{"doc_id": "046df827115f13e639071189a7d9d000", "text": "QUARTERLY \nECONOMIC \nREVIEW \n \n \n \nDECEMBER 2018 \n \nRESERVE BANK OF ZIMBABWE \n \n \n2 \nCONTENTS \n1. OVERVIEW ....................................................................................................... 5 \n2. INTERNATIONAL ECONOMIC DEVELOPMENTS ................................ 6 \n3. DOMESTIC ECONOMIC DEVELOPMENTS ...........................................12 \n REAL SECTOR DEVELOPMENTS ...........................................................12 \n AGRICULTURE .............................................................................................12 \n4. INFLATION DEVELOPMENTS ..................................................................19 \n5. MONETARY DEVELOPMENTS, INTEREST RATES AND FINANCIAL \nMARKETS .......................................................................................................20 \n6. STOCK MARKET DEVELOPMENTS ........................................................21 \n7. PAYMENT, CLEARING AND SETTLEMENT ACTIVITIES ................23 \n8. FISCAL DEVELOPMENTS ..........................................................................27 \n \n \n \n \n3 \nList of Figures \nFigure 1: Precious Mineral Prices (US$/oz.): January 2017 to September 2018 .......................... 8 \nFigure 2: Base Metal Prices (US$/tonne) January 2017 to September 2018 .................................. 8 \nFigure 3: Brent Crude Oil Prices (US$/Barrel) January 2017 to December 2018 ........................ 9 \nFigure 4: Quarterly Merchandise Exports....................................................................................... 9 \nFigure 5: Quarterly Merchandise Imports for Q3 and Q4 2018 ................................................... 11 \nFigure 6: Major Merchandise Import Sources .............................................................................. 11 \nFigure 7: Merchandise Trade Balance .......................................................................................... 11 \nFigure 8: Real GDP Growth (%): 2009-2017 and 2018 Projection .............................................. 12 \nFigure 9: Wheat Production Trends .............................................................................................. 13 \nFigure 10: Quarterly Cattle Slaughters ......................................................................................... 14 \nFigure 11: Quarterly Pig Slaughters ............................................................................................. 14 \nFigure 12: Quarterly Fresh Milk Output ....................................................................................... 15 \nFigure 13: Quarterly Trends in Gold Output by Sector: 2017 vs 2018 ........................................ 15 \nFigure 14: Quarterly Trends in Platinum output and Prices: 2017-2018 ...................................... 16 \nFigure 15: Quarterly trends in Palladium Output and Prices: 2017-2018 .................................... 16 \nFigure 16: Manufacturing Sector Capacity Utilisation: 2013 to 2018 (%) ................................... 17 \nFigure 17: Electricity Energy Sent Out (GWh)(2017 – 2018) ...................................................... 18 \nFigure 18: Annual Inflation Profile (%)........................................................................................ 19 \nFigure 19: Annual Broad Money Supply Growth Rates and Levels ............................................ 20 \nFigure 20: Sectoral Distribution of Credit .................................................................................... 21 \nFigure 21: ZSE All share and Top 10 Indices ............................................................................... 21 \nFigure 22: ZSE Market Capitalization .......................................................................................... 22 \nFigure 23: ZSE Indices ................................................................................................................. 22 \nFigure 24: ZSE Market Turnover Value ....................................................................................... 23 \nFigure 25: RTGS Values and Volumes (Q4 2018) ....................................................................... 24 \nigure 26: SWIFT Cross Border Transactions................................................................................ 24 \nFigure 27: Over the Counter Cash Withdrawals ........................................................................... 25 \nFigure 28: Values of Retail Transactions...................................................................................... 25 \nFigure 29: Volumes of Retail Transactions .................................................................................. 25 \nFigure 30: Total Collateral ............................................................................................................ 26 \nFigure 31: Revenue Head Performance (US$ millions) : Actual vs Target in Q4 2018 .............. 27 \nFigure 32: Quarterly Revenue Heads Performance: (Q4 2018 vs Q4 2017 and Q3 2018) .......... 27 \nFigure 33: Government Revenue Structure .................................................................................. 28 \nFigure 34: Expenditure Head Performance: (Actual vs Target) .................................................. 28 \n \n \n \n4 \nList of Tables \n \nTable 1: Global Economic Growth & Outlook (%) ........................................................................ 6 \nTable 2: International Commodity Prices: October - December 2018 ........................................... 7 \nTable 3: Quarterly Merchandise Exports By Commodity (US$ m) ............................................. 10 \nTable 4: Merchandise Export Shares (%) ..................................................................................... 10 \nTable 5: Area contracted and area planted for maize and soya beans. ......................................... 12 \nTable 6: Area under Tobacco ........................................................................................................ 13 \nTable 7: Quarterly Livestock Slaughters in 2018 ......................................................................... 13 \nTable 8: Mineral Production: Q3 2017 and 2018 ......................................................................... 15 \nTable 9: Milk intake by Dairy Processors: 2017-2018 ................................................................. 17 \nTable 10: Ammonium Nitrate Production .................................................................................... 18 \nTable 11: Electricity production ................................................................................................... 18 \nTable 12: Regional Annual Inflation Trends ................................................................................ 19 \nTable 13: Consolidated Transaction Activities ............................................................................. 23 \nTable 14: Payment Systems Access Points and Devices .............................................................. 26 \n \n \n \n \n \n \n5 \n1. OVERVIEW \n \nGlobal economic growth is estimated at 3.0% for \n2018, down from 3.1% in 2017. This was \noccasioned by subdued trade and manufacturing \nactivities. According to the World Bank Global \nEconomic Prospects update for January 2019, \nthe global economy is projected to grow by 2.9% \nin 2019. A weaker growth outlook in Europe and \nAsia, coupled with the negative effects of the \nUS/China trade war, partly explain the low \nprojected global economic growth. \nThe domestic economy is estimated to have \nposted a growth of 4.0% in 2018, down from the \ninitial projection of 6.3%. This reflected the \nslowdown in economic activity, largely on \naccount of foreign currency supply challenges \nand rising inflationary pressures, during the last \nhalf of 2018. \nThe country’s mining sector, however, continued \non a positive growth path, during the fourth \nquarter of 2018. This was attributable to the \nstrong performance registered in minerals such \nas the platinum group of metals (PGMs), gold, \ndiamond and nickel. \nTotal merchandise trade increased by 7.6%, from \nUS$2,869.9 million in the third quarter of 2018 \nto US$3,089.0 million in the fourth quarter. \nMerchandise exports rose by 13.0%, from \nUS$1,146.0 million in the third quarter, to \nUS$1,295.0 million in the fourth quarter of 2018. \nSimilarly, merchandise imports increased by \n4.1% to US$1,794.0 million in the fourth quarter \nof 2018, from U$1,723.9 million in the third \n \n1 From November 2017, broad money adjusted by a \nreclassification of lines of credit that were incorrectly \nclassified as deposits included in broad money. This \nquarter. This was largely attributable to higher \nimports of diesel, petrol and fertilizers. The \naforementioned \nmerchandise \ntrade \ndevelopments resulted in the narrowing of the \ncountry’s trade deficit, from US$577.9 million in \nthe third quarter of 2018, to US$499.0 million in \nthe fourth quarter. \nBroad money supply1 growth stood at 1.9% in \nthe fourth quarter of 2018, compared to 11.1% \nrecorded in the third quarter. In nominal terms, \nhowever, broad money supply increased from \n$9 821.94 million in September 2018, to \n$10 009.91 million in December 2018. \nAnnual headline inflation increased from 5.4% \nin September 2018 to 42.1% in December 2018. \nThis followed the increase in parallel market \npremiums, which triggered price hikes and \nadverse inflation expectations. \nThe Zimbabwe Stock Exchange registered \nimproved trading activity in some selected \nwealth preserving counters, during the fourth \nquarter of 2018. Resultantly, the All Share (ASI) \nand Top 10 Indices increased by 27.03% and \n23.32% to 146.24 points and 145.02 points, \nrespectively. \nTransaction values processed through the \nNational Payment Systems (NPS) increased by \n2% to close at US$44.89 billion as at 31st \nDecember 2018, from US$43.83 billion recorded \nby the end of the third quarter of 2018. NPS \ntransaction volumes, however, decreased by 8% \nto 534.43 million in the fourth quarter of 2018, \nfrom 580.64 million in the third quarter. \nreduced the stock of money and at the same time reducing \nthe net foreign assets of other depository corporations. \n \n6 \n2. INTERNATIONAL \nECONOMIC \nDEVELOPMENTS \n \nGlobal economic growth is estimated to have \nslowed to 3.0% in 2018, from 3.1% in 2017. This \nwas \noccasioned \nby \nsubdued \ntrade \nand \nmanufacturing activities. According to the \nWorld Bank Global Economic Prospects update \nfor January 2019, global economic growth for \n2019 is projected to close the year 2.9%. The \nslower projected growth is partly attributable to \na weaker growth outlook in Europe and Asia, \nnegative effects of the US/China trade wars and \nthe tightening of monetary policy in advanced \neconomies. \nTable 1 summarizes global economic growth \ndevelopments and forecasts for selected regions \nand countries. \n \n \n \n \n \n \n \n \n \n \n \n2 Zimbabwe growth rates are from Treasury, Reserve Bank \n& Zimstat \nTable 1: Global Economic Growth & Outlook (%) \n \n2016 \n2017 \nEst \n2018 \nProj \n2019 \nProj \nWorld Output \n2.4 \n3.1 \n3.0 \n2.9 \nAdvanced Economies \n1.7 \n2.3 \n2.2 \n2.0 \n US \n1.6 \n2.2 \n2.9 \n2.5 \n Euro Area \n1.9 \n2.4 \n1.9 \n1.6 \n Japan \n0.9 \n1.7 \n1.1 \n0.9 \nEmerging \nMarket \n& \nDeveloping Economies \n3.7 \n4.3 \n4.2 \n4.2 \n China \n6.7 \n6.9 \n6.5 \n6.2 \n India \n7.1 \n6.7 \n7.3 \n7.5 \nSub-Saharan Africa \n1.3 \n2.6 \n2.7 \n3.4 \nZimbabwe2 \n0.6 \n4.8 \n4.0 \n3.1 \nLatin America & the \nCaribbean \n-1.5 \n0.8 \n0.6 \n1.7 \n Source: IMF (World Economic Outlook Update (October 2018)) \n \nEconomic growth in advanced economies \nweakened except for the United States, where \nexpansionary fiscal policy continued to enhance \neconomic activity. In the medium term, growth \nin all major advanced economies is projected to \nconverge towards potential output levels. This is \nlikely to necessitate the scaling down of \nmonetary accommodation. \nThe US economy is estimated to have grown by \n2.9% in 2018, up from 2.2% in 2017. Growth \nwas underpinned by the higher than anticipated \naggregate domestic demand. Stronger domestic \ndemand continued to be supported by the fiscal \nstimulus and relatively low interest rates. In the \n \n7 \noutlook period, US economic growth is, \nhowever, projected to slow down to 2.5% in \n2019, owing to a tighter monetary policy stance; \na cut back on the fiscal stimulus package; and \nhigher trade tariffs. \nGrowth in the Eurozone area eased to 1.9% in \n2018, from 2.4% registered in 2017. This was, in \npart, on account of a slump in export earnings \nemanating from a stronger euro and lower \nexternal demand. The Eurozone is projected to \nregister a lower growth of 1.6% in 2019, due to \nanticipated tighter monetary policy and the \nmoderation of growth in global trade. \nEconomic growth in Sub-Saharan Africa is \nestimated at 2.7% in 2018, up from 2.6% in \n2017. It is anticipated to increase to 3.4% in \n2019, albeit with a high degree of variation \nacross countries. Growth is expected to be \nlargely supported by higher commodity prices. \nPotential downside risks to growth include rising \npublic debt, financial sector strains and low \nexternal buffers. Public debt is high not only in \noil exporting countries but in many fast-growing \neconomies as well. \n \nINTERNATIONAL COMMODITY PRICE \nDEVELOPMENTS \nThe international commodity prices of precious \nmetals recorded increases, during the fourth \nquarter of 2018. Base metal and crude oil prices, \nhowever, retreated. Precious metal prices were \nboosted by strong safe haven demand, while on-\ngoing trade disputes between US and China \ncontinued to weigh down base metal prices. The \ndecline in crude oil prices during the month \nunder review mainly reflected over supply \nconditions in the global market. Table 2 shows \ndevelopments in international prices for selected \ncommodities, during the fourth quarter of 2018. \n \nTable 2: International \nCommodity Prices: \nOctober - December 2018 \nSource: Bloomberg, 2018 \n \nPrecious Metals \nPrecious metal prices firmed during the fourth \nQuarter of 2018, on the back of a strong safe \nhaven demand outlook and a weakening US \ndollar. The dollar is projected to remain weaker, \nfollowing reports that the Federal Reserve was \nconsidering scaling down interest rate hikes in \n2019. In addition, rising concerns about political \nand economic uncertainties that were occasioned \nby a partial government shutdown in the US \nbolstered the demand for the precious metals as \nsafe have assets. Resultantly, gold and platinum \nprices rose by 1.3% and 1.4%, to quarterly \naverages \nof \nUS$1,228.63/ \nounce \nand \nUS$842.82/ounce, respectively, as shown in \nFigure 1. \n \nGold\nPlatinum\nCopper\nNickel\nBrent Crude \nOil\nus$/oz\nus$/oz\nus$/tonne us$/tonne\nus$/barrel\nJul-18\n1,237.78\n831.13\n6,289.34\n13,939.55\n75.01\nAug-18\n1,201.55\n805.85\n6,077.05\n13,566.59\n73.86\nSep-18\n1,198.97\n804.24\n6,038.13\n12,584.50\n79.21\n2018\nQ3\nAverage\n1,212.77\n813.74\n6,134.84\n13,363.55\n76.03\nOct-18\n1,214.77\n829.29\n6,114.11\n12,395.78\n80.74\nNov-18\n1,220.90\n849.05\n6,154.09\n11,329.45\n66.09\nDec-18\n1,250.22\n796.12\n6,121.66\n10,516.57\n58.32\n2018\nQ4\nAverage\n1,228.63\n824.82\n6,129.95\n11,413.93\n68.38\nQuarterly \nChange \n1.3\n1.4\n-0.1\n-14.6\n-10.1\n \n8 \nFigure 1: Precious Mineral Prices (US$/oz.): \nJanuary 2017 to September 2018 \n \nSource: Bloomberg, 2018 \n \nBase Metals \nBase metal prices remained subdued during the \nperiod under analysis, weighed down by sluggish \nglobal demand, particularly in China’s steel \nindustries. Concomitantly, lingering investor \nfears about the continued trade tensions between \nthe US and China continued to hurt economic \ngrowth and thereby dampening the demand for \nbase metals. Accordingly, copper and nickel \nprices declined by 0.1% and 14.6% to \nUS$6,129.95/tonne and US$11,413.93/tonne in \nthe fourth quarter of 2018, respectively, as \nshown in Figure 2. \n \n \n \n \n \n \n \n \nFigure 2: Base Metal Prices (US$/tonne) January \n2017 to September 2018 \nSource: Bloomberg, 2018 \nBrent Crude Oil \nCrude oil prices retreated on account of concerns \nabout slackening demand, occasioned by the \nglobal economic slowdown. Investor concerns \non the resurgence of a global glut, following \nreports \nby \nthe \nUS \nEnergy \nInformation \nAdministration indicating a rise in global crude \noil inventories, dampened prices. In addition, the \nmarket remained irresolute on whether OPEC \nwould reach a consensus on output cuts. Against \nthis background, crude oil prices slumped by \n10.1%, from US$76.03/barrel in the previous \nquarter to US$68.38/barrel in the fourth quarter \nof 2018. Figure 3 shows the monthly evolution \nof crude oil prices for the period from January \n2017 to December 2018. \n \n \n \n \n \n \n0\n200\n400\n600\n800\n1000\n1200\n0\n200\n400\n600\n800\n1000\n1200\n1400\nDec-17\nJan-18\nFeb-18\nMar-18\nApr-18\nMay-18\nJun-18\nJul-18\nAug-18\nSep-18\nOct-18\nNov-18\nDec-18\nGold\nPlatinum (RHS)\n0\n2000\n4000\n6000\n8000\n10000\n12000\n14000\n16000\n0\n1000\n2000\n3000\n4000\n5000\n6000\n7000\n8000\nDec-17\nJan-18\nFeb-18\nMar-18\nApr-18\nMay-18\nJun-18\nJul-18\nAug-18\nSep-18\nOct-18\nNov-18\nDec-18\nCopper\nNickel (RHS)\n \n9 \nFigure 3: Brent Crude Oil Prices (US$/Barrel) \nJanuary 2017 to December 2018 \nSource: Bloomberg, 2018 \n \nMERCHANDISE TRADE \nDEVELOPMENTS3 \nTotal merchandise trade rose by 7.6%, from \nUS$2,869.9 million in the third quarter of 2018 \nto US$3,089.0 million in the fourth quarter. A \ncomparison of total merchandise trade for the \nfourth quarters of 2017 and 2018 shows that it \nincreased by 12.7%, from US$2,741.1 million in \nthe fourth quarter of 2017 to US$3,089.0 million, \nin the fourth quarter of 2018. \n \nMerchandise Export Developments \nMerchandise exports increased by 13.0%, from \nUS$1,146.0 million realized in the third quarter \nof 2018 to US$1,295.0 million in the fourth \nquarter. The increase was largely underpinned by \nthe increase in exports of flue-cured tobacco. \n \n3 Zimstat did not publish merchandise export and import \nfigures for December 2017 and January 2018. In \ncompiling this report, the January and December