QUARTERLY
ECONOMIC
REVIEW


March 2020

CONTENTS

List of Figures

List of Tables


1.
OVERVIEW

The world is currently facing an unprecedented
health crisis, with measures adopted to contain the
Coronavirus (COVD-19) weighing down on
economic activity. The International Monetary
Fund (IMF), in its April 2020 World Economic
Outlook (WEO), projected the global economy to
contract significantly by 3% in 2020, much worse
than during the 2008–09 financial crisis
On the domestic front, the 2019/2020 drought,
and other economic challenges, coupled with
containment measures put in place by government
to limit the spread of the COVID-19 pandemic,
have slowed down economic activity. As a result,
the domestic economy is expected to register
negative growth in 2020, although the full impact
of COVID-19 is still to be determined.
Month-on-month inflation, which had declined to
2.23% in January 2020, from the December 2019
rate of 16.55%, resurged to 26.59% in March
2020. The Bank will continue to put in place
measures to stabilise the exchange rate and anchor
inflation expectations.

Total merchandise trade stood at US$2,324.7
million for the first quarter of 2020, a 13.8%
increase from US$2,043.1 million recorded in the
corresponding quarter in 2019. Merchandise
exports stood at US$1,035.3 million, against
merchandise imports of US$1,289.4 million,

1 From November 2017, broad money was adjusted by a
reclassification of “lines of credit” that were incorrectly
classified as deposits included in broad money. This
resulting in an overall trade surplus of US$254.1
million for the first quarter of 2020
Broad money1 increased by 38.22%, during the
first quarter of 2020, from ZW$35 018.18 million
in December 2019 to ZW$48 402.90 million in
March 2020. This followed increases in
transferrable deposits, 39,25%; time deposits,
24.58%; and currency in circulation, 15.05%.
During the first quarter of the year 2020, the
Zimbabwe
Stock
Exchange
(ZSE)
was
characterised by bullish sentiments, due to limited
and available investments options, coupled with
adverse inflation expectations. The All Share and
Top 10 indices grew by 98.28% and 82.92%, to
close at 456.21 points and 370.74 points in March
2020,
respectively.
As
a
result,
market
capitalisation surged by 96.90%, from ZW$29.77
billion in December 2019 to ZW$58.61 billion in
March 2020.

The value of transactions processed through the
National Payments System (NPS) stood at
ZW$278.13 billion in the first quarter of 2020, up
from ZW$218.97 billion in the fourth quarter of
2019. NPS transaction volumes, however,
registered a decrease of 9% to 541.7 million,
during the first quarter of 2020. Transactions
processed through the
Real
Time Gross
Settlement (RTGS) system increased by 16.0% to
close at ZW$150.3 billion, during the quarter
under review.

reduced the stock of money and at the same time reduced
the net foreign assets of Other Depository Corporations.

2. INTERNATIONAL
ECONOMIC
DEVELOPMENTS

Prior to the outbreak of the COVID19 pandemic,
the global economy was projected to improve
modestly in 2020, largely boosted by recovery in
manufacturing activity and global trade; a shift to
accommodative monetary policy in a number of
advanced economies; positive US-China trade
negotiations; and the conclusion of Brexit.
The global economy is now projected to contract
sharply in 2020, due to the adverse impact of
COVID-19 on market confidence; financial
markets; international travel; and global supply
chains. Accordingly, the International Monetary
Fund (IMF) revised global growth for 2020 to
-3.0%, as reported in its April 2020 World
Economic Outlook (WEO) update, down from the
initial 2.9% in the January 2020 update.

Table 1 summarizes global economic growth
developments and prospects for selected regions
and countries.


2 Growth rates projections for Zimbabwe are from
Treasury, Reserve Bank & actuals from Zimstat
Table 1: Global Economic Growth & Outlook
(%)

(Projection)

(Projection)
World Output
3.6
2.9
-3.0
Advanced
Economies
2.2
1.7

-6.1
US
2.9
2.3
-5.9
Euro Area
1.9
1.2
-7.5
Japan
0.8
0.7
-5.2
Emerging
Market
&
Developing
Economies
4.5
3.7
-1.0
China
6.6
6.1
1.2
India
6.8
4.2
1.9
Sub-Saharan
3.2
3.1
-1.6
Zimbabwe2
3.4
-6.5
-5.8
Latin America &
the Caribbean
1.1
0.1
-5.2
Source: IMF World Economic Outlook: April 2020
Global growth is, however, projected to rebound
to 5.8% in 2021, well above trend, reflecting the
normalization of economic activity from low
levels. The advanced economies group is
forecasted to grow at 4.5%, while growth for the
emerging market and developing economies
group is projected at 6.6%. The rebound in 2021
depends critically on the pandemic fading in the
second half of 2020, allowing containment efforts
to be gradually scaled back and restoring
consumer and investor confidence.
Growth for advanced economies, where several
economies
are
experiencing
widespread
outbreaks and deploying containment measures,
is projected at -6.1%, as most economies in the

group are forecast to contract in 2020. The
deceleration in economic activity is largely
occasioned by the adverse effects of the
lockdowns and restrictions on mobility, to contain
the spread of the virus.
In emerging market and developing economies,
growth is projected to contract by 1.0% in 2020,
reflecting the impact of the pandemic, severe
external demand shocks, tightening in global
financial conditions, and a plunge in global
commodity prices.
Sub-Saharan Africa is facing an unprecedented
health and economic crisis, with the region’s
economy projected to contract by 1.6% in 2020.
Across countries, the less diversified economies
are expected to be hardest hit, reflecting the
impact
of
lower
commodity
prices
and
containment efforts. Among the non-resourceintensive countries, those that depend on tourism
are expected to witness a severe contraction
because of extensive travel restrictions.
INTERNATIONAL COMMODITY PRICE
DEVELOPMENTS

During the first quarter of 2020, international
prices for precious metals firmed because of
robust safe-haven demand, while copper and
nickel prices were largely depressed as the
COVID-19 outbreak dampened the demand
outlook for base metals. Brent Crude oil also
recorded huge losses during the period under
review, amid a collapse in global demand, due to
the global health crisis.
Table 2 shows the evolution of international
prices for selected commodities, during the first
quarter of 2020.
Table 2: International Commodity Prices:
Q1 2020


Gold
Platinum
Copper
Nickel
Brent
Crude Oil


US$/oz
US$/oz
US$/tonne
US$/tonne
US$/Barrel
2019Q4
Average


Jan-20


Feb-20


Mar-20


2020 Q1
Average


Q-o-Q
Changes
(%)


Source: Bloomberg, BBC, 2020
Precious Metals
Precious metal prices rallied during the first
quarter of 2020, supported by robust safe-haven
demand, as investors shifted from riskier assets.
This followed mounting fears of the impact of the
global pandemic, and concerns about slowing
global economic growth. In addition, precious
metal prices were also supported by decisions of
the U.S. Federal Reserve and other central banks,
to ease their monetary policy stance, as a way of
moderating the impact of the coronavirus on the
global economy.

Gold and platinum quarterly average prices rose
by 6.9% and 0.8% to US$1,584.19/oz and
US$904.7/oz, respectively. Prices of platinum,
however, fell in March 2020, reflecting the impact
of COVID-19. Figure 1 shows the evolution of
selected precious metal prices for the period
January 2019 to March 2020.

Figure
1:
Precious
Mineral
Prices
(US$/ounce): Jan 2019 – March 2020

Source: Bloomberg, 2020

Base Metals
Base metal prices were largely subdued during the
period under analysis, weighed down by fears of
a global economic crisis in view of the COVID19 pandemic. Demand for base metals remained
weak, following disruptions occasioned by
country-wide COVID-19 lockdowns in China and
major European economies.

