAs the global economy rebounded from the pandemic, continued policy \naccommodation and supply shortages increased prices of many goods and \ncommodities.9 These prices have been given fresh impetus from further transport \ndelays, supply constraints and food export restrictions. Producer price increases have \npassed-through to wages and consumer prices in major economies. Our estimate for \ninflation in the G3 is revised higher to 6.3% in 2022 (from 5.6%) and down to 2.7% in \n \n7 In March, the current account surplus for 2022 was expected to be about 3.0% of GDP, 1.6% in 2023 and \n0.8% in 2024. \n8 The rand has depreciated by about 7.4% to the US dollar since the March meeting. \n9 World food prices continue to rise. The assumption used for the forecast for USD-denominated world food \nprices in 2022 is revised higher from 6.8% to 15.3%. \n \nMPC Statement 19 May 2022 \nPage 5 \n \n2023 (from 3.0%), before moderating to 2.0% in 2024 (from 2.3%).10 The IMF expects \nglobal inflation of 7.4% in 2022 and 4.8% in 2023.11 \nOil prices are revised up further for this year, and fuel price inflation is higher at 31.2% \n(up from 26.1%). Local electricity price inflation is unchanged at 11.0% in 2022, 9.2% \nin 2023, and 10% in 2024. \nAs a result of higher global food prices, local food price inflation is also revised up and \nis now expected to be 6.6% in 2022 (up from 6.1%), and 5.6% in 2023 (up from 5.1%). \nFood price inflation is forecast to ease to 4.2% in 2024 (down from 4.4%). \nThe Bank’s forecast of headline inflation for this year is revised higher to 5.9% (from \n5.8%), primarily due to the higher food and fuel prices. While food prices will stay \nhigh, fuel price inflation should ease in 2023, helping headline inflation to fall to 5.0%, \ndespite slightly higher core inflation. Headline inflation of 4.7% is now expected in \n2024. \nCore inflation is forecast lower at 3.9% in 2022 (down from 4.2%) due to lower services \nprice inflation. Our forecast for core inflation in 2023 and 2024 is slightly higher at \n5.1% (from 5.0%), and 4.8% (from 4.7%), respectively. Core goods inflation is forecast \nhigher throughout the horizon, while core services inflation is unchanged in 2023 and \n2024. \nThe risks to the inflation outlook are assessed to the upside. Global producer price \nand food price inflation continued to surprise higher in recent months and may do so \n \n10 The G3 comprises the United States, the Eurozone, and Japan. The latest CPI inflation in the respective \ncomponents sits at 8.3%, 7.5% and 1.2%. \n11 The IMF expects advanced economy inflation of 5.7% and emerging market economy inflation of 8.7% in \n2022. \n \nMPC Statement 19 May 2022 \nPage 6 \n \nagain. Russia’s war in the Ukraine is likely to persist for the rest of this year and may \nhave significant further effects on global prices. Oil prices increased strongly from the \nstart of the war and may rise more as stresses in energy markets intensify. Electricity \nand other administered prices continue to present short- and medium-term risks. \nHigher diesel and coal prices may result in upward revisions to our electricity price \nforecast for 2023. Given below-inflation assumptions for public sector wage growth \nand higher petrol and food price inflation, considerable risk attaches to a still moderate \nnominal wage forecast. \nHigher than expected inflation has pushed major central banks to accelerate the \nnormalisation of global policy rates, tightening global financial conditions. On balance, \nand with some exceptions, capital flow and market volatility is expected to remain for \nemerging market assets and currencies. Alongside currency depreciation, other risks \nto the inflation outlook, such as elevated food and fuel prices, have been realised. \nAverage surveyed expectations of future inflation have increased to 5.1% for 2022 \n(from 4.8%). Expectations for inflation based on market surveys have increased to \n5.9%.12 Long-term inflation expectations derived from the break-even rates in the \nbond market have also increased.13 \nIn the near-term, headline inflation has increased well above the mid-point of the \ninflation target band, and is forecast to breach the target range in the second quarter. \nHeadline inflation then returns closer to the mid-point in the fourth quarter of 2024, \n \n12 The (Q1) Bureau for Economic Research (BER) survey expectations rose above the target midpoint to 5.1% \n(4.8%) for 2022 and 5.0% (4.7%) for 2023. Market analysts (Reuters Econometer) in May expect inflation to be \nhigher at 5.9% (5.5%) in 2022, 4.7% (4.4%) in 2023 and 4.5% (4.4%) in 2024. \n13 Market-based rates are calculated from the break-even inflation rate, which is the yield differential between \nconventional and inflation-linked bonds. These now sit at 5.93% for the 5-year and 6.65% on the 10-year \nbreakeven. 