import \nFigure 4: Quarterly Merchandise Exports \n(US $m) \n \nSource: Zimstat, 2018 \n \nThe country’s export basket continued to be \ndominated by primary commodities in particular \ngold, flue-cured tobacco, nickel, ferrochrome, \nchrome and industrial diamonds, contributing \nabout 80% of the total exports, as shown in Table \n3. \n \n \n \n \n \n \nfigures for period 2010-2016 were averaged, to come up \nwith estimates for December 2017 and January 2018. \n45\n50\n55\n60\n65\n70\n75\n80\n85\nDec-17\nJan-18\nFeb-18\nMar-18\nApr-18\nMay-18\nJun-18\nJul-18\nAug-18\nSep-18\nOct-18\nNov-18\nDec-18\n1,146.0 \n1,295.0 \n -\n 500.0\n 1,000.0\n 1,500.0\n2018 Q3\n2018 Q4\n \n10 \nTable 3: Quarterly Merchandise Exports By \nCommodity (US$ m) \n \nCommodity \n3rd \nQuarter \n2018 \n(US$m) \n4th \nQuarter \n2018 \n(US$m) \n4th \nQuarter \n2018 \nShare of \nTotal (%) \nSemi-\nmanufactured \ngold \n406.4 \n183.6 \n39.9 \nFlue-cured \ntobacco \n167.0 \n517.1 \n39.9 \nNickel mattes \n141.6 \n138.1 \n10.7 \nNickel ores and \nconcentrates \n105.0 \n109.8 \n8.5 \nFerro-chromium \n68.0 \n58.1 \n4.5 \nChromium ores \nand concentrates \n25.3 \n21.8 \n1.7 \nGinned cotton \n23.3 \n17.9 \n1.4 \nCane sugar \n17.2 \n13.3 \n1.0 \nUnwrought** \nPlatinum \n10.5 \n12.4 \n1.0 \nOther \n161.6 \n185.8 \n14.3 \nTotal \n1146.0 \n1295.0 \n100.0 \nSource: Zimstat, & Reserve Bank of Zimbabwe calculations, \n2018 \n** Unwrought platinum excludes the platinum group of metals \n(PGMs) \n \nMajor Merchandise Export Destinations \nDuring the fourth quarter of 2018, the country’s \nexports were mainly destined for South Africa, \naccounting for about 63.5% of total exports, \nfollowed by the United Arab Emirates (9.3%) \nand Mozambique (9.3%). Table 4 shows the \ncountry’s major export markets, during the \nperiod under analysis. \nTable 4: Merchandise Export Shares (%) \n \n \nCountry\n \n2018 Q4 \n(US$ million) \nShare of \nExports (%) \nSouth Africa \n822.7 \n63.5 \nMozambique \n120.9 \n9.3 \nU.A.E \n119.9 \n9.3 \nZambia \n19.7 \n1.5 \nBelgium \n14.7 \n1.1 \nBotswana \n9.1 \n0.7 \nKenya \n8.1 \n0.6 \nChina \n5.1 \n0.4 \nNamibia \n2.5 \n0.2 \nNetherlands \n2.0 \n0.2 \nOther \n170.5 \n13.2 \nTotal \n1295.2 \n100.0 \nSource: Zimstat & Reserve Bank of Zimbabwe computations, \n2018 \n \nMerchandise Import Developments \nTotal merchandise imports increased by 18.9%, \nto close at US$1,794.0 million, during the fourth \nquarter of 2018. This compares with the total \nimport bill of US$1,510.8 million, recorded \nduring the comparative period in 2017. The \ncountry’s import bill was mainly composed of \ndiesel, petrol, wheat, crude soya bean oil and \nfertilizers. Notably, diesel and petrol imports \ncollectively constituted about 25% of total \nimports, during the period under analysis. \n \nOn a quarter - on - quarter basis, merchandise \nimports increased by 4.1% to US$1794.0 million \nin the fourth quarter of 2018, from US$1,723.9 \nmillion in the third quarter. The increase was \nlargely underpinned by higher imports of diesel, \npetrol and fertilizers, during the period under \nreview. \n \n \n \n11 \nFigure 5: Quarterly Merchandise Imports for Q3 \nand Q4 2018 \n \n \nSource: Reserve Bank of Zimbabwe computations, Zimstat, 2018 \n \nMajor Import Sources \nDuring the last quarter of 2018, the country’s \nimports were mainly sourced from South Africa \n(39.6%); Singapore (21.3%); China (6.1%); UK \n(4.6%); Zambia (4.3%); Mauritius (3.3%); and \nJapan (3.1%), as shown in Figure 6. \nFigure 6: Major Merchandise Import Sources \n(% Share) \n \n \nSource: Zimstat & Reserve Bank of Zimbabwe computations, \n2018 \n \n \n \nTrade balance \nThe country’s trade balance narrowed to a deficit \nof US$499.0 million in the last quarter of 2018, \nfrom a deficit of US$577.9 million recorded in \nthe third quarter, as shown in Figure 7. \n \n \nFigure 7: Merchandise Trade Balance \n(US$ m) \n \n \nSource: Zimstat, 2017 & Reserve Bank of Zimbabwe \ncomputations, 2018 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n1,723.9\n1,794.0\n2 0 1 8 Q3\n2 0 1 8 Q4\n39.6 \n21.3 \n6.1 \n4.6 \n4.3 \n3.3 \n3.1 \n2.1 \n2.0 \n1.5 \n -\n 10.0 20.0 30.0 40.0 50.0\nSouth Africa\nSingapore\nChina\nUnited Kingdom\nZambia\nMauritius\nJapan\nIndia\nUnited Arab Emirates\nMozambique\n1,146.0 \n1,295.0 \n1,723.9\n1,794.0\n(577.9)\n(499.0)\n3R D QU A R TE R 2018\n4TH QU A R TE R 2018\nExports\nImports\nTrade Balance\n \n12 \n3. DOMESTIC \nECONOMIC \nDEVELOPMENTS \n \nREAL SECTOR DEVELOPMENTS \n \nThe economy is projected to grow by 4.0% in \n2018, down from the initial projection of 6.3%. \nDuring the last half of the year, the economy was \ncharacterised by a slowdown in economic \nactivity, due to foreign currency supply \nconstraints and rising inflationary pressures. \nThese challenges adversely affected the mining, \nmanufacturing and services sectors. \n \nFigure 8 shows developments in real GDP for \nthe period from 2009 to 2018. \n \n \nFigure 8: Real GDP Growth (%): 2009-2017 and \n2018 Projection \n \n \n \nSource: \nZimstat, \nMinistry \nof \nFinance \nand \nEconomic \nDevelopment and Reserve Bank of Zimbabwe, 2018 \n \n \nAGRICULTURE \n \n \nRainfall \nThe Meteorological Services Department mid-\nseason rainfall forecast review and update \nrevealed that most of the country received below \nnormal rainfall in the first half of the season, \nfrom October to December 2018. The forecast \nfor the rest of the season put the whole country \nwithin the normal to below normal rainfall. \n \nMaize and Soya bean \n \nA total of 298 246 hectares of land were put \nunder maize and soya bean crop production, \nunder the Command Agriculture programme in \nthe 2018-19 summer cropping season. Table 5 \nshows the area contracted for maize and soya \nbean under the Command Agriculture program. \n \nTable 5: Area contracted and area planted for \nmaize and soya beans under Command \nAgriculture. \n \nCrop \nArea \nContracted \n(Ha) \nNumber of \nContracted \nFarmers \nMaize \n269 776 \n51 924 \nSoya \n28 470 \n1 776 \n \nThe 2019 National Budget Statement indicated \nthat government would be winding down \nfunding for Command Agriculture. In this \nregard, it is expected that alternative financing \nmechanisms would be devised for the production \nof strategic crops, on a commercial basis. The \nprivate sector could play a pivotal role in \ndeveloping a shared risk contract farming \narrangement with farmers. \n0.0\n5.0\n10.0\n15.0\n20.0\n25.0\n2009\n2010\n2011\n2012\n2013\n2014\n2015\n2016\n2017\n2018\n \n13 \nTobacco \n \nThe area planted under tobacco was 100 244 \nhectares by end of December 2018, up by 7.5% \nfrom the 93 212 hectares planted in the previous \nseason. The growth in hectarage was, in part, \nattributed to improved interest in the cash crop as \nreflected by the surge in farmer registration, \nfollowing a hugely successful 2017-18 season. \nNew grower registrations increased by 25%, \nlargely comprising of communal farmers. The \nbreakdown of the season’s plantings is shown in \nTable 6. \n \nTable 6: Area under Tobacco \n(Hectares) \n \n \n2017/18 \nSeason \n2018/19 \nSeason \nIrrigated \n15 779 \n16 847 \nDryland \n77 433 \n83 397 \nTotal \n93 212 \n100 244 \n Source: Tobacco Industry and Marketing Board, 2018 \n \nWheat \n \nWheat output stood at 160 663 tonnes in 2018, \nup from 158 515 tonnes in 2017. This was \ndespite the 22% decline in area planted, which \nfell from 43 846 hectares in 2017 to 34 686 \nhectares in 2018. The decline in hectarage was \nlargely due to viability concerns, due to high \nirrigation costs which adversely affected some \nfarmers in 2017. The increase in wheat output \ncould be attributed to the 28.3% increase in yield \nper hectare, reflecting increased productivity by \ntraditional wheat farmers. The crop benefited \nfrom adequate water supplies and stable power \nsupply, which supported irrigation activities. \nFigure 9 shows the wheat output trends since \n2000. \n \nFigure 9: Wheat Production Trends \n \n \nSource: Ministry of Lands, Agriculture, Water, Climate and \nRural Resettlement, 2018 \n \nLivestock Slaughters \n \nLivestock offtake improved in 2018, compared \nto 2017, as reflected in the increase in the number \nof slaughters for cattle, pigs, goats and sheep at \nformal abattoirs. Table 7 shows the quarterly \nlivestock slaughter statistics for cattle, pigs, \nsheep and goats in 2018. \n \nTable 7: Quarterly Livestock Slaughters in 2018 \n \n \nCattle \nPigs \nSheep and \nGoats \nQ1 \n66 573 \n37 324 \n6 168 \nQ2 \n70 194 \n42 813 \n7 088 \nQ3 \n71 290 \n44 831 \n6 146 \nQ4 \n57 846 \n49 081 \n4 614 \nTotal 2018 \n265 903 \n174 049 \n24 016 \nTotal 2017 \n263 006 \n153 164 \n22 778 \nVariance \n1.1 \n13.6 \n5.4 \nSource: Ministry of Lands, Agriculture, Water, Climate and \nRural Resettlement, 2018 \n0\n50000\n100000\n150000\n200000\n250000\n0\n10\n20\n30\n40\n50\n60\n70\n80\n2000\n2002\n2004\n2006\n2008\n2010\n2012\n2014\n2016\n2018\nThousands\nArea (ha) (Left)\nOutput (t)\n \n14 \n \nCattle \n \n \nDuring the last quarter of 2018, cattle slaughters \nat formal abattoirs totalled 57 846 head, a 19% \ndecline from 79 290 head slaughtered in previous \nquarter. Cattle slaughters declined by 12%, \ncompared to the corresponding period in 2017. \nThe decline could be partly attributable to a fall \nin the demand for beef, following the hike in beef \nprice during the fourth quarter of 2018. The \nhigher disease incidence reported in 2018, which \nresulted in some cattle deaths, could also have \naffected slaughters in the fourth quarter as \nfarmers withheld stock for draught power and \nbreeding purposes. \n \nPrivate abattoirs accounted for 98% of the cattle \nslaughters during the quarter under review, as the \nCold Storage Company continued to struggle to \nrecapitalise its operations and take advantage of \nits massive installed capacity. \n \nFigure 10: Quarterly Cattle Slaughters \n \n \nSource: Ministry of Lands, Agriculture, Water, Climate and \nRural Resettlement, 2018 \n \n \nPigs \n \nPig slaughters increased to 49 081 in the fourth \nquarter of 2018, from 44 831 in the third quarter \nof 2018, and 39 394 in the fourth quarter of 2017. \nThe increase could be attributed to cautionary \nofftake in anticipation of low grain output, which \nis expected to push up the price of stock feeds. \nFigure 11: Quarterly Pig Slaughters \n \n \nSource: Ministry of Lands, Agriculture, Water, Climate and \nRural Resettlement, 2018 \n \nMilk Production \n \nMilk output from the formal sector increased by \n7% to 21 million litres in the fourth quarter of \n2018. This was also 18% higher than the 17.8 \nmillion litres produced during the corresponding \nperiod in 2017. Cumulatively, fresh milk output \nsurged by 13.6% in 2018, compared to the 2017 \noutput levels. This largely reflected continued \nefforts by Government and producers to improve \nthe dairy herd. The increase in milk output also \ndovetails with the thrust of the Zimbabwe \nAssociation of Dairy Farmers (ZADF) Strategic \nPlan (2018 to 2022), which aims to raise \nproduction levels to 130 million litres per annum \nby 2022. \n \n \n \n \n \n \n40000\n45000\n50000\n55000\n60000\n65000\n70000\n75000\n80000\nQ1\nQ2\nQ3\nQ4\n2016\n2017\n2018\n20000\n25000\n30000\n35000\n40000\n45000\n50000\n55000\nQ1\nQ2\nQ3\nQ4\n2016\n2017\n2018\n \n15 \nFigure 12: Quarterly Fresh Milk Output \n \n \nSource: Ministry of Lands, Agriculture, Water, Climate and \nRural Resettlement, 2018 \n \n \nMINING \nThe mining sector continued on a positive \ngrowth path during the third quarter of 2018, \nwith strong performance registered in minerals \nsuch as the platinum group of metals (PGMs), \ngold, diamond and nickel. Investments in new \nmining developments and technologies, by some \nmining houses, as well as the acquisition of plant \nand \nequipment \nunderpinned \nthe \nstrong \nperformance. Chrome ore and coal output, \nhowever, under- performed as shown in Table 8. \n \nTable 8: Mineral Production: Q3 2017 and 2018 \n \n \nCumulative \nJan-Sept \n2018 \nQ3 2018 \nQ3 2017 \nVariance \nQ3 2017 \nvs Q3 \n2018 (%) \nGold (kg) \n29 525 \n11 412 \n7504 \n52.1 \nChrome \n(tonnes) \n1 371 566 \n456 241 \n539 549 \n-15.4 \nCoal \n(tonnes) \n2 972 897 \n1 051 377 \n1 106 020 \n-4.9 \nNickel \n(tonnes) \n13 351 \n4 586 \n3 914 \n17.2 \nPlatinum \n(kg) \n10 996 \n3 814 \n2 881 \n32.4 \nPalladium \n(kg) \n9 035 \n3 132 \n2 367 \n32.3 \nDiamonds \n(Carats) \n2 551 588 \n647 120 \n628 245 \n3.0 \nSource: Ministry of Mines and Chamber of Mines, 2018 \nGold \n \nGold output stood at 5.529 tonnes in the fourth \nquarter of 2018, compared to 8.163 tonnes in the \nsame period in 2017. This reflected a 32% \ndecline from production achieved in the fourth \nquarter of 2017, attributable to the decline in \ndeliveries from small scale miners. Artisanal \nminers diverted gold to alternative markets, \nreflecting the adverse impact of the shock that \nhappened in October 2018, which affected the \npricing mechanism for gold. \n \nFigure 13: Quarterly Trends in Gold Output by \nSector: 2017 vs 2018 \n \nSource: Fidelity Printers and Refinery, Ministry of Mines, \n2018 \n \nPGMs \nThe output of PGMs increased in 2018, \ncompared to 2017, a result of operational \nefficiencies at mines across the country. Quarter- \non- quarter platinum output, however, declined \nto 3 707 kg in the fourth quarter of 2018, from \n3 814 kg in the third quarter of 2018. The \nplatinum output for the quarter under review was \nalso 10% lower than output realised in the \n0.00\n5.00\n10.00\n15.00\n20.00\n25.00\nQ1\nQ2\nQ3\nQ4\nMillions\n2016\n2017\n2018\n1140\n1160\n1180\n1200\n1220\n1240\n1260\n1280\n1300\n1320\n1340\n0\n1000\n2000\n3000\n4000\n5000\n6000\n7000\n8000\n9000\nQ3\n2017\nQ4\n2017\nQ1\n2018\nQ2\n2018\nQ3\n2018\nQ4\n2018\nLarge scale\nSmall Scale\nPGM\nAverage Prices (US$/ounce)\n \n16 \ncomparable period in 2017. Similarly, palladium \noutput declined by 12% to 3 058 kg in the fourth \nquarter of 2018, from 3 460 kg produced during \nthe fourth quarter of 2017. \n \nThe sustained decline in prices of platinum was \nlargely explained by ample supplies, amid \nslowing global demand, particularly from the \nautomotive industry. Palladium prices, however, \nincreased steadily, driven by soaring demand for \nthe metal, for use as an automotive catalytic \nconvertor in car exhaust systems. \n \nFigure 14: Quarterly Trends in Platinum output \nand Prices: 2017-2018 \nSource: Ministry of Mines, 2018 \n \n \n \n \n \n \n \nFigure 15: Quarterly trends in Palladium Output \nand Prices: 2017-2018 \nSource: Ministry of Mines, 2018 \n \nDiamond \nDiamond output stood at 774 792 carats in the \nfourth quarter of 2018, about 3% above the 491 \n580 carats produced in the same period in 2017. \nThe capitalisation of Zimbabwe Consolidated \nDiamond Company (ZMDC) supported the \ngrowth of production in the diamond industry, \nduring the quarter under review. \n \nNickel \nNickel output at 4 498 tonnes in the fourth \nquarter 2018, was 9% more than the output \nproduced in the comparable period in 2017. The \noutput of the base metal rose due to increased \nPGM mining activities, as well as primary \nproduction at Bindura Nickel Corporation \n(BNC). \n \n \n \n0\n200\n400\n600\n800\n1000\n1200\n0\n500\n1000\n1500\n2000\n2500\n3000\n3500\n4000\n4500\nQ1 2017\nQ2 2017\nQ3 2017\nQ4 2017\nQ1 2018\nQ2 2018\nQ3 2018\nQ4 2018\nPlatinum (kg)\nAverage Price (US$/ounce)\n0.00\n200.00\n400.00\n600.00\n800.00\n1000.00\n1200.00\n1400.00\n0\n500\n1000\n1500\n2000\n2500\n3000\n3500\n4000\nQ1 2017\nQ2 2017\nQ3 2017\nQ4 2017\nQ1 2018\nQ2 2018\nQ3 2018\nQ4 2018\nPalladium (Kg)\nAverage international prices (US$/ounce)\n \n17 \nChrome \nChrome ore production fell to 397 388 tonnes \nduring the fourth quarter of 2018, from about \n447 625 tonnes in the third quarter. Output was \nalso 12% lower than the 452 978 tonnes \nproduced in the same period in 2017. Chrome ore \nmining was weighed down by a combination of \nreduced demand from the key consumer, China \nand the trade war between China and the US. \n \nMANUFACTURING \n \nAccording to the 2018 CZI Manufacturing \nSector Survey, capacity utilisation in the \nmanufacturing sector rose by 3.1 percentage \npoints, from 45.1% in 2017 to 48.2% in 2018. \nThe increase was largely on account of the \nimplementation of measures that sought to \npromote import substitution and exports, by \nGovernment. Sub-sectors such as foodstuffs; \ndrinks, tobacco and beverages; and wood and \nfurniture, recorded improvements in capacity \nutilisation. \n \nFigure 16: Manufacturing Sector Capacity \nUtilisation: 2013 to 2018 (%) \nSource: CZI, 2018 \n \n \nFoodstuffs \n \n \nThe foodstuffs sub-sector was boosted by the \nincrease in the processing of dairy products. Milk \nintake by dairy processors increased by 7%, from \n17.8 million litres recorded during the third \nquarter of 2018, to 19 million litres recorded in \nthe fourth quarter. The milk intake also increased \nby 19%, during the quarter ending December \n2018, compared to the comparable quarter in \n2017. \n \nInvestments in the dairy sector, at both farm and \nprocessing \nlevel, \ncoupled \nwith \nthe \nimplementation of SI 122 of 2017, resulted in the \nreduction in the importation of milk and milk-\nbased products, thus boosting local production. \n \nTable 9: Milk intake by Dairy Processors: 2017-\n2018 \n \nQuarter \nEnding \n2017 \n2018 \n \n% \nDifference \nIntake by \nProcessors \n(Litres) \nIntake by \nProcessors \n(Litres) \nMarch \n13,908,651 \n15,187,734 \n9.20 \nJune \n13,912,861 \n15,906,695 \n14.33 \nSeptember \n15 647 350 \n17 778 967 \n13.62 \nDecember \n15 976 279 \n19 089 989 \n19.49 \nSource: Zimbabwe Association of Dairy Farmer, 2018 \n \nChemical Sub-sector \n \nThe chemical and petroleum sub-sector was \nweighed down by the low production of \nAmmonium Nitrate (AN). \n \n \n \n \n \n \n36.1\n36.5\n34.3\n47.4\n45.1\n48.2\n0\n10\n20\n30\n40\n50\n60\n2013\n2014\n2015\n2016\n2017\n2018\n \n18 \nTable 10: Ammonium Nitrate Production \n \n \nSource: Sable Chemicals, 2018 \n \nThe output of ammonium nitrate stood at 3 516 \ntonnes, during the fourth quarter of 2018, which \nwas 86% below the target of 24 973 tonnes. \nCumulatively, 38 118 tonnes of ammonium \nnitrate were produced in 2018, against a target of \n89 933 tonnes. \n \nELECTRICITY \nElectricity output for the fourth quarter of 2018 \namounted to 2,772.82 GWh, a 4.5% increase \nfrom 2,652.8 GWh produced