On the supply-side, increased copper and nickel
stockpiles exerted downward pressure on prices.
The outlook for base metal prices remains bleak,
on the back of concerns over the negative knockon-effects of the global economic slump, on the
demand for base metals. As a result, the average
price of copper declined by 4.6% to US$5,627.76
per tonne in the first quarter of 2020, from
US$5,898.70 per tonne in the fourth quarter of
2019. Similarly, nickel prices shed 17.3% to
US$12,701.54 per tonne in the first quarter of
2020.

Figure 2 shows the monthly trends for base metal
prices for the period from January 2018 to March
2020.

Figure 2: Base Metal Prices (US$/ton): Jan
2018 – March 2020
Source: Bloomberg, 2020

Brent Crude Oil
During the quarter under review, average crude
oil prices fell by 18.7%, from an average of
US$62.67 per barrel recorded in the previous

Jan-19
Mar-19
May-19
Jul-19
Sep-19
Nov-19
Jan-20
Mar-20
Gold
Platinum (RHS)

Jan-18
Mar-18
May-18
Jul-18
Sep-18
Nov-18
Jan-19
Mar-19
May-19
Jul-19
Sep-19
Nov-19
Jan-20
Mar-20
Copper

quarter to US$50.94 per barrel3. The slump in oil
prices was underpinned by a collapse in global
demand owing to the COVID-19 containment
measures, which included lockdowns; travel
restrictions; and grounded flights, public and
private transport.

These developments were aggravated by the
collapse of a supply deal between OPEC and nonOPEC members, which resulted in an increase in
the supply of crude oil on the global market. In
addition, there was also a sharp increase in US
inventories. In the medium term, oil demand is
expected to remain depressed, following the
outbreak of the COVID-19 pandemic and
possibilities of a global supply glut because of
increased production and build-up in inventories.

Figure 3 shows the monthly evolution of crude oil
prices for the period from January 2018 to March
2020.


3 A barrel of oil is equivalent to 157.987 litres
Figure 3: Brent Crude Oil Prices (US$/Barrel)

Source: Bloomberg, 2020

EXCHANGE RATE DEVELOPMENTS

The Zimbabwe dollar (ZWL) weakened on both
the official and parallel markets, by 49.1% and
63.1%, respectively. The parallel market premium
also widened from 33.6% in the fourth quarter of
2019 to 61.4% in the first quarter of 2020.

Government temporarily fixed the official
exchange rate at ZW$25 per US$1 in March 2020,
to stabilize prices and cushion consumers from the
effects of the COVID-19 pandemic.

Jan-18
Mar-18
May-18
Jul-18
Sep-18
Nov-18
Jan-19
Mar-19
May-19
Jul-19
Sep-19
Nov-19
Jan-20
Mar-20

Figure 4 illustrates developments in the exchange
rates since the introduction of the interbank
market in February 2019.

Figure 4: Exchange Rate Developments:
February 2019 – March 2020
Source: RBZ & Bank Market Intelligent Surveys, 2020

MERCHANDISE
TRADE
DEVELOPMENTS
Total merchandise trade for the first quarter of
2020 stood at US$2,324.7 million, a 13.8%
increase from US$2,043.1 million recorded in the
corresponding quarter in 2019.
Figure 5: Quarterly Merchandise Total Trade
(US$ m)
Source: Zimstat, 2020
On a quarter-on-quarter basis, however, total
merchandise trade declined by 13.9%, from
US$2,698.7 million in the fourth quarter of 2019
to US$2,324.7 million in the first quarter of
2020.
Merchandise Export Developments
Merchandise exports for the first quarter of 2020
amounted to US$1,035.3 million, representing a
28.5% drop from US$1,447.6 million realized in
the
preceding
quarter.
Compared
to
the
corresponding quarter in 2019, merchandise
exports increased by 10.4%, from US$938.0
million to US$1,035.3 million, as shown in Figure

2019Q1
2020Q1

25-Feb
25-Apr
25-Jun
25-Aug
25-Oct
25-Dec
25-Feb
2020Q1
INTERBANK RATE
PARALLEL RATES

Figure 6: Quarterly Merchandise Exports
(US$ m)
Source: Zimstat, 2020
The quarter-on-quarter decline in merchandise
exports was largely underpinned by slowdown in
export revenues from gold, flue-cured tobacco
and nickel products as shown in Table 3. Gold
exports registered noticeable declines, during the
period under review, mainly on account of the
huge discrepancies between the prevailing official
and parallel market foreign exchange rates, The
discrepancies resulted in the side marketing of the
yellow metal by small scale artisanal miners.
Tobacco export earnings declined, reflecting the
trend of tobacco export volumes, which normally
peak in the fourth quarter of the marketing year.
Table 3 shows developments on quarterly
merchandise exports by commodity.


Table 3: Quarterly Merchandise Exports
(US$ m)
Commodity
2019Q4
2020Q1
2019Q42020Q1
Changes
(%)
2020Q1
Share of
Total
(%)
Total
Exports

Of Which:


Gold

Flue-cured
tobacco

Nickel mattes

Nickel
ores
and
concentrates

Jewellery

Ferrochromium

Industrial
diamonds

Can Sugar

Unwrought**
Platinum

Coal

Source: Zimstat, 2019 & RBZ Calculations, 2020

The persistent bias of the country’s exports
towards
primary
mineral
and
agricultural
commodities could heighten external sector
vulnerabilities, due to international commodity
price volatility. For the period January to March
2020, only five of the country’s top export
commodities
collectively
contributed
about
76.9% of the country’s total exports.
938.0
1,035.3

1,000
1,200
2019Q1
2020Q1

Major Merchandise Export Destinations
During the first quarter of 2020, the country’s
exports were mainly destined for South Africa,
accounting for 52.3% of total exports, followed by
the
United
Arab
Emirates
(22.6%);
and
Mozambique (8.9%), as shown in Figure 7.
Figure
7:
Major
Export
Destinations
third quarter 2019.

Source: Zimstat, 2020

Merchandise Import Developments

Total merchandise imports for the first quarter of
2020 amounted to US$1,289.4 million, a 16.7%
increase from US$1,105.0 million recorded
during the comparative period in 2019.
Figure 8 shows quarterly merchandise imports for
the first quarters of 2019 and 2020.


Figure 8: Quarterly Merchandise Imports
(US$ m)
Source: Zimstat, 2020
On a quarterly basis, merchandise imports for the
first quarter of 2020 were 3.1% higher at
US$1,289.4 million, compared to US$1,251.1
million realized in the fourth quarter of 2019. The
increase followed the surge in maize imports,
during the first three months of 2020. Other major
imports during the period under review were
maize; diesel; and petrol, which collectively
constituted about 32.0% of total imports.


Major Import Sources

The country’s imports for the first quarter of 2020
were mainly from South Africa (44.0%);
Singapore (20.6%); China (7.6%), Mauritius
(3.3%); India (3.1%); and Mozambique (2.9%), as
shown in Figure 9.


South Africa
U.A.E
Mozambique
Zambia
Kenya
Belgium
Botswana
Hong Kong
Namibia
Swaziland
Other
1,105.0
1,289.4
2019Q1
2020Q1
Merchandise Imports: 2019Q1 &
2020Q1

Figure 9: Major Merchandise Import Sources
(% of Share)
Source: ZIMSTAT & RBZ Computations, 2020

TRADE BALANCE
The
quarter-on-quarter
international
trade
developments culminated in the worsening of the
country’s trade balance, from a surplus of
US$196.5 million during the fourth quarter of
2019, to a deficit of -US$254.1 million in the first
quarter of 2020, as shown in Figure 10.