15-year break-even inflation sits at 6.91%. \n \nMPC Statement 19 May 2022 \nPage 7 \n \ntaking into account the policy rate trajectory indicated by the Bank’s Quarterly \nProjection Model (QPM). \nAgainst this backdrop, the MPC decided to increase the repurchase rate by 50 basis \npoints to 4.75% per year, with effect from the 20 of May 2022. Four members of the \nCommittee preferred the announced increase and one member preferred a 25 basis \npoint rise in the repo rate. \nThe implied policy rate path of the QPM, given the inflation forecast, indicates gradual \nnormalisation through to 2024. As usual, the repo rate projection from the QPM \nremains a broad policy guide, changing from meeting to meeting in response to new \ndata and risks. \nEconomic and financial conditions are expected to remain more volatile for the \nforeseeable future. In this uncertain environment, policy decisions will continue to be \ndata dependent and sensitive to the balance of risks to the outlook. The MPC will seek \nto look through temporary price shocks and focus on potential second round effects \nand the risks of de-anchoring inflation expectations. \nCurrent repurchase rate levels reflect an accommodative policy stance through the \nforecast period, keeping financial conditions supportive of credit demand as the \neconomy continues to recover.14 The Bank has ensured adequate liquidity in domestic \nmarkets and will continue to closely monitor funding markets for stress. \nBetter anchored expectations of future inflation could support lower interest rates, and \ncan be realised by achieving a prudent public debt level, increasing the supply of \n \n14 The forecasted trajectory for the repurchase rate implies a rise in the inflation-adjusted repo rate from -1.5% \nfor 2021 to -0.9% for 2022, 1.2% for 2023, and 2.0% in 2024. The real repurchase rate calculation here is based \non the 1-quarter ahead inflation forecast and are annual average rates. \n \nMPC Statement 19 May 2022 \nPage 8 \n \nenergy, moderating administered price inflation and keeping wage growth in line with \nproductivity gains. Such steps will enhance the effectiveness of monetary policy and \nits transmission to the broader economy. \n \nLesetja Kganyago \nGOVERNOR \nThe next statement of the Monetary Policy Committee will be released on 21 July \n2022. \n \nContact person: \nThoraya Pandy \n0824168416 \nmedia@resbank.co.za", "source": "SARB", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///SARB/MPC_Statements/STATEMENT OF THE MONETARY POLICY COMMITTEE MAY 2022.pdf"}

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+{"doc_id": "064134a75f87d968f4a9a9a80eae73ad", "text": "1\n \nPRESS STATEMENT \nEMBARGO DELIVERY \n20 November 2025 \n \nSTATEMENT OF THE MONETARY POLICY COMMITTEE \n \nIssued by Lesetja Kganyago, Governor of the South African Reserve Bank \nGood day \nIt has been a turbulent year for the global economy. Trade patterns are shifting, but \nglobal growth is holding up better than expected.1 In the euro area, inflation appears \ncontained. However, in other major economies price dynamics are more challenging, \nwith deflation risk in China, and inflation materially above 2% targets in the United \nKingdom, Japan, and the United States (US). In emerging markets (EM), by contrast, \ninflation has eased. Indeed, 2025 has been better than expected for EMs. This is \ndue to stronger capital flows and a weaker dollar, as well as favourable terms of \ntrade. \nMeanwhile, there is an investment boom underway in Artificial Intelligence (AI) \ninfrastructure, accompanied by aggressive valuations for major technology stocks. \nDespite the promise of AI, there are signs of a bubble inflating. With lower rates, and \ncheap credit even for riskier borrowers, financial markets appear vulnerable to a \ncorrection. If that happens, emerging markets could suffer from spillovers. \nTurning to South Africa, growth is looking steadier than last year. The second-quarter \noutcome surprised on the upside and the third-quarter indicators are looking broadly \npositive. Our 2025 growth forecast has therefore been revised slightly higher, to \n \n1 The SARB’s growth projection for South Africa’s major trading partners has been marked up to \n2.7%, from 2.5% as of the September MPC. \n \n2\n1.3%. We continue to see growth nearing 2% over the forecast horizon.2 \nEmployment has also been rising.3 \nHousehold spending has been relatively strong to date, supported by wealth effects,4 \nfurther withdrawals from Two-Pot pension savings, and lower inflation and interest \nrates.5 At the same time, investment has disappointed, contracting further in the first \nhalf of the year. We expect an investment recovery in the second half, and if this \nmaterialises it will be an encouraging signal that the economy is getting back to its \nhistoric growth trend.6 As it stands, growth is better, but not yet healthy. \nThe risks to the growth outlook are assessed as balanced. \nMoving to prices, inflation has accelerated somewhat over the past few months, \nreaching 3.6% for October. This is higher than the 3% average for the first half of the \nyear.7 The uptick is mainly due to non-core items: meat, vegetables, and fuel. We \ncontinue to see this pressure as temporary, with inflation heading lower again from \nthe beginning of next year. Indeed, recent outcomes have undershot our forecasts \nslightly. \nBecause of these downside surprises, together with a stronger rand,8 and a lower oil \nprice assumption,9 we have small downward revisions to our inflation outlook, for \nboth 2025 and 2026.10 We remain on track to deliver 3% inflation over the medium \nterm. \n \n2 The 2025Q3 growth forecast has been revised up to 0.5% (q/q sa), from 0.4%. 