in the previous \nquarter. The increase in water supply by Zambezi \nRiver Authority underpinned the increase in \npower output at Kariba Power Station. In \naddition, Nyangani Renewable Energy an \nindependent power producer, commissioned a \nnew 2.5 MW solar plant in Mutoko in April \n2018. \n \n \n \n \n \n \n \n \n \n \nTable 11: Electricity production \n \n \nSource: ZERA, ZPC, 2018 \n \nOn an annual basis, electricity production \nincreased by 27%, from 7400.2 GWh in 2017 to \n9371.3 GWh in 2018. The increase was \nattributable to the expansion program on the \nKariba South hydropower station. Figure 17 \nshows the quarterly electricity generation \nstatistics by the Zimbabwe Power Company \ninstallations \nand \nthe \nIndependent \nPower \nproducers (IPPs) in 2017 and 2018. \n \nFigure \n17: \nElectricity \nEnergy \nSent \nOut \n(GWh)(2017 – 2018) \n \nSource: Zimbabwe Power Company, 2018 \n \nQuarter \n3/2018\nQuarter \n4/2018\nItem\nActual\nActual\nActual\nTarget\nAN\nProduced \n(Tonns)\nCapacity \nUtilisation\n(%)\n22%\n5%\nYear to date 2018\n13 275\n3 516\n38,118\n89,933\nPower \nStation\nQ3\nQ4\nTotal 2018 Total 2017\nKariba\n1597.93\n1695.71\n5,377.30\n3,850.20\nHwange\n862.29\n959.47\n3,425.80\n3,202.40\nBulawayo\n21.61\n25.63\n88\n53.6\nMunyati\n19.46\n12.65\n81.3\n38.3\nHarare\n20.25\n2.61\n66.3\n75.4\nIPPS\n131.31\n76.75\n332.6\n180.3\nTotal\n2,652.84\n2,772.82\n9,371.30\n7,400.20\n0.0\n500.0\n1000.0\n1500.0\n2000.0\n2500.0\n3000.0\nQ1\nQ2\nQ3\nQ4\n2018\n2017\n \n19 \n4. INFLATION DEVELOPMENTS \n \n \nAnnual headline inflation increased from 5.4% \nas at end of September 2018 to 42.1% in \nDecember 2018. The surge in annual inflation, \nevident in both food and non-food inflation was \nunderpinned by high premiums on the parallel \nmarket, which led to widespread speculative and \nmultiple pricing in the economy. Figure 18 \ndepicts inflation developments for the period \nfrom January 2017 to December 2018. \n \nFigure 18: Annual Inflation Profile (%) \n \nSource: Zimstat, 2018 \n \nAnnual Food Inflation \n \nAnnual food inflation accelerated from an \naverage of 7.3% in the third quarter of 2018, to \n41.1% in the fourth quarter. On average, all food \ncategories recorded significant increases during \nthe fourth quarter of 2018. Significant price \nincreases were registered for oils and fats (61%); \nmeat \n(55.7%); \nsugar \njam \nhoney \nand \nconfectionaries (46.0%); fruit (39.6%); and non-\nalcoholic beverages (37.6%). The increase in oils \nand fats was, in part, on account of higher costs \nof procuring imported raw material such as crude \noil, while meat prices responded to the \nbenchmarking of prices to parallel market \npremiums and the slowdown in cattle slaughters. \n \nAnnual Non-food inflation \n \nAnnual non-food inflation rose from an average \nof 3.7% in the third quarter to 26.36% in the \nfourth quarter, on account of increases in prices \nacross all CPI categories. The highest price \nincrease was recorded for clothing and footwear \nat an average of 68.2%, during the period under \nreview. \nOther \ncategories \nthat \nregistered \nsignificant increases were recreation and culture, \n(51.1%); furniture, household equipment and \nmaintenance, (46.2%); and transport, (32.7%). \n \nRegional Inflation Developments \nZimbabwe’s annual inflation rate, at 42.1% in \nDecember 2018, was the highest in the region \nand significantly above the SADC macro-\neconomic convergence target range of 3-7%. \n \n \nTable 12: Regional Annual Inflation Trends \n \nMar\n2018 \nJun \n2018 \nSept \n2018 \nDec \n2018 \nZimbabwe \n2.7 \n2.9 \n5.4 \n42.1 \nSA \n3.8 \n4.6 \n4.9 \n4.5 \nBotswana \n2.8 \n3.1 \n2.9 \n3.5 \nMozambique \n3.1 \n4.4 \n4.9 \n3.5 \nTanzania \n3.9 \n3.4 \n3.4 \n3.3 \nZambia \n7.1 \n7.4 \n7.9 \n7.9 \nMalawi \n9.9 \n8.6 \n9.5 \n9.9 \nUSA \n2.4 \n2.9 \n2.3 \n1.9 \nSource: Zimstat, 2018 and Country Bank websites,2018. \n-10.0\n0.0\n10.0\n20.0\n30.0\n40.0\n50.0\n60.0\nDec-17\nJan-18\nFeb-18\nMar-18\nApr-18\nMay-18\nJun-18\nJul-18\nAug-18\nSep-18\nOct-18\nNov-18\nDec-18\nFood Inflation\nNon-Food Inflation\nAll Items\n \n20 \n5. MONETARY \nDEVELOPMENTS, \nINTEREST RATES AND FINANCIAL \nMARKETS \n \nBroad money 4 supply growth stood at 1.9% in \nthe fourth quarter of 2018, compared to 11.1% \nrecorded in the third quarter. In nominal terms, \nhowever, the money supply stock increased from \n$9 821.94 million in September 2018, to \n$10, 009.91 million in December 2018. The \ngrowth in money supply reflected expansions in \nnegotiable certificates of deposits, 11.76%; \ncurrency in circulation5, 2.28%; transferrable \ndeposits, 1.93%; and time deposits, 1.34%. \nOn an annual basis, money supply grew by \n28.05% in December 2018, compared to 31.66% \nrecorded in December 2017. \nFigure 19 shows annual broad money supply in \nnominal terms as well as growth rates. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n4 From November 2017, broad money adjusted by a \nreclassification of lines of credit that were incorrectly \nclassified as deposits included in broad money. This \nreduced the stock of money and at the same time reducing \nthe net foreign assets of other depository corporations. \nFigure 19: Annual Broad Money Supply Growth \nRates and Levels \n \n \n Source: Reserve Bank of Zimbabwe, 2018 \n \nDomestic Credit \nNet domestic credit increased by 5.79%, during \nthe quarter under review, compared to 14.12% \nrecorded in the previous quarter. In nominal \nterms, net domestic credit increased from $14 \n162.80 million in September 2018 to $14 982.34 \nmillion in December 2018. Growth in net \ndomestic credit continued to be driven by net \nclaims on Government. \n \nCredit to the private sector, which recorded a \nquarter-on-quarter decline of 0.54% in the third \nquarter of 2018, recorded a positive growth of \n4.33% in the last quarter. On an annual basis, \ncredit to the private sector grew by 9.12% to \n5 Currency in circulation alludes to bond notes and coins \noutside the banking system. \n0\n5\n10\n15\n20\n25\n30\n35\n40\n45\n50\n0.5\n1.5\n2.5\n3.5\n4.5\n5.5\n6.5\n7.5\n8.5\n9.5\nDec-16\nFeb-17\nApr-17\nJun-17\nAug-17\nOct-17\nDec-17\nFeb-18\nApr-18\nJun-18\nAug-18\nOct-18\nDec-18\nANNUAL GROWTH (%)\nUS$ Billion\nTransferable Deposits\nTime Deposits\nNCDs\nCurrency in Circulation\nGrowth\n \n21 \n$4 058.65 million, from $3 719.43 million \nrecorded in December 2017. \n \nDuring the period under review, credit to other \nsectors of the economy was distributed as \nfollows: \nhouseholds, \n26.33%; \nagriculture, \n19.36%; services, 13.65%; distribution, 12.38%; \nmanufacturing, 9.96%; financial organisations \nand investments, 7.08%; mining, 4.46%; \nconstruction, \n3.07%; \ntransport \nand \ncommunications, 2.23%. \n \nFigure 20: Sectoral Distribution of Credit \n \n \n \nSource: Reserve Bank of Zimbabwe, 2018 \n \nCredit to the private sector was utilised for \ninventory build-up, 24.75%; consumer durables, \n20.50%; fixed capital investment, 12.26%; and \npre and post shipment financing, 1.71%. Other \nrecurrent expenditures accounted for 40.74% of \nthe total outstanding loans and advances. \n \nInterest Rates \nDuring the fourth quarter of 2018, nominal \nlending rates quoted by most banks ranged \nbetween 5% and 18%. Average maximum \ninterest rates for savings deposits increased, from \n3.88% in the third quarter of 2018 to 4.16% in \nthe fourth quarter. The average maximum \ndeposit rates for 60-day and 90-day time deposits \ndeclined marginally, from 3.58% and 3.94% to \n3.47% and 3.86%, respectively. \n \n \n6. STOCK MARKET DEVELOPMENTS \n \nThe fourth quarter of 2018 saw improved trading \nactivity in some selected wealth preserving \ncounters on the Zimbabwe Stock Exchange. This \nresulted in an increase in the All Share (ASI) and \nTop 10 Indices by 27.03% and 23.32% to 146.24 \npoints and 145.02 points, respectively as shown \nin Figure 21. \n \nFigure 21: ZSE All share and Top 10 Indices \n \n \n \nSource: Zimbabwe Stock Exchange, 2018 \n \nMarket capitalization \n \nZSE market capitalization gained $7.16 billion, \nto close at $19.42 billion in the fourth quarter of \n2018, from $12.27 billion recorded as at end \nSeptember 2018. On a year-on-year basis, the \nlocal bourse gained $9.84 billion worth of \nConstruction, \n3.07%\nTransport and \nCommunication, 2.23%\nMining, \n4.46%\nFin Organ \n& Invest, \n7.08%\nDistrubution, \n13.38%\nServices, \n13.65%\nManufacturing, \n9.96%\nAgriculture, 19.36%\nHouseholds, \n26.33%\nOther, \n0.48%\n0.00\n50.00\n100.00\n150.00\n200.00\n250.00\n40.00\n90.00\n140.00\n190.00\n240.00\n31-Dec-17\n28-Feb-18\n30-Apr-18\n30-Jun-18\n31-Aug-18\n31-Oct-18\n31-Dec-18\nTop 10 Index\nAll Share Index\nAll Share Index\nTop 10 Index\n \n22 \ncapitalization. Figure 22 shows developments in \nZSE market capitalization. \n \nFigure 22: ZSE Market Capitalization \n \n \nSource: Zimbabwe Stock Exchange, 2018 \n \nIndustrial and Mining Indices \n \nThe industrial index gained by 25.88% to 487.13 \npoints in the fourth quarter of 2018, from 386.97 \npoints in the third quarter. Similarly, the mining \nindex rose from 163.76 points as at end \nSeptember 2018 to 227.71 points as at end \nDecember 2018. The exponential growth \nregistered in the industrial and mining indices \nduring the last quarter of 2018 was, in large part, \na result of increased hedging activities by \ninvestors, owing to heightened uncertainties in \nthe economy. On a year-on-year basis, the \nindustrial and mining indices grew by 46.28% \nand 59.91%, respectively. Figure 25 depicts \nmovements in the industrial and mining indices. \n \n \n \n \n \n \nFigure 23: ZSE Indices \n \n \nSource: Zimbabwe Stock Exchange, 2018 \n \nMarket Turnover \nSignificant increases in share prices were \nrecorded for most heavyweight counters on the \nZSE, during the quarter under review. This was \nattributable to significant demand, amid limited \nselling. \n \nConcomitantly, market turnover increased from \n$226.54 million in the third quarter of 2018 to \n$422.79 million in the fourth quarter. The \nvolume of shares traded, however, declined by \n36.28% to 613.3 million shares, in the fourth \nquarter of 2018, from 962.42 million shares sold \nin the third quarter. \n \n \n \n \n \n \n \n \n \n \n \n \n2,000\n4,000\n6,000\n8,000\n10,000\n12,000\n14,000\n16,000\n18,000\n20,000\n22,000\n24,000\n31-Dec-17\n31-Jan-18\n28-Feb-18\n31-Mar-18\n30-Apr-18\n31-May-18\n30-Jun-18\n31-Jul-18\n31-Aug-18\n30-Sep-18\n31-Oct-18\n30-Nov-18\n31-Dec-18\nUS$ Millions\n0\n50\n100\n150\n200\n250\n300\n350\n400\n450\n70\n140\n210\n280\n350\n420\n490\n560\n630\n700\n770\nDec-17\nJan-18\nFeb-18\nMar-18\nApr-18\nMay-18\nJun-18\nJul-18\nJul-18\nAug-18\nSep-18\nOct-18\nNov-18\nDec-18\nDec-18\nMining\nIndustrial\nIndustrial Index\nMining Index\n \n23 \nFigure 24: ZSE Market Turnover Value \n \nSource: Zimbabwe Stock Exchange, 2018 \n \n7. PAYMENT, \nCLEARING \nAND \nSETTLEMENT ACTIVITIES \n \nThe value of transactions processed through the \nNational Payment Systems (NPS) increased by \n2% to close at US$44.89 billion as at end \nDecember 2018, from US$43.83 billion recorded \nas at end September 2018. NPS transaction \nvolumes decreased by 8% to 534.43 million in \nthe fourth quarter of 2018, from 580.64 million \nin the third quarter. \n \nDuring the quarter under analysis the NPS \nregistered declines in the following payment \nstreams: POS (-2%); Mobile Banking (-0.5%); \nInternet (-9%); Cheque (-1%). Increases in \ntransaction values were, however, registered for \nATMs, 30%; RTGS, 6%; and Cash, 29%, during \nthe same period. \n \nTable 14 provides the statistical information on \nthe various payment streams for the fourth \nquarter ending December 2018. \n \n \n \nTable 13: Consolidated Transaction Activities \n \n \nSource: Reserve Bank of Zimbabwe, 2018 \n \nLarge Value Payments \n \nZimbabwe \nElectronic \nTransfer \nand \nSettlement System \n \nThe value of transactions processed through the \nRTGS system increased by 6% to US$24.50 \nbillion, during the quarter ending December \n2018, from US$23.21 billion recorded in the \nquarter ending September 2018. The volume of \ntransactions \nprocessed \nthrough \nthe \nNPS \nregistered a decrease of 8% to 1,527,529 in the \nfourth quarter of 2018, as shown in Figure 25. \n \n \n \n \n0\n20\n40\n60\n80\n100\n31-Dec-17\n28-Jan-18\n25-Feb-18\n25-Mar-18\n22-Apr-18\n20-May-18\n17-Jun-18\n15-Jul-18\n12-Aug-18\n09-Sep-18\n07-Oct-18\n04-Nov-18\n02-Dec-18\n30-Dec-18\nUS$ Millions\nPayment \nStream\nQ3 2018\nQ4 2018\nChange\nProportion\nRTGS\n23,208\n24,505\n6%\n54.59%\nCASH\n747\n961\n29%\n2.14%\nCHEQUE\n11\n11\n-1%\n0.02%\nPOS\n2,444\n2,396\n-2%\n5.34%\nATMS\n40\n52\n30%\n0.12%\nMOBILE\n13,468\n13,406\n-0.50%\n29.87%\nINTERNET\n3,911\n3,558\n-9%\n7.93%\nTOTAL\n44,828\n44,888\n2%\n100%\nRTGS\n1,656,113\n1,527,529\n-8%\n0.29%\nCASH\n5,634,637\n5,413,160\n-4%\n1.01%\nCHEQUE\n54,590\n54,059\n-8%\n0.01%\nPOS\n75,243,348\n68,357,144\n-9%\n12.79%\nATMs\n841,284\n916,686\n9%\n0.17%\nMOBILE\n495,624,229\n456,830,213\n-8%\n85.48%\nINTERNET\n1,589,547\n1,335,669\n-16%\n0.30%\nTOTAL\n534,430,640\n534,430,640\n-8%\n100%\nVALUES IN USD\nVOLUMES\n \n24 \nFigure 25: RTGS Values and Volumes (Q4 2018) \n \n \nSource: Reserve Bank of Zimbabwe, 2018 \n \nSWIFT Foreign Currency Transactions \n \nSWIFT foreign currency payments amounted to \nUS$0.77 billion, during the fourth quarter of \n2018. This reflected a 7.06% decline from \nUS$0.83 billion registered in the previous \nquarter. On the other hand, SWIFT foreign \ncurrency receipts increased by 0.96% to close at \nUS$0.816 billion in the fourth quarter of 2018, \nfrom US$0.808 billion in the third quarter, as \nshown in Figure 26. \n \nNet foreign currency inflows increased to \nUS$47.9 million in the fourth quarter of 2018, \nfrom a net outflow of US$18.12 million recorded \nin the third quarter. \n \n \n \n \n \n \n \nigure 26: SWIFT Cross Border Transactions \n \n \nSource: Reserve Bank of Zimbabwe, 2018 \n \n \nOver the Counter Cash Withdrawals \n \nThe value of cash withdrawals increased by 29% \nto close at US$0.96 billion, in the quarter ending \nDecember 2018, from US$0.75 billion in the \nquarter ending September 2018. Corresponding \ncash withdrawal volumes, however, decreased \nby 4%, from US$5.63 million in the third quarter \nof 2018 to US$5.41 million in the fourth quarter, \nas shown in Figure 27. \n \n \n \n \n \n \n \n \n \n \n \n \n \n0.00\n5.00\n10.00\n15.00\n20.00\n25.00\n30.00\n1,400\n1,450\n1,500\n1,550\n1,600\n1,650\n1,700\n1,750\n2017 Q3\n2017 Q4\n2018 Q1\n2018 Q2\n2018 Q3\n2018 Q4\nRTGS Values in US$ Billions\nRTGS Volumes in Thousands\nVolumes\nValues\n20\n22\n24\n26\n28\n30\n32\n34\n36\n0.50\n0.60\n0.70\n0.80\n0.90\n1.00\n1.10\n1.20\n1.30\n1.40\n1.50\nQ4 2016\nQ1 2017\nQ2 2017\nQ 3 2017\nQ4 2017\nQ1 2018\nQ2 2018\nQ3 2018\nQ4 2018\nVolumes In Thousands\nValue In US$ Billions\nValue of Receipts\nValue of Payments\n Volumes of Payments\n Volumes of Receipts\n \n25 \n \nFigure 27: Over the Counter Cash Withdrawals \n \n \nSource: Reserve Bank of Zimbabwe, 2018 \n \nRetail Payments \n \nThe value of retail transactions decreased by 1% \nto $20.38 billion in the quarter ending December \n2018, from $20.62 billion recorded in the third \nquarter. In tandem, retail volumes decreased by \n8%, to close at 532.90 million by end December \n2018. \n \nFigures 28 and 29 show the trends in the values \nand volumes of retail transactions from the \nquarter ending September 2017, to the quarter \nending December 2018. \n \n \n \n \n \n \n \n \n \n \n \nFigure 28: Values of Retail Transactions \n \n \nSource: Reserve Bank of Zimbabwe, 2018 \n \n Figure 29: Volumes of Retail Transactions \n \n \nSource: Reserve Bank of Zimbabwe, 2018 \n \n \n \n \n \n0.00\n0.20\n0.40\n0.60\n0.80\n1.00\n1.20\n2017 Q3\n2017 Q4\n2018 Q1\n2018 Q2\n2018 Q3\n2018 Q4\n0.0\n1.0\n2.0\n3.0\n4.0\n5.0\n6.0\n7.0\nUS$ Billions\nMillions\nVolumes\nValues\n0.00\n2.00\n4.00\n6.00\n8.00\n10.00\n12.00\n14.00\n16.00\n0.00\n0.50\n1.00\n1.50\n2.00\n2.50\n3.00\n3.50\n4.00\n4.50\n2017 Q3\n2017 Q4\n2018 Q1\n2018 Q2\n2018 Q3\n2018 Q4\nMobile in Billions\nBillions\nCHEQUE\nPOS\nATMS\nINTERNET\nCASH\nMOBILE\n0\n100\n200\n300\n400\n500\n600\n0.0\n10.0\n20.0\n30.0\n40.0\n50.0\n60.0\n70.0\n80.0\n2017 Q3\n2017 Q4\n2018 Q1\n2018 Q2\n2018 Q3\n2018 Q4\nMobile Volumes in Millions\nOther Retai Volumes in Millions\nCHEQUE\nPOS\nATMs\nINTERNET\nCASH\nMOBILE\n \n26 \nCollateral6 \n \nThe value of collateral stood at US$127.7 million \nin the fourth quarter of 2018, up from US$102.7 \nmillion recorded in the third quarter, as shown in \nFigure 30. \n \nFigure 30: Total Collateral \n \n \nSource: Reserve Bank of Zimbabwe, 2018 \n \nAccess Points and Devices \n \nTotal mobile banking agents increased from \n50,022 registered in the third quarter of 2018, to \n50,740 in the fourth quarter. \n \nThe POS population increased to 99,935 in the \nfourth quarter of 2018, from 90,541 in the \nprevious quarter, in line with the promotion of \nelectronic means of payment. The ATM \npopulation, however, declined by 0.54% to 551, \nby end December 2018. \n \n6The local collateral figure comprises of Cheque, \nZimswitch, Chengetedzai Deposit Corporation settlement \nsystems. \nThe number of active mobile financial services \nsubscribers stood at 6.14 million, during the \nquarter under review, up from 6.01 million \nregistered subscribers in the third quarter of \n2018. \n \nTable 14: Payment Systems Access Points and \nDevices \n \n \n \nPAYMENT SYSTEMS ACCESS POINTS \n \nQuarter \nending \nJune \n2018 \nQuarter \nending \nSept \n 2018 \nQuarter \nending \nDec \n 2018 \nMobile \nBanking agents \n49,663 \n50,022 \n50,740 \nATMs \n564 \n564 \n551 \nPOS \n82,447 \n90,541 \n99,395 \nPAYMENT SYSTEM ACCESS DEVICES \nDebit Cards \n4,455,825 \n4,581,256 \n4,734,299 \nCredit Cards \n16,810 \n16,607 \n17,204 \nPrepaid Cards \n71,813 \n84,175 \n88,406 \nMobile \nBanking \nsubscribers \n \n5,476,208 \n6,010,602 \n6,139,160 \nInternet \nBanking \nsubscribers \n326,184 \n334.505 \n353,103 \nSource: Reserve Bank of Zimbabwe, 2018 \n \n \n \n \n \n \n0\n10\n20\n30\n40\n50\n60\n70\n80\nQ3\n2017\nQ4\n2017\nQ1\n2018\nQ2\n2018\nQ3\n2018\nQ3\n2018\nMillions\nCheque\nZimswitch\nCDC\n \n27 \n8. FISCAL DEVELOPMENTS \n \nFiscal developments during the fourth quarter of \n2018 culminated in revenue collections of \nUS$1 691.5 million, against total expenditures of \nUS$1 387.2 million, culminating in a surplus of \nUS$304.3 million. \n \nThe surplus realized in the fourth quarter of 2018 \nwas largely attributed to the 2% Intermediated \nMoney Transfer Tax on electronic transactions, \nintroduced during the same quarter. \n \n \nGovernment Revenue \n \nRevenue collections in the fourth quarter of 2018 \nsurpassed the third quarter performance, for all \nrevenue heads, with the exception of VAT as \nshown in Figure 31. \n \nFigure 31: Revenue Head Performance (US$ \nmillions) : Actual vs Target in Q4 2018 \n \n \nSource: Ministry of Finance, 2019 \n \n \n \n \n \nFigure \n32: \nQuarterly \nRevenue \nHeads \nPerformance: (Q4 2018 vs Q4 \n2017 and Q3 2018) \n \n \nSource: Ministry of Finance, 2019 \n \nComposition of Government Revenue \nTax revenue accounted for 84% of total revenue, \nwhile the remaining 16% was accounted for by \nnon-tax revenue in the fourth quarter of 2018. \nNon-tax revenue was largely made up of fees \nfrom Government facilities (49.7%), pension \ncontributions (15.4%), and revenue from \ninvestments and property (22.8%). Figure 33 \nshows the government revenue structure for the \nfourth quarter of 2018. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n -\n 0.00\n 0.00\n 0.00\n 0.00\n 0.00\n 0.00\nIncome and profits\nCustoms\nExcise\nVAT\nOther indirect taxes\nNon-tax Revenue\nMillions\nQ4 2018\nQ4 2018 Target\n0\n100\n200\n300\n400\n500\n600\nIncome\nand\nprofits\nCustoms Excise\nduties\nValue\nAdded\nTax\n(VAT)\nOther\nindirect\ntaxes\nNon-tax\nRevenue\nQ4 2017\nQ3 2018\nQ4 2018\n \n28 \nFigure 33: Government Revenue Structure \n (Q4 2018) \n \n \n \n \n \n \n \nSource: Ministry of Finance, 2019 \nGovernment Expenditures \n \nCumulative fiscal expenditures for the fourth \nquarter of 2018 amounted to US$1.387 billion, \nexceeding the quarterly target of US$1.208 \nbillion by US$179.022 million. All expenditure \nheads, with the exception of capital expenditure, \nexceeded budgeted targets, resulting in an \noverall expenditure over-run as shown in Figure \n34. \nEmployment \ncosts \nat \nUS$776.0 \nmillion \nexceeded the target of US$539.1 million by \nabout 44%. This was largely due to additional \ncosts associated with pension, medical and salary \narrears \npayments \nfor \nsome \ngrant-aided \ninstitutions, incurred during the quarter under \nreview. \n \n \n \n \n \n \nFigure 34: Expenditure Head Performance \n(Actual vs Target) \nSource: Ministry of Finance and Economic Development, 2018 \n \nRESERVE BANK OF ZIMBABWE \nDECEMBER 2018\nCustoms \nduties\n7%\nExcise \nduties\n14%\nValue \nAdded Tax \n(VAT)\n18%\nOther \nindirect \ntaxes\n13%\nNon-tax \nRevenue\n16%\nTax on \nIncome and \nprofits…\n-200.00\n0.00\n200.00\n400.00\n600.00\n800.00\n1000.00\n1200.00\n1400.00\nEmployment\nCosts\nOperations &\nMaintenance\nInterest\nCapital\nExpenditures\n& Net\nLending\nQ4 2018\nQ4 2018 Target\nQ3 2018\nQ3 2018 Target\n \n \n \n29 \nSTATISTICAL TABLES \n \n1. Depository Corporation Survey S1 \n2. Central Bank Survey S2 \n3. Other Depository Corporation Survey S3 \n \n4. Liabilities and Assets of the Central Bank \n4.1.Reserve Bank: Assets \n \n \n \n S4 \n \n4.2.Reserve Bank: Liabilities S5 \n \n \n \n \n \n \n \n \n \n5. Other Depository Corporation \n5.1.Other Depository Asset S6 \n5.2.Other Depository Liabilities S7 \n \n6. Commercial Banks \n6.1.Commercial Banks: Assets \n \n S8 \n6.2.Commercial Banks: Liabilities \n S9 \n \n7. Building Societies \n \n \n \n \n \n \n7.1.Building Societies: Assets \n \n S10 \n \n7.2.Building Societies: Liabilities S11 \n \n \n8. Sectoral Analysis of Commercial Banks \n8.1.Sectoral Analysis of Commercial Banks’ Loans and Advances S12 \n8.2.Sectoral Analysis of Commercial Bank’s Deposits \n \n S13 \n \n \n \n \n \n \n9. National Payment Systems \n \n \n9.1.Values of Transactions \n \n \n \n \n \n \n \nS14 \n9.2.Volumes of Transactions \n \n \n \n \n \n \nS14 \n \n10. Interest Rates, Security Yields and Prices \n10.1. Lending Rates \n \n \n \n \n \n \n \nS15 \n10.2. Deposit Rates S15 \n \n \n \n \n \n \n \n \n11. Stock Exchange Indices \n \n \n \n \n \n \n \nS16 \n \n12. Inflation \n \n \n \n \n \n \n12.1. Monthly Inflation \n \n \n \n \n \n \n \nS17 \n12.2. Quarterly Inflation \n \n \n \n \n \n \n \nS18 \n12.3. Annual Inflation \n \n \n \n \n \n \n \nS19 \n \n \n \n30 \n13. Balance of Payments \n13.1. Cross Border Payments \n \n \n \n \n \n \nS20 \n13.2. Cross Border Receipts \n \n \n \n \n \n \nS21 \n \n14. External Sector \n14.1. External Debt Outstanding by Debtor \n \n \n \n \nS22 \n14.2. External Debt Outstanding by Source \n \n \n \n \nS23 \n \n15. National Accounts \n15.1. Real Gross Domestic and National Product per Capita at Market Prices \nS24 \n15.2. Gross Domestic Product at Factor Cost by Industry \n \n \nS25 \n15.3. Expenditure on Gross Domestic Product \n \n \n \n \nS26 \n15.4. Mineral Production \n \n \n \n \n \n \n \nS27 \n15.5. Electricity Produced and Distributed S28 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nS1 \n \n \n \n \nDec-17\nJan-18\nFeb-18\nMar-18\nApr-18\nMay-18\nJun-18\nJul-18\nAug-18\nSep-18\nOct-18\nNov-18\nDec-18\nNet Foreign Assets\n-1,327,513.88\n-1,370,261.96\n-1,418,260.19\n-1,632,912.01\n-1,645,842.76\n-1,725,931.55\n-1,508,217.61\n-1,499,686.15\n-1,804,600.44\n-1,815,294.15\n-1,728,377.38\n-1,725,016.98\n-1,876,758.58\nCentral Bank(net)\n-1,126,260.86\n-1,184,176.73\n-1,238,013.30\n-1,469,367.91\n-1,454,496.55\n-1,468,598.27\n-1,217,451.12\n-1,275,444.50\n-1,513,864.28\n-1,555,285.99\n-1,455,053.24\n-1,540,875.47\n-1,757,683.09\nForeign Assets\n426,145.71\n296,246.77\n293,630.88\n253,622.18\n257,569.81\n314,006.88\n510,355.35\n528,307.45\n290,596.25\n237,850.70\n255,482.93\n247,680.14\n295,965.66\nForeign Liabilities\n1,552,406.57\n1,480,423.50\n1,531,644.18\n1,722,990.09\n1,712,066.36\n1,782,605.15\n1,727,806.48\n1,803,751.95\n1,804,460.53\n1,793,136.69\n1,710,536.17\n1,788,555.60\n2,053,648.75\nOther Depository Corporations(net)\n-201,253.02\n-186,085.23\n-180,246.89\n-163,544.10\n-191,346.21\n-257,333.28\n-290,766.49\n-224,241.66\n-290,736.16\n-260,008.17\n-273,324.14\n-184,141.52\n-119,075.49\nForeign Assets\n266,138.66\n261,618.30\n258,085.28\n297,434.24\n261,946.07\n296,836.55\n263,405.79\n320,981.77\n244,837.54\n299,508.91\n308,206.84\n359,199.07\n405,848.41\nForeign Liabilities\n467,391.68\n447,703.53\n438,332.17\n460,978.35\n453,292.29\n554,169.83\n554,172.27\n545,223.42\n535,573.70\n559,517.07\n581,530.99\n543,340.59\n524,923.90\nNet Domestic Assets (NDA)\n9,144,792.53\n8,915,206.07\n8,949,874.35\n9,326,215.99\n9,468,421.41\n9,984,853.80\n10,351,577.44\n10,883,377.40\n11,301,536.89\n11,637,230.97\n11,491,870.79\n11,515,467.61\n11,886,663.85\nDomestic Claims\n10,697,155.53\n10,466,916.30\n10,514,627.41\n11,000,141.88\n11,386,721.27\n11,846,066.17\n12,410,120.00\n13,195,525.47\n13,840,196.20\n14,162,804.05\n14,361,247.61\n14,642,956.80\n14,982,344.65\nClaims on Central Government(net)\n6,277,467.58\n6,186,622.75\n6,217,153.41\n6,614,169.62\n6,945,662.37\n7,361,243.19\n7,703,126.14\n8,707,427.93\n9,245,237.20\n9,367,999.90\n9,453,371.60\n9,709,749.15\n9,992,336.76\nClaims on Central Government\n6,412,445.92\n6,365,120.36\n6,411,440.40\n6,770,958.92\n7,083,205.15\n7,510,470.60\n7,834,035.83\n8,782,266.41\n9,319,418.72\n9,454,322.45\n9,547,216.70\n9,799,794.74\n10,074,924.82\nCentral Bank\n3,985,873.65\n4,002,809.96\n4,073,776.80\n4,316,965.46\n4,510,854.75\n4,687,116.02\n4,961,290.78\n5,486,379.33\n5,949,540.54\n6,303,205.89\n6,436,684.56\n6,619,938.86\n7,024,652.77\nODCs\n2,426,572.26\n2,362,310.40\n2,337,663.61\n2,453,993.46\n2,572,350.40\n2,823,354.57\n2,872,745.05\n3,295,887.08\n3,369,878.18\n3,151,116.56\n3,110,532.15\n3,179,855.88\n3,050,272.06\nLess Liabilities to Central Government\n134,978.34\n178,497.61\n194,286.99\n156,789.30\n137,542.78\n149,227.40\n130,909.69\n74,838.48\n74,181.52\n86,322.55\n93,845.11\n90,045.59\n82,588.06\nCentral Bank\n40,373.09\n71,168.00\n93,049.24\n42,096.19\n41,970.42\n41,857.98\n41,699.08\n41,707.71\n41,789.64\n41,694.93\n41,685.64\n41,331.00\n41,321.07\nODCs\n94,605.25\n107,329.61\n101,237.76\n114,693.11\n95,572.36\n107,369.43\n89,210.62\n33,130.77\n32,391.88\n44,627.63\n52,159.47\n48,714.59\n41,267.00\nClaims on Other Sectors\n4,419,687.96\n4,280,293.55\n4,297,474.00\n4,385,972.26\n4,441,058.90\n4,484,822.98\n4,706,993.86\n4,488,097.54\n4,594,959.00\n4,794,804.16\n4,907,876.01\n4,933,207.65\n4,990,007.89\nOther Financial Corporations\n62,784.00\n59,033.61\n62,633.68\n69,429.67\n74,313.48\n60,319.74\n67,789.70\n133,851.47\n141,976.37\n145,256.31\n149,474.39\n146,924.77\n156,610.64\nState and Local Government\n46,177.22\n55,046.17\n54,613.41\n48,750.40\n52,851.54\n51,746.27\n49,509.94\n54,356.85\n52,796.97\n51,597.49\n39,591.11\n37,039.73\n37,159.65\nPublic Non Financial Corporations\n591,300.63\n590,546.93\n592,869.46\n571,018.58\n584,553.05\n571,881.14\n678,604.79\n653,645.57\n675,218.20\n707,808.19\n714,396.35\n759,288.09\n737,586.90\nPrivate Sector\n3,719,426.11\n3,575,666.84\n3,587,357.45\n3,696,773.61\n3,729,340.82\n3,800,875.83\n3,911,089.43\n3,646,243.64\n3,724,967.47\n3,890,142.17\n4,004,414.16\n3,989,955.06\n4,058,650.69\nCentral Bank\n25,776.78\n14,203.44\n14,223.70\n15,959.49\n14,425.53\n19,406.23\n19,822.36\n20,351.40\n22,784.69\n21,112.94\n21,332.89\n21,390.08\n21,335.35\nODCs\n3,693,649.33\n3,561,463.40\n3,573,133.75\n3,680,814.12\n3,714,915.30\n3,781,469.60\n3,891,267.06\n3,625,892.25\n3,702,182.78\n3,869,029.24\n3,983,081.27\n3,968,564.98\n4,037,315.34\nOther Items(Net)\n1,552,363.01\n1,551,710.23\n1,564,753.06\n1,673,925.89\n1,918,299.85\n1,861,212.37\n2,058,542.55\n2,312,148.07\n2,538,659.31\n2,525,573.08\n2,869,376.82\n3,127,489.19\n3,095,680.80\nShares and Other Equity\n1,862,915.59\n1,838,240.04\n1,868,540.56\n1,895,980.71\n1,893,321.46\n1,925,814.17\n1,993,144.37\n2,192,599.84\n2,239,731.19\n2,135,709.67\n2,187,396.87\n2,221,755.34\n2,281,378.82\nLiabilities to Other Financial Corporations\n6,152.75\n2,600.12\n2,920.26\n6,906.82\n16,085.12\n19,885.58\n21,559.36\n32,602.91\n33,341.07\n46,596.88\n42,026.50\n42,504.84\n39,584.50\nRestricted Deposits\n65,604.73\n83,202.55\n63,087.75\n58,609.87\n58,351.76\n51,411.94\n65,963.28\n41,991.83\n46,269.35\n46,191.19\n68,052.98\n17,139.46\n21,014.72\nDeposits and Securities Excluded from Base Mo\n0.00\n0.00\n0.00\n0.00\n0.00\n0.00\n0.00\n0.00\n0.00\n0.00\n0.00\n0.00\n0.00\nOther Items(net)\n-382,310.05\n-372,332.47\n-369,795.52\n-287,571.51\n-49,458.49\n-135,899.32\n-22,124.46\n44,953.48\n219,317.70\n297,075.34\n571,900.47\n846,089.55\n753,702.76\nBroad Money-M3\n7,817,278.65\n7,544,944.11\n7,531,614.16\n7,693,303.98\n7,822,578.65\n8,258,922.25\n8,843,359.83\n9,383,691.25\n9,496,936.45\n9,821,936.82\n9,763,493.41\n9,790,450.62\n10,009,905.27\nSecurities Other than Shares Included in Broad\n68,638.47\n65,056.19\n75,354.27\n77,311.81\n83,964.91\n88,015.27\n66,844.08\n89,499.33\n66,484.46\n52,419.97\n61,703.77\n50,864.73\n58,584.04\nBroad Money-M2\n7,748,640.18\n7,479,887.91\n7,456,259.89\n7,615,992.16\n7,738,613.74\n8,170,906.98\n8,776,515.75\n9,294,191.92\n9,430,452.00\n9,769,516.85\n9,701,789.65\n9,739,585.90\n9,951,321.23\nOther Deposits\n1,401,725.04\n1,453,958.89\n1,458,797.16\n1,490,952.43\n1,374,640.48\n1,442,460.95\n1,459,140.37\n1,501,520.77\n1,524,244.03\n1,488,981.24\n1,427,834.38\n1,430,427.17\n1,508,902.47\nNarrow Money-M1\n6,346,915.14\n6,025,929.03\n5,997,462.73\n6,125,039.73\n6,363,973.26\n6,728,446.03\n7,317,375.38\n7,792,671.15\n7,906,207.97\n8,280,535.61\n8,273,955.26\n8,309,158.73\n8,442,418.76\nTransferable Deposits\n6,014,977.26\n5,694,853.78\n5,665,622.98\n5,784,508.89\n6,016,373.81\n6,374,245.17\n6,938,172.87\n7,365,729.27\n7,444,516.45\n7,789,665.52\n7,792,430.08\n7,817,001.46\n7,940,376.20\nCurrency Outside Depository Corporations\n331,937.88\n331,075.25\n331,839.74\n340,530.85\n347,599.45\n354,200.86\n379,202.52\n426,941.88\n461,691.52\n490,870.09\n481,525.19\n492,157.27\n502,042.57\nSource: Reserve Bank of Zimbabwe 2018\nNotes:\n(i) Depository corporations survey - formerly Monetary Survey.\n(ii) Broad money redefined using IMF's Monetary and Financial Statistics Manual of 2000. Major changes include exclusion of Government deposits held by banks from broad money.\n(iii) Transferable deposits made up of demand and savings deposits.\n(iv) NCDs are also referred to as securities included in broad money.\n(v) All classes of time deposits, short and long term are classified as time deposits, which are also termed other deposits.\n(vi) Credit to the private sector now excludes claims on other financial corporations, as well as claims on state and local government (local authorities)\n(vii) Depository corporations made up of the Central Bank and other depository corporations\n(viii) Other depository corporations (ODCs) - Commercial banks, merchant banks, building societies and POSB.\n(ix) In December 2017, the statistics were adjusted in restrospect by reclassifying Securities issued under Aftrades from claims on government to claims on central bank\n(x) In December 2017, the statistics were adjusted in restrospect by reclassifying amounts accessed by banks under the Aftrades from liabilities to Other Depository corporations and Other Financial Corporations to liabilities to Central Bank \nTABLE 1: DEPOSITORY CORPORATIONS SURVEY (US$ '000)\n \n \nS2 \n \n \n \n \nDec-17\nJan-18\nFeb-18\nMar-18\nApr-18\nMay-18\nJun-18\nJul-18\nAug-18\nSep-18\nOct-18\nNov-18\nDec-18\nNet Foreign Assets\n-1,126,260.86\n-1,184,176.73\n-1,238,013.30\n-1,469,367.91\n-1,454,496.55\n-1,468,598.27\n-1,217,451.12\n-1,275,444.50\n-1,513,864.28\n-1,555,285.99\n-1,455,053.24\n-1,546,339.45\n-1,757,683.09\nClaims on Non Residents\n426,145.71\n296,246.77\n293,630.88\n253,622.18\n257,569.81\n314,006.88\n510,355.35\n528,307.45\n290,596.25\n237,850.70\n255,482.93\n253,505.88\n295,965.66\nOfficial Reserves Assets\n292,621.94\n158,151.02\n155,811.96\n151,870.93\n148,866.28\n203,306.89\n163,434.94\n180,936.77\n189,263.65\n136,268.14\n153,107.92\n143,428.48\n86,950.64\nOther Foreign Assets\n133,523.77\n138,095.75\n137,818.91\n101,751.25\n108,703.53\n110,699.99\n346,920.41\n347,370.68\n101,332.60\n101,582.56\n102,375.02\n110,077.40\n209,015.01\nLess Liabilities to Non Residents\n1,552,406.57\n1,480,423.50\n1,531,644.18\n1,722,990.09\n1,712,066.36\n1,782,605.15\n1,727,806.48\n1,803,751.95\n1,804,460.53\n1,793,136.69\n1,710,536.17\n1,799,845.33\n2,053,648.75\nShort Term Liabilities\n1,054,937.74\n983,052.84\n1,033,413.81\n1,224,423.97\n1,213,571.58\n1,284,003.16\n1,229,630.31\n1,303,458.23\n1,303,461.16\n1,291,247.23\n1,207,367.88\n1,300,180.35\n1,563,063.67\nOther Foreign Liabilities\n497,468.83\n497,370.66\n498,230.37\n498,566.12\n498,494.78\n498,601.99\n498,176.16\n500,293.72\n500,999.37\n501,889.46\n503,168.29\n499,664.97\n490,585.08\nNet Domestic Assets (NDA)\n3,794,421.55\n3,659,970.31\n3,543,535.61\n3,791,063.48\n3,672,870.69\n3,825,066.36\n3,730,783.67\n4,065,390.03\n4,481,716.72\n4,447,028.54\n4,315,628.88\n4,676,793.69\n5,015,903.95\nDomestic Claims\n4,413,271.32\n4,407,396.99\n4,440,150.98\n4,733,231.32\n4,949,000.69\n5,100,533.66\n5,420,856.73\n6,026,539.60\n6,509,710.94\n6,826,230.06\n6,991,768.06\n7,189,089.87\n7,598,696.62\nNet Claims on Central Government\n3,945,500.57\n3,961,641.96\n3,980,727.56\n4,274,869.27\n4,468,884.32\n4,645,258.05\n4,919,591.70\n5,444,671.63\n5,907,750.89\n6,261,510.96\n6,394,998.92\n6,578,607.86\n6,983,331.70\nClaims on Central Government\n3,985,873.65\n4,002,809.96\n4,073,776.80\n4,316,965.46\n4,510,854.75\n4,687,116.02\n4,961,290.78\n5,486,379.33\n5,949,540.54\n6,303,205.89\n6,436,684.56\n6,619,938.86\n7,024,652.77\nOf which: Securities Other than Shar\n1,478,745.94\n1,481,110.28\n1,479,552.84\n1,546,995.94\n1,560,622.17\n1,597,939.74\n1,655,951.61\n1,767,970.98\n2,124,232.15\n2,107,570.78\n2,109,129.00\n2,073,611.90\n2,062,178.19\nLoans\n2,507,127.72\n2,521,699.68\n2,594,223.95\n2,769,969.52\n2,950,232.58\n3,089,176.28\n3,305,339.17\n3,718,408.35\n3,825,308.38\n4,195,635.11\n4,327,555.56\n4,546,326.96\n4,962,474.58\n Loans and Advances\n2,232,210.60\n2,246,782.40\n2,319,307.01\n2,495,052.07\n2,677,530.89\n2,816,474.69\n3,032,637.59\n3,445,708.69\n3,552,608.66\n3,925,152.95\n3,092,815.50\n3,259,847.32\n3,618,214.10\n Legacy Debt\n274,917.12\n274,917.28\n274,916.94\n274,917.46\n272,701.69\n272,701.59\n272,701.58\n272,699.66\n272,699.72\n270,482.16\n270,483.94\n270,476.30\n271,144.05\n Export Incentives\n332,451.26\n356,286.07\n379,271.46\n416,035.49\n477,611.93\n530,141.11\n657,961.30\n685,670.05\n760,667.33\n878,452.43\n964,256.12\n1,016,003.35\n1,073,116.43\nLess Liabilities to Central Government\n40,373.09\n41,168.00\n93,049.24\n42,096.19\n41,970.42\n41,857.98\n41,699.08\n41,707.71\n41,789.64\n41,694.93\n41,685.64\n41,331.00\n41,321.07\nOf which: Deposits\n40,373.09\n41,168.00\n93,049.24\n42,096.19\n41,970.42\n41,857.98\n41,699.08\n41,707.71\n41,789.64\n41,694.93\n41,685.64\n41,331.00\n41,321.07\nOther \n0.00\n0.00\n0.00\n0.00\n0.00\n0.00\n0.00\n0.00\n0.00\n0.00\n0.00\n0.00\n0.00\nClaims on Other Sectors\n467,770.76\n445,755.03\n459,423.42\n458,362.05\n480,116.36\n455,275.61\n501,265.03\n581,867.98\n601,960.04\n564,719.10\n596,769.14\n610,482.01\n615,364.93\nOther Financial Corporations\n19,611.12\n19,721.47\n21,217.48\n22,351.28\n27,040.76\n23,338.60\n25,383.43\n89,858.36\n90,693.36\n93,173.28\n95,076.36\n92,865.03\n104,283.41\nState and Local Government\n0.00\n0.00\n0.00\n0.00\n0.00\n0.00\n0.00\n0.00\n0.00\n0.00\n0.00\n0.00\n0.00\nPublic Non Financial Corporations\n422,382.85\n411,830.12\n423,982.23\n420,051.27\n438,650.07\n412,530.77\n456,059.23\n471,658.22\n488,482.00\n450,432.88\n480,359.88\n496,226.90\n489,746.16\nPrivate Sector\n25,776.78\n14,203.44\n14,223.70\n15,959.49\n14,425.53\n19,406.23\n19,822.36\n20,351.40\n22,784.69\n21,112.94\n21,332.89\n21,390.08\n21,335.35\nClaims on Other Depository Corporations\n205,755.37\n204,516.36\n207,966.83\n215,726.13\n160,379.82\n270,870.78\n289,295.02\n301,846.44\n306,132.79\n306,155.60\n316,177.15\n379,173.85\n393,735.95\nOf which: Loans\n205,755.37\n204,516.36\n207,966.83\n215,726.13\n160,379.82\n270,870.78\n289,295.02\n301,846.44\n306,132.79\n306,155.60\n316,177.15\n379,173.85\n393,735.95\nOther Liabilities to ODCs\n619,142.24\n725,157.20\n894,833.23\n957,558.02\n1,227,106.07\n1,351,211.59\n1,762,290.93\n1,996,438.50\n2,054,141.40\n2,395,312.12\n2,682,243.65\n2,626,664.31\n2,739,770.63\nOf which: Aftrades Balances\n399,964.34\n434,271.39\n392,081.59\n392,086.59\n393,049.36\n393,054.36\n445,143.93\n463,755.70\n489,416.24\n483,497.99\n509,482.94\n550,425.90\n388,000.00\n