Figure 10: Merchandise Trade Balance
(US$ m)

Source: Zimstat, 2020 & RBZ Computations, 2020


The trade balance also widened, on a year on year
basis, from a deficit of US$167.0 million in the
first quarter of 2019, to a deficit of US$254.1
million in the comparable quarter in 2020.


South Africa
Singapore
China
Mauritius
India
Mozambique
Mexico
Zambia
United Kingdom
Hong Kong
Other

4 T H QUART E R 2 0 1 9
1 ST QUART E R 2 0 2 0
Exports
Imports
Trade Balance

3.
DOMESTIC
ECONOMIC
DEVELOPMENTS

REAL SECTOR DEVELOPMENTS
The Zimbabwean economy is projected to post a
significant decline in 2020, due to the adverse
impact of the coronavirus pandemic induced
lockdown. This is in addition to the negative
impact of the 2019/20 drought on economic
activity.
AGRICULTURE
The 2020 National Budget projected agriculture
growth to recover by 5% in 2020, in anticipation
of a better 2019/2020 rainfall season and
improved funding for key crops.

The 2019/2020 rainfall season was, however,
characterised by the late onset of the season,
coupled an erratic rainfall distribution pattern and
prolonged dry spells, during the first half of the
season. This negatively affected crop planting and
establishment during the season. Due to the late
onset of the season, the area planted for key crops
such as maize and soya beans declined, compared
to the 2018/19 season, as shown Table 4.


Table 4: Area planted to selected key crops
(Ha)
Crop
2019/2020
2018/2019
%
change
Maize
1 549 324
1 623 757
-5
Sorghum
305 865
201 065

Pearl millet
166 429
151 708

Finger millet
34 353
25 146

Rice
1 588
1 005

Tobacco
100 426
106 558
-6
Soya beans
33 599
55 660
-40
Cotton
170 622
197 242
-13
Groundnut
208 229
210 468
-1
Bambara nuts
87 938
104 316
-16
Cowpeas
60 799
53 917

Source: Ministry of Lands, Agriculture, Water, Climate and
Rural Resettlement, 2020

Maize

Maize output is expected to be subdued in 2020,
as reflected by the 5% decline in the area planted.
Area planted for maize is estimated to have
declined from 1 623 757 hectares in the previous
season to 1 549 324 hectares, in the 2019/20
season.

The late distribution of inputs and high input costs
on the open market also negatively affected the
planting of the crop. In addition, the Command
Agriculture Programme’s contribution to total
maize hectarage declined from 11% in the

previous season to about 7% in the 2019/2020
season.

Small Grains

The total area under drought tolerant small grains
increased by 34% in the 2019/20 season,
following poor rainfall season forecasts. Many
small-scale farmers shifted to drought tolerant
crops, leading to the increased area under small
grains, including sorghum, finger millet and pearl
millet, as shown in Table 4.

Cotton

The area planted for cotton fell by 13%, to
170 622 hectares in the 2019/20 season, due to
challenges associated with input distribution and
erratic rainfall, during the planting season. Cotton
production, however, continued to be supported
by Government through the availing of free inputs
under the Cotton to Clothing Value Chain Revival
Strategy.
Livestock

The condition of all livestock classes was
adjudged to be largely good to fair except in the
southernmost parts of the country, where they
were deemed to be in poor condition, during the
first quarter of 2020. Two consecutive drought
seasons culminated in poor grazing and water
availability, which mostly affected the southern
parts of the country, including the Lowveld,
Beitbridge,
Mwenezi,
Mangwe,
Gwanda,
Bulilima, Tsholotsho, Matobo, and Lupane.
The national cattle herd declined in the first
quarter of 2020, due to combined effects of
drought and diseases that resulted in death and
forced off-take. The pig industry continued to
battle with viability challenges, due to high costs
of stock-feeds, against low selling prices leading
to contraction of the herd. Table 5 summarises
changes in the national herd for the main livestock
classes.
Table 5: Livestock Head

2017/18
2018/19
2019/20
Cattle
5 578 381 5 774 525
5 443 770
Sheep
481 159
522 955

Goats
3 707 357
4 360 838

Pigs
294 213
278 297
227 749
Source: Ministry of Lands, Agriculture, Water, Climate
and Rural Resettlement, 2020

Cattle

Cattle slaughters in the first quarter of 2020 stood
at 54 073, down from 57 674 in the same period
in 2019. The continued elevated cattle slaughters
were attributed to the increased off-take.
Table 6 shows the total number of cattle
slaughtered in the first and fourth quarters of 2019
and the first quarter of 2020.
Table 6: Cattle slaughters

Slaughters
Q1:2019
57 674
Q4:2019
49 174
Q1:2020
54 073
Source: Ministry of Lands, Agriculture, Water, Climate and
Rural Resettlement, 2020

Pigs

Pig slaughters at 47 198 head in the first quarter
of 2020, surpassed the 46 128 head slaughtered in
the same period last year, and 46 196 in the last
quarter of 2019. The increase in slaughters
contributed to the decline in the national pig herd,
from 278 297 head in 2019 to 227 749 in 2020.
Table 7 compares quarterly pig slaughters in the
first and final quarters of 2019 and the first quarter
of 2020.
Table 7: Pig Slaughters in 2019 and 2020

Slaughters
Meat (ton)
Q1:2019
46 128
2 975.5
Q4:2019
46 196
3 370.6
Q1:2020
47 198
3 581.5
Source: Ministry of Lands, Agriculture, Water, Climate
and Rural Resettlement, 2020

Dairy

Fresh milk output stood at 19.23 million litres in
the first quarter of 2020, marginally higher than
the 19.16 million produced in the same period in
2019, as shown in Table 8. The subdued milk
output reflected continued challenges in the
availability of animal feed, following two
consecutive seasons of drought, which limited onfarm production of silage. The high cost of
commercial stock feeds also saw farmers
adjusting feeding regimes towards maintenance
of stock rather than growth in output.


Table 8: First Quarter Milk Output (million
litres) in 2019 and 2020
Month

Variance %
Jan
6.71
6.83
1.85
Feb
5.96
6.07
1.97
Mar
6.50
6.32
-2.69
Q1
19.16
19.23
0.35
Source: Ministry of Lands, Agriculture, Water Climate and
Rural Resettlement, 2020

MINING

Most minerals underperformed in the first quarter
of 2020, compared to the same period in 2019 and
the fourth quarter of 2019. The Platinum Group of
Metals (PGMs) and diamond output was,
however, higher than the comparable period in
2019 as shown in Table 9.

Table 9: Quarterly Mineral Production
Statistics: 2019 and 2020

Q1 2019
Q4 2019
Q1 2020
Gold (kg)
6965.36
7457.53
6151.67
Platinum (kg)
3416.65
3585.43
3543.74
Palladium (kg)
2824.96
2993.97
2956.96
Rhodium (kg)
306.36
312.27
316.70
Iridium (kg)
210.02
218.93
215.79
Ruthenium
(kg)
189.09
201.88
205.01
Diamonds (cts)
461347.90
560875.30
540939.20
Chrome (MT)
419486.00
369347.00
292672.50
Nickel (MT)
4420.70
4182.64
3935.99
Copper (MT)
2126.17
2217.33
2118.72
Cobalt (MT)
94.89
96.67
321.84
HCFC (MT)
90139.31
71159.39
59550.00
Lithium (MT)
15836.93
15531.20
10062.90
Source: Ministry of Mines, Chamber of Mines, FPR,
2020.
The mining sector performance was largely
constrained by the following factors:
i.
Intermittent
power
outages
disrupting
operations,
ii. Shortage of fuel, a key input for digging and
haulage in the sector,
iii. Lockdown in transit and source markets for
both exports of minerals and imports of
critical inputs, and
iv. Reduced staff compliments due to the
implementation of Covid-19 containment
measures.
Gold

Despite firming average international gold prices
in Q1 2020, compared to Q1 2019 and Q4 2019,
gold production underperformed in the first
quarter of 2020, as shown in Figure 11.