2025Q4 has also \nbeen revised up, to 0.4%, from 0.3%. \n3 According to the Quarterly Labour Force Survey, total employment rose to 17.055 million in \nSeptember 2025, which contrasts with 16.946 million in September 2024 (one year ago) and 16.807 \nmillion in June 2025 (one quarter ago). The official unemployment rate also eased, to 31.9% (versus \n32.1% a year ago and 33.2% one quarter ago). \n4 This reflects strong asset price performance; for instance, the year-to-date change for the JSE All-\nShare Index is ±30%. \n5 Household consumption growth is projected at 2.7% for 2025, approximately double the growth rate \nof overall GDP (1.3%). \n6 In the MPC’s modelling framework, steady-state growth is 2.5%. \n7 Average headline CPI inflation was 2.95% between January 2025 and June 2025. It was 3.5% in \nJuly, 3.3% in August and 3.4% in September. \n8 The implied starting point for the forecast is 17.21, for 2025Q4; the assumption for that quarter as of \nthe September MPC was 17.61. The 2026Q1 projection is 17.25. \n9 The oil price assumption has been lowered to US$63.10 per barrel for 2025Q4 and US$67 per \nbarrel subsequently. The September MPC had US$67 for 2025Q4 and US$70 subsequently. Fuel \ninflation for 2025 drops from -5.5% to -5.9%; for 2026 it slows from 3.8% to 2.2%. \n10 Annual inflation for 2025 has been revised from 3.4% to 3.3%, and 2026 from 3.6% to 3.5%. \nInflation for 2027 is unchanged at 3.1%. \n \n3\nFor inflation expectations, we do not have an update from our usual survey this \nmeeting, but market rates and surveys of analysts both show further progress \ntowards the 3% objective.11 Core goods prices are benefitting from exchange rate \nstrength. Food price inflation seems to have peaked, although we have a small \nupward revision to this forecast, mainly from beef prices. Services inflation is \nunchanged from the last meeting: the announced medical aid increases are lower \nthan last year’s;12 at the same time, housing inflation has accelerated, which \nwarrants ongoing scrutiny. \nWe assess the risks to the inflation outlook as balanced. \nAgainst this backdrop, the MPC decided to reduce the policy rate by 25 basis points, \nto 6.75%, with effect from 21 November. The decision was unanimous. Members \nagreed there was scope now to make the policy stance less restrictive, in the context \nof an improved inflation outlook. \nThe Quarterly Projection Model continues to forecast gradual rate cuts as inflation \nsubsides. As before, this rate path remains a broad policy guide. Our decisions will \ncontinue to be taken on a meeting-by-meeting basis, with careful attention to the \noutlook, data outcomes, and the balance of risks to the forecast. \nFor this meeting, we considered two risk scenarios. \nThe first scenario featured a US dollar rebound, recognising that while the rand has \nappreciated this year, this partly reflects broad dollar weakness, not just rand \nstrength.13 In this scenario, the rand depreciates back to its 2023 levels against the \ndollar, rather than holding on to its recent gains, as in our baseline.14 \n \n11 Since the September MPC, breakeven rates have declined across the curve. As of the start of this \nMPC week, the 5-year measure was down by the smallest margin (2bps). The 10-year was down by \n22bps; the 15-year by 51bps, and the 20-year by 59bps. In the latest Reuters poll, analysts have \ninflation at 3.6% for 2026 (versus 3.8% previously) and 3.4% for 2027 (versus 3.5% previously). \n12 The average of the published increases announced by the various medical aid schemes, for 2026, \nis 8.1%. \n13 For instance, while the rand has appreciated by about 9% against the US dollar so far this year, it \nhas depreciated by around 2% against the euro. \n14 In this scenario, the local currency weakens to about R19 per US dollar over the forecast period. In \nthe baseline, the rand is stable close to R17 per US dollar. \n \n4\nThe second scenario was based on higher administered prices, linked to a rapid \ncorrection of the R54 billion electricity pricing error disclosed a few months back.15 \nThe scenario also had inflation expectations staying higher for longer, in response. \nBoth scenarios featured