Securities\n165,174.80\n239,009.68\n433,102.50\n492,624.92\n726,718.83\n844,572.29\n1,181,913.83\n1,425,661.22\n1,486,721.94\n1,823,973.56\n2,083,075.39\n1,964,016.64\n2,135,541.16\nOther Items(Net)\n205,462.90\n226,785.84\n209,748.97\n200,335.95\n209,403.74\n195,126.49\n217,077.15\n266,557.51\n279,985.61\n290,045.02\n310,072.68\n264,805.73\n236,757.99\nShares and Other Equity\n332,517.62\n331,769.05\n339,808.29\n340,070.83\n350,685.43\n351,770.33\n360,766.36\n433,728.61\n444,671.00\n454,134.87\n466,363.60\n467,391.73\n475,653.19\nOther Items(Net)\n-192,659.44\n-188,185.76\n-193,147.08\n-198,344.74\n-199,633.45\n-208,055.78\n-209,652.49\n-209,162.93\n-210,954.74\n-210,281.05\n-224,343.90\n-225,380.05\n-260,446.06\nLiabilities to Other Resident Sectors\n0.00\n0.00\n0.00\n0.00\n0.00\n0.00\n0.00\n0.00\n0.00\n0.00\n0.00\n190.60\n536.14\nMonetary Base Incl. foreign currency clearing balances\nMonetary Base \n2,668,160.70\n2,475,793.57\n2,305,522.30\n2,321,695.57\n2,218,374.14\n2,356,468.08\n2,513,332.55\n2,789,945.53\n2,967,852.44\n2,891,742.55\n2,860,575.65\n3,135,918.22\n3,258,220.86\nBond Coins\n54,687.29\n63,474.09\n62,494.37\n68,055.24\n73,367.25\n79,420.27\n80,593.64\n80,812.71\n84,872.46\n86,177.94\n86,521.28\n86,507.82\n86,558.34\nBond Notes\n289,827.73\n291,016.99\n289,314.98\n289,183.09\n289,120.92\n288,935.32\n307,595.14\n366,738.89\n399,951.59\n422,933.66\n434,935.71\n436,225.70\n435,985.12\nLiabilities to ODCs\n2,286,227.88\n2,071,823.24\n1,908,121.60\n1,920,236.39\n1,813,681.70\n1,924,872.37\n2,112,051.33\n2,294,108.09\n2,406,600.92\n2,296,266.80\n2,282,181.13\n2,545,140.17\n2,718,472.21\nReserve Deposits\n0.00\n0.00\n0.00\n0.00\n0.00\n0.00\n0.00\n0.00\n0.00\n0.00\n0.00\n399,643.22\n393,439.26\nOther\n2,286,227.88\n2,071,823.24\n1,908,121.60\n1,920,236.39\n1,813,681.70\n1,924,872.37\n2,112,051.33\n2,294,108.09\n2,406,600.92\n2,296,266.80\n2,282,181.13\n2,145,496.95\n2,325,032.95\nPrivate Deposits\n37417.81\n49479.26\n45591.35\n44220.86\n42204.27\n63240.13\n13092.44\n48285.84\n76427.47\n86364.15\n56937.52\n68044.53\n17205.18\nSource: Reserve Bank of Zimbabwe 2018\nTABLE 2: CENTRAL BANK SURVEY (US$'000)\n \n \nS3 \n \n \n \nDec-17\nJan-18\nFeb-18\nMar-18\nApr-18\nMay-18\nJun-18\nJul-18\nAug-18\nSep-18\nOct-18\nNov-18\nDec-18\nNet Foreign Assets\n-201,253.02\n-186,085.23\n-180,246.89\n-163,544.10\n-191,346.21\n-257,333.28\n-290,766.49\n-224,241.66\n-290,736.16\n-260,008.17\n-273,324.14\n-184,141.52\n-119,075.49\nClaims on Non Residents\n266,138.66\n261,618.30\n258,085.28\n297,434.24\n261,946.07\n296,836.55\n263,405.79\n320,981.77\n244,837.54\n299,508.91\n308,206.84\n359,199.07\n405,848.41\nOf Which: Foreign Currency\n58,127.85\n66,893.60\n46,795.21\n57,869.75\n61,873.54\n71,684.03\n58,497.99\n61,888.30\n72,330.74\n61,523.80\n70,410.81\n84,619.66\n94,485.74\nDeposits\n207,140.27\n193,840.58\n210,411.05\n238,758.58\n199,270.91\n224,360.39\n204,103.25\n206,979.87\n171,610.30\n237,075.06\n236,895.75\n273,677.73\n310,319.40\nOther\n870.54\n884.13\n879.01\n805.91\n801.63\n792.13\n804.54\n52,113.60\n896.50\n910.05\n900.29\n901.68\n1,043.27\nLess Liabilities to Non Residents\n467,391.68\n447,703.53\n438,332.17\n460,978.35\n453,292.29\n554,169.83\n554,172.27\n545,223.42\n535,573.70\n559,517.07\n581,530.99\n543,340.59\n524,923.90\nOf Which: Deposits\n67,977.29\n61,969.26\n55,256.42\n85,081.69\n75,827.46\n77,458.35\n76,977.43\n71,906.41\n61,764.73\n91,213.72\n115,149.81\n86,609.01\n81,573.41\nLoans\n399,414.39\n385,734.27\n383,075.75\n375,896.65\n377,464.82\n476,711.48\n477,194.84\n473,317.01\n473,808.97\n468,303.36\n466,381.17\n456,731.58\n443,350.50\nOther\n0.00\n0.00\n0.00\n0.00\n0.00\n0.00\n0.00\n0.00\n0.00\n0.00\n0.00\n0.00\n0.00\nNet Domestic Assets (NDA)\n7,649,175.98\n \n7,350,474.82\n \n7,334,429.96\n \n7,472,096.38\n \n7,624,121.15\n \n8,098,814.54\n \n8,741,831.36\n \n9,132,705.19\n \n9,249,553.63\n9,504,710.75\n9,498,354.86\n9,414,390.34\n9,609,733.01\nDomestic Claims\n6,283,884.21\n \n6,089,519.31\n \n6,074,476.43\n \n6,266,910.56\n \n6,437,720.58\n \n6,745,532.52\n \n6,989,263.27\n \n7,168,985.87\n \n7,330,485.27\n7,336,573.99\n7,369,479.55\n7,453,866.93\n7,383,648.03\nNet Claims on Central Government\n2,331,967.01\n \n2,254,980.79\n \n2,236,425.85\n \n2,339,300.34\n \n2,476,778.04\n \n2,715,985.15\n \n2,783,534.43\n \n3,262,756.31\n \n3,337,486.31\n3,106,488.93\n3,058,372.68\n3,131,141.29\n3,009,005.06\nClaims on Central Government\n2,426,572.26\n \n2,362,310.40\n \n2,337,663.61\n \n2,453,993.46\n \n2,572,350.40\n \n2,823,354.57\n \n2,872,745.05\n \n3,295,887.08\n \n3,369,878.18\n3,151,116.56\n3,110,532.15\n3,179,855.88\n3,050,272.06\nSecurities\n2,397,156.98\n \n2,335,991.08\n \n2,313,377.59\n \n2,434,830.12\n \n2,558,912.76\n \n2,814,916.90\n \n2,865,309.79\n \n3,291,375.03\n \n3,362,827.03\n3,145,693.06\n3,105,944.58\n3,172,866.99\n3,044,069.03\nLoans\n29,415.28\n \n26,319.33\n \n24,286.02\n \n19,163.34\n \n13,437.64\n \n8,437.68\n \n7,435.26\n \n4,512.05\n \n7,051.15\n5,423.50\n4,587.57\n6,988.90\n6,203.03\nOther \n-\n \n-\n \n-\n \n-\n \n-\n \n-\n \n-\n \n-\n \n-\n \n-\n \n-\n \n-\n \n-\n \nLess Liabilities to Central Government\n94,605.25\n \n107,329.61\n \n101,237.76\n \n114,693.11\n \n95,572.36\n \n107,369.43\n \n89,210.62\n \n33,130.77\n \n32,391.88\n44,627.63\n52,159.47\n48,714.59\n41,267.00\nOf which: Deposits\n94,605.25\n \n107,329.61\n \n101,237.76\n \n114,693.11\n \n95,572.36\n \n107,369.43\n \n89,210.62\n \n33,130.77\n \n32,391.88\n44,627.63\n52,159.47\n48,714.59\n41,267.00\nOther \n0.00\n0.00\n0.00\n0.00\n0.00\n0.00\n0.00\n0.00\n0.00\n0.00\n0.00\n0.00\n0.00\nClaims on Other Sectors\n3,951,917.20\n \n3,834,538.52\n \n3,838,050.58\n \n3,927,610.21\n \n3,960,942.53\n \n4,029,547.37\n \n4,205,728.83\n \n3,906,229.56\n \n3,992,998.96\n4,230,085.05\n4,311,106.88\n4,322,725.64\n4,374,642.97\nOther Financial Corporations\n43,172.88\n \n39,312.14\n \n41,416.20\n \n47,078.39\n \n47,272.71\n \n36,981.14\n \n42,406.27\n \n43,993.11\n \n51,283.01\n52,083.02\n54,398.03\n54,059.74\n52,327.23\nState and Local Government\n46,177.22\n \n55,046.17\n \n54,613.41\n \n48,750.40\n \n52,851.54\n \n51,746.27\n \n49,509.94\n \n54,356.85\n \n52,796.97\n51,597.49\n39,591.11\n37,039.73\n37,159.65\nPublic Non Financial Corporations\n168,917.77\n \n178,716.82\n \n168,887.22\n \n150,967.31\n \n145,902.98\n \n159,350.37\n \n222,545.56\n \n181,987.35\n \n186,736.20\n257,375.31\n234,036.46\n263,061.19\n247,840.74\nPrivate Sector\n3,693,649.33\n \n3,561,463.40\n \n3,573,133.75\n \n3,680,814.12\n \n3,714,915.30\n \n3,781,469.60\n \n3,891,267.06\n \n3,625,892.25\n \n3,702,182.78\n3,869,029.24\n3,983,081.27\n3,968,564.98\n4,037,315.34\nClaims on the Central Bank\n2,604,575.55\n \n2,551,893.63\n \n2,536,743.85\n \n2,474,448.22\n \n2,438,430.82\n \n2,557,149.58\n \n3,089,939.84\n \n3,471,170.30\n \n3,498,784.50\n3,799,833.82\n3,811,216.96\n3,726,890.73\n3,969,951.54\nCurrency\n12,577.130\n \n23,415.822\n \n19,969.614\n \n16,707.478\n \n14,888.726\n \n14,154.729\n \n8,986.260\n \n20,609.732\n \n23,132.54\n18,241.51\n39,931.81\n30,576.25\n20,500.90\nOther Claims including Reserves\n2,591,998.42\n \n2,528,477.81\n \n2,516,774.24\n \n2,457,740.74\n \n2,423,542.10\n \n2,542,994.86\n \n3,080,953.58\n \n3,450,560.57\n \n3,475,651.96\n3,781,592.32\n3,771,285.15\n3,696,314.48\n3,949,450.64\nLiabilities to the Central Bank\n113,727.10\n \n115,100.80\n \n111,232.81\n \n140,468.21\n \n82,369.89\n \n101,470.93\n \n119,810.71\n \n118,944.97\n \n136,950.59\n142,244.29\n147,588.60\n213,749.43\n229,588.29\nOther Items(Net)\n1,125,556.69\n \n1,175,837.32\n \n1,165,557.51\n \n1,128,794.20\n \n1,169,660.36\n \n1,102,396.63\n \n1,217,561.04\n \n1,388,506.01\n \n1,442,765.55\n1,489,452.77\n1,534,753.06\n1,552,617.90\n1,514,278.27\nShares and Other Equity\n1,530,397.97\n \n1,506,470.99\n \n1,528,732.27\n \n1,555,909.88\n \n1,542,636.03\n \n1,574,043.84\n \n1,632,378.01\n \n1,758,871.23\n \n1,795,060.19\n1,681,574.79\n1,721,033.27\n1,754,363.61\n1,805,725.63\nLiabilities to other ressident sectors\n6,152.75\n \n2,600.12\n \n2,920.26\n \n6,906.82\n \n16,085.12\n \n19,885.58\n \n21,559.36\n \n32,602.91\n \n33,341.07\n46,596.88\n42,026.50\n42,314.24\n39,048.36\nOther Items(Net)\n(410,994.03)\n \n(333,233.80)\n \n(366,095.02)\n \n(434,022.51)\n \n(389,060.79)\n \n(491,532.80)\n \n(436,376.33)\n \n(402,968.13)\n \n-385,635.72\n-238,718.90\n-228,306.72\n-244,059.95\n-330,495.73\nDeposits and Securities Included in Broad \nMoney\n7,447,922.96\n \n7,164,389.60\n \n7,154,183.07\n \n7,308,552.27\n \n7,432,774.94\n \n7,841,481.27\n \n8,451,064.87\n \n8,908,463.53\n \n8,958,817.46\n9,244,702.58\n9,225,030.71\n9,230,248.82\n9,490,657.52\nDeposits Included in Broad Money\n7,379,284.49\n \n7,099,333.40\n \n7,078,828.80\n \n7,231,240.46\n \n7,348,810.03\n \n7,753,466.00\n \n8,384,220.79\n \n8,818,964.20\n \n8,892,333.01\n \n9,192,282.61\n \n9,163,326.94\n \n9,179,384.09\n \n9,432,073.48\n \nTransferable Deposits\n5,977,559.45\n5,645,374.52\n5,620,031.64\n5,740,288.03\n5,974,169.54\n6,311,005.04\n6,925,080.42\n7,317,443.43\n7,368,088.98\n7,703,301.37\n7,735,492.56\n7,748,956.93\n7,923,171.01\n \nOther Deposits\n1,401,725.04\n \n1,453,958.89\n \n1,458,797.16\n \n1,490,952.43\n \n1,374,640.48\n \n1,442,460.95\n \n1,459,140.37\n \n1,501,520.77\n \n1,524,244.03\n \n1,488,981.24\n \n1,427,834.38\n \n1,430,427.17\n \n1,508,902.47\n \nMoney Market Instruments\n68,638.47\n \n65,056.19\n \n75,354.27\n \n77,311.81\n \n83,964.91\n \n88,015.27\n \n66,844.08\n \n89,499.33\n \n66,484.46\n \n52,419.97\n \n61,703.77\n \n50,864.73\n \n58,584.04\n \nSource:Reserve Bank of Zimbabwe,2018\nTABLE 3 : OTHER DEPOSITORY CORPORATIONS SURVEY ( US '000)\n \n \nS4 \n \n \n \n \n \nUS$ Thousands\nEnd of\nGold\nOther\nTotal\nTreasury Bills\nCentral\nBanks\nOther\nGovt.\nOther\nOther Assets\nTOTAL\nGovernment\nStock\n2017\nJan\n480.3\n448,731.4\n449,211.7\n577,431.7\n1,693,217.2\n110,720.5\n159,458.5\n0.0\n47,416.3\n373,809.2\n3,411,265.1\nFeb\n506.3\n445,058.7\n445,565.1\n562,535.7\n1,792,897.8\n93,514.2\n191,320.8\n0.0\n51,921.8\n369,305.2\n3,507,060.7\nMar\n502.9\n419,445.4\n419,948.3\n551,741.2\n1,785,995.7\n104,865.3\n183,453.6\n0.0\n51,921.8\n375,158.7\n3,473,084.6\nApr\n508.6\n405,826.0\n406,334.5\n533,407.3\n1,911,495.3\n85,479.3\n210,432.8\n0.0\n52,185.7\n372,530.5\n3,571,865.4\nMay\n508.5\n379,864.4\n380,372.9\n537,150.6\n2,041,391.0\n50,810.9\n245,236.3\n0.0\n52,587.8\n382,752.8\n3,690,302.3\nJun\n500.8\n414,121.9\n414,622.7\n620,541.2\n2,160,968.6\n52,540.4\n237,454.5\n0.0\n52,612.9\n371,853.2\n3,910,593.5\nJul\n507.3\n379,049.6\n379,556.9\n640,269.7\n2,336,047.0\n43,316.5\n256,766.2\n0.0\n52,884.8\n375,797.0\n4,084,638.1\nAug\n526.9\n432,363.8\n432,890.7\n677,443.8\n2,576,424.1\n30,413.0\n236,643.9\n0.0\n52,884.8\n374,411.7\n4,381,112.0\nSep\n517.9\n441,545.9\n442,063.7\n641,160.0\n2,745,409.9\n40,885.3\n314,480.1\n0.0\n52,884.8\n376,561.6\n4,613,445.4\nOct\n513.3\n329,674.9\n330,188.2\n1,105,837.4\n2,452,349.1\n73,619.0\n347,048.6\n0.0\n52,969.2\n377,689.3\n4,739,700.8\nNov\n518.1\n316,365.4\n316,883.5\n1,153,434.2\n2,672,981.8\n166,428.6\n392,842.8\n0.0\n53,131.5\n376,880.5\n5,132,582.8\nDec\n523.2\n398,775.5\n399,298.6\n1,478,745.9\n2,486,956.0\n180,890.4\n438,980.1\n0.0\n53,245.7\n381,391.7\n5,419,508.4\n2018\nJan\n542.7\n295,704.1\n296,246.8\n1,481,110.3\n2,521,699.7\n204,516.4\n392,457.4\n0.0\n53,297.6\n399,281.0\n5,348,609.1\nFeb\n535.0\n293,095.9\n293,630.9\n1,479,552.8\n2,594,224.0\n207,966.8\n405,996.7\n0.0\n53,426.7\n400,019.5\n5,434,817.4\nMar\n537.7\n253,084.5\n253,622.2\n1,546,995.9\n2,769,969.5\n215,726.1\n404,906.7\n0.0\n53,455.4\n403,745.5\n5,648,421.3\nApr\n533.3\n257,036.5\n257,569.8\n1,560,622.2\n2,950,232.6\n160,379.8\n426,520.6\n0.0\n53,595.8\n397,829.6\n5,806,750.3\nMay\n524.9\n313,482.0\n314,006.9\n1,597,939.7\n3,089,176.3\n270,870.8\n401,679.8\n0.0\n53,595.8\n398,836.7\n6,126,105.9\nJun\n505.0\n509,850.3\n510,355.4\n1,655,951.6\n3,305,339.2\n289,295.0\n447,654.5\n0.0\n53,610.6\n396,067.8\n6,658,274.0\nJul\n493.8\n527,813.6\n528,307.4\n1,767,971.0\n3,718,408.4\n301,846.4\n450,384.5\n0.0\n131,483.5\n395,874.7\n7,294,275.9\nAug\n483.2\n290,113.1\n290,596.3\n2,124,232.2\n3,825,308.4\n306,132.8\n469,976.6\n0.0\n131,983.5\n396,593.0\n7,544,822.7\nSep\n478.3\n237,372.4\n237,850.7\n2,107,570.8\n4,195,635.1\n306,155.6\n430,437.7\n0.0\n134,281.4\n380,807.0\n7,792,738.3\nOct\n494.5\n254,988.4\n255,482.9\n2,109,129.0\n4,327,555.6\n316,177.1\n462,486.6\n0.0\n134,282.6\n404,339.5\n8,009,453.3\nNov\n494.8\n247,185.3\n247,680.1\n2,073,611.9\n4,546,327.0\n379,173.9\n476,986.3\n0.0\n133,495.7\n410,630.5\n8,267,905.4\nDec\n516.1\n295,449.5\n295,965.7\n2,062,178.2\n4,962,474.6\n393,736.0\n481,858.2\n0.0\n133,506.7\n455,810.2\n8,785,529.5\nSource: Reserve Bank of Zimbabwe, 2018\nTABLE 4.1: RESERVE BANK - ASSETS\n Foreign Assets\nLoans and advances\nInvestments\n \n \nS5 \n \n \n \n \n \n \nCapital\nand\nForeign\ngeneral\nEnd of\nBond Notes in \nCirculation\nBond Coins in Circulation\nBond Notes and\nBankers Deposits \nOther Deposits\nGovt. Deposits\nTotal Deposits\nLiabilities\nreserve\nOther Liabilities\nTOTAL\ncoins* issued\n2017\nJan\n88,839.1\n13,852.7\n102,691.8\n1,395,502.1\n337,983.2\n25,722.8\n1,759,208.1\n1,032,426.2\n198,391.1\n318,547.9\n3,411,265.1\nFeb\n118,836.7\n13,845.1\n132,681.8\n1,467,941.6\n326,148.4\n25,139.9\n1,819,229.9\n1,034,365.8\n202,521.4\n318,261.8\n3,507,060.7\nMar\n134,347.6\n20,385.1\n154,732.8\n1,446,635.6\n313,240.6\n25,709.3\n1,785,585.5\n1,005,311.0\n203,258.5\n324,197.0\n3,473,084.6\nApr\n140,801.3\n23,268.9\n164,070.2\n1,492,786.2\n365,223.8\n22,277.3\n1,880,287.3\n1,004,318.5\n206,519.4\n316,670.1\n3,571,865.4\nMay\n163,388.9\n25,819.6\n189,208.5\n1,520,837.7\n406,140.0\n22,242.6\n1,949,220.4\n1,004,490.9\n220,032.0\n327,350.5\n3,690,302.3\nJun\n175,855.8\n27,667.5\n203,523.2\n1,728,301.2\n409,262.6\n40,520.1\n2,178,083.9\n987,073.9\n222,222.8\n319,689.6\n3,910,593.5\nJul\n179,722.2\n28,763.1\n208,485.3\n1,838,460.1\n411,103.5\n40,545.2\n2,290,108.7\n1,052,565.3\n215,716.9\n317,761.8\n4,084,638.1\nAug\n181,874.3\n30,289.8\n212,164.1\n2,135,122.5\n401,103.8\n40,631.8\n2,576,858.2\n1,069,019.5\n219,271.6\n303,798.7\n4,381,112.0\nSep\n220,358.2\n35,089.7\n255,447.9\n2,166,837.1\n513,475.1\n40,545.9\n2,720,858.0\n1,086,264.1\n228,502.3\n322,373.1\n4,613,445.4\nOct\n259,385.6\n37,235.5\n296,621.1\n2,181,116.2\n558,328.5\n40,530.3\n2,779,975.0\n1,066,245.9\n237,010.5\n359,848.4\n4,739,700.8\nNov\n286,809.6\n42,063.4\n328,873.0\n2,331,782.2\n555,013.8\n40,553.0\n2,927,349.0\n1,186,123.1\n234,173.1\n456,064.7\n5,132,582.8\nDec\n289,827.7\n54,687.3\n344,515.0\n2,285,501.2\n521,612.6\n40,567.8\n2,847,681.6\n1,496,983.8\n239,919.8\n490,408.3\n5,419,508.4\n2018\nJan\n291,017.0\n63,474.1\n354,491.1\n2,071,823.2\n561,090.2\n71,168.0\n2,704,081.5\n1,480,423.5\n331,769.0\n477,844.0\n5,348,609.1\nFeb\n289,315.0\n62,494.4\n351,809.4\n1,908,121.6\n531,290.0\n93,049.2\n2,532,460.8\n1,531,644.2\n339,808.3\n679,094.7\n5,434,817.4\nMar\n289,183.1\n68,055.2\n357,238.3\n1,920,236.4\n526,523.4\n42,096.2\n2,488,856.0\n1,722,990.1\n340,070.8\n739,266.1\n5,648,421.3\nApr\n289,120.9\n73,367.3\n362,488.2\n1,813,681.7\n528,811.0\n41,970.4\n2,384,463.1\n1,712,066.4\n350,685.4\n997,047.2\n5,806,750.3\nMay\n288,935.3\n79,420.3\n368,355.6\n1,924,872.4\n546,965.7\n41,858.0\n2,513,696.0\n1,782,605.2\n351,770.3\n1,109,678.9\n6,126,105.9\nJun\n307,595.1\n80,593.6\n388,188.8\n2,112,051.3\n570,387.8\n41,699.1\n2,724,138.2\n1,727,806.5\n360,766.4\n1,457,374.1\n6,658,274.0\nJul\n366,738.9\n80,812.7\n447,551.6\n2,294,108.1\n605,257.7\n41,707.7\n2,941,073.5\n1,803,751.9\n433,728.6\n1,668,170.2\n7,294,275.9\nAug\n399,951.6\n84,872.5\n484,824.1\n2,406,600.9\n670,605.2\n41,789.6\n3,118,995.7\n1,804,460.5\n444,671.0\n1,691,871.3\n7,544,822.7\nSep\n422,933.7\n86,177.9\n509,111.6\n2,296,266.8\n682,494.6\n41,694.9\n3,020,456.3\n1,793,136.7\n454,134.9\n2,015,898.8\n7,792,738.3\nOct\n434,935.7\n86,521.3\n521,457.0\n2,282,181.1\n704,720.4\n41,685.6\n3,028,587.2\n1,710,536.2\n466,363.6\n2,282,509.3\n8,009,453.3\nNov\n436,225.7\n86,507.8\n522,733.5\n2,545,140.2\n710,595.5\n41,331.0\n3,297,066.6\n1,788,555.6\n467,391.7\n2,192,157.9\n8,267,905.4\nDec\n435,985.1\n86,558.3\n522,543.5\n2,718,472.2\n587,797.4\n41,321.1\n3,347,590.7\n2,053,648.8\n475,653.2\n2,386,093.4\n8,785,529.5\nSource: Reserve Bank of Zimbabwe, 2018\nUS$ Thousands\nDeposits\nTABLE 4.2: RESERVE BANK - LIABILITIES\n \n \nS6 \n \n \n \n \n \nForeign\nTOTAL\nEnd of\nNotes\nBond\n&\nBalances\nBalances with\nBalances\nOther Claims \nOther\nOther\nContigent\nOther\nNon\n Notes &\nCoin\nwith\nOther Depository \nwith\non\nGovernment1\nLocal Governemt\nPublic \nOther2\nGovernment\nLocal \nPublic \n Institutional\n cliams\n Assets\n Assets\n Financial \nCoins\nRBZ\nCorporations\nForeign Banks\nNon-residents\nSecurities\nsecurities\nGovernment\nEnterprises\n Units3\nAssets\n2017\nJan\n20.2\n111.0\n1,455.0\n239.8\n132.7\n27.0\n1,654.5\n20.8\n15.4\n3.6\n15.9\n15.1\n69.2\n3,394.7\n57.5\n395.7\n383.4\n630.4\n8,642.1\nFeb\n19.3\n96.8\n1,488.5\n251.8\n145.1\n48.6\n1,714.0\n20.1\n15.5\n3.2\n15.0\n14.9\n68.9\n3,177.9\n236.8\n398.5\n400.0\n631.1\n8,746.0\nMar\n12.6\n66.4\n1,485.9\n260.5\n154.9\n53.5\n1,794.1\n18.7\n15.7\n3.8\n15.7\n15.7\n70.7\n3,460.5\n67.2\n422.4\n442.5\n635.1\n8,995.8\nApr\n10.7\n67.8\n1,495.2\n249.4\n219.3\n51.4\n1,954.0\n17.8\n15.8\n3.6\n15.8\n16.9\n74.5\n3,449.5\n24.6\n489.1\n398.8\n644.6\n9,199.0\nMay\n13.4\n56.9\n1,492.4\n272.5\n170.2\n75.3\n1,968.9\n20.3\n15.7\n33.6\n16.7\n16.3\n72.9\n3,447.8\n82.4\n486.1\n421.7\n644.4\n9,307.6\nJun\n7.4\n57.1\n1,674.9\n350.3\n92.1\n110.6\n2,014.2\n19.0\n16.0\n35.0\n47.9\n16.5\n82.9\n3,494.3\n92.8\n533.5\n408.9\n649.6\n9,702.8\nJul\n7.1\n45.2\n1,807.4\n302.3\n63.1\n103.6\n1,982.8\n17.2\n26.1\n34.4\n45.2\n16.9\n116.8\n3,417.1\n86.8\n513.6\n432.9\n635.8\n9,654.3\nAug\n12.3\n40.6\n2,061.9\n276.6\n165.3\n7.9\n2,100.9\n16.3\n26.3\n64.6\n41.3\n18.0\n145.5\n3,494.5\n78.6\n531.8\n403.7\n639.5\n10,125.5\nSep\n12.0\n38.1\n2,110.4\n226.8\n179.7\n31.3\n2,248.9\n16.1\n23.5\n65.0\n41.5\n15.6\n118.8\n3,554.4\n78.0\n472.8\n415.6\n655.1\n10,303.5\nOct\n8.7\n41.8\n2,139.3\n254.1\n190.8\n61.0\n2,372.1\n15.4\n24.4\n65.1\n34.8\n17.8\n99.6\n3,599.1\n82.0\n432.4\n459.3\n667.3\n10,564.9\nNov\n9.8\n46.1\n2,315.5\n289.8\n184.2\n74.3\n2,487.7\n18.8\n23.5\n65.4\n32.3\n19.6\n107.3\n3,608.7\n76.8\n417.7\n505.6\n672.5\n10,955.5\nDec\n12.6\n58.1\n2,592.0\n276.0\n213.4\n66.6\n2,397.2\n26.8\n23.5\n66.3\n29.4\n19.4\n145.5\n3,581.3\n92.2\n508.3\n509.3\n699.9\n11,317.7\n2018\nJan\n23.4\n66.9\n2,528.5\n291.2\n111.9\n81.9\n2,336.0\n34.5\n23.5\n65.9\n26.3\n20.6\n155.3\n3,461.2\n74.6\n501.0\n457.8\n700.8\n10,961.1\nFeb\n20.0\n46.8\n2,516.8\n347.6\n114.2\n96.2\n2,313.4\n33.5\n23.5\n66.1\n24.3\n21.1\n145.4\n3,527.1\n22.2\n507.8\n434.5\n697.8\n10,958.3\nMar\n16.7\n57.9\n2,457.7\n312.8\n139.2\n99.5\n2,434.8\n32.8\n23.5\n66.7\n19.2\n15.9\n127.5\n3,637.8\n24.2\n504.1\n487.4\n710.3\n11,168.1\nApr\n14.9\n61.9\n2,423.5\n337.0\n120.8\n78.5\n2,558.9\n32.0\n24.7\n67.0\n13.4\n20.9\n121.2\n3,674.0\n22.1\n532.0\n459.2\n715.7\n11,277.5\nMay\n14.2\n71.7\n2,543.0\n477.8\n138.6\n85.7\n2,814.9\n30.9\n25.0\n66.9\n8.4\n20.9\n134.4\n3,740.3\n12.0\n458.9\n457.2\n718.2\n11,819.1\nJun\n9.0\n58.5\n3,081.0\n509.8\n120.0\n84.1\n2,865.3\n30.1\n26.2\n66.5\n7.4\n19.4\n196.4\n3,829.3\n38.6\n551.4\n448.1\n730.7\n12,671.8\nJul\n20.6\n61.9\n3,450.6\n466.4\n111.6\n95.4\n3,291.4\n33.3\n0.0\n67.5\n4.5\n21.0\n182.0\n3,500.6\n153.9\n611.4\n472.5\n732.0\n13,276.5\nAug\n23.1\n72.3\n3,475.7\n377.8\n105.3\n66.3\n3,362.8\n32.2\n0.0\n67.3\n7.1\n20.6\n186.7\n3,585.1\n102.0\n647.7\n489.9\n736.1\n13,358.0\nSep\n18.2\n61.5\n3,781.6\n398.1\n159.1\n78.0\n3,145.7\n31.2\n45.2\n68.1\n5.4\n20.4\n212.2\n3,734.2\n119.7\n637.4\n527.8\n742.6\n13,786.4\nOct\n39.9\n70.4\n3,771.3\n368.3\n185.5\n51.4\n3,105.9\n30.2\n45.2\n68.4\n4.6\n9.4\n188.8\n3,838.0\n132.0\n647.5\n537.8\n743.0\n13,837.7\nNov\n30.6\n84.6\n3,696.3\n300.6\n209.8\n63.9\n3,172.9\n28.9\n45.2\n68.7\n7.0\n8.1\n217.7\n3,813.2\n141.9\n633.2\n581.9\n742.4\n13,846.8\nDec\n20.5\n94.5\n3,949.5\n439.6\n235.5\n74.8\n3,044.1\n28.0\n43.4\n69.2\n6.2\n9.2\n204.3\n3,870.5\n151.2\n573.8\n612.5\n812.4\n14,239.0\nSource:Reserve