Figure 11: Quarterly trends in gold output
(kgs)
Source: Ministry of Mines, Chamber of Mines, FPR, 2020

Small scale gold miners continued to dominate
gold production, accounting for 58% of total
output.


Q1 2018
Q4 2018
Q1 2019
Q4 2019
Q1 2020
Large Scale
ASM
Secondary
Total Gold (kg)
Average Price (US$/ounce)

Figure 12: Sectoral Contribution to Gold
Output in Q1 2020
Source: Ministry of Mines, Chamber of Mines, FPR, 2020

PGMs

During the first quarter of 2020, the total output
of key PGMs, namely, platinum; palladium; and
rhodium, surpassed the output that was produced
in the same period in 2019. The volume of
production was, however, lower than in Q4 2019,
as shown in Figure 13.


Figure 13: Quarterly Performance of Platinum
(kg) and palladium (kg) in 2019 and 2020

Source: Ministry of Mines, Chamber of Mines, World
Bank, 2020

The decline in PGM output at Zimplats and
Mimosa was largely due to loss of production
time, stemming from the scheduled maintenance
of plant and equipment, during the period under
review.

Nickel

During the period under review, nickel output
declined by 11%, compared to the same period in
2019. The output was 6% lower than the Q4 2019
output. Reduced throughput from BNC weighed
down total nickel output.


Large
Scale
35%
ASM
58%
Secondary
7%
Large Scale
ASM
Secondary

Q1 2019
Q2 2019
Q3 2019
Q4 2019
Q1 2020
Platinum
Palladium

Global nickel demand was adversely affected by
the Covid-19 pandemic induced shutdown of the
manufacturing sector in some parts of China. This
culminated in rising nickel inventories on the
London Metal Exchange (LME), from 156,378
tonnes at the start of January 2020 to 235,368
tonnes as at end March 2020. Resultantly, nickel
prices stood at US$12 155 per tonne in March
2020, down from US$14,285 per tonne in midJanuary 2020. As a consequence of reduced
demand, Bindura Nickel Corporation (BNC)
scaled down operations, with capacity utilization
declining from about 85% in fourth quarter of
2019 to about 50%, during the quarter under
review.

Diamonds

Diamond output in first quarter 2020 was 17%
higher than the comparable period in 2019. The
increase was largely due to increased production
at
the
Zimbabwe
Consolidated
Diamond
Company (ZCDC). Output at Murowa Diamonds,
however, declined by 41% in Q1 2020, compared
to Q1 2019. The lower volumes recorded at
Murowa Diamonds were attributed to intermittent
power supply.

The potential of ZCDC continues to be adversely
affected by reduced investment in exploration,
cash flow challenges due to Covid-19 travel
restrictions, which affected planned international
diamond sales. Resultantly, capacity utilisation
was around 40%, during the first quarter of 2020.

Diamond prices have also been adversely affected
by the lockdown in China, Europe, USA and Asia,
the major consumers of diamond related products.
Since diamond trade traditionally involves a lot of
travelling, border closures and quarantine
measures across the world led to the fall in
demand.

Chrome

Chrome output in first quarter of 2020 was lower
than in the same period last year. The ferrochrome
industry was the most affected by the Covid-19
pandemic induced lockdowns in source and
transit markets, which include China, Spain, Italy,
and other European countries.

With these major consumers of high carbon
ferrochrome under lock down during first 2020,
demand
for
High
Carbon
Ferro
(HCF)
commodities fell sharply, pulling prices to
shutdown levels. Additionally, the uptake of raw
chrome by China also declined due to logistical
challenges in South Africa under lockdown, and
closure of some docking ports considered unsafe
in China, due to the pandemic.

Since most of the smelters employ Chinese
technology,
the
disruption
of
supply
of
components and spare parts forced most smelters
to gradually scale down operations and put plant
on care and maintenance. Key player, Zimasco
went under care and maintenance on the 25th of
March 2020. Potnex closed during the first quarter
of 2020, whilst Afrochine operated below 50% of
installed capacity, during the period under review.

ELECTRICITY
Electricity output stood at 1331.90GWh in the
first quarter of 2020. This was 8% higher than
performance in the fourth quarter of 2019 and
47% below the output in the same period in 2019.
The increase in power generation in the first
quarter of 2020, compared to the previous quarter,
was due to improved performance at Kariba,
which more than offset declining output from all
other ZESA generation plants. Output at Kariba
improved, due to the improved water situation.
Power generation at thermal power stations was
relatively lower in Q1 2020, owing to outages
relating to coal supply challenges and frequent
breakdowns of machinery, following disruptions
in imports of critical equipment. Table 10 shows
the quarterly breakdown of output by power
station.

Table 10: Quarterly Power Output (GWh)

Station

Q1

Q4

Q1
Kariba
1,599.1
498.6
654.56
Hwange
802.3
695.1
627.63
Bulawayo
8.9
9.7
6.21
Munyati
27.0
12.2
3.97
Harare
20.5
10.7
2.06
IPPs
41.9
11.7
37.49
Total
2,499.7
1,238.0
1,331.9
Source: ZPC, ZERA, 2020
INFLATION DEVELOPMENTS

Year-on year inflation, which stood at 540.16% in
February 2020, accelerated to 676.39% in March
2020, reflecting the continued build-up of
inflationary pressures during the first quarter of
2020. The surge in annual inflation was attributed
to speculative pricing, arising from adverse
inflation expectations, following the depreciation
of the Zimbabwe dollar against major currencies.

Annual food inflation rose from 710.29% in
February 2020 to 807.36% by March 2020. This
was driven by increases in prices of bread, cereals;
vegetables; meat; oils and fats; and sugar, jam,
honey, chocolate; and confectionery categories,
among others.

Yearly non-food inflation also accelerated from
462.64% in the fourth quarter of 2019, to end the
first quarter of 2020 at 616.11%. Housing, water,
electricity, gas, and other fuels; miscellaneous
goods and services; and transport had the largest
contribution to annual non-food inflation, during
the quarter under review.

Upward reviews on municipality, utility charges
and fuel partly contributed to the increase in nonfood inflation. Insurance charges for health and
vehicles, as well as personal care items, increased
in line with exchange rate movements, with a
significant impact on inflation, during the first
quarter of 2020.

Month-on-month inflation, which had declined to
2.23% in January 2020, from 16.55% as at end
December 2019, resurged to 13.52% in February
and 26.59% in March 2020.

The benchmarking of prices to the parallel market
rates saw prices of both food and non-food items
rise significantly, during the first quarter of 2020,
as shown in Figure 14.

Figure 14: Monthly Inflation Profile (%)

Source: Zimstat, 2020
Food inflation increased from 15.75% in
December 2019 to 17.69% in March 2020, on
account of increases in prices of bread and cereals,
vegetables, and meat, among others.

Monthly non-food inflation accelerated from
17.14% in December 2019 to 32.44% in March
2020,
mainly
driven
by
housing,
water,
electricity, gas and other fuels, restaurants and
hotels, and communication, transport, furniture,
household equipment and maintenance, among
others.