tighter monetary policy, with rates coming down more slowly \ncompared to the baseline.16 The administered price scenario in particular shows that \nif price setters take on board the 3% target, we will have space to get to lower rates \nfaster. \nThis brings us to the subject of the new target. As announced last week, we have \nmoved away from the 3-6% target range, which was established 25 years ago. The \nrevised target, agreed between the Minister of Finance and myself as the Governor \nof the South African Reserve Bank, is 3% plus or minus 1 percentage point. \nAs we move from a range target to a point target with a tolerance band, it is \nimportant to understand what the new target means. \nThe tolerance band, of 1 percentage point either side of 3%, does not mean we will \nbe indifferent to inflation anywhere between 2% and 4%. We want to be at 3%. \nHowever, no central bank has the tools to deliver inflation at an exact point all the \ntime. As flexible inflation targeters, we also recognise that trying to offset all price \nshocks would create undesirable volatility in output. \nTo support communication and accountability, we therefore want it understood that \ninflation will not always be precisely 3%. \nWhen there are deviations, we will explain what has driven inflation away from \ntarget, and we will do what is required to get back to target. \n \n15 The scenario had admin. price inflation of 5.0% in 2026, 5.1% in 2027 and 4.0% in 2028 (baseline: \n4.5% for 2026, 4.3% for 2027 and 3.9% for 2028), with electricity inflation at 10.6% in 2026, 9.5% in \n2027 and 6.7% in 2028 (baseline: 9.1%, 7.9% and 6.9%, respectively). The scenario assumed the \nNERSA correction was frontloaded, which is why 2028 inflation is not higher. \n16 In the dollar scenario, inflation is 3.6% in 2026, 3.4% in 2027 and 3.4% in 2028. In the admin. price \nscenario, inflation is 3.6%, 3.5% and 3.2% in those three years, respectively. The corresponding \ninflation projections in the baseline are 3.5%, 3.1% and 3.0%, respectively. In the admin. price \nscenario, the divergence is largest in mid-2027, when the policy rate is 6.44% (2027Q2) and 6.41% \n(2027Q3), versus a baseline policy rate of 6.05% and 6.03% for those two quarters, respectively. For \nthe dollar scenario, the divergence is largest in 2028Q1, when the policy rate is at 6.58%, versus a \nbaseline rate of 5.97%. \n \n5\nMost of the time, we should be expected to keep inflation within the tolerance band, \nwith breaches occurring only when there are severe shocks. We will always be \nsetting policy so that inflation is going back to 3%. \nMonetary policy actions have their main effects on prices after 12 to 24 months, so \nyou should expect us to achieve our target over that horizon. Accordingly, we want \nlonger-run expectations to anchor at 3%, staying there even when there are shocks. \nThis lag, between monetary policy decisions and outcomes, also explains why the \n3% target is taking effect now, but will be achieved over the forecast period. \nThe MPC has long emphasised the need for macroeconomic and structural reforms \nto boost potential growth, achieve a sustainable debt path, and shift to a low-inflation \nregime. There has been significant progress on reform this year, as underscored by \nthe recent credit rating upgrade from Standard & Poor’s, as well as South Africa’s \nexit from the Financial Action Task Force grey list. The global environment \nnonetheless remains challenging, so it is urgent to sustain domestic reform efforts. \nThank you. \nLesetja Kganyago \nGOVERNOR \n \nThe dates for the 2026 MPC decisions are as follows: \n29 January \n26 March \n28 May \n23 July \n23 September \n19 November \n \nContact person: \nThoraya Pandy \n082.416.8416 \nmedia@resbank.co.za", "source": "SARB", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///SARB/MPC_Statements/nov25-statement.pdf"}

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+{"doc_id": "06d6b2531b2cfc71f97a38f142f1d9e9", "text": "Vol. 25 No. 09 \n \n \nWeek Ending \n3rd March 2023 \nWeekly Economic \nHighlights \nTABLE OF CONTENTS \n \n1. \nINTEREST RATES .................................................................................... 1 \n2. \nCLEARING AND SETTLEMENT ACTIVITY ...................................... 3 \n3. \nINTERNATIONAL COMMODITY PRICE DEVELOPMENTS ......... 4 \n4. \nEXCHANGE RATE DEVELOPMENTS ................................................. 6 \n5. \nEQUITY MARKETS.................................................................................. 