Bank of Zimbabwe,2018\nTABLE 5.1: OTHER DEPOSITORY CORPORATIONS -ASSETS\nUS$ millions\nDebt Securities\nLoans and Advances\n \n \nS7 \n \n \n \n \n \nDebt \nForeign \nCapital\nContigent\nOther\nTOTAL\nSecurities\nLiabilities\nand\nLiablities\nLiablities\nEnd of\nDemand\nSavings\nTime Deposits\nTotal Deposits \nOther Depository\nGovernment \nTotal\nRBZ\nOther \nOther \nReserves\nfrom the public\nCorporations\nDepository\nFinacial \n Corporations Corporations\n2017\n Jan\n3,263.8\n720.5\n1,544.9\n5,529.3\n429.8\n53.1\n6,012.2\n50.6\n271.2\n0.0\n104.5\n41.1\n1,360.2\n395.7\n406.6\n8,642.14\n \n Feb\n3,325.9\n722.0\n1,552.6\n5,600.5\n426.0\n55.3\n6,081.7\n59.3\n270.8\n0.0\n126.1\n43.4\n1,365.8\n398.5\n400.4\n8,746.02\n \n Mar\n3,429.2\n715.7\n1,529.9\n5,674.7\n461.0\n86.9\n6,222.6\n60.2\n249.6\n1.8\n134.9\n41.9\n1,426.8\n422.4\n435.7\n8,995.81\n \n Apr\n3,555.8\n813.7\n1,530.7\n5,900.2\n450.9\n76.2\n6,427.3\n63.3\n251.1\n0.0\n117.4\n41.9\n1,382.2\n489.1\n426.7\n9,199.00\n \n May\n3,593.7\n798.7\n1,558.4\n5,950.8\n454.6\n75.1\n6,480.5\n61.4\n243.5\n0.0\n95.2\n42.2\n1,448.6\n486.1\n450.1\n9,307.64\n \n Jun\n3,851.4\n825.6\n1,538.9\n6,215.9\n497.6\n73.7\n6,787.2\n65.7\n259.5\n0.0\n108.9\n46.6\n1,455.9\n533.5\n445.6\n9,702.82\n \n Jul\n3,845.0\n837.2\n1,600.1\n6,282.3\n503.0\n78.1\n6,863.3\n66.3\n162.2\n0.0\n99.5\n35.6\n1,463.2\n513.6\n450.7\n9,654.29\n \n Aug\n4,257.2\n927.5\n1,604.9\n6,789.6\n451.2\n88.3\n7,329.1\n71.1\n158.2\n0.0\n79.1\n22.8\n1,478.4\n531.8\n454.9\n10,125.48\n \n Sep\n4,622.2\n932.4\n1,571.4\n7,126.0\n383.4\n55.2\n7,564.6\n55.8\n151.1\n0.0\n67.4\n32.1\n1,494.5\n472.8\n465.2\n10,303.53\n \n Oct\n4,825.8\n1,010.8\n1,460.8\n7,297.4\n410.7\n43.1\n7,751.2\n63.0\n153.9\n0.0\n73.1\n42.0\n1,537.5\n432.4\n511.7\n10,564.89\n \n Nov\n5,090.7\n1,047.9\n1,450.2\n7,588.7\n454.9\n34.7\n8,078.3\n66.5\n151.3\n0.0\n84.5\n60.2\n1,562.7\n417.7\n534.3\n10,955.47\n \n Dec\n5,144.5\n1,127.4\n1,401.7\n7,673.6\n407.8\n94.6\n8,176.0\n68.6\n173.1\n113.7\n100.7\n6.2\n1,663.1\n508.3\n508.1\n11,317.70\n \n2018\nJan\n4,640.2\n1,008.1\n1,454.0\n7,102.2\n406.5\n107.3\n7,616.1\n65.1\n444.8\n115.1\n49.1\n2.6\n1,645.3\n501.0\n522.1\n10,961.10\n \nFeb\n4,633.7\n989.2\n1,458.8\n7,081.7\n418.7\n101.2\n7,601.7\n75.4\n435.4\n111.2\n92.8\n2.9\n1,620.1\n507.8\n511.0\n10,958.31\n \nMar\n4,732.9\n1,007.5\n1,491.0\n7,231.4\n365.0\n114.7\n7,711.0\n77.3\n460.8\n140.5\n89.2\n6.9\n1,654.7\n504.1\n523.4\n11,168.13\n \nApr\n4,907.7\n1,066.6\n1,374.6\n7,349.0\n387.8\n95.6\n7,832.3\n84.0\n453.1\n82.4\n68.8\n16.1\n1,641.9\n532.0\n567.0\n11,277.47\n \nMay\n5,172.9\n1,138.2\n1,442.5\n7,753.6\n442.8\n107.4\n8,303.8\n88.0\n554.0\n101.5\n94.9\n19.9\n1,671.5\n458.9\n526.5\n11,819.07\n \nJune\n5,650.6\n1,274.7\n1,459.1\n8,384.4\n438.0\n89.2\n8,911.6\n66.8\n554.0\n119.8\n173.4\n21.6\n1,707.5\n551.4\n565.7\n12,671.83\n \nJuly\n5,902.3\n1,415.3\n1,501.5\n8,819.1\n424.4\n33.1\n9,276.7\n89.5\n545.1\n118.9\n132.9\n32.6\n1,846.0\n611.4\n623.4\n13,276.49\n \nAug\n6,005.7\n1,362.6\n1,524.2\n8,892.5\n399.6\n32.4\n9,324.5\n66.5\n535.4\n137.0\n119.5\n33.3\n1,882.9\n647.7\n611.2\n13,357.99\n \nSep\n6,281.7\n1,421.8\n1,489.0\n9,192.4\n439.0\n44.6\n9,676.1\n52.4\n559.4\n142.2\n129.1\n46.6\n1,913.4\n637.4\n629.7\n13,786.39\n \nOct\n6,345.7\n1,390.0\n1,427.8\n9,163.5\n435.2\n52.2\n9,650.8\n61.7\n581.4\n147.6\n93.4\n42.0\n1,957.6\n647.5\n655.7\n13,837.68\n \nNov\n6,419.8\n1,329.4\n1,430.4\n9,179.6\n366.8\n48.7\n9,595.1\n50.9\n543.1\n213.7\n74.8\n42.3\n1,991.6\n633.2\n702.1\n13,846.78\n \nDec\n6,601.1\n1,322.2\n1,508.9\n9,432.2\n394.5\n41.3\n9,868.0\n58.6\n524.7\n229.6\n187.8\n39.0\n2,057.7\n573.8\n699.7\n14,238.96\n \nSource:Reserve Bank of Zimbabwe,2018\nTABLE 5.2 : OTHER DEPOSITORY CORPORATIONS - LIABILITIES \nUS$ millions\nDeposits\nAmounts Owing to\n \n \nS8 \n \n \n \n \nTOTAL\nEnd of\nForeign\nBond\nNotes\nBalances\nBalances with\nBalances\nOther Claims \nLocal\nPublic\nOther \nContigent \nNon Financial \n Notes &\n&\nwith\nOther Depository \nwith\non\nGovernment1\nLocal Governemt\nPublic Enterprises\nOther2\nGovernment\nGovernment\nEnterprises\n Institutional Units3\nOther claims\nAssets\nOther Assets\nAssets\nCoins\nCoin\nRBZ\nCorporations\nForeign Banks\nNon-residents\nSecurities\nsecurities\n2017\nJan\n17.72\n \n103.75\n1,322.38\n81.89\n128.2\n27.0\n1,485.0\n0.0\n15.4\n3.6\n15.9\n15.1\n68.6\n2,467.7\n53.9\n395.7\n251.9\n479.3\n6,933.1\nFeb\n16.29\n \n89.44\n1,396.07\n96.11\n137.3\n48.6\n1,502.5\n0.0\n15.5\n3.2\n15.0\n14.9\n68.2\n2,238.9\n239.7\n398.5\n266.0\n480.1\n7,026.4\nMar\n10.74\n \n63.27\n1,421.43\n83.18\n150.7\n53.5\n1,578.7\n0.0\n15.7\n3.8\n15.7\n15.7\n69.9\n2,554.3\n23.7\n422.4\n314.5\n484.0\n7,281.0\nApr\n9.82\n \n64.14\n1,383.44\n75.92\n209.0\n51.4\n1,744.4\n0.0\n15.8\n3.6\n15.8\n16.9\n74.0\n2,493.3\n26.4\n489.1\n263.7\n492.6\n7,429.3\nMay\n12.36\n \n52.63\n1,376.30\n119.89\n159.1\n75.3\n1,739.8\n0.0\n15.7\n33.6\n16.7\n16.3\n72.4\n2,528.3\n28.4\n486.1\n290.7\n492.0\n7,515.6\nJun\n7.01\n \n53.33\n1,578.51\n141.42\n82.2\n110.6\n1,786.8\n0.0\n16.0\n35.0\n47.9\n16.5\n82.2\n2,583.5\n23.9\n533.5\n273.6\n497.3\n7,869.2\nJul\n6.71\n \n40.92\n1,684.48\n137.62\n53.7\n103.6\n1,752.4\n0.0\n26.1\n34.4\n45.2\n16.9\n116.3\n2,495.4\n24.2\n513.6\n295.5\n482.1\n7,829.0\nAug\n11.80\n \n37.09\n1,882.39\n124.33\n161.2\n7.9\n1,856.2\n0.0\n26.3\n64.6\n41.3\n18.0\n145.0\n2,538.1\n23.8\n531.8\n272.6\n485.7\n8,228.1\nSep\n11.43\n \n35.83\n1,961.76\n109.59\n172.7\n31.3\n1,998.0\n0.0\n23.5\n65.0\n41.5\n15.6\n118.2\n2,585.7\n28.3\n472.8\n281.3\n487.7\n8,440.0\nOct\n8.10\n \n40.49\n1,961.82\n143.68\n175.7\n61.0\n2,106.6\n0.0\n24.4\n65.1\n34.8\n17.8\n99.1\n2,607.0\n29.4\n432.4\n287.8\n508.9\n8,604.1\nNov\n9.04\n \n45.09\n2,126.74\n161.14\n174.7\n74.3\n2,230.4\n0.0\n23.5\n65.4\n32.3\n19.6\n106.9\n2,618.1\n26.4\n417.7\n324.2\n511.4\n8,966.9\nDec\n11.43\n \n55.32\n2,373.95\n141.47\n203.5\n66.6\n2,128.7\n0.0\n23.5\n66.3\n29.4\n19.4\n145.0\n2,579.8\n40.0\n508.3\n324.5\n536.4\n9,253.6\n2018\nJan\n22.40\n \n64.10\n2,294.49\n192.08\n103.4\n81.9\n2,143.2\n0.0\n23.5\n65.9\n26.3\n20.6\n154.8\n2,451.1\n28.7\n501.0\n294.2\n538.9\n9,006.6\nFeb\n18.34\n \n43.97\n2,296.76\n223.72\n108.3\n96.2\n2,109.3\n0.0\n23.5\n66.1\n24.3\n21.1\n145.0\n2,461.5\n28.7\n507.8\n290.6\n536.3\n9,001.5\nMar\n14.81\n \n53.62\n2,238.77\n240.67\n124.5\n99.5\n2,164.0\n0.0\n23.5\n66.7\n19.2\n15.9\n127.1\n2,535.8\n30.4\n504.1\n325.8\n552.3\n9,136.6\nApr\n13.47\n \n56.67\n2,207.91\n274.97\n116.7\n78.5\n2,314.9\n0.0\n24.7\n67.0\n13.4\n20.9\n120.8\n2,519.8\n28.3\n532.0\n299.0\n554.9\n9,244.0\nMay\n12.85\n \n62.77\n2,308.95\n339.50\n130.1\n85.7\n2,562.4\n0.0\n25.0\n66.9\n8.4\n20.9\n134.0\n2,556.2\n23.9\n458.9\n307.9\n555.3\n9,659.8\nJune\n7.48\n \n52.61\n2,848.51\n331.76\n117.3\n84.1\n2,538.3\n0.0\n26.2\n66.5\n7.4\n19.4\n196.0\n2,662.2\n25.5\n551.4\n302.9\n563.4\n10,401.0\nJuly\n17.9\n54.3\n3,189.6\n281.1\n109.3\n95.4\n2,949.2\n0.0\n0.0\n67.5\n4.5\n21.0\n182.0\n2,414.6\n26.0\n611.4\n322.5\n565.1\n10,911.4\nAug\n21.0\n67.8\n3,196.7\n232.3\n102.5\n66.3\n3,014.9\n0.0\n0.0\n67.3\n7.1\n20.6\n186.7\n2,491.0\n29.8\n647.7\n329.4\n566.3\n11,047.4\nSep\n16.3\n58.2\n3,487.9\n305.3\n137.8\n78.0\n2,789.8\n0.0\n45.2\n68.1\n5.4\n20.4\n212.2\n2,577.1\n36.7\n637.4\n357.4\n571.8\n11,405.0\nOct\n33.1\n68.0\n3,505.8\n272.1\n173.1\n51.4\n2,728.8\n0.0\n45.2\n68.4\n4.6\n9.4\n188.8\n2,697.4\n38.7\n647.5\n353.2\n569.2\n11,454.9\nNov\n25.8\n81.4\n3,384.4\n264.6\n198.2\n63.9\n2,793.9\n0.0\n45.2\n68.7\n7.0\n8.1\n217.7\n2,672.3\n46.1\n633.2\n406.6\n569.8\n11,486.9\nDec\n18.2\n89.9\n3,737.0\n317.3\n224.4\n74.8\n2,633.7\n0.0\n43.4\n69.2\n6.2\n9.2\n204.3\n2,707.6\n53.7\n573.8\n406.2\n633.9\n11,802.7\nSource:Reserve Bank of Zimbabwe,2018\nDebt Securities\nLoans and Advances\nTABLE 6.1: COMMERCIAL BANKS -ASSETS\nUS$ millions\n \n \nS9 \n \n \n \n \n \nEnd of\nDemand\nSavings\nTime Deposits\nTotal Deposits Other Depository Government \nTotal\nDebt Securities Foreign Liabilities\nRBZ\nOther Depository Other Finacial \nCapital\nContigent\nOther\nfrom the public\nCorporations\n Corporations\n Corporations\nand\nLiablities\nLiablities\nTOTAL\nReserves\n2017\n Jan\n3,205.0\n317.1\n981.8\n4503.86\n348.3\n30.4\n4,882.6\n36.9\n242.1\n0.0\n38.0\n40.4\n1,005.1\n395.7\n292.2\n6,933.07\n \n Feb\n3,267.0\n318.3\n977.1\n4562.41\n349.8\n32.6\n4,944.9\n47.5\n243.9\n0.0\n63.7\n42.9\n1,007.7\n398.5\n277.4\n7,026.43\n \n Mar\n3,370.3\n313.3\n965.3\n4648.90\n390.8\n64.2\n5,103.9\n50.6\n225.6\n1.8\n66.3\n41.5\n1,061.6\n422.4\n307.3\n7,281.03\n \n Apr\n3,496.9\n328.5\n960.8\n4786.12\n380.3\n54.3\n5,220.7\n52.8\n228.3\n0.0\n63.3\n41.7\n1,034.4\n489.1\n299.0\n7,429.28\n \n May\n3,534.8\n331.2\n979.7\n4845.74\n384.0\n53.4\n5,283.1\n50.8\n220.4\n0.0\n29.0\n41.9\n1,092.7\n486.1\n311.6\n7,515.61\n \n Jun\n3,792.5\n332.7\n949.8\n5075.08\n423.9\n51.7\n5,550.7\n54.9\n237.5\n0.0\n43.7\n45.8\n1,095.2\n533.5\n308.0\n7,869.22\n \n Jul\n3,786.1\n326.0\n1,021.7\n5133.85\n432.5\n56.2\n5,622.6\n55.3\n140.0\n0.0\n42.2\n35.3\n1,096.8\n513.6\n323.2\n7,829.03\n \n Aug\n4,198.3\n342.7\n1,010.3\n5551.37\n380.7\n66.3\n5,998.3\n58.3\n136.9\n0.0\n41.8\n22.5\n1,116.1\n531.8\n322.4\n8,228.06\n \n Sep\n4,561.7\n355.5\n1,003.7\n5920.98\n303.1\n32.7\n6,256.8\n42.3\n133.7\n0.0\n50.4\n31.9\n1,129.8\n472.8\n322.3\n8,440.05\n \n Oct\n4,771.6\n340.7\n927.8\n6040.15\n329.8\n21.1\n6,391.1\n50.8\n127.5\n0.0\n52.5\n41.7\n1,167.6\n432.4\n340.5\n8,604.14\n \n Nov\n5,036.5\n380.1\n918.9\n6335.46\n349.5\n12.7\n6,697.6\n54.0\n124.7\n0.0\n61.8\n59.9\n1,189.6\n417.7\n361.6\n8,966.85\n \n Dec\n5,143.9\n409.2\n850.3\n6403.38\n302.6\n72.1\n6,778.1\n56.5\n147.2\n113.7\n78.0\n5.7\n1,205.7\n508.3\n360.4\n9,253.57\n \n2018\nJan\n4,640.2\n369.3\n903.3\n5912.70\n301.3\n85.0\n6,299.0\n53.6\n418.7\n115.1\n26.2\n2.4\n1,205.0\n501.0\n385.6\n9,006.62\n \nFeb\n4,633.7\n375.8\n920.2\n5929.72\n298.5\n78.6\n6,306.8\n58.1\n409.1\n111.2\n59.1\n2.4\n1,174.8\n507.8\n372.1\n9,001.50\n \nMar\n4,732.9\n368.8\n930.7\n6032.43\n244.7\n92.4\n6,369.5\n61.1\n419.5\n140.5\n54.8\n6.4\n1,196.4\n504.1\n384.3\n9,136.62\n \nApr\n4,907.7\n394.4\n874.8\n6176.86\n243.4\n72.8\n6,493.1\n67.4\n413.5\n82.4\n35.2\n15.7\n1,201.5\n532.0\n403.4\n9,244.00\n \nMay\n5,172.9\n416.2\n917.2\n6506.32\n246.2\n85.2\n6,837.7\n66.8\n514.1\n101.5\n63.7\n19.4\n1,224.6\n458.9\n373.2\n9,659.82\n \nJun\n5,650.6\n504.3\n897.4\n7052.21\n254.8\n66.9\n7,373.9\n45.0\n514.7\n119.8\n116.5\n21.1\n1,259.1\n551.4\n399.5\n10,401.01\n \nJul\n5,902.3\n527.0\n901.0\n7330.31\n296.0\n12.2\n7,638.4\n72.0\n507.6\n118.9\n102.5\n16.8\n1,380.1\n611.4\n463.6\n10,911.41\n \nAug\n6,005.7\n540.8\n930.8\n7477.29\n266.6\n11.5\n7,755.3\n46.4\n501.5\n137.0\n101.3\n15.4\n1,408.6\n647.7\n434.3\n11,047.44\n \nSep\n6,281.7\n556.4\n927.2\n7765.31\n273.0\n23.5\n8,061.8\n40.9\n503.5\n142.2\n108.4\n21.1\n1,434.8\n637.4\n454.9\n11,404.95\n \nOct\n6,340.3\n509.5\n898.1\n7747.92\n284.2\n31.1\n8,063.2\n49.3\n525.1\n147.6\n72.2\n16.5\n1,461.0\n647.5\n472.6\n11,454.87\n \nNov\n6,411.0\n503.9\n861.0\n7775.91\n232.8\n27.6\n8,036.4\n41.2\n487.5\n213.7\n58.6\n17.8\n1,490.0\n633.2\n508.4\n11,486.89\n \nDec\n6,582.3\n495.0\n910.9\n7988.25\n255.0\n19.7\n8,262.9\n43.3\n469.5\n229.6\n147.5\n15.6\n1,551.3\n573.8\n509.2\n11,802.70\n \nSource:Reserve Bank of Zimbabwe,2018\nTABLE 6.2 : COMMERCIAL BANKS - LIABILITIES\nDeposits\nAmounts Owing to\nUS$ Millions\n \n \nS10 \n \n \n \n \n \nForeign\nOther \nNon Financial \nTOTAL\nEnd of\nNotes\nAssets\nAssets\nBond\n&\nBalances\nBalances with\nBalances\nOther Claims \n Notes &\nCoin\nwith\nOther Depository \nwith\non\nGovernment1\nLocal Governemt\nPublic \nOther2\nMortgages\nGovernment\nOther\nCoins\nRBZ\nCorporations\nForeign Banks\nNon-residents\nSecurities\nsecurities\nEnterprises\n2017\nJan\n2.35\n \n7.02\n109.63\n157.70\n4.3\n0.0\n123.7\n20.8\n0.0\n0.0\n389.1\n0.0\n406.1\n106.3\n124.4\n1,451.4\nFeb\n1.19\n \n7.29\n69.26\n155.60\n7.4\n0.0\n162.0\n20.1\n0.0\n0.0\n394.4\n0.0\n410.1\n109.0\n124.2\n1,460.4\nMar\n1.65\n \n3.07\n35.53\n177.16\n4.0\n0.0\n164.2\n18.7\n0.0\n0.0\n404.4\n0.0\n413.0\n102.8\n124.2\n1,448.6\nApr\n0.74\n \n3.56\n73.43\n173.28\n9.8\n0.0\n158.6\n17.8\n0.0\n0.0\n392.5\n0.0\n432.3\n109.7\n125.1\n1,496.8\nMay\n0.92\n \n3.94\n81.47\n152.32\n10.8\n0.0\n168.2\n20.3\n0.0\n0.0\n394.4\n0.0\n451.1\n105.9\n126.1\n1,515.4\nJun\n0.34\n \n3.66\n65.90\n208.75\n9.8\n0.0\n165.3\n19.0\n0.0\n0.0\n387.6\n0.0\n452.9\n109.6\n126.0\n1,548.8\nJul\n0.39\n \n3.93\n105.83\n164.58\n9.2\n0.0\n168.4\n17.2\n0.0\n0.0\n391.9\n0.0\n451.9\n110.9\n127.3\n1,551.5\nAug\n0.44\n \n3.09\n142.75\n152.03\n3.9\n0.0\n186.7\n16.3\n0.0\n0.0\n409.3\n0.0\n465.5\n104.7\n127.2\n1,611.9\nSep\n0.56\n \n1.82\n108.41\n116.96\n6.7\n0.0\n193.0\n16.1\n0.0\n0.0\n412.7\n0.0\n475.2\n113.4\n130.1\n1,574.8\nOct\n0.57\n \n1.15\n145.68\n110.02\n14.8\n0.0\n193.9\n15.4\n0.0\n0.0\n420.7\n0.0\n493.6\n149.9\n130.4\n1,676.0\nNov\n0.75\n \n0.90\n138.84\n128.42\n8.7\n0.0\n193.6\n18.8\n0.0\n0.0\n420.9\n0.0\n489.0\n160.4\n133.0\n1,693.3\nDec\n1.05\n \n2.59\n170.60\n134.30\n9.1\n0.0\n195.1\n26.8\n0.0\n0.0\n402.3\n0.0\n516.8\n163.2\n135.5\n1,757.3\n2018\nJan\n0.90\n \n2.25\n197.37\n98.73\n7.8\n0.0\n129.8\n34.5\n0.0\n0.0\n413.2\n0.0\n508.7\n144.9\n136.1\n1,674.3\nFeb\n1.52\n \n1.78\n172.37\n123.48\n5.5\n0.0\n141.3\n33.5\n0.0\n0.0\n414.8\n0.0\n507.9\n125.7\n135.7\n1,663.6\nMar\n1.42\n \n3.40\n175.85\n72.10\n14.1\n0.0\n212.6\n32.8\n0.0\n0.0\n411.4\n0.0\n539.4\n142.8\n132.3\n1,738.2\nApr\n1.13\n \n4.31\n185.54\n61.87\n3.6\n0.0\n184.4\n32.0\n0.0\n0.0\n413.3\n0.0\n582.7\n141.6\n135.2\n1,745.7\nMay\n1.01\n \n7.63\n196.34\n138.20\n8.1\n0.0\n191.0\n30.9\n0.0\n0.0\n415.0\n0.0\n608.4\n128.1\n137.4\n1,862.0\nJune\n1.21\n \n4.88\n188.64\n177.83\n1.9\n0.0\n266.2\n30.1\n0.0\n0.0\n413.9\n0.0\n614.3\n124.0\n141.5\n1,964.5\nJuly\n1.8\n6.6\n207.1\n185.1\n1.7\n0.0\n283.2\n33.3\n0.0\n0.0\n423.5\n0.0\n636.1\n128.2\n141.1\n2,047.7\nAug\n1.6\n3.7\n224.7\n145.3\n2.4\n0.0\n288.9\n32.2\n0.0\n0.0\n428.2\n0.0\n579.4\n139.1\n143.7\n1,989.2\nSep\n1.9\n2.9\n245.6\n92.6\n20.8\n0.0\n291.1\n31.2\n0.0\n0.0\n430.3\n0.0\n650.2\n148.1\n144.4\n2,059.1\nOct\n4.9\n2.1\n220.0\n95.8\n11.9\n0.0\n318.9\n30.2\n0.0\n0.0\n427.7\n0.0\n639.8\n154.2\n147.0\n2,052.5\nNov\n3.6\n2.9\n243.3\n35.7\n10.4\n0.0\n320.7\n28.9\n0.0\n0.0\n433.5\n0.0\n635.7\n148.0\n145.8\n2,008.5\nDec\n2.3\n4.3\n157.4\n121.3\n10.4\n0.0\n339.4\n28.0\n0.0\n0.0\n444.8\n0.0\n645.9\n179.7\n151.9\n2,085.6\nSource:Reserve Bank of Zimbabwe,2018\nNotes\n1.Government securities include treasuary bills and bonds\n2.Includes bankers acceptances, discounted bills and negotiable certificates of deposits.