4 All monetary numbers are in ZW$ since the adoption of
the inter-bank foreign exchange market in February 2019.
4. MONETARY DEVELOPMENTS4

The total stock of broad money stood at
ZW$48.40 billion as at end of the first quarter of
2020, registering a quarter-on-quarter growth of
38.22%. Foreign currency deposits (FCAs)
accounted for ZW$20.91 billion or 43.20% of the
total, while local currency deposits amounted to
ZW$26.45 billion or 54.64% of the total.
Currency in circulation constituted only 2.16% of
total broad money stock at ZW$1.04 billion.
The quarter-on-quarter growth in money supply,
largely reflected expansion of 75.14% in the
foreign currency component, from $11.94 billion
to $20.91 billion. This was, however, largely
owing to exchange rate movements. The
interbankexchange
rate
depreciated
from
ZW$16.77 per US$1 in December 2019 to
ZW$25 per US$1 in March 2020.
On the other hand, the increase in the local
currency component of deposits, from ZW$22.17
billion in December 2019 to ZW$26.45 billion in
March 2020 was attributable to normal demand
for money to support various economic activities
in the economy. The increase also reflected the
impact of money multiplier effects of bank
lending in an inflationary environment. Currency
in circulation also increased from ZW$0.91
billion in December 2019 to ZW$1.04 billion in
March 2020, reflecting rising demand for
currency for cash transaction purposes.

Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Food Inflation
Non-Food Inflation
All Items

Figure 15: Broad Money Developments
Source: Reserve Bank of Zimbabwe, 2020
Domestic Credit
During the first quarter of 2020, domestic credit
recorded a growth of 22.41%, from ZW$27
819.81 million in December 2019 to ZW$34
054.41 million. The growth was largely driven by
an increase of 57.16% in credit to the private
sector, which rose from ZW$11 113.07 million in
December 2019 to ZW$17 465.32 million in
March 2020.
Net claims on Government, however, recorded a
decline of 7.91%, from ZW$14 062.74 million in
December 2019 to $12 949.76 million in March
2020. The decline in net claims on Government
was attributed to the growth in Government
deposits held by depository corporations from
ZW$1 517.62 million in the fourth quarter of 2019
to ZW$4 592.64 million, during the quarter under
review.

Credit to the private sector was channelled
towards
agriculture,
34.49%;
households,
13.30%;
financial
organisations,
14.32%;
manufacturing, 9.67% and distribution, 8.66% as
shown Figure 16.

Figure 16: Distribution of Private Sector
Credit
Source: Reserve Bank of Zimbabwe, 2020
The credit to the private sector was mainly utilised
for inventory build-up, 35.88%; other recurrent
expenditures, 31.70%; fixed capital investment,
18.77%; consumer durables, 11.73%; and pre and
post shipment financing, 1.92%.

Interest Rates
During the quarter under review, nominal lending
rates quoted by banks, remained unchanged,
ranging between 5% and 65%.


Mar-18
Jun-18
Sep-18
Dec-18
Mar-19
Jun-19
Sep-19
Dec-19
Mar-20
Growth (%)
Z$ Million
Currency in Circulation
FCAs
LCY Transferable Deposits
Time Deposits
NCDs
Annual Growth
Households
13.30%
Agriculture
34.49%
Mining
11.13%
Manufacturing
9.67%
Distribution
8.66%
Construction
0.88%
Transport &
Communicat
ions
1.53%
Services
5.82%
Financial
Org. &
Investments
14.32%
Other
0.20%

In contrast, average maximum interest rates for
60-day and 90-day deposits increased marginally
from 5.04% and 5.46%, to 5.89%, and 6.16%,
respectively. Average maximum savings rates,
however, remained unchanged at 4.74%.
.
5.
STOCK MARKET DEVELOPMENTS

During the first quarter of the year 2020, the
Zimbabwe
Stock
Exchange
(ZSE)
was
characterized by bullish sentiments, due to limited
investments options, coupled with low real
returns on the money market. Consequently,
market capitalisation on the local bourse surged
by 96.90%, from ZW$29.77 billion recorded in
the previous quarter to ZW$58.61 billion, during
first quarter of 2020, as shown in Figure 17.

Figure 17: Market Capitalization ($ billion)
Source: Zimbabwe Stock Exchange, 2020
Similarly, the All Share and Top 10 indices grew
by 98.28% and 82.92%, to close at 456.21 points
and 370.74 points, respectively. On an annual
basis, the All Share and the Top 10 indices went
up by 334.55 points and 256.13 points, from
121.66 points and 114.61 points, respectively.

Figure 18: ZSE All share and Top 10 Indices

Source: Zimbabwe Stock Exchange, 2020

The ZSE introduced three new indices on the
trading platform, during the beginning 2020. The
new indices, which include Top 15, Medium and
Small Cap, are intended to track developments on
three additional segments of the local bourse,
hence assisting investors track portfolio changes
over time.

Since inception, the Small Cap, Medium Cap and
Top 15 indices increased by 659.88 points, 383.52
points and 182.48 points to end the first quarter of

31-Mar-19
14-Apr-19
28-Apr-19
12-May-19
26-May-19
09-Jun-19
23-Jun-19
07-Jul-19
21-Jul-19
04-Aug-19
18-Aug-19
01-Sep-19
15-Sep-19
29-Sep-19
13-Oct-19
27-Oct-19
10-Nov-19
24-Nov-19
08-Dec-19
22-Dec-19
05-Jan-20
19-Jan-20
02-Feb-20
16-Feb-20
01-Mar-20
15-Mar-20
29-Mar-20

31-Mar-19
14-Apr-19
28-Apr-19
12-May-19
26-May-19
9-Jun-19
23-Jun-19
7-Jul-19
21-Jul-19
4-Aug-19
18-Aug-19
1-Sep-19
15-Sep-19
29-Sep-19
13-Oct-19
27-Oct-19
10-Nov-19
24-Nov-19
8-Dec-19
22-Dec-19
5-Jan-20
19-Jan-20
2-Feb-20
16-Feb-20
1-Mar-20
15-Mar-20
29-Mar-20
All Share Index
Top 10 Index

2020 at 1 293.80 points, 668.13 points and 390.12
points, respectively.

Industrial and Mining Indices
During the first quarter of 2020, the industrial and
mining indices gained 746.12 points and 403.81
points to close at 1 512.46 points and 720.47
points, respectively, as shown in Figure 19.

Figure 19: Zimbabwe Stock Exchange Indices

Source: Zimbabwe Stock Exchange, 2020
Market Turnover
The cumulative turnover value rose by 128.60%
to
ZW$1
090.23
million,
compared
to
ZW$476.93 million realized in the same period
last year. The volume of shares traded, also
increased by 23.90%, from 476.11 million shares
in March 2019 to 589.91 million shares in March
2020.

During the quarter under review, foreign investor
participation, as measured by its contribution to
the value of shares traded, declined to 9.54%,
compared to 15.21% registered in the previous
quarter. The net foreign position also worsened
by ZW$160.65 million. This could be attributed
to the negative effects of COVID-19, which also
affected all international markets, beginning
January 2020.

Figure 20: Market Turnover Value
Source: Zimbabwe Stock Exchange, 2020

6. PAYMENT,
CLEARING
AND
SETTLEMENT ACTIVITIES

The value of transactions processed through the
National Payment Systems increased by 27% to
ZW$278.13 billion in the quarter ending March
2020, from ZW$218.97 billion recorded in the
quarter ending December 2019. Transaction
volumes, however, decreased by 9% to 541,707
million, during the same period.


31-Mar-19
28-Apr-19
26-May-19
23-Jun-19
21-Jul-19
18-Aug-19
15-Sep-19
13-Oct-19
10-Nov-19
8-Dec-19
5-Jan-20
2-Feb-20
1-Mar-20
29-Mar-20
Mining Index
Industrial Index
Industrial Index
Mining Index
-60

Mar-19
May-19
Jul-19
Sep-19
Nov-19
Jan-20
Mar-20
Value ($Millions)
Volume (Millions)
Vol...
Value

Table 11 provides the statistical information on
various payment streams for the quarters ending
December2019 and March 2020.