6 \n \n \n \n \n \n1 \n1. \nINTEREST RATES \n \nLocal Currency (ZWL) Deposit Rates \n \nDuring the week ending 3rd March 2023, minimum deposits rates for savings deposits increased, \nwhile maximum deposits rates on the same deposit class remained unchanged. Minimum \ndeposits rates for deposits of 1-month tenor and 3-months tenor increased, while maximum \ndeposits rates on the two deposit classes declined, as shown in Table 1. \n \n \nTable 1: Average Deposit Rates (per annum) \nDate \nSavings deposits (%) \n1- Month deposit’s rates (%) \n \n3- Month deposit rates (%) \n \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \n3-Feb-23 \n31.30 \n32.09 \n75.88 \n82.06 \n78.47 \n85.03 \n10-Feb-23 \n31.18 \n34.00 \n71.29 \n82.17 \n70.03 \n82.44 \n17-Feb-23 \n35.00 \n38.38 \n64.06 \n75.00 \n63.14 \n75.92 \n24-Feb-23 \n36.43 \n37.75 \n62.28 \n79.11 \n64.50 \n77.06 \n3-Mar-23 \n36.67 \n37.75 \n63.94 \n78.83 \n66.17 \n77.00 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \nLocal Currency (ZWL) Lending Rates \n \nThe week ending 3rd March 2023, saw a decline in commercial bank minimum lending rates for \nboth individual and corporate clients. However, maximum lending rates for individual clients at \ncommercial banks were higher than in the previous week, while those for corporate clients \nmarginally softened during the same week, as shown in Table 2. \n \nTable 2: Lending Rates (per annum) \nDate \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \n \nIndividual Clients \n \n Corporate Clients \n3-Feb-23 \n90.05 \n128.63 \n116.03 \n205.86 \n10-Feb-23 \n74.14 \n115.32 \n106.68 \n184.89 \n17-Feb-23 \n72.55 \n114.77 \n102.88 \n178.55 \n24-Feb-23 \n68.85 \n108.73 \n86.23 \n169.40 \n3-Mar-23 \n60.21 \n112.78 \n80.88 \n166.90 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \n \n \n2 \nForeign Currency (USD) Deposit Rates \n \nAverage minimum deposit rates for savings deposits and deposits of 3-months tenor marginally \nincreased, while maximum deposits rates on the two deposit classes remained unchanged during \nthe week ending 3rd March 2023. In the same week, minimum deposits rates for deposits of 1-\nmonth tenor increased, while maximum deposits rates declined, as shown in Table 3. \n \n \nTable 3: Average Deposit Rates (per annum) \nDate \nSavings deposits (%) \n1- Month deposit’s rates (%) \n \n3- Month deposit rates (%) \n \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \n3-Feb-23 \n0.91 \n1.22 \n2.68 \n4.28 \n2.88 \n4.33 \n10-Feb-23 \n0.91 \n1.22 \n2.94 \n4.28 \n2.90 \n4.22 \n17-Feb-23 \n1.27 \n1.69 \n3.00 \n4.53 \n3.38 \n5.07 \n24-Feb-23 \n1.27 \n1.69 \n2.94 \n4.69 \n3.30 \n5.03 \n3-Mar-23 \n1.29 \n1.69 \n2.97 \n4.58 \n3.40 \n5.03 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \nForeign Currency (USD) Lending Rates \n \nDuring the week under review, commercial bank minimum and maximum lending rates for both \nindividual and corporate clients increased, as shown in Table 4. \n \nTable 4: Lending Rates (per annum) \nDate \nMinimum (%) \nMaximum (%) \nMinimum (%) \nMaximum (%) \n \nIndividual Clients \n \n Corporate Clients \n3-Feb-23 \n11.35 \n12.86 \n6.60 \n13.52 \n10-Feb-23 \n10.98 \n13.16 \n7.31 \n14.58 \n17-Feb-23 \n11.04 \n13.18 \n7.60 \n14.62 \n24-Feb-23 \n10.62 \n12.88 \n7.52 \n14.41 \n3-Mar-23 \n10.93 \n13.37 \n7.70 \n14.66 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n \n \n \n3 \n2. \nCLEARING AND SETTLEMENT ACTIVITY \n \nDuring the week ending 3rd March 2023, the National Payment Systems (NPS) processed \ntransactions worth ZW$694.61 billion. This represented an increase of 20.74%, compared to \nZW$575.29 billion reported in the previous week. Real Time Gross Settlement (RTGS) \ntransactions increased by 22.72% to ZW$559.30 billion, from ZW$455.75 billion recorded in \nthe preceding week. In proportions, the NPS transaction values were distributed as follows: \nRTGS, 80.52%, POS, 9.34%; Mobile, 6.23%; and ATM, 3.91%. \n \n \nFigure 1: Composition of NPS Transactions in Value Terms \n \n Source: Reserve Bank of Zimbabwe, 2023 \n \n \n \nThe volume of NPS transactions increased by 8.72% to 12.50 million, during the week under \nreview, from 11.50 million recorded in the preceding week. Mobile based transactions dominated \nNPS transactions volumes at 73.28% of the total, followed by POS, 23.09%; RTGS, 2.62%; and \nATM, 1.02%, as shown in Figure 2. \n \n \n Figure 2: Composition of NPS Transactions in Volume Terms \n \nSource: Reserve Bank of Zimbabwe, 2023 \n \nRTGS\n80.52%\nPOS\n9.34%\nATM\n3.91%\nMOBILE\n6.23%\nRTGS\nPOS\nATM\nMOBILE\nRTGS, 2.62%\nPOS, 23.09%\nATM, 1.02%\nMOBILE, 73.28%\nRTGS\nPOS\nATM\nMOBILE\n \n \n4 \nTable 5: National Payment Systems Activity \nPAYMENT \nSTREAM \nWEEK ENDING \n24th February 2023 \n \nWEEK ENDING \n3rd March 2023 \n% CHANGE FROM \nLAST WEEK \nPROPORTION \n% \n \nValues in ZW$ Millions \n \n \nRTGS \n455,750.45 \n559,301.12 \n22.72% \n80.52% \nPOS \n58,048.71 \n64,874.14 \n11.76% \n9.34% \nATM \n21,346.83 \n27,133.80 \n27.11% \n3.91% \nMOBILE \n40,142.91 \n43,305.28 \n7.88% \n6.23% \nTOTAL \n575,288.89 \n694,614.34 \n20.74% \n100% \nVolumes \n \n \nRTGS \n217,802 \n327,007 \n50.14% \n2.62% \nPOS \n2,797,319 \n2,886,885 \n3.20% \n23.09% \nATM \n124,807 \n127,268 \n1.97% \n1.02% \nMOBILE \n8,360,455 \n9,162,088 \n9.59% \n73.28% \nTOTAL \n11,500,383 \n12,503,248 \n8.72% \n100% \nSource: Reserve Bank of Zimbabwe, 2023 \n \n3. \nINTERNATIONAL COMMODITY PRICE DEVELOPMENTS \n \nWeekly average prices for gold, palladium and nickel declined during the week ending 3rd March \n2023. However, platinum, copper and crude oil prices increased during the same week, as shown \nin Table 6. \n \nTable 6: Metal and Crude Oil Prices for the week ending 3rd March 2023 \n \nGold \nPlatinum \nPalladium \nCopper \nNickel \nCrude Oil \n2023 \nUS$/ounce US$/ounce US$/ounce US$/tonne US$/tonne US$/barrel \nWeekly Average (20-24 Feb 23) \n1,831.64 \n940.40 \n1,479.20 \n8,941.60 \n25,895.00 \n82.46 \n27-Feb-23 \n1,813.85 \n934.00 \n1,438.50 \n8,819.00 \n25,400.00 \n82.44 \n28-Feb-23 \n1,817.40 \n945.00 \n1,423.00 \n9,049.00 \n24,890.00 \n83.99 \n01-Mar-23 \n1,837.38 \n962.50 \n1,420.00 \n9,052.00 \n25,000.00 \n84.15 \n02-Mar-23 \n1,833.98 \n955.50 \n1,426.00 \n8,958.50 \n24,395.00 \n84.44 \n03-Mar-23 \n1,843.35 \n974.50 \n1,445.50 \n8,916.50 \n24,570.00 \n85.15 \nWeekly Average (27 Feb-3 Mar \n23) \n1,829.19 \n954.30 \n1,430.60 \n8,959.00 \n24,851.00 \n84.03 \nWeekly Change (%) \n-0.13 \n1.48 \n-3.29 \n0.19 \n-4.03 \n1.91 \nSource: BBC, KITCO and Bloomberg, 2023 \nGold \n \nGold prices continued on a negative trajectory, declining by 0.13%, from US$1,831.64 per ounce \nrecorded in the preceding week to US$1,829.19 per ounce, during the week under review. The \noutlook for bullion prices remained clouded by prospects of further interest rate hikes by the U.S \nFederal Reserve. \n \n \n \n5 \nPlatinum \nDuring the week under review, platinum prices increased by 1.48%, from US$940.40 per ounce \nin the preceding week to US$954.30 per ounce, during the week ending 3rd March 2023. This \nwas, in large part, due to improved demand in the automotive industry. \n \nPalladium \nPalladium prices continued the downward trend during the week ending 3rd March 2023, \nfollowing low demand for the commodity. The precious metal price slipped by 3.29%, from a \nweekly average of US$1,479.20 per ounce in the prior week to US$1,430.60 per ounce, during \nthe week under review. \n \nCopper \nDuring the reporting week, copper prices increased by 0.19% to US$8,959.00 per tonne, from \nUS$8,941.60 per tonne recorded in the previous week. Prices rose after better-than-expected data \non manufacturing activity was released in China, positively impacting on the demand for the \ncommodity. \n \nNickel \nNickel prices declined by 4.03%, from US$25,895.00 per tonne in the week ending 24th February \n2023 to US$24,851.00 per tonne, during the week under review. The decrease resulted from \nweak demand from China’s downstream manufacturers that had not fully resumed operations. \n \nBrent Crude Oil \n \nDuring the week under review, international crude oil prices rebounded by 1.91%, from \nUS$82.46 per barrel in the previous week to US$84.03 per barrel. Prices increased due to signs \nof improving economic activities in China, which were expected to boost the demand for fuel. \n \n \n \n \n \n \n \n \n \n \n \n \n6 \n \n4. EXCHANGE RATE DEVELOPMENTS \n \n \nInterbank Market \nOn the interbank market, the Zimbabwe dollar (ZW$) depreciated by 1.7% against the US dollar, \nfrom ZW$878.1825 per US$1 in the previous week to ZW$892.8117 per US$1 during the week \nunder review, as is shown in Table 7. \n \nTable 7: Interbank Market Exchange Rates1 \n \nUSD \nZAR \nGBP \nBWP \nEURO \n2023 \n \n \n \n \n \nWeekly Average (20-24 Feb 23) \n878.1825 \n48.3688 \n1,058.5275 \n66.4189 \n934.3851 \n27-Feb-23 \n885.9619 \n47.9616 \n1,057.7958 \n66.4930 \n934.0759 \n28-Feb-23 \n889.1325 \n48.1928 \n1,070.6569 \n66.7310 \n941.1531 \n01-Mar-23 \n892.6349 \n48.7805 \n1,074.9571 \n67.1784 \n945.4850 \n02-Mar-23 \n896.9030 \n49.1400 \n1,075.8409 \n67.6844 \n954.5796 \n03-Mar-23 \n899.4263 \n49.3827 \n1,076.7497 \n67.7824 \n954.3873 \nWeekly Average (27 Feb-3 Mar 23 ) \n892.8117 \n48.6915 \n1,071.2001 \n67.1738 \n945.9362 \nAppr(-)/Depr(+) (%) of the ZWL \n1.7 \n0.7 \n1.2 \n1.1 \n1.2 \nSource: Reserve Bank of Zimbabwe, 2023 \n \n5. EQUITY MARKETS \n \n \nZimbabwe Stock Exchange \nThe Zimbabwe Stock Exchange (ZSE) was characterised by positive trading, during the week \nending 3rd March 2023. As a result, the ZSE All Share index added 4.15% to close at 29 196.89 \npoints. All the major indices registered gains with the Top 10, Top 15, Medium and Small Cap \nindices adding 1.58%, 3.86%, 5.34% and 2.43% to close the week at 17 022.75 points, 20 097.27 \npoints, 64 184.73 points and 641 428.45 points, respectively. \n \nThe increase in the mainstream index was largely attributed to share price increases for Ariston \nHoldings Limited (27.12%), CFI Holdings (21.81%), Rainbow Tourism Group (RTG) Limited \n(19.70%), Bridgefort Capital Limited (15%) and Zimplow Holdings Limited (13.83%). Partially \noffsetting the gains were losses in share prices for OK Zimbabwe Limited (5.04%), \nAmalgamated Regional Trading (ART) Limited (4.76%), AFDIS Limited (1.74%), Ecocash \nHoldings Zimbabwe Limited (1.39%) and Fidelity Life Assurance Limited (1.14%). The \nresources index2, also gained 14.64% to close the week at 33 482.91 points, compared to 29 \n207.92 points recorded in the prior week. \n \n \n1 Direct quote – the amount of domestic currency needed to exchange for 1 unit of foreign currency \n2 Resource Index – Comprise RioZim Limited Share Price \n \n \n7 \nTable 8: Zimbabwe Stock Exchange Statistics3 \n \nAll Share \nIndex \nPoints \nTop 10 \nindex3 \n(points) \n \n \n \nMining \nIndex \n(points) \nGrand \nMarket \nCapitaliz\nation \n(ZWL \nbillion) \nMarket \nTurnover \n(ZWL \nmillion) \nVolume \nof Shares \n(million) \nTop 15 \nIndex3 \npoints \nMedium \nCap3 \n(points) \nSmall Cap3 \n(points) \n \n \n \n27-Jan-23 \n22,142.52 \n13,612.50 \n15,166.91 \n45,157.58 \n474,766.97 \n25,496.86 \n2,392.19 \n3,308.22 \n24.51 \n3-Feb-23 \n24,782.89 \n15,222.34 \n17,012.45 \n50,707.50 \n504,953.31 \n25,505.95 \n2,673.14 \n5,166.00 \n69.29 \n10-Feb-23 \n29,944.34 \n19,085.82 \n21,136.88 \n55,596.86 \n518,724.23 \n29,116.96 \n3,226.91 \n9,865.72 \n56.27 \n17-Feb-23 \n27,301.03 \n16,645.38 \n18,920.78 \n56,883.05 \n566,763.43 \n29,116.96 \n2,916.51 \n8,164.24 \n28.70 \n24-Feb-23 \n28,033.96 \n16,757.59 \n19,350.07 \n60,929.82 \n626,212.55 \n29,207.92 \n2,519.09 \n1,405.69 \n14.91 \n03-Mar-23 \n29,196.89 \n17,022.75 \n20,097.27 \n64,184.73 \n641428.45 \n33,482.91 \n2,522.77 \n3,794.12 \n30.08 \n% Change \n4.15 \n1.58 \n3.86 \n5.34 \n2.43 \n 14.64 \n0.15 \n169.91 \n101.81 \nSource: Zimbabwe Stock Exchange (ZSE), 2023 \n \nFigure 3 shows the trend in daily market turnover for the period from 4th February 2022 to 3rd \nMarch 2023. \n \nFigure 3: Zimbabwe Stock Exchange All Share and Top 10 Indices \nSource: Zimbabwe Stock Exchange, 2023 \n \n \n \n \n \n \n \n \n \n \n3 The Zimbabwe Stock Exchange (ZSE) adopted the Global Industry Classification Standards, effective from 1 January 2020.The ZSE indices \nconstitute the following categories; Top 10 Index; Top 15; Top 25; Medium cap and Small cap Indices. \n \n \n0\n4,000\n8,000\n12,000\n16,000\n20,000\n24,000\n28,000\n4-Feb-22\n18-Feb-22\n4-Mar-22\n18-Mar-22\n1-Apr-22\n15-Apr-22\n29-Apr-22\n13-May-22\n27-May-22\n10-Jun-22\n24-Jun-22\n8-Jul-22\n22-Jul-22\n5-Aug-22\n19-Aug-22\n2-Sep-22\n16-Sep-22\n30-Sep-22\n14-Oct-22\n28-Oct-22\n11-Nov-22\n25-Nov-22\n9-Dec-22\n23-Dec-22\n6-Jan-23\n20-Jan-23\n3-Feb-23\n17-Feb-23\n3-Mar-23\nAll Share Index\nTop 10 Index\n \n \n8 \nMarket Turnover and Volume \n \nThe cumulative volume of shares traded on the ZSE increased by 101.81% to 30.08 million, \nduring the week under analysis, from 14.91 million recorded in the prior week. A 169.91% to \nZW$3.79 billion increase in turnover value of shares traded was recorded during the reporting \nweek, from ZW$1.41 billion recorded in the previous week. The surge in market turnover was \nlargely informed by block trades in which 3.17 million Econet Wireless Zimbabwe Limited \nshares and 2.06 million Delta Corporation Limited shares exchanged hands at ZW$170.06 and \nZW$525.74 per share, respectively. Figure 4 shows the trend in daily market turnover for the \nperiod from 4th February 2022 to 3rd March 2023. \n \n Figure 4: Daily Market Turnover \nSource: Zimbabwe Stock Exchange, 2023 \n \nMarket Capitalization \n \nReflecting the positive momentum on the ZSE during the week under review, the market added \nZW$3.68 billion, or 0.15% worth of capitalisation to close at ZW$2,522.77 billion. Figure 5 \nshows the evolution of ZSE market capitalization for the period from 4th February 2022 to 3rd \nMarch 2023. \n \n \n \n \n \n \n \n \n \n \n0\n2,000\n4,000\n6,000\n8,000\n10,000\n12,000\n14,000\n16,000\n18,000\n20,000\n04-Feb-22\n18-Feb-22\n04-Mar-22\n18-Mar-22\n01-Apr-22\n15-Apr-22\n29-Apr-22\n13-May-22\n27-May-22\n10-Jun-22\n24-Jun-22\n08-Jul-22\n22-Jul-22\n05-Aug-22\n19-Aug-22\n02-Sep-22\n16-Sep-22\n30-Sep-22\n14-Oct-22\n28-Oct-22\n11-Nov-22\n25-Nov-22\n09-Dec-22\n23-Dec-22\n06-Jan-23\n20-Jan-23\n03-Feb-23\n17-Feb-23\n03-Mar-23\nZW$ millions\nNegotiated deal: 61.16 million Larfage\nCement\nZimbabwe\nLimited\nshares\nexchanged hands at ZW$312.65\n \n \n9 \n \nFigure 5: Daily Market Capitalization in ZW$ billions \nSource: Zimbabwe Stock Exchange, 2023 \n \nVictoria Falls Stock Exchange \n \nThe Victoria Falls Stock Exchange (VFEX) exhibited bearish sentiments, during the week \nending 3rd March 2023. Resultantly, the VFEX All Share index lost 0.36% to close at 105.82 \npoints. The cumulative volume of shares traded on the VFEX declined by 69.50% to 0.94 \nmillion. However, the value of shares traded increased by 144.94% to USD0.32 million, during \nthe same week. VFEX market capitalization increased by 76.14% to US$1.06 billion, compared \nto US$0.60 billion recorded in the previous week. Figure 6 shows the trend in the VFEX All \nShare Index (ASI) for the period from 4th February 2022 to 3rd March 2023. \n \nFigure 6: Victoria Falls Stock Exchange All Share Index \n \nSource: Victoria Falls Stock Exchange, 2023 \n \n \n0\n400\n800\n1,200\n1,600\n2,000\n2,400\n2,800\n3,200\n3,600\n4,000\n04-Feb-22\n18-Feb-22\n04-Mar-22\n18-Mar-22\n01-Apr-22\n15-Apr-22\n29-Apr-22\n13-May-22\n27-May-22\n10-Jun-22\n24-Jun-22\n08-Jul-22\n22-Jul-22\n05-Aug-22\n19-Aug-22\n02-Sep-22\n16-Sep-22\n30-Sep-22\n14-Oct-22\n28-Oct-22\n11-Nov-22\n25-Nov-22\n09-Dec-22\n23-Dec-22\n06-Jan-23\n20-Jan-23\n03-Feb-23\n17-Feb-23\n03-Mar-23\nBillions\n90.00\n100.00\n110.00\n120.00\n130.00\n140.00\n150.00\n04-Feb-22\n18-Feb-22\n04-Mar-22\n18-Mar-22\n01-Apr-22\n15-Apr-22\n29-Apr-22\n13-May-22\n27-May-22\n10-Jun-22\n24-Jun-22\n08-Jul-22\n22-Jul-22\n05-Aug-22\n19-Aug-22\n02-Sep-22\n16-Sep-22\n30-Sep-22\n14-Oct-22\n28-Oct-22\n11-Nov-22\n25-Nov-22\n09-Dec-22\n23-Dec-22\n06-Jan-23\n20-Jan-23\n03-Feb-23\n17-Feb-23\n03-Mar-23\n \n \n10 \nJohannesburg Stock Exchange (JSE) Developments \n \nThe Johannesburg Stock Exchange (JSE) All Share Index increased from 76,937.77 points in the \nprevious week to close at 78,293.01 points, during the week ending 3rd March 2023. JSE market \ncapitalization also increased by 2.34% to ZAR22.25 trillion, during the same week. \n \nTable 9: Johannesburg Stock Exchange (JSE) Statistics \nPeriod \nAll Share Index \nMarket Capitalization \n(points) \n(ZAR trillions) \n27-Jan-23 \n80,791.36 \n23.28 \n3-Feb-23 \n80,240.92 \n23.08 \n10-Feb-23 \n78,985.35 \n22.87 \n17-Feb-23 \n79,271.78 \n22.93 \n24-Feb-23 \n76,937.77 \n22.23 \n03-Mar-23 \n78,293.01 \n22.75 \n% Change \n1.76 \n2.34 \nSource:https://www.jse.co.za/services/market-data/market-statistics, 2023 \n \n \nFigure 7: Johannesburg Stock Exchange (JSE) All Share Index \nSource:https://www.jse.co.za/services/market-data/market-statistics,2023 \n \n \n \n \n \n \n \n \nRESERVE BANK OF ZIMBABWE \n 60.00\n 65.00\n 70.00\n 75.00\n 80.00\n 85.00\n4-Feb-22\n18-Feb-22\n4-Mar-22\n18-Mar-22\n1-Apr-22\n15-Apr-22\n29-Apr-22\n13-May-22\n27-May-22\n10-Jun-22\n24-Jun-22\n8-Jul-22\n22-Jul-22\n5-Aug-22\n19-Aug-22\n2-Sep-22\n16-Sep-22\n30-Sep-22\n14-Oct-22\n28-Oct-22\n11-Nov-22\n25-Nov-22\n9-Dec-22\n23-Dec-22\n6-Jan-23\n20-Jan-23\n3-Feb-23\n17-Feb-23\n3-Mar-23\n \n \n11 \n APPENDIX 1: FOREIGN EXCHANGE AUCTION RESULTS FOR MAINFX4 AND SMEFX5 \n Source: Reserve Bank of Zimbabwe, 2023 \n \n \n4 Main Foreign Currency Auction \n5 Small and Medium Enterprises Foreign Currency Auction \n \nMAINFX \n 10-Feb-23 17-Feb-23 24-Feb-23 03-Mar-23 \n \n SMEFX \n 10-Feb-23 17-Feb-23 24-Feb-23 03-Mar-23 \nTotal \nBids (US$ dollars) \n20,220,645.23 \n19,718,948,31 \n18,253,090.41 \n15,396,789.23 \n2,735,597.08 \n1,962,394.00 \n1,869,245.41 \n2,195,734.20 \nAmount Allotted \n(US$ dollars) \n16,897,319.04 \n18,443,098.62 \n17,818,400.18 \n15,396,789.23 \n2,269,815.79 \n1,811,479.70 \n1,814,191.43 \n2,165,675.36 \nHighest Rate \n885 \n935 \n950 \n990 \n890 \n930 \n980 \n990 \nLowest Bid \nRate \n830 \n85 \n875 \n885 \n830 \n855 \n875 \n885 \nLowest Bid Rate \nAllotted \n830 \n855 \n875 \n885 \n830 \n855 \n875 \n885 \nWeighted Average \nRate \n831.8147 \n856.8403 \n881.7513 \n892.6349 \n831.8147 \n856.8403 \n881.7513 \n892.6349 \nNumber of Bids \nReceived \n223 \n225 \n252 \n182 \n305 \n271 \n262 \n216 \nNumber of Bids \nRejected \n8 \n9 \n10 \n8 \n4 \n5 \n6 \n7 \n \n \n12 \n APPENDIX 2: SUMMARY OF FOREIGN CURRENCY AUCTION ALLOTMENTS BY PURPOSE \nSource: Reserve Bank of Zimbabwe, 2023 \nPurpose \nMAINFX \n 10-Feb-23 17-Feb-23 24-Feb-23 03-Mar-23 \nSMEFX \n 10-Feb-23 17-Feb-23 24-Feb-23 03-Mar-23 \nRaw Materials \n \n9,293,740.16 \n10,000,202.79 \n9,494,073.30 \n7,856,434.10 \n706,607.35 \n627,827.09 \n461,549.44 \n652,589.50 \nMachinery and \nEquipment \n1,910,567.54 \n2,649,877.10 \n2,286,372.19 \n2,891,433.86 \n698,196.71 \n497,787.04 \n573,835.73 \n525,704.45 \nConsumables \n(Incl. Spares, \nTyres, \nPackaging) \n967,339.85 \n1,096,000.56 \n1,263,725.85 \n1,264,055.69 \n293,632.88 \n145,787.04 \n271,121.06 \n339,961.23 \nPharmaceuticals \nand Chemicals \n457,478.57 \n476,325.00 \n638,772.41 \n353,928.77 \n82,140.37 \n95,150.16 \n66,306.19 \n85,531.27 \nServices \n(Loans, \nDividends and \nDisinvestments) \n1,316,528.01 \n1,611,306.39 \n1,689,705.06 \n1,333,618.55 \n196,237.43 \n209,979.44 \n232,887.33 \n \n197,421.92 \nRetail and \nDistribution \n2,336,520.86 \n2,124,303.39 \n1,885,312.83 \n991,023.07 \n227,561.66 \n170,889.75 \n138,759.60 \n251,868.14 \nFuel, Electricity \nand Gas \n- \n- \n- \n- \n- \n9,331.86 \n- \n9,860.16 \nPaper and \nPackaging \n615,144.05 \n485,083.39 \n560,438.54 \n706,295.19 \n65,439.39 \n55,465.81 \n69,732.08 \n102,738.69 \nTOTAL \n16,897,319.04 \n18,443,08.62 \n17,818,400.18 15,396,789.23 \n2,269,815.79 \n1,811,479.70 \n1,814,191.43 \n2,165,675.36", "source": "SARB", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///SARB/Weekly_Economic_Highlights/WEEKLY_ECONOMIC_HIGHLIGHTS_03_March_2023_Volume_25_Number_09_1.pdf"}

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