\n3.Includes households, other financial corporations, \nDebt Securities\nLoans and Advances\nTABLE 7.1: BUILDING SOCIETIES -ASSETS\nUS$ millions\n \n \nS11 \n \n \n \n \nDebt \nForeign \nCapital\nOther\nTOTAL\nSecurities\nLiabilities\nand\nLiablities\nEnd of\nSavings\nTime Deposits\nTotal Deposits Other Depository Government \nTotal\nRBZ\nOther Depository Other Finacial \nReserves\nfrom the public\nCorporations\n Corporations\n Corporations\n2017\n Jan\n326.2\n522.1\n848.23\n81.5\n16.6\n946.4\n25.0\n29.1\n0.0\n66.5\n0.7\n332.1\n51.7\n1,451.40\n \n Feb\n326.1\n534.4\n860.48\n76.2\n16.6\n953.3\n23.1\n27.0\n0.0\n62.4\n0.5\n334.5\n59.7\n1,460.43\n \n Mar\n319.7\n523.2\n842.91\n70.2\n16.7\n929.9\n20.9\n24.0\n0.0\n68.5\n0.3\n340.7\n64.3\n1,448.62\n \n Apr\n399.6\n527.1\n926.64\n70.6\n16.0\n1,013.2\n21.8\n22.8\n0.0\n54.0\n0.2\n322.5\n62.3\n1,496.83\n \n May\n378.0\n536.0\n914.03\n70.7\n16.1\n1,000.8\n21.8\n23.0\n0.0\n66.2\n0.4\n325.8\n77.4\n1,515.45\n \n Jun\n401.8\n544.4\n946.24\n70.7\n16.5\n1,033.4\n22.0\n22.0\n0.0\n65.2\n0.8\n330.0\n75.4\n1,548.79\n \n Jul\n430.3\n531.5\n961.78\n70.4\n16.1\n1,048.3\n22.2\n22.2\n0.0\n57.3\n0.3\n334.5\n66.8\n1,551.54\n \n Aug\n495.3\n546.5\n1041.77\n70.6\n16.3\n1,128.6\n24.0\n21.3\n0.0\n37.4\n0.4\n328.9\n71.4\n1,611.94\n \n Sep\n488.5\n517.9\n1006.46\n80.3\n16.7\n1,103.4\n24.8\n17.4\n0.0\n17.0\n0.2\n334.0\n78.0\n1,574.82\n \n Oct\n583.1\n475.2\n1058.27\n80.9\n16.2\n1,155.4\n23.4\n26.4\n0.0\n20.6\n0.3\n338.0\n111.8\n1,675.97\n \n Nov\n570.3\n473.5\n1043.76\n105.4\n16.3\n1,165.4\n23.7\n26.6\n0.0\n22.7\n0.3\n341.5\n113.0\n1,693.33\n \n Dec\n608.2\n496.6\n1104.85\n105.2\n16.5\n1,226.6\n23.4\n25.9\n0.0\n22.7\n0.5\n371.7\n86.7\n1,757.28\n \n2018\nJan\n544.7\n497.1\n1041.72\n105.2\n16.4\n1,163.3\n22.8\n26.1\n0.0\n22.9\n0.2\n362.1\n77.0\n1,674.26\n \nFeb\n512.0\n480.5\n992.48\n120.3\n16.8\n1,129.5\n28.5\n26.3\n0.0\n33.6\n0.5\n366.0\n79.2\n1,663.63\n \nMar\n535.1\n507.8\n1042.93\n120.3\n16.5\n1,179.7\n27.5\n41.3\n0.0\n34.5\n0.5\n378.2\n76.5\n1,738.21\n \nApr\n568.0\n452.6\n1020.54\n144.4\n17.0\n1,181.9\n27.9\n39.7\n0.0\n33.6\n0.4\n358.5\n103.7\n1,745.70\n \nMay\n613.8\n475.1\n1088.97\n196.6\n16.4\n1,302.0\n32.4\n40.0\n0.0\n31.2\n0.5\n363.1\n92.8\n1,862.04\n \nJune\n658.5\n507.9\n1166.48\n183.2\n16.4\n1,366.0\n33.1\n39.3\n0.0\n56.9\n0.4\n363.5\n105.2\n1,964.47\n \nJuly\n770.2\n542.9\n1313.08\n128.5\n15.0\n1,456.6\n28.7\n37.5\n0.0\n30.4\n15.8\n378.9\n99.8\n2,047.72\n \nAug\n703.4\n534.7\n1238.01\n133.0\n15.0\n1,386.0\n31.3\n33.9\n0.0\n18.3\n17.9\n385.8\n116.0\n1,989.24\n \nSep\n749.8\n502.3\n1252.15\n166.0\n15.1\n1,433.2\n22.8\n55.9\n0.0\n20.7\n25.5\n388.6\n112.3\n2,059.09\n \nOct\n772.5\n471.9\n1244.39\n151.0\n15.1\n1,410.5\n23.7\n56.3\n0.0\n21.2\n25.5\n389.9\n125.4\n2,052.54\n \nNov\n699.9\n511.9\n1211.86\n134.0\n15.1\n1,360.9\n21.0\n55.6\n0.0\n16.2\n24.5\n396.1\n134.2\n2,008.52\n \nDec\n713.2\n540.0\n1253.14\n139.6\n15.1\n1,407.8\n26.5\n55.3\n0.0\n40.2\n23.4\n400.1\n132.3\n2,085.58\n \nSource:Reserve Bank of Zimbabwe,2018\nAmounts Owing to\nTABLE 7.2: BUILDING SOCIETIES -LIABILITIES\nUS$ millions\n \n \nS12 \n \n \n \n \nAGRIC ULTUR E\nCON S TRU CTION\nCOM M UN ICATION\nDIS TRIB U TION\nFINANC IAL \nFINANC IAL\nM ANUFAC TURING\nM INING\nS ERVICES\nTRANS PORT\nINDIVIDUALS\nCONGLOM ERATES\nTOTAL\nEnd of \n \nINV ES TM ENT\nORGANIS ATIONS\n \n \n \n \n \n2017\nJan\n448,344.7\n41,732.8\n22,069.3\n264,734.2\n12,019.3\n270,117.2\n350,757.1\n144,447.3\n394,945.0\n40,975.0\n591,245.7\n11,489.3\n2,592,877.1\nFeb\n436,206.2\n40,112.3\n24,467.5\n269,358.3\n12,146.8\n272,314.8\n361,416.8\n143,990.4\n373,445.1\n40,250.7\n568,686.3\n11,227.9\n2,553,623.0\nMar\n425,496.8\n54,688.4\n25,533.4\n275,500.1\n12,241.8\n290,985.3\n349,722.5\n159,101.0\n359,672.5\n37,864.1\n572,233.3\n13,047.7\n2,576,086.9\nApr\n426,696.6\n43,836.6\n18,145.2\n340,025.3\n12,219.1\n271,824.0\n360,945.8\n134,101.0\n350,475.1\n42,208.4\n571,000.5\n12,492.9\n2,583,970.5\nMay\n428,874.0\n43,427.0\n16,689.0\n322,695.4\n12,252.6\n269,976.3\n360,929.9\n117,479.9\n354,102.7\n41,337.5\n569,798.9\n11,923.7\n2,549,487.0\nJun\n431,677.5\n45,018.0\n16,989.2\n311,641.4\n14,435.6\n266,917.5\n343,590.2\n126,542.8\n417,469.8\n37,849.5\n595,749.5\n12,001.6\n2,619,882.5\nJul\n459,128.0\n52,500.1\n11,717.0\n255,319.0\n14,541.0\n255,591.2\n311,364.4\n131,420.5\n422,799.8\n39,630.7\n609,112.5\n14,464.3\n2,577,588.5\nAug\n457,861.9\n52,622.6\n11,736.0\n262,602.7\n17,438.9\n256,802.3\n313,868.5\n138,714.9\n420,653.6\n41,089.3\n617,686.4\n15,194.2\n2,606,271.3\nSep\n457,157.2\n48,477.1\n12,117.9\n340,506.4\n21,660.1\n265,082.3\n331,929.6\n124,822.8\n393,491.3\n41,117.0\n619,867.0\n16,061.2\n2,672,289.8\nOct\n460,475.1\n46,588.0\n12,273.6\n329,020.8\n21,810.6\n262,118.2\n317,587.0\n126,041.6\n383,374.3\n41,351.4\n634,561.2\n16,061.2\n2,651,263.1\nNov\n477,486.1\n46,318.3\n12,005.2\n323,990.0\n21,811.0\n261,421.1\n316,225.5\n123,307.2\n379,542.7\n32,215.3\n649,034.3\n16,061.2\n2,659,418.0\nDec\n489,695.6\n54,162.9\n10,119.0\n334,030.3\n21,844.6\n269,399.3\n307,802.0\n126,719.0\n375,161.7\n31,701.6\n621,421.9\n13,938.1\n2,655,996.0\n2018\nJan\n479,109.6\n59,336.8\n9,442.4\n289,531.3\n20,569.7\n258,035.0\n271,453.8\n106,425.1\n390,052.9\n32,328.6\n617,303.0\n14,394.7\n2,547,982.8\nFeb\n488,203.1\n59.,977.6\n9,271.6\n315,569.6\n20,133.1\n258,263.6\n285,045.1\n108,649.0\n393,604.9\n31,636.6\n618,377.4\n15,010.6\n2,543,764.6\nMar\n484,764.7\n64,826.5\n11,050.5\n344,731.3\n15,203.3\n274,150.2\n303,649.2\n114,431.9\n363,449.4\n32,793.4\n640,496.9\n19,893.1\n2,669,440.4\nApr\n485,790.0\n63,948.2\n10,904.2\n344,532.1\n15,015.2\n271,071.8\n294,270.8\n112,692.1\n333,633.8\n31,103.5\n631,920.5\n22,066.0\n2,616,948.2\nMay\n501,783.7\n63,555.3\n10,933.5\n362,939.6\n15,079.8\n358,553.4\n317,666.7\n117,123.0\n338,846.3\n31,523.1\n651,444.0\n24,226.4\n2,793,674.8\nJun\n475,105.7\n66,796.8\n13,907.7\n385,583.3\n15,079.8\n344,917.3\n323,212.1\n117,146.6\n335,216.9\n34,457.6\n655,427.0\n34,163.4\n2,801,014.3\nJul\n463,286.3\n70,905.2\n18,924.1\n383,314.7\n14,976.4\n140,624.6\n274,507.8\n113,776.3\n309,209.5\n37,474.0\n652,652.7\n34,402.1\n2,514,053.7\nAug\n470,756.1\n79,237.1\n15,167.3\n331,672.8\n15,021.9\n144,100.7\n271,000.5\n111,960.2\n306,022.7\n37,341.2\n666,649.4\n34,402.1\n2,483,332.1\nSep\n451,745.3\n79,055.7\n15,021.6\n341,851.7\n15,021.9\n144,799.6\n263,994.2\n112,656.6\n320,788.5\n36,914.6\n666,971.5\n64,407.1\n2,513,228.2\nOct\n453,068.3\n74,931.8\n16,036.5\n389,851.7\n15,156.8\n165,252.7\n268,933.2\n111,956.6\n313,376.8\n36,118.6\n680,445.7\n12,855.7\n2,537,984.3\nNov\n444,130.8\n133,137.6\n14,884.1\n313,733.0\n15,156.8\n165,419.8\n269,459.9\n149,908.1\n316,738.8\n45,693.2\n679,403.7\n12,265.4\n2,559,931.1\nDec\n492,669.9\n78,176.7\n15,958.0\n340,422.7\n14,425.5\n165,648.7\n253,354.3\n113,596.5\n347,242.2\n40,695.4\n669,879.6\n12,254.3\n2,544,323.9\nSource:Reserve Bank of Zimbabwe,2018\nTABLE 8.1: Sectoral Analysis of Commerical Banks' Loans and Advances\nUS$ Thousands\n \n \nS13 \n \n \n \n \n \nAGRICULTURE CONSTRUCTION COMMUNICATION\nDISTRIBUTION\nFINANCIAL \nFINANCIAL\nMANUFACTURING\nMINING\nSERVICES\nTRANSPORT INDIVIDUALS CONGLOMERATES\nTOTAL\nEnd of\n \nINVESTMENT\nORGANISATIONS\n \n \n \n \n \n2017\nJan\n236,437.3\n108,552.5\n230,965.4\n618,213.5\n339,580.3\n1,002,775.4\n382,746.3\n86,115.0\n1,393,941.2\n82,670.8\n589,549.9\n85,602.3\n5,157,150.0\nFeb\n254,463.9\n112,294.4\n226,877.9\n613,080.1\n312,948.5\n997,181.2\n393,542.8\n121,798.7\n1,402,647.6\n91,521.7\n604,325.0\n84,653.3\n5,215,335.3\nMar\n299,519.0\n118,530.1\n232,990.6\n626,986.6\n308,297.9\n1,049,255.7\n402,864.2\n170,835.1\n1,400,323.5\n102,287.7\n610,024.4\n91,046.0\n5,412,960.9\nApr\n281,219.8\n117,174.3\n235,093.5\n687,962.2\n307,711.4\n1,013,362.6\n400,018.9\n190,005.8\n1,432,953.1\n110,258.7\n650,595.9\n102,681.0\n5,529,037.2\nMay\n301,531.2\n113,685.5\n220,541.8\n679,781.4\n320,878.2\n1,019,941.1\n417,418.5\n175,383.4\n1,454,718.3\n108,366.5\n667,019.7\n71,770.2\n5,551,035.8\nJun\n295,920.4\n109,938.0\n248,436.3\n712,648.0\n334,368.7\n1,121,023.5\n408,604.0\n185,262.3\n1,521,876.3\n107,327.1\n697,997.7\n74,195.4\n5,817,597.8\nJul\n309,864.7\n126,628.5\n262,827.7\n587,617.1\n341,371.5\n1,143,423.8\n423,846.6\n191,273.6\n1,599,344.4\n99,509.8\n680,622.6\n76,164.4\n5,842,494.6\nAug\n302,611.3\n149,014.9\n296,550.6\n914,686.8\n346,236.8\n1,131,207.5\n453,584.0\n169,521.2\n1,562,637.2\n111,394.6\n746,644.5\n90,999.4\n6,275,088.8\nSep\n348,786.3\n146,383.0\n286,092.4\n796,517.1\n340,224.7\n1,072,979.9\n571,373.7\n211,077.0\n1,705,640.6\n122,645.6\n747,874.4\n72,255.0\n6,421,849.6\nOct\n345,521.0\n138,274.9\n238,975.9\n778,597.1\n355,135.9\n1,138,203.7\n565,046.4\n259,285.2\n1,694,691.4\n123,908.8\n741,652.0\n72,255.0\n6,451,547.3\nNov\n336,339.3\n144,708.5\n239,524.3\n927,820.8\n362,515.4\n986,824.6\n629,010.4\n250,132.7\n1,694,043.5\n131,768.3\n761,400.5\n72,255.0\n6,536,343.3\nDec\n317,794.8\n160,261.7\n284,829.7\n890,549.4\n375,616.4\n1,073,707.0\n686,933.4\n257,197.2\n1,712,823.9\n143,466.1\n711,031.6\n62,444.8\n6,676,655.9\n2018\nJan\n380,283.8\n151,436.0\n257,298.2\n918,787.6\n365,354.6\n1,050,097.7\n652,999.0\n248,933.0\n1,757,391.8\n141,913.2\n669,049.8\n67,904.7\n6,661,449.4\nFeb\n455,217.0\n224,070.1\n263,961.9\n897,453.2\n399,016.2\n949,795.6\n674,828.4\n354,052.8\n1,701,611.4\n107,779.5\n680,060.2\n67,686.4\n6,775,532.7\nMar\n451,992.5\n142,332.9\n296,310.0\n825,805.5\n376,593.0\n1,001,674.3\n597,436.8\n253,127.4\n1,827,464.3\n163,971.7\n597,436.8\n63,604.3\n6,597,749.5\nApr\n476,448.1\n144,564.6\n310,795.6\n806,144.7\n364,824.6\n988,527.2\n649,893.0\n255,761.8\n1,892,415.2\n179,252.3\n712,565.9\n65,398.2\n6,846,591.4\nMay\n494,612.8\n152,567.4\n350,409.2\n874,140.5\n374,089.9\n1,097,970.7\n700,891.9\n271,892.0\n1,913,394.9\n186,192.5\n745,592.7\n64,970.7\n7,226,725.2\nJun\n465,984.0\n164,242.3\n391,142.3\n948,703.0\n368,260.1\n1,140,652.9\n754,981.1\n324,355.8\n2,160,400.4\n200,774.3\n779,012.8\n64,786.3\n7,763,295.2\nJul\n445,780.0\n226,433.0\n413,409.1\n955,925.6\n420,416.6\n1,120,834.7\n760,588.2\n321,078.4\n2,192,743.2\n200,523.6\n822,857.6\n64,786.3\n7,945,376.2\nAug\n429,439.9\n189,498.0\n386,595.6\n980,354.1\n429,659.7\n1,091,202.9\n782,008.7\n297,412.3\n1,968,724.0\n196,068.8\n836,719.1\n64,786.3\n7,652,469.3\nSep\n447,556.4\n206,194.1\n382,491.5\n1,186,453.7\n444,599.1\n1,070,365.1\n811,296.2\n302,579.3\n2,059,093.1\n247,105.7\n906,767.6\n84,514.5\n8,149,016.3\nOct\n445,484.4\n199,531.1\n391,968.4\n984,701.5\n469,891.9\n1,153,855.9\n846,453.3\n315,808.5\n2,110,864.2\n260,816.9\n817,328.3\n67,915.2\n8,064,619.7\nNov\n489,192.9\n194,869.4\n391,442.4\n925,081.3\n441,534.3\n1,248,555.8\n827,349.4\n316,945.5\n2,059,370.1\n261,756.5\n825,642.2\n66,458.7\n8,048,198.5\nDec\n494,011.3\n201,871.0\n531,888.3\n1,034,592.5\n428,738.7\n1,196,503.2\n823,081.9\n331,251.3\n2,063,550.8\n278,659.0\n802,507.6\n63,361.3\n8,250,016.9\nSource:Reserve Bank of Zimbabwe,2018 \nTABLE 8.2: Sectoral Analysis of Commercial Banks' Deposits\nUS$ Thousands\n \n \nS14 \n \n \n \nEnd of\nZETSS \nCHEQUE \nPOS\nATM\nMOBILE\n INTERNET\nEnd of\nZETSS \nCHEQUE \nPOS\nATM\nMOBILE\n INTERNET\n2017\n2017\n Jan \n 4,052.71 7.48 \n368.71\n 70.42 495.55 318.91 \n Jan \n 350.02 26.67 \n12,756.29\n 1,173.56 27,550.09 190.96 \n Feb \n 4,246.60 7.00 327.30 58.40 472.30 324.10 \n Feb \n 326.30 27.80 8,952.00 953.50 26,820.10 207.00 \n Mar \n 4,629.80 7.40 \n392.20\n 58.80 671.60 399.70 \n Mar \n 414.20 31.00 \n11,124.00\n 944.30 35,604.10 244.10 \n Apr \n 4,178.80 4.80 \n466.90\n 39.30 792.50 337.60 \n Apr \n 363.70 21.60 \n13,595.50\n 652.90 40,089.00 231.00 \n May \n 4,974.00 6.50 557.80 44.70 939.90 618.70 \n May \n 531.80 27.80 16,623.40 820.60 47,019.10 323.30 \n Jun \n 5,346.45 6.28 \n558.85\n 34.63 1,095.55 500.28 \n Jun \n 524.99 29.31 \n17,466.16\n 696.87 53,738.12 342.14 \n Jul \n 4,805.10 5.70 \n588.40\n 29.40 1,601.40 586.40 \n Jul \n 521.80 30.00 \n20,013.70\n 636.10 61,162.40 382.60 \n Aug \n 5,325.10 5.18 \n590.10\n 24.70 1,776.40 583.30 \n Aug \n 541.50 26.60 \n20,303.00\n 595.60 70,771.60 419.10 \n Sep \n 6,031.37 5.19 \n651.11\n 16.11 2,159.26 731.93 \n Sep \n 620.00 27.17 \n20,731.00\n 478.00 83,303.00 432.00 \n Oct \n 5,991.30 5.40 \n681.90\n 19.40 2,401.60 779.20 \n Oct \n 609.60 27.20 \n23,764.60\n 475.10 92,540.60 478.90 \n Nov \n 6,259.70 4.90 \n666.50\n 15.90 2,561.80 798.30 \n Nov \n 575.30 25.60 \n22,748.60\n 347.30 97,945.20 473.00 \n Dec \n 5,877.20 3.60 \n778.40\n 16.30 3,052.70 1,043.30 \n Dec \n 524.20 19.20 \n26,779.10\n 347.20 118,198.90 524.80 \n Annual \nTotal \n 61,718.13 69.43 \n6,628.17\n 428.06 18,020.56 7,021.72 \n Annual \nTotal \n 5,903.41 319.95 214,857.35 8,121.03 754,742.20 4,248.89 \n2018\n2018\n Jan \n 5,548.05 4.89 \n663.45\n 21.29 2,318.80 1,006.05 \n Jan \n 548.13 22.73 20,981.21 449.60 100,593.90 501.80 \n Feb \n 4,706.60 4.50 \n594.00\n 13.90 2,015.11 831.05 \n Feb \n 457.19 22.48 \n18,869.05\n 292.22 89,584.32 463.78 \n Mar \n 6,300.40 4.50 \n654.20\n 12.50 2,657.10 864.83 \n Mar \n 545.18 23.68 \n21,996.85\n 268.41 116,119.95 510.51 \n Apr \n 5,786.75 3.28 \n640.94\n 11.46 3,002.63 822.58 \n Apr \n 505.50 17.38 \n21,170.05\n 253.60 117,616.79 456.96 \n May \n 7,298.41 4.25 \n819.74\n 10.51 3,550.07 968.58 \n May \n 611.14 21.22 \n23,278.20\n 213.17 137,422.97 496.62 \n Jun \n 7,997.28 4.70 \n779.37\n 8.29 3,724.31 1,135.49 \n Jun \n 553.60 22.46 \n23,790.00\n 175.19 156,609.78 502.22 \n Jul \n 8,290.00 3.96 \n790.00\n 9.39 4,446.68 1,262.53 \n Jul \n 560.15 20.07 \n25,075.47\n 223.13 169,416.76 559.58 \n Aug \n 7,762.86 2.88 \n811.19\n 13.98 4,558.54 1,254.96 \n Aug \n 553.01 15.15 \n25,249.87\n 317.35 164,917.97 518.70 \n Sep \n 7,155.04 3.97 \n842.48\n 17.01 4,462.40 1,393.08 \n Sep \n 542.96 19.37 \n24,918.01\n 300.81 161,289.50 511.27 \n Oct \n 8,230.50 4.20 \n821.30\n 17.90 4,607.38 1,428.20 \n Oct \n 571.60 20.40 \n21,025.40\n 345.50 161,427.40 495.99 \n Nov \n 7,922.50 3.70 \n657.50\n 19.90 3,964.78 1,026.70 \n Nov \n 477.40 16.70 \n17,845.40\n 334.90 133,862.10 430.60 \n Dec \n 8,355.20 2.80 \n917.20\n 14.60 4,833.80 1,102.90 \n Dec \n 478.60 13.00 \n27,419.10\n 236.20 161,540.70 409.10 \nSource:Reserve Bank of Zimbabwe,2018\nTABLE 9.1 : ZETSS AND RETAIL PAYMENTS TRANSACTIONAL ACTIVITY\nValues of Transactions (US$ in millions)\nTABLE 9.2 : ZETSS AND RETAIL PAYMENTS TRANSACTIONAL ACTIVITY\nVolumes of Transactions (in thousands)\n \n \nS15 \n \n \n \nEnd of\nNominal Lending \nRates2\nIndividuals \nCorporate\nSavings\n3 Months2\n2017\n2017\nJan\n4.00-18.00\n10.61\n6.68\nJan\n0.50-6.00\n1.00-17.00\nFeb\n4.00-18.00\n10.06\n6.52\nFeb\n0.50-6.00\n1.00-17.00\nMar\n4.00-18.00\n9.12\n7.02\nMar\n0.50-6.00\n1.00-17.00\nApr\n4.00-18.00\n9.25\n7.02\nApr\n0.50-6.00\n1.00-17.00\nMay\n4.00-18.00\n9.17\n7.03\nMay\n0.50-6.00\n1.00-9.50\nJun\n4.00-18.00\n9.01\n7.05\nJun\n0.50-6.00\n1.00-12.00\nJul\n4.00-18.00\n8.94\n7.05\nJul\n0.50-6.00\n1.00-12.00\nAug\n4.00-18.00\n8.88\n6.95\nAug\n0.50-6.00\n1.00-12.00\nSep\n4.45-18.00\n8.86\n7.01\nSep\n0.50-12.00\n0.75-8.00\nOct\n4.45-18.00\n9.66\n7.06\nOct\n0.50-12.00\n0.75-8.00\nNov\n4.45-18.00\n9.66\n7.03\nNov\n0.50-12.00\n0.75-8.00\nDec\n4.45-18.00\n9.39\n7\nDec\n0.50-12.00\n0.75-8.00\n2018\n2018\nJan\n4.45-18.00\n9.33\n6.99\nJan\n0.22-12.00\n0.75-8.00\nFeb\n4.45-18.00\n9.57\n6.93\nFeb\n0.22-12.00\n0.75-8.00\nMar\n4.45-18.00\n9.64\n6.98\nMar\n0.22-12.00\n0.75-8.00\nApr\n4.00-18.00\n9.32\n7.08\nApr\n0.22-12.00\n0.75-8.00\nMay\n4.00-18.00\n9.28\n7.09\nMay\n0.22-12.00\n0.75-8.00\nJun\n4.00-18.00\n9.32\n7.14\nJun\n0.22-12.00\n0.75-8.00\nJul\n4.00-18.00\n9.75\n6.97\nJul\n0.22-12.00\n0.75-8.00\nAug\n4.00-18.00\n9.87\n7.1\nAug\n0.22-12.00\n0.75-8.00\nSep\n4.00-18.00\n9.56\n7.11\nSep\n0.22-12.00\n0.75-8.00\nOct\n4.00-18.00\n9.47\n7.38\nOct\n0.22-12.00\n0.75-8.00\nNov\n4.00-18.00\n9.49\n7.38\nNov\n0.22-12.00\n1.00-8.00\nDec\n4.00-18.00\n9.48\n7.39\nDec\n0.22-12.00\n1.00-6.75\nSource:Reserve Bank of Zimbabwe,2018\nNotes\n3. Lending rates exclude rates on staff loans. \n TABLE 10.2 : BANKS DEPOSIT RATES (percent per annum)1\n1. The range of rates qouted by banks during the period.\n2. Three (3) months deposit rates revised to exclude rates on inactive \nor dormant accounts.\nTABLE 10.1: LENDING RATES (percent per annum)1\n1. Table revised, to separate weighted lending rates for individuals and \ncorporate bodies. \n2. Nominal Lending Rates depict the range of rates quoted by banks.\nWeighted Average Lending Rates 3 \nCommercial Banks\nCommercial Banks\nEnd of \n \n \nS16 \n \n \n \nEnd of\nAll Share\nIndustrial\nMining\nVolume of Shares\nMarket Turnover\nMarket Capitalisation\n2017\nJan\n140.24\n56.31\n8.6\n31,616,982.0\n3,903.70\nFeb\n135.31\n56.47\n11.5\n85,314,995.0\n3,770.00\nMar\n138.96\n58.56\n26.9\n145,238,255.0\n3,871.20\nApr\n143.00\n66.30\n11.2\n75,857,712.0\n4,182.80\nMay\n162.30\n69.60\n16.8\n170,830,515.0\n4,740.10\nJun\n196.00\n69.80\n39.7\n311,145,262.0\n5,695.20\nJul\n203.30\n69.40\n24.7\n149,425,245.0\n5,759.00\nAug\n235.00\n73.50\n13.6\n115,925,416.0\n6,659.40\nSep\n418.40\n122.60\n89.5\n245,278,194.0\n11,860.20\nOct\n521.90\n132.50\n168.8\n1,006,687,304.0\n14,830.30\nNov\n376.70\n126.90\n207.5\n196,489,710.0\n10,777.70\nDec\n333.00\n142.40\n75.3\n844,189,447.0\n9,580.60\n2018\nJan\n91.32\n305.35\n130.42\n31.4\n55,032,220.0\n8,652.85\nFeb\n88.03\n294.55\n124.91\n63.7\n138,142,187.0\n8,385.97\nMar\n86.98\n291.00\n125.10\n40.3\n108,997,097.0\n8,290.41\nApr\n98.71\n330.70\n124.40\n44.4\n206,342,675.0\n9,405.34\nMay\n108.3\n361.53\n151.53\n59.3\n129,155,586.0\n10,393.24\nJun\n102.87\n342.79\n161.30\n73.0\n234,834,368.0\n9,792.18\nJul\n114.32\n384.25\n163.99\n114.9\n624,256,160.0\n10,969.72\nAug\n117.33\n394.64\n161.34\n50.5\n142,150,599.0\n12,475.45\nSep\n115.12\n386.97\n163.76\n61.1\n197,401,341.0\n12,265.51\nOct\n163.82\n549.81\n217.34\n449.6\n316,060,000.0\n17,960.00\nNov\n160.4\n538.66\n208.56\n118.0\n153,874,660.0\n17,316.60\nDec\n146.24\n487.13\n227.71\n93.0\n144,479,601.0\n19,189.50\nSource: Zimbabwe Stock Exchange (ZSE),2018\nUS$ Millions\nTABLE 11: ZIMBABWE STOCK MARKET STATISTICS\nIndices\n \n \nS17 \n \n \nFOOD \nINFLATION\nALL\nALCOHOLIC \nBEVERAGES \nCLOTHING\nHSING, WATER,\nFURNITURE\nHEALTH\nTRANSPORT\nCOMMUNICATION\nRECREATION &\nEDUCATION\nRESTAURANTS \n&\nMISC.\nTOTAL \nNON\nFOOD & \nITEMS\n& TOBACCO\nFOOTWEAR\nELECTRICTY, \nGAS\nAND\nCULTURE\nHOTELS\nGOODS &\nFOOD\nNON \nALCOHOLIC \nBEVERAGES\n& OTHER\nEQUIPMENT\nSERVICES\nFUELS\n2017\nDec\n0.28\n0.72\n-0.43\n0.45\n0.01\n0.29\n-0.01\n0.78\n0.00\n0.49\n0.74\n0.16\n1.29\n0.53\n2018\nJan\n0.17\n0.67\n0.02\n0.55\n0.10\n0.00\n-0.04\n1.78\n0.00\n-0.16\n0.64\n0.25\n0.39\n0.30\nFeb\n0.26\n0.91\n0.01\n0.43\n0.00\n-0.02\n0.15\n0.90\n0.00\n0.01\n0.21\n0.21\n-0.18\n0.08\nMar\n0.13\n-0.34\n-0.74\n0.46\n0.18\n-1.29\n-1.60\n1.58\n0.01\n-0.14\n-0.55\n-0.36\n-0.03\n-0.25\nApr\n0.20\n0.34\n-0.01\n0.00\n0.10\n-0.32\n-0.21\n-0.10\n0.63\n1.85\n0.26\n0.11\n0.02\n0.08\nMay\n-0.03\n0.10\n0.00\n-0.12\n0.03\n0.14\n-0.01\n0.08\n0.00\n0.05\n0.33\n0.03\n0.02\n0.03\nJun\n0.60\n0.14\n-0.16\n-0.48\n0.38\n0.19\n0.10\n-0.25\n0.00\n0.26\n1.00\n0.04\n-0.23\n-0.05\nJul\n0.43\n0.38\n0.00\n0.40\n0.31\n0.17\n0.08\n0.65\n7.16\n3.20\n0.75\n1.09\n0.74\n0.98\nAug\n0.13\n0.45\n0.00\n0.91\n0.24\n0.47\n0.00\n-0.23\n0.00\n0.11\n0.34\n0.28\n0.62\n0.39\nSep\n0.22\n1.35\n0.53\n2.79\n1.90\n0.51\n0.32\n0.22\n0.00\n0.28\n0.07\n1.05\n0.85\n0.92\nOct\n7.89\n45.88\n2.94\n26.86\n12.94\n19.13\n1.39\n27.66\n0.00\n9.86\n13.64\n14.66\n20.12\n16.44\nNov\n7.21\n10.63\n4.80\n9.12\n3.36\n2.31\n0.18\n16.33\n0.35\n9.29\n15.42\n6.50\n14.53\n9.20\nDec\n10.22\n8.07\n2.77\n8.07\n8.49\n28.61\n1.26\n3.19\n0.00\n13.84\n10.07\n9.01\n9.07\n9.03\n Source :ZIMSTATS, 2018\nNON-FOOD INFLATION\nTABLE 12.1 : MONTHLY INFLATION -- PERCENTAGE CHANGE IN CONSUMER PRICE INDEX\n( DECEMBER 2012 = 100)\n \n \nS18 \n \n \n \nFOOD \nINFLATION\nALL\nALCOHOLIC \nBEVERAGES \nCLOTHING\nHSING, WATER,\nFURNITURE\nHEALTH\nTRANSPORT\nCOMMUNICATION\nRECREATION &\nEDUCATION\nRESTAURANT\nS &\nMISC.\nTOTAL NON\nFOOD & \nITEMS\n& TOBACCO\nFOOTWEAR\nELECTRICTY, GAS\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\n2.10\n5.67\n1.38\n3.91\n66.47\n33.53\n100.00\n2017\nDec\n1.2\n2.8\n-0.1\n5.3\n1.5\n1.7\n0.3\n5.1\n-1.4\n0.2\n4.6\n1.6\n5.4\n2.8\n2018\nJan\n0.7\n2.0\n-0.3\n2.3\n0.5\n0.6\n-0.1\n3.7\n-1.4\n-0.4\n2.5\n0.7\n3.5\n1.6\nFeb\n0.7\n2.3\n-0.4\n1.4\n0.1\n0.3\n0.1\n3.5\n0.0\n0.3\n1.6\n0.6\n1.5\n0.9\nMar\n0.6\n1.2\n-0.7\n1.4\n0.3\n-1.3\n-1.5\n4.3\n0.0\n-0.3\n0.3\n0.1\n0.2\n0.1\nApr\n0.6\n0.9\n-0.7\n0.9\n0.3\n-1.6\n-1.7\n2.4\n0.6\n1.7\n-0.1\n0.0\n-0.2\n-0.1\nMay\n0.3\n0.1\n-0.7\n0.3\n0.3\n-1.5\n-1.8\n1.6\n0.6\n1.8\n0.0\n-0.2\n0.0\n-0.1\nJun\n-0.2\n0.8\n0.6\n-0.2\n-0.6\n0.5\n0.0\n-0.1\n-0.3\n0.6\n2.2\n1.6\n0.2\n0.1\nJul\n0.5\n1.0\n0.6\n-0.2\n-0.2\n0.7\n0.5\n0.2\n0.5\n7.2\n3.5\n2.1\n1.2\n1.0\nAug\n1.1\n1.2\n1.0\n-0.2\n0.8\n0.9\n0.8\n0.2\n0.2\n7.2\n3.6\n2.1\n1.4\n1.3\nSep\n2.4\n0.8\n2.2\n0.5\n4.1\n2.5\n1.1\n0.4\n0.6\n7.2\n3.6\n1.2\n2.2\n2.3\nOct\n8.3\n48.5\n3.5\n31.6\n15.4\n20.3\n1.7\n27.7\n0.0\n10.3\n14.1\n16.0\n22.1\n18.0\nNov\n15.9\n63.6\n8.5\n42.3\n19.0\n22.5\n1.9\n48.8\n0.3\n20.4\n31.3\n23.2\n39.0\n28.3\nDec\n27.5\n74.4\n10.9\n49.6\n26.7\n56.7\n2.9\n53.2\n0.3\n36.7\n44.4\n33.1\n50.1\n38.6\n Source :ZIMSTATS, 2018\nTABLE 12.2 : QUARTERLY INFLATION -- PERCENTAGE CHANGE IN CONSUMER PRICE INDEX \n( DECEMBER 2012 = 100)\nNON-FOOD INFLATION\n \n \nS19 \n \n \n \nFOOD \nINFLATION\nALL\nALCOHOLIC \nBEVERAGES \nCLOTHING\nHSING, WATER,\nFURNITUR\nE\nHEALTH TRANSPORT COMMUN\nICATION\nRECREATION \n&\nEDUCATI\nON\nRESTAURAN\nTS &\nMISC.