Table
11:
Consolidated
Transactional
Activities
Values in ZWL$ Million

Q4
Q1
Change
Proportion

RTGS

CASH

CHEQUE

POS

ATMS

MOBILE

INTERNET

TOTAL
218,974.81
278,134.00

27%
100.00%
Volumes
RTGS

CASH

CHEQUE

POS

ATMs

MOBILE

INTERNET

TOTAL
596,011,163
541,707,436


-9%

100.00%

Source: Reserve Bank of Zimbabwe, 2020


LARGE VALUE PAYMENTS

Zimbabwe
Electronic
Transfer
and
Settlement System
The value of transactions processed through the
RTGS system for the first quarter ending March
2020 increased by 16% to ZW$150.28 billion,
from ZW$129.87 billion recorded in quarter
ending December 2019, while the volume of
transactions registered a decrease of 4% to 2.93
million, as shown in Figure 21.

Figure 21: Values and Volumes of RTGS
Transactions
Source: Reserve Bank of Zimbabwe, 2020

SWIFT Foreign Currency Transactions

SWIFT foreign currency payments decreased by
37% to US$0.61 billion during the quarter
ending March 2020, from US$0.97 billion
recorded in the fourth quarter of 2019. During
the same period, SWIFT foreign currency
receipts decreased by the same margin to


Q4

Q1

Q2

Q3

Q4

Q1
RTGS Values in US$ Billions
RTGS Volumes in Thousands
Volumes
Values

US$0.54 billion in the first quarter of 2020, from
US$0.85 billion in the fourth quarter of 2019.

The net foreign currency outflows amounted to
US$68.47 million in the first quarter of 2020,
from a net outflow of US$117.83 million recorded
in the second quarter of 2019, as shown in Figure
22.

Figure
22:
SWIFT
Quarterly
Foreign
Currency Transactions
Source: Reserve Bank of Zimbabwe, 2020
CASH
Over the Counter Cash Withdrawals
The value of cash withdrawals increased by 3%,
from ZW$3.71 billion in the quarter ending
December 2019 to ZW$3.80 billion recorded in
quarter ending March 2020. Corresponding
volumes decreased by 8%, from 5.23 million in
the fourth quarter of 2019 to 4.81 million in the
quarter under review, as shown in Figure 23.

Figure
23:
Over
the
Counter
Cash
Withdrawals
Source: Reserve Bank of Zimbabwe, 2020

Retail Payments
The aggregate values of retail transactions
increased by 43% to ZW$127.85 billion during
the quarter under review, from ZW$89.11 billion
recorded in the fourth quarter of 2019. The retail
volumes, however, decreased by 9% to 538,779
million in the first quarter of 2020, from 592,945
million reported in the quarter ending March
2019.

Figures 24 and 25 show the trend in the values and
volumes of retail transactions for the period from
the fourth quarter of 2018 to the first quarter of
2020.


Q3 2018
Q4 2018
Q1 2019
Q2 2019
Q3 2019
Q4 2019
Q1 2020
Volumes in Thousands
Value in US$B
Value of Receipts
Value of Payments


Q4

Q1

Q2

Q3

Q4

Q1

ZW$ BILLIONS
MILLIONS
Volumes
Values

Figure 24: Retail Transaction Values
Source: Reserve Bank of Zimbabwe, 2020


5 The local collateral figure comprises of Cheque, Zimswitch,
Chengetedzai Deposit Corporation settlement systems.
Figure 25: Retail Transaction Volumes
Source: Reserve Bank of Zimbabwe, 2020

Collateral5
The value of collateral increased to ZW$679.08
million in the quarter ending March 2020, from
ZW$357.37 million recorded in the quarter
ending December 2019, as shown in Figure 26.

2018 Q4
2019 Q1
2019 Q2
2019 Q3
2019 Q4
2020 Q1
Mobile in ZW$Billions
ZW$ Billions
CHEQUE
POS
ATMS
INTERNET
CASH
MOBILE

Q4

Q1

Q2

Q3

Q4

Q1
Mobile Volumes in Millions
Other Retai Volumes in Millions
CHEQUE
POS
ATMs
INTERNET
CASH
MOBILE

Figure 26: Collateral Amounts from December
2018 to March 2020
Source: Reserve Bank of Zimbabwe, 2020

Access Points and Devices
The number of mobile banking agents increased
to 71,054 in the first quarter of 2020, from 59,219
reported in the fourth of 2019. The Point of Sales
(POS) population increased to 122,138 in the
quarter under review, from 121,413 in the
previous quarter, in line with the promotion of
electronic means of payment. The ATM
population, however, remained unchanged at 539.
There were 5.39 million active mobile financial
services subscribers registered during the quarter
under review, down from 6.54 million registered
subscribers recorded in the previous quarter.


Table 12 shows payment access points and
devices, from quarters ending September 2019 to
March 2020.
Table 12: Payment Systems Access Points and
Devices

Quarter
ending
Sept 2019
Quarter
ending
Dec

Quarter
ending
Mar

Mobile
Banking agents
55,404
59,219
71,054
ATMs

POS
118,044
121,413
122,138
PAYMENT SYSTEM ACCESS DEVICES
Debit Cards
4,770,618
5,625,031
5,358,746
Credit Cards
17,845
18,089
18,060
Prepaid Cards
119,633
99,278
116,143
Mobile
Banking
subscribers
6,317,385
6,543,758
5,394,816
Internet
Banking
subscribers
378,056
415,901
5,358,746
Source: Reserve Bank of Zimbabwe, 2020

7.
FISCAL DEVELOPMENTS

Cumulative Government revenue inflows for the
first quarter of 2020 amounted to ZW$14.2
billion, against expenditures of ZW$13.8 billion.
This resulted in a surplus of ZW$430.62 million.

Q4

Q1

Q2

Q3

Q4

Q1

ZW$ MILLIONS

Table 13: Summary of First Quarter 2020
Fiscal Position

ZW$ Millions
Revenue
14 181.91
Tax revenue
13 859.09
Non-Tax Revenue
322.82
Expenditure
13 750.89
Current expenditure
8 762.29
o/w employment costs
3 818.24
Capital Expenditure
4 988.59
Overall Balance
430.62
Source: Ministry of Finance and Economic Development,

Government Revenue

During the first quarter of 2020, government
revenues
amounted
to
ZW$14.2
billion,
surpassing the target of $12.8 billion by 9.7%. Tax
revenue at ZW$13.9 billion accounted for 97.7%
of total government revenue. The remaining
ZW$322.8 million was from non-tax revenue.

The nominal increase in revenues largely
reflected the impact of inflation on fiscal
revenues. In addition, the application of riskbased audits, debt management and expedited
case management processes by Zimbabwe
Revenue Authority (ZIMRA) also contributed to
the improvement in revenue collection, during the
first quarter of 2020.


Structure of Government Revenue
Tax on income and profits continued to dominate
Government
revenue,
with
the
tax
head
accounting for ZW$4.50 billion in the first quarter
of 2020, equivalent to 31.72% of total revenue.
Value Added Tax contributed 24%; followed by
excise duty, 15%; taxes and financial transactions,
12%; and customs duty, 7%.

Figure 27: Composition of Tax Revenue, Q1

Source: Ministry of Finance and Economic Development,

*Other Taxes include stamp duty and other indirect taxes.

Government Expenditure

Cumulative Government spending in the first
quarter of 2020 amounted to ZW$13.8 billion,
against a target of ZW$15.59 billion. Fiscal
expenditure comprised of recurrent expenditure
of ZW$9.6 billion and capital expenditures of
ZW$4.9 billion.
Customs
duties
7%
Excise
duties
15%
Value
added tax
24%
Other
Indirect
Tax
0%
Tax on
Income and
Profits
32%
tax on gross
Revenue
8%
Taxes on financial and
capital transactions
12%
Non Tax
Revenue
2%

Table 14 shows a breakdown of first quarter
Government expenditures in 2019 and 2020.

Table 14: Summary of Government Spending,
1st Quarter 2019 and 2020 (ZW$ million)

Amount
% of
Total
Amount
% of
Total
Employment
costs

Operations

13.6
3 848
28.0
Interest on
debt

6.3

2.2
Capital
Expenditure

11.7
4 989
36.3
Source: Ministry of Finance and Economic Development,

Employment costs, inclusive of salaries to grant
aided institutions, amounted ZW$4.60 billion or
33.5%
of
total
expenditure.
The
lower
expenditure on employment costs freed up
resources, which were channelled towards other
essential Government expenditures, such as
capital expenditure and debt servicing.

Capital Expenditure

Capital expenditures amounted to ZW$4 989
million, or 36.3% of total expenditure, a
significant improvement from the 11.7% recorded
during the same period in 2019. This reflected
Government’s thrust to support long term growth.

Overall Budget Balance
The fiscal developments in the first quarter of
2020 culminated in a surplus of ZW$430.62
million. Government, however, experienced a
deficit in March 2020, largely due to increased
capital expenditure. The allocation for capital
expenditure rose to 43% of revenues, compared to
an average of 30% in the two preceding months.
Figure 28 shows developments on the budget
balance during the first quarter of 2020.

Figure 28: Budget balance (ZW$M) in Q1 2020
Source: Ministry of Finance and Economic Development,

RESERVE BANK OF ZIMBABWE
JUNE 2020


-2000
-1000

January
February
March
Millions
Revenue
Expenditure
Overall Balance


STATISTICAL TABLES

1. Depository Corporation Survey S1
2. Central Bank Survey S2
3. Other Depository Corporation Survey S3

4. Liabilities and Assets of the Central Bank
4.1.Reserve Bank: Assets


S4

4.2.Reserve Bank: liabilities S5


5. Other Depository Corporation
5.1.Other Depository Asset S6
5.2.Other Depository Liabilities S7

6. Commercial Banks
6.1.Commercial Banks: Assets

S8
6.2.Commercial Banks: Liabilities
S9
7. Building Societies


7.1.Building Societies: Assets

S10

7.2.Building Societies: Liabilities S11


8. Sectoral Analysis of Commercial Banks
8.1.Sectoral Analysis of Commercial Banks’ Loans and Advances S12
8.2.Sectoral Analysis of Commercial Bank’s Deposits

S13


9. National Payment Systems


9.1.Values of Transactions


S14
9.2.Volumes of Transactions


S14

10. Interest Rates, Security Yields and Prices
10.1. Lending Rates


S15
10.2. Deposit Rates S15


11. Stock Exchange Indices


S16

12. Inflation


12.1. Monthly Inflation


S17
12.2. Quarterly Inflation


S18
12.3. Annual Inflation


S19

13. Balance of Payments
13.1. Cross Border Payments


S20
13.2. Cross Border Receipts


S21

14. External Sector
14.1. External Debt Outstanding By Debtor


S22
14.2. External Debt Outstanding by Source


S2


Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Net Foreign Assets

Central Bank(net)

Foreign Assets

Foreign Liabilities

Other Depository Corporations(net)

Foreign Assets

Foreign Liabilities

Net Domestic Assets (NDA)

Domestic Claims

Claims on Central Government(net)

Claims on Central Government

Central Bank

ODCs

Less Liabilities to Central Government

Central Bank

ODCs

Claims on Other Sectors

Other Financial Corporations

State and Local Government

Public Non Financial Corporations

Private Sector

Central Bank

ODCs

Other Items(Net)

Shares and Other Equity

Liabilities to Other Financial Corporations

Restricted Deposits

Deposits and Securities Excluded from Base Money

Other Items(net)

Broad Money-M3

Securities Other than Shares Included in Broad Money

Broad Money-M2

Other Deposits

Narrow Money-M1

Transferable Deposits

Of which Foreign Currency Accounts

Currency Outside Depository Corporations

Memorandum Items
Reserve Money

FCAs as a Percentage of Deposits in M3

End Period Exchange Rate

Source: Reserve Bank of Zimbabwe 2020
Notes:
(i) Depository corporations survey - formerly Monetary Survey.
(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.
(iii) Transferable deposits made up of demand and savings deposits.
(iv) NCDs are also referred to as securities included in broad money.
(v) All classes of time deposits, short and long term are classified as time deposits, which are also termed other deposits.
(vi) Credit to the private sector now excludes claims on other financial corporations, as well as claims on state and local government (local authorities)
(vii) Depository corporations made up of the Central Bank and other depository corporations
(viii) Other depository corporations (ODCs) - Commercial banks, merchant banks, building societies and POSB.
(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
(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
(xi) In December 2018, statistics were revised from November 2017 due to reclassification of lines of credit (foreign liabilities) that were initially classified as deposits included in broad money
(xii) All monetary and financial statistics are valued in ZWL$ since the introduction of the interbank foreign exchange market in February 2019
TABLE 1: DEPOSITORY CORPORATIONS SURVEY (ZWL$ '000)


S2


Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Net Foreign Assets
-6,110,320.34 -6,759,543.60 -11,356,605.80 -14,602,968.79 -23,287,056.52 -27,352,064.33 -39,349,960.03 -46,395,160.21 -48,267,748.85 -50,285,843.15 -51,596,769.75 -51,659,786.89 -78,356,892.58
Claims on Non Residents

Official Reserves Assets

Other Foreign Assets

Less Liabilities to Non Residents

Short Term Liabilities

Other Foreign Liabilities

Net Domestic Assets (NDA)

Domestic Claims

Net Claims on Central Government

Claims on Central Government

Of which: Securities Other than Shares

of which USD Securities revaluations (Excha

Loans

Loans and Advances

Legacy Debt

Export Incentives

Less Liabilities to Central Government

Of which: Deposits

Other

Claims on Other Sectors

Other Financial Corporations

State and Local Government

Public Non Financial Corporations

Private Sector

Claims on Other Depository Corporations

Of which: Loans

Other Liabilities to ODCs

Of which: Aftrades Balances

Securities

Other Items(Net)
-4,088,430.87 -4,793,733.84
-9,673,334.90 -13,022,965.26 -20,737,108.96 -25,788,352.03 -37,210,035.04 -43,812,534.88 -46,414,639.90 -54,669,718.18 -57,145,180.31 -58,322,160.20 -86,517,998.56
Shares and Other Equity

Other Items(Net)

Liabilities to Other Resident Sectors

Deposits and Securities Excluded from Base Money

Monetary Base Incl. foreign currency clearing balances
Monetary Base

Bond Coins

Bond Notes

Liabilities to ODCs

Reserve Deposits

Exess reserves

Private Deposits

Source: Reserve Bank of Zimbabwe,2020
TABLE 2: CENTRAL BANK SURVEY ($'000)


S3


Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Net Foreign Assets

Claims on Non Residents

Of Which: Foreign Currency

Deposits

Other

Less Liabilities to Non Residents

Of Which: Deposits

Loans

Other

Net Domestic Assets (NDA)