\nTOTAL \nNON\nFOOD & \nITEMS\n& TOBACCO\nFOOTWEAR\nELECTRICTY, \nGAS\nAND\nCULTURE\nHOTELS\nGOODS &\nFOOD\nNON ALCOHOLIC \nBEVERAGES\n& OTHER\nEQUIPMEN\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\n2017\nDec\n1.51\n3.27\n-0.45\n8.77\n1.57\n0.55\n0.89\n6.35\n-2.26\n2.09\n6.04\n2.00\n6.60\n3.46\n2018\nJan\n1.68\n4.12\n-0.52\n9.00\n1.82\n1.30\n0.41\n7.95\n-2.25\n1.63\n6.64\n2.29\n6.17\n3.52\nFeb\n2.00\n5.21\n-0.65\n8.71\n1.84\n1.17\n0.56\n8.96\n-2.25\n1.45\n6.31\n2.33\n4.35\n2.98\nMar\n2.00\n4.81\n-1.32\n8.52\n1.91\n-0.35\n-1.03\n10.48\n-2.24\n1.30\n5.35\n1.81\n4.54\n2.68\nApr\n2.34\n5.14\n-1.36\n8.54\n2.06\n-0.67\n-1.28\n10.36\n-3.58\n2.84\n5.70\n1.67\n4.94\n2.71\nMay\n2.18\n5.15\n-1.36\n8.30\n1.96\n-0.58\n-1.30\n10.67\n-3.58\n3.29\n6.14\n1.69\n4.89\n2.71\nJun\n2.58\n5.27\n-0.70\n7.36\n2.38\n-0.20\n-1.20\n10.20\n-3.58\n3.26\n6.85\n1.88\n5.12\n2.91\nJul\n2.83\n5.66\n-0.71\n7.86\n2.68\n0.20\n-1.04\n10.86\n6.31\n5.42\n7.53\n3.33\n6.35\n4.29\nAug\n3.15\n6.03\n-0.77\n8.78\n2.89\n0.67\n-1.07\n10.47\n6.31\n5.53\n7.84\n3.58\n7.52\n4.83\nSep\n3.35\n6.98\n-0.47\n10.60\n4.77\n1.49\n-0.89\n10.00\n6.31\n5.77\n7.79\n4.20\n7.94\n5.39\nOct\n10.81\n53.83\n2.20\n35.57\n17.08\n19.61\n0.11\n36.24\n6.31\n15.68\n19.31\n18.06\n26.78\n20.85\nNov\n18.47\n69.14\n7.04\n46.01\n20.56\n22.02\n0.34\n56.70\n8.23\n27.34\n36.21\n25.40\n42.71\n31.01\nDec\n30.21\n81.48\n10.48\n57.08\n30.80\n56.47\n1.61\n60.45\n8.22\n44.26\n48.82\n36.48\n53.68\n42.09\nSource :ZIMSTATS, 2018\nTABLE 12.3 : ANNUAL INFLATION -- PERCENTAGE CHANGE IN CONSUMER PRICE INDEX \n( DECEMBER 2012 = 100)\nNON-FOOD INFLATION\n \n \nS20 \n \n \n \n \n \n \nEnd of\nDec-17\nJan-18\nFeb-18\nMar-18\nApr-18\nMay-18\nJun-18\nJul-18\nAug-18\nSep-18\nOct-18\nNov-18\nDec-18\nTotal\nMerchandise Imports (excl. energy)\n208.2\n \n218.7\n \n180.0\n \n245.1\n \n238.5\n \n330.9\n \n286.9\n \n236.9\n \n214.8\n \n224.2\n \n209.6\n \n175.2\n \n175.4\n \n2,736.3\n \n- Consumption Goods\n92.3\n \n92.5\n \n67.3\n \n69.6\n \n67.5\n \n124.8\n \n105.3\n \n80.7\n \n71.7\n \n83.3\n \n66.6\n \n56.5\n \n75.5\n \n961.4\n \n- Capital Goods\n64.2\n \n69.9\n \n69.9\n \n97.4\n \n72.6\n \n106.9\n \n103.9\n \n86.3\n \n85.3\n \n85.8\n \n86.2\n \n67.8\n \n57.7\n \n989.7\n \n- Intermediate Goods\n51.7\n \n56.3\n \n42.7\n \n78.1\n \n98.4\n \n99.2\n \n77.7\n \n70.0\n \n57.8\n \n55.0\n \n56.8\n \n50.9\n \n42.2\n \n785.2\n \nEnergy (Fuel & Electricity)\n57.5\n \n55.3\n \n43.2\n \n84.1\n \n104.0\n \n108.8\n \n83.6\n \n73.8\n \n68.2\n \n75.3\n \n58.1\n \n26.3\n \n21.4\n \n802.2\n \nService Payments\n45.7\n \n48.1\n \n40.1\n \n45.7\n \n44.0\n \n63.8\n \n45.0\n \n46.7\n \n37.5\n \n42.1\n \n33.9\n \n36.5\n \n25.2\n \n508.4\n \n- Technical, Professional & consult\n17.8\n \n23.8\n \n17.0\n \n15.6\n \n18.7\n \n30.6\n \n20.7\n \n21.3\n \n16.8\n \n13.2\n \n15.2\n \n18.5\n \n14.4\n \n225.8\n \n- Software\n2.6\n \n3.4\n \n5.1\n \n7.2\n \n4.0\n \n6.6\n \n6.3\n \n4.8\n \n4.1\n \n5.1\n \n3.8\n \n3.8\n \n2.1\n \n56.3\n \n- Other (tourism, edu, freight etc)\n25.4\n \n20.9\n \n17.9\n \n23.0\n \n21.3\n \n26.6\n \n17.9\n \n20.5\n \n16.5\n \n23.8\n \n14.8\n \n14.1\n \n8.7\n \n226.2\n \nIncome Payments (Profits, Dividends)\n11.2\n \n18.6\n \n21.8\n \n18.0\n \n10.2\n \n15.9\n \n15.6\n \n12.3\n \n15.9\n \n12.3\n \n11.1\n \n7.3\n \n17.8\n \n176.7\n \nCapital Remittances (outward)\n27.8\n \n20.6\n \n16.9\n \n15.3\n \n21.8\n \n30.8\n \n14.8\n \n21.1\n \n16.4\n \n30.4\n \n12.2\n \n21.7\n \n35.4\n \n257.4\n \n- External Loan Repayments \n11.8\n \n13.7\n \n9.9\n \n14.5\n \n21.5\n \n29.8\n \n14.6\n \n20.1\n \n16.3\n \n28.2\n \n12.1\n \n21.5\n \n35.2\n \n237.4\n \n- Disinvestments\n2.8\n \n0.2\n \n6.7\n \n0.8\n \n0.1\n \n0.9\n \n0.2\n \n0.7\n \n0.1\n \n0.1\n \n0.0\n \n0.1\n \n0.1\n \n9.9\n \n- Cross Border Investment\n13.1\n \n6.7\n \n0.4\n \n-\n \n0.2\n \n0.1\n \n0.0\n \n0.4\n \n0.0\n \n2.1\n \n0.1\n \n0.1\n \n0.0\n \n10.1\n \nOther Payments\n0.1\n \n13.6\n \n15.0\n \n14.9\n \n11.7\n \n16.2\n \n13.3\n \n13.7\n \n16.6\n \n9.5\n \n12.0\n \n10.9\n \n15.7\n \n163.1\n \nTOTAL\n350.5\n \n374.9\n \n317.0\n \n423.1\n \n430.2\n \n566.3\n \n459.2\n \n404.6\n \n369.4\n \n393.8\n \n336.8\n \n277.8\n \n290.8\n \n4,644.0\n \nSource: Reserve Bank of Zimbabwe, 2018\nTable 13.1: Monthly Cross Border Payments (US$ Millions)\n \n \nS21 \n \n \n \nAgriculture\nHorticulture\nManufacturing\nMining\nTobacco\nTourism\n Transport & \nOther Services\nTotal\nEnd of \nTelecom\n2017\nJan\n5.7\n1.3\n9.6\n184.6\n87.3\n7.6\n15.2\n1.8\n313.1\nFeb\n11.4\n1.8\n6.1\n252.1\n66.2\n7.8\n15.8\n11.1\n372.3\nMar\n13.5\n3.3\n11.2\n201.5\n36.7\n10.3\n18.1\n4.9\n299.5\nApr\n6.8\n1.4\n8.6\n157.6\n19.6\n11.4\n14.1\n2.6\n222.1\nMay\n5.7\n0.9\n7.9\n199.7\n20.7\n12.5\n15.7\n2.9\n266.0\nJun\n16.0\n3.0\n10.1\n106.8\n34.2\n14.0\n19.2\n1.9\n205.2\nJul\n7.1\n2.7\n8.8\n255.8\n9.4\n15.4\n12.7\n3.1\n315.0\nAug\n15.1\n5.1\n9.5\n249.4\n19.2\n16.9\n19.2\n4.3\n338.7\nSep\n7.9\n2.4\n6.3\n111.3\n18.0\n14.1\n10.7\n1.0\n171.7\nOct\n17.0\n2.4\n7.6\n264.3\n67.2\n12.5\n15.6\n2.2\n388.8\nNov\n15.1\n2.0\n10.1\n154.3\n100.7\n8.1\n10.4\n2.3\n303.0\nDec\n9.8\n1.7\n7.8\n247.8\n31.5\n - \n4.3\n3.2\n306.1\n2018\nJan\n7.4\n2.2\n7.2\n259.2\n52.8\n10.3\n30.1\n4.2\n373.3\nFeb\n12.4\n2.8\n10.6\n131.0\n75.7\n11.5\n30.2\n0.3\n274.5\nMar\n20.6\n3.1\n16.8\n201.5\n72.2\n14.9\n17.3\n1.7\n348.0\nApr\n7.8\n2.5\n10.8\n305.4\n17.2\n14.4\n14.6\n0.7\n373.4\nMay\n14.5\n2.2\n19.7\n359.4\n28.0\n15.6\n17.5\n2.8\n459.6\nJun\n7.9\n2.6\n16.7\n285.7\n10.3\n18.4\n14.0\n25.8\n381.3\nJul\n8.4\n2.5\n10.3\n200.0\n23.1\n19.2\n14.6\n1.9\n280.0\nAug\n9.6\n5.1\n16.8\n264.1\n29.4\n22.5\n12.6\n1.8\n361.9\nSep\n16.4\n3.0\n15.2\n343.1\n22.6\n20.8\n21.7\n2.1\n444.9\nOct\n22.0\n3.6\n23.6\n210.5\n34.4\n18.2\n15.2\n1.6\n329.0\nNov\n15.7\n4.9\n18.0\n263.2\n28.8\n10.9\n24.6\n0.9\n366.9\nDec\n25.6\n3.0\n8.5\n185.3\n37.9\n5.4\n11.0\n0.0\n276.7\n Source: Reserve Bank of Zimbabwe, 2018\nTable 13.2: Monthly Cross Border Receipts (US$Millions)\n \n \nS22 \n \n \n \n \n(US$ millions)\nEnd of\n2000\n2001\n2002\n2003\n2004\n2005\n2006\n2007\n2008\n2009\n2010\n2011\n2012\n2013\n2014\n2015\n2016\n2017\nLong-Term External Debt\n3,227\n3,255\n3,327\n3,644\n3,927\n3,805\n3,965\n4,032\n4,464\n4,339\n5,010\n6,223\n6,732\n7,495\n8,564\n8,537\n8,656\n9,006\nGovernment\n3,075\n3,188\n3,271\n3,603\n3,849\n3,748\n3,920\n3,981\n4,429\n4,282\n4,868\n5,857\n6,252\n6,493\n6,303\n6,623\n6,735\n7,057\nBilateral Creditors\n1,351\n1,430\n1,458\n1,658\n1,897\n1,877\n1,984\n1,994\n2,360\n2,213\n2,353\n3,307\n3,397\n3,786\n3,599\n4,071\n4,258\n4,491\nMultilateral Creditors\n1,724\n1,758\n1,813\n1,945\n1,952\n1,871\n1,936\n1,976\n2,059\n2,059\n2,505\n2,550\n2,855\n2,707\n2,704\n2,553\n2,477\n2,566\nPrivate Creditors\n0\n0\n0\n0\n0\n0\n0\n10\n10\n10\n10\n0\n0\n0\n0\n0\n0\n0\nPublic Enterprises\n534\n568\n616\n698\n714\n709\n766\n790\n825\n825\n825\n1,092\n1,198\n1,356\n1,661\n1,220\n1,370\n1,419\nBilateral Creditors\n301\n315\n351\n403\n442\n439\n464\n474\n497\n497\n497\n711\n703\n858\n1,155\n760\n779\n837\nMultilateral Creditors\n233\n253\n265\n295\n272\n270\n302\n316\n327\n327\n327\n382\n495\n498\n506\n460\n591\n582\nPrivate Creditors\n0\n0\n0\n0\n0\n0\n0\n0\n0\n0\n0\n0\n0\n0\n0\n0\n0\n0\nMonetary Authorities\n292\n292\n279\n288\n291\n144\n130\n137\n140\n140\n550\n127\n125\n125\n120\n110\n0\n0\nMultilateral Creditors - IMF\n292\n292\n279\n288\n291\n144\n130\n137\n140\n140\n550\n127\n125\n125\n120\n110\n0\n0\nPrivate\n152\n67\n56\n41\n78\n57\n45\n51\n35\n57\n142\n366\n480\n1,002\n2,261\n1,913\n1,920\n1,949\nShort-Term External Debt\n298\n167\n183\n169\n144\n173\n281\n387\n226\n1,348\n2,040\n1,286\n891\n1,564\n2,394\n2,258\n2,304\n2,292\nSupplier's Credits\n42\n13\n26\n51\n69\n107\n122\n178\n41\n193\n286\n134\n30\n0\n0\n0\n0\n0\nReserve Bank\n0\n0\n0\n0\n0\n0\n0\n0\n0\n998\n1,300\n615\n615\n614\n587\n587\n573\n490\nPrivate\n256\n154\n157\n118\n75\n66\n159\n209\n185\n156\n454\n537\n246\n950\n1,807\n1,671\n1,731\n1,802\nTotal External Debt\n3,525\n3,422\n3,510\n3,812\n4,071\n3,978\n4,246\n4,607\n4,690\n5,687\n7,050\n7,509\n7,623\n9,059\n10,958\n10,794\n10,960\n11,299\nSource: Ministry of Finance & Economic Development, 2018; & Reserve Bank of Zimbabwe, 2018\nTABLE 14.1: ZIMBABWE: EXTERNAL DEBT OUTSTANDING BY DEBTOR (INCLUDING ALL ARREARS)\n \n \nS23 \n \n \n \n \nEnd of\n2000\n2001\n2002\n2003\n2004\n2005\n2006\n2007\n2008\n2009\n2010\n2011\n2012\n2013\n2014\n2015\n2016\n2017\n(US$ millions)\nTotal Medium to Long-Term External Debt\n3,227\n3,255\n3,327\n3,644\n3,927\n3,805\n3,965\n4,032\n4,464\n4,339\n5,010\n6,223\n6,732\n7,495\n8,564\n8,537\n8,656\n9,006\nPublic and Publicly Guaranteed Debt \n3,075\n3,188\n3,271\n3,603\n3,849\n3,748\n3,920\n3,981\n4,429\n4,282\n4,868\n5,857\n6,252\n6,493\n6,303\n6,623\n6,735\n7,057\nBilateral Creditors\n1,351\n1,430\n1,458\n1,658\n1,897\n1,877\n1,984\n1,994\n2,360\n2,213\n2,353\n3,307\n3,397\n3,786\n3,599\n4,071\n4,258\n4,491\nMultilateral Creditors\n1,724\n1,758\n1,813\n1,945\n1,952\n1,871\n1,936\n1,976\n2,059\n2,059\n2,505\n2,550\n2,855\n2,707\n2,704\n2,553\n2,477\n2,566\nPrivate Creditors\n0\n0\n0\n0\n0\n0\n0\n10\n10\n10\n10\n0\n0\n0\n0\n0\n0\n0\nPrivate Non-Guaranteed Long term\n152\n67\n56\n41\n78\n57\n45\n51\n35\n57\n142\n366\n480\n1,002\n2,261\n1,913\n1,920\n1,949\nShort-Term External Debt\n42\n13\n26\n51\n69\n107\n122\n178\n41\n1192\n1586\n749\n645\n614\n587\n587\n573\n490\nPublic and Publicly Guaranteed Debt\n42\n13\n26\n51\n69\n107\n122\n178\n41\n193\n286\n134\n30\n0\n0\n0\n0\n0\nReserve Bank\n0\n0\n0\n0\n0\n0\n0\n0\n0\n998\n1300\n615\n615\n614\n587\n587\n573\n490\nPrivate\n256\n154\n157\n118\n75\n66\n159\n209\n185\n156\n454\n537\n246\n950\n1,807\n1,671\n1,731\n1,802\nTotal External Debt\n3,525\n3,422\n3,510\n3,812\n4,071\n3,978\n4,246\n4,419\n4,690\n5,687\n7,050\n7,509\n7,623\n9,059\n10,958\n10,794\n10,960\n11,299\nGross Domestic Product\n6,107 10,887\n6,715\n5,037\n4,299\n2,918\n6,645\n4,000\n3,175\n8157\n9457\n10,956\n12,472\n13,490\n14,068\n14,209\n14,165\n14,551\nExternal Debt / GDP\n57.7%\n31.4%\n52.3%\n75.7%\n94.7% 136.3%\n63.9% 110.5% 147.7%\n69.7%\n74.5%\n68.5%\n61.1%\n67.2%\n77.9%\n76.0%\n77.4%\n77.6%\nSource: Ministry of Finance & Economic Development, 2018 ; Reserve Bank of Zimbabwe, 2018\nTABLE 14.2: External Debt Outstanding by Source\n(US$ millions)\n \n \nS24 \n \n \n \n \n US$ Millions\n Gross\nNet Investment Gross\n Gross\n Gross\n Domestic\nIncome Paid\n National\n Domestic National\nGross Domestic\nGross National\nEnd of\n Product\nto Other\n Product\n Product Product\nProduct\nProduct\nPeriod\nCountries\n \n2009\n9,665.8\n-1,265.2\n8,400.6\n10,734.5\n8,781.7\n877.7\n718.0\n2010\n12,041.7\n-1,427.3\n10,614.3\n12,846.6\n11,152.6\n1,041.4\n904.1\n2011\n14,101.9\n-2,000.3\n12,101.6\n14,670.0\n12,661.7\n1,177.4\n1,016.2\n2012\n17,114.8\n-2,213.6\n14,901.3\n17,114.8\n14,901.3\n1,310.4\n1,140.9\n2013\n19,091.0\n-1,877.6\n17,213.4\n17,455.3\n15,757.8\n1,305.7\n1,178.7\n2014\n19,495.5\n-1,852.2\n17,643.3\n17,870.2\n16,080.7\n1,309.0\n1,177.9\n2015\n19,963.1\n-1,982.4\n17,980.8\n18,188.3\n15,156.0\n1,304.5\n1,087.0\n2016\n20,548.7\n-1,775.7\n18,773.0\n18,325.8\n15,258.2\n1,284.9\n1,069.8\n2017\n22,040.9\n-1,961.3\n20,079.6\n19,187.8\n15,829.2\n1,315.3\n1,085.0\n \n \nSource :ZIMSTATS, 2018\nCurrent Prices\nConstant Prices\n Constant Prices\nPer Capita\n TABLE 15.1: REAL GROSS DOMESTIC AND NATIONAL PRODUCT PER CAPITA AT MARKET PRICES\n \n \nS25 \n \n \n \n \n \n \nEnd of \nAgiculture, \nHunting and \nFishing and \nforestry\nMining and \nquarrying\nManufacturing\nElectricity, \ngas, steam and \nair \nconditioning \nsupply\nWater supply; \nsewerage, \nwaste \nmanagement \nand \nremediation \nactivities\nConstruction\nWholesale and \nretail trade; \nrepair of \nmotor vehicles \nand \nmotorcycles\nTransportatio\nn and storage\nAccommodatio\nn and food \nservice \nactivities\nInformation \nand \ncommunicatio\nn\nFinancial and \ninsurance \nactivities\nReal estate \nactivities\nProfessional, \nscientific and \ntechnical \nactivities\nAdministrative \nand support \nservice \nactivities\nPublic \nadministration \nand defence; \ncompulsory \nsocial security Education\nHuman health \nand social \nwork activities\nArts, \nentertainment \nand recreation\nOther service \nactivities\nDomestic \nServices\nGross \nDomestic \nProduct at \nfactor cost\n2009\n1,038.4\n \n560.8\n \n1,066.2\n \n278.5\n \n31.4\n \n136.7\n \n1,856.7\n \n486.1\n \n437.6\n \n594.1\n \n826.4\n \n110.5\n \n101.7\n \n83.2\n \n323.6\n \n301.2\n \n68.6\n \n2.3\n \n95.8\n \n20.5\n \n8,398.1\n \n2010\n1,157.2\n \n802.4\n \n1,108.8\n \n358.8\n \n39.6\n \n182.2\n \n2,116.1\n \n511.6\n \n498.8\n \n1,137.0\n \n708.6\n \n126.3\n \n259.9\n \n142.4\n \n540.4\n \n656.8\n \n130.3\n \n3.3\n \n109.1\n \n23.4\n \n10,577.4\n \n2011\n1,222.1\n \n1,006.3\n \n1,293.5\n \n436.4\n \n38.3\n \n288.5\n \n2,149.1\n \n612.1\n \n506.5\n \n1,320.1\n \n730.3\n \n193.2\n \n287.7\n \n141.7\n \n910.5\n \n948.3\n \n205.6\n \n5.3\n \n126.8\n \n27.2\n \n12,399.2\n \n2012\n1,376.8\n \n1,063.6\n \n2,403.5\n \n448.3\n \n43.7\n \n376.2\n \n2,463.0\n \n615.2\n \n580.5\n \n733.3\n \n1,137.1\n \n302.9\n \n350.6\n \n130.6\n \n1,272.2\n \n1,326.5\n \n279.4\n \n6.5\n \n189.3\n \n40.6\n \n15,072.5\n \n2013\n1,364.0\n \n1,186.5\n \n2,466.4\n \n453.1\n \n39.0\n \n398.6\n \n2,936.5\n \n618.3\n \n692.1\n \n1,374.0\n \n1,300.8\n \n340.5\n \n365.3\n \n137.6\n \n1,300.7\n \n1,523.6\n \n313.5\n \n7.1\n \n181.8\n \n43.0\n \n16,966.0\n \n2014\n1,704.9\n \n1,157.0\n \n2,454.6\n \n546.5\n \n40.0\n \n426.0\n \n2,963.5\n \n651.4\n \n698.5\n \n1,375.0\n \n950.3\n \n385.0\n \n354.5\n \n133.0\n \n1,447.5\n \n1,684.2\n \n348.2\n \n8.4\n \n183.5\n \n44.7\n \n17,470.7\n \n2015\n1,653.8\n \n1,089.4\n \n2,373.3\n \n533.2\n \n41.2\n \n426.3\n \n3,044.0\n \n674.1\n \n717.5\n \n1,412.1\n \n983.6\n \n417.1\n \n356.8\n \n133.7\n \n1,495.5\n \n1,834.5\n \n395.0\n \n9.9\n \n187.8\n \n47.0\n \n17,732.8\n \n2016\n1,618.0\n \n1,219.0\n \n2,382.8\n \n460.8\n \n40.0\n \n441.7\n \n3,409.3\n \n678.8\n \n719.3\n \n1,413.0\n \n1,082.5\n \n420.5\n \n382.9\n \n138.1\n \n1,612.9\n \n1,889.5\n \n417.6\n \n10.9\n \n188.8\n \n49.4\n \n18,475.8\n \n2017\n1,838.4\n \n1,267.2\n \n2,428.2\n \n480.4\n \n45.0\n \n497.0\n \n3,732.3\n \n732.3\n \n787.5\n \n1,524.3\n \n1,135.7\n \n427.0\n \n384.5\n \n138.7\n \n1,634.6\n \n2,135.2\n \n455.1\n \n12.2\n \n203.0\n \n52.3\n \n19,803.8\n \nSource :ZIMSTAT, 2018\nTABLE 15.2 : GROSS DOMESTIC PRODUCT AT FACTOR COST BY INDUSTRY\n US$ Millions\n (at current prices )\n \n \nS26 \n \n \n \n \n Net\n Private\n Gross\n Net\nExpenditure\n Private\n Gvt\n non-profit\n fixed\n Increase\n Total\n export of\n on gross\n consumption current\n making\n captital\n in\n domestic\n goods and\n domestic\nEnd of\nexpenditure bodies\n formation\n stocks\n expenditure\n services\n product\n2009\n9,013.6\n912.7\n713.5\n1,232.1\n272.3\n11,871.9\n-2,206.1\n9,665.8\n2010\n9,985.5\n1,844.3\n823.5\n2,259.4\n210.9\n14,912.7\n-2,871.0\n12,041.7\n2011\n10,831.8\n2,647.5\n970.5\n2,453.4\n389.6\n16,903.3\n-2,801.3\n14,101.9\n2012\n15,044.3\n3,424.0\n1,039.0\n1,687.0\n-392.2\n21,194.4\n-4,079.5\n17,114.8\n2013\n15,753.9\n3,520.1\n861.6\n1,758.2\n5.4\n21,893.8\n-2,802.7\n19,091.0\n2014\n15,492.1\n3,813.4\n808.5\n1,879.2\n5.8\n21,993.2\n-2,497.6\n19,495.5\n2015\n17,000.6\n3,768.5\n869.4\n2,003.4\n8.0\n23,642.0\n-3,678.9\n19,963.1\n2016\n16,301.3\n3,724.2\n825.3\n2,026.4\n11.0\n22,877.2\n-2,328.6\n20,548.7\n2017\n16,039.1\n4,772.2\n1,452.2\n2,138.4\n8.0\n24,402.0\n-2,361.1\n22,040.9\nSource :ZIMSTATS, 2018\n(at current prices)\nUS$ Millions\nTABLE 15.3: EXPENDITURE ON GROSS DOMESTIC PRODUCT/1\n \nS27 \n \nEnd of\n Gold\nPlatinum\nPalladium\nNickel\nCopper\nCoal\nChrome\nRhodium Other/1\nTotal\n2016\nJan\n52.5\n30.0\n14.3\n10.2\n2.6\n7.7\n0.0\n1.9\n1.2\n120.5\nFeb\n69.0\n43.2\n20.1\n9.4\n3.1\n5.4\n0.0\n2.4\n2.2\n154.9\nMar\n70.0\n35.7\n16.3\n11.3\n2.8\n10.4\n0.0\n2.1\n2.0\n150.6\nApr\n61.3\n32.3\n14.7\n8.3\n2.4\n7.9\n0.0\n1.9\n1.0\n129.9\nMay\n76.8\n32.8\n15.2\n8.7\n2.4\n6.1\n0.0\n2.0\n1.2\n145.0\nJun\n73.0\n37.3\n17.3\n10.3\n2.7\n6.7\n0.0\n2.1\n1.2\n150.5\nJul\n76.8\n11.0\n4.9\n7.5\n1.4\n7.8\n0.0\n0.6\n0.8\n110.7\nAug\n92.9\n39.2\n19.2\n11.6\n2.5\n7.0\n0.0\n2.0\n1.3\n175.6\nSep\n76.4\n37.0\n19.2\n10.5\n2.4\n7.2\n0.0\n1.9\n2.2\n156.7\nOct\n85.7\n34.2\n18.3\n9.9\n2.4\n5.7\n0.0\n1.8\n4.1\n162.2\nNov\n92.8\n44.0\n24.6\n11.4\n3.1\n2.7\n0.0\n2.6\n7.4\n188.6\nDec\n78.6\n38.7\n23.3\n13.9\n3.5\n0.0\n0.0\n2.7\n9.0\n169.7\n2017\nJan\n67.1\n30.4\n18.8\n10.9\n2.9\n3.3\n1.0\n2.2\n0.2\n136.8\nFeb\n63.0\n35.7\n22.9\n9.7\n3.4\n3.3\n1.3\n2.6\n0.0\n141.8\nMar\n65.6\n31.3\n20.5\n9.1\n2.9\n2.7\n1.5\n2.4\n-0.2\n135.9\nApr\n66.5\n40.8\n27.3\n11.2\n3.7\n3.3\n1.9\n3.5\n-0.1\n158.1\nMay\n82.0\n33.9\n23.4\n10.7\n3.2\n-\n1.8\n3.0\n-0.3\n157.9\nJun\n84.3\n32.7\n24.2\n11.3\n3.3\n-\n2.0\n3.1\n0.0\n160.9\nJul\n88.0\n32.1\n24.1\n11.6\n3.1\n-\n2.3\n3.0\n-0.4\n163.9\nAug\n112.0\n37.3\n28.2\n1.2\n3.8\n-\n2.0\n3.4\n0.1\n188.0\nSource :ZIMSTAT, 2018\n1. Other minerals include Ferrosilicon, Iron ore, Iron pyrites and magnesite\nTable 15.4: MINERAL PRODUCTION\nUS$ Millions\n \nS28 \n \nEnd of\nBy Hwange \nPower station\nBy Kariba \nPower \nStation\nBy Other \nPower Station\nIPPs\nTotal from \nZimbabwe\n2017\nJan \n175.5\n299.5\n15.9\n43.0\n533.9\nFeb\n180.1\n326.4\n8.6\n28.5\n543.7\nMar\n241.2\n355.1\n7.9\n24.4\n628.7\nApr\n268.5\n294.1\n11.2\n16.4\n590.2\nMay\n265.8\n350.1\n2.1\n12.8\n630.8\nJun\n283.3\n309.9\n3.8\n8.8\n605.8\nJul\n338.5\n345.9\n21.8\n8.9\n715.1\nAug\n326.6\n356.8\n25.5\n7.7\n716.6\nSep\n284.1\n305.8\n25.0\n5.4\n620.3\nOct\n288.7\n318.6\n16.1\n4.3\n627.7\nNov\n270.6\n294.2\n9.4\n5.9\n580.1\nDec\n279.5\n292.7\n17.7\n13.3\n603.2\n2018\nJan\n326.2\n296.3\n9.8\n15.7\n648.0\nFeb\n231.2\n232.6\n20.0\n19.5\n503.3\nMar\n226.7\n300.3\n6.6\n19.9\n553.5\nApr\n252.1\n344.3\n22.6\n17.9\n636.9\nMay\n300.5\n437.0\n46.4\n26.8\n810.7\nJun\n267.4\n473.2\n28.0\n24.7\n793.2\nJul\n299.2\n470.0\n34.5\n37.8\n841.6\nAug\n293.3\n531.1\n21.6\n61.8\n907.8\nSep\n269.8\n596.9\n5.2\n31.7\n903.5\nSource ZERA, 2018 \nTable 15.5: Electricity Energy Produced and Distributed\nInterconnected System\nGeneration Sent Out (GWh)\n \nS1", "source": "SARB", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///SARB/Quarterly_Economic_Reviews/QUARTERLY-ECONOMIC-REVIEW-DEC-2018.pdf"}