Domestic Claims

Net Claims on Central Government

Claims on Central Government

Securities

Loans

Other


-

-

-

-

Less Liabilities to Central Government

Of which: Deposits

Other

Claims on Other Sectors

Other Financial Corporations

State and Local Government

Public Non Financial Corporations

Private Sector

Claims on the Central Bank

Currency

Reserves

Securities

Other Claims

Liabilities to the Central Bank

Other Items(Net)

Shares and Other Equity

Liabilities to other ressident sectors

Other Items(Net)

Deposits and Securities Included in Broad Mo

Deposits Included in Broad Money
9,999,066.93

10,698,817.40

12,307,411.86

14,024,153.85

16,316,355.79

18,607,561.81

22,546,030.38

27,593,648.82

29,819,025.32

32,968,794.78

34,202,472.63

36,052,337.44

45,274,086.77

Transferable Deposits
8,562,013.77

9,211,180.01

10,695,596.51

12,595,266.96

14,675,509.25

16,987,786.03

20,883,074.13

25,739,354.63

27,983,294.46

31,080,869.95

32,175,873.35

33,858,024.37

42,922,095.92

of which FCAs
1,417,836.22

1,753,489.14

3,031,536.97

3,887,787.41

4,049,120.88

5,737,719.98

9,859,484.27

11,155,597.09

11,472,035.58

11,938,732.84

12,458,349.93

12,476,934.91

20,909,726.92

Other Deposits

Money Market Instruments
74,503.10

90,813.24

139,439.93

171,667.83

168,169.20

202,928.98

219,889.50

205,671.08

235,117.26

243,976.57

255,563.69

260,055.92

476,793.67

Source:Reserve Bank of Zimbabwe,2020
TABLE 3 : OTHER DEPOSITORY CORPORATIONS SURVEY ( $ '000)


S4


ZWL$ Thousands
End of
Gold
Other
Total
Treasury Bills
Central
Banks
Other
Govt.
Other
Other Assets
TOTAL
Government
Stock

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source: Reserve Bank of Zimbabwe, 2020
TABLE 4.1: RESERVE BANK - ASSETS
Foreign Assets
Loans and advances
Investments


S5


TABLE 4.2 RESERVE BANK: LIABILITIES
Capital
and
Foreign
general
End of
Bond Notes in
Circulation
Bond Coins in Circulation
Bond Notes and
Bankers Deposits
Other Deposits
Govt. Deposits
Total Deposits
Liabilities
reserve
Other Liabilities
TOTAL
coins* issued

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source: Reserve Bank of Zimbabwe, 2020
*Bond coins first issued in December 2014
* Bond Notes issued on 28 November 2016
ZWL$ Thousands
Deposits


S6


Foreign
TOTAL
End of
Notes
Bond
&
Balances
Balances with
Balances
Other Claims
Local
Other
Notes &
Coin
with
Other Depository
with
on
Government1
Governemt
Other2
Government
Local
Public
Institutional
Other cliams
Contigent Assets
Other Assets
Non Financial
Coins
RBZ
Corporations
Foreign Banks
Non-residents
Securities
securities
Government
Enterprises
Units
Assets

Jan
23.4

66.9

2,528.5

291.2

111.9


Feb
20.0

46.8

2,516.8

347.6

114.2


Mar
16.7

57.9

2,457.7

312.8

139.2


Apr
14.9

61.9

2,423.5

337.0

120.8


May
14.2

71.7

2,543.0

477.8

138.6


Jun
9.0

58.5

3,081.0

509.8

120.0


Jul
20.6

61.9

3,450.6

466.4

111.6


Aug
23.1

72.3

3,475.7

377.8

105.3


Sep
18.2

61.5

3,781.6

398.1

159.1


Oct
39.9

70.4

3,771.3

368.3

185.5


Nov
30.6

84.6

3,696.3

300.6

209.8


Dec
20.5

94.5

3,949.5

439.6

235.5


Jan
49.0

113.4

3,901.0

401.9

261.6


Feb
59.7

256.8

3,764.8

357.1

570.4


Mar
62.5

263.2

3,891.0

432.9

739.3


Apr
45.2

363.5

4,153.9

578.9

1,031.9


May
98.7

484.2

4,089.2

694.1

1,890.1


Jun
126.3

882.2

4,518.6

560.2

2,383.0


Jul
232.4

968.8

5,605.6

370.4

3,738.0


Aug
184.4

1,150.4

7,956.5

527.8

3,904.2


Sep
124.5

2,108.5

9,128.1

874.0

5,678.3


Oct
144.3

1,906.0

11,613.0

2,511.0

7,644.9


Nov
128.8

2,243.1

11,417.7

2,236.3

8,417.4


Dec
169.8

2,526.2

13,994.1

1,254.7

8,415.7


Jan
183.4

3,176.6

13,217.3

1,073.2

8,142.0


Feb
267.1

3,136.4

13,817.0

1,504.5

8,642.5


Mar
263.6

3,607.6

16,167.1

2,214.4

12,681.9


Source:Reserve Bank of Zimbabwe,2020
Notes
1.Government securities includes treasuary bills and bonds
2.Includes bankers acceptances, discounted bills and negotiable certificates of deposits.
3.Includes households and other financial corporations.
Public
Enterprises
TABLE 5.1: OTHER DEPOSITORY CORPORATIONS -ASSETS
$ millions
Debt Securities
Loans and Advances


S7


Debt Securities Foreign Liabilities
Capital
Contigent
Other
TOTAL
and
Liablities
Liablities
End of
Demand
Savings
Time Deposits
Total Deposits
Other Depository
Government
Total
RBZ
Other Depository Other Finacial
Reserves
from the public
Corporations
Corporations
Corporations

Jan

Feb

Mar

Apr

May

June

July

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source:Reserve Bank of Zimbabwe,2020
TABLE 5.2 : OTHER DEPOSITORY CORPORATIONS - LIABILITIES
Deposits
Amounts Owing to
$ millions


S8


TOTAL
End of
Foreign
Bond
Notes
Balances
Balances with
Balances
Other Claims
Local
Public
Other
Contigent
Non Financial
Notes &
&
with
Other Depository
with
on
Government1
Local Governemt
Public Enterprises
Other2
Government
Government
Enterprises
Institutional Units3
Other claims
Assets
Other Assets
Assets
Coins
Coin
RBZ
Corporations
Foreign Banks
Non-residents
Securities
securities

Jan
22.40

64.10

2,294.49

192.08

103.42

81.91

2,143.23

-

23.45

65.90

26.32

20.59

154.85

2,451.11

28.68

500.96

294.22

538.92

9,006.6

Feb
18.34

43.97

2,296.76

223.72

108.28

96.17

2,109.34

-

23.45

66.10

24.29

21.11

145.03

2,461.49

28.67

507.82

290.62

536.35

9,001.5

Mar
14.81

53.62

2,238.77

240.67

124.48

99.51

2,164.00

-

23.45

66.69

19.16

15.90

127.10

2,535.82

30.40

504.13

325.78

552.34

9,136.6

Apr
13.47

56.67

2,207.91

274.97

116.75

78.50

2,314.90

-

24.75

66.97

13.44

20.89

120.77

2,519.81

28.31

531.98

298.96

554.95

9,244.0

May
12.85

62.77

2,308.95

339.50

130.13

85.74

2,562.36

-

24.97

66.94

8.44

20.88

134.01

2,556.25

23.90

458.93

307.90

555.31

9,659.8

June
7.48

52.61

2,848.51

331.76

117.26

84.05

2,538.32

-

26.19

66.55

7.44

19.43

196.00

2,662.21

25.46

551.39

302.93

563.41

10,401.0

July
17.85

54.25

3,189.62

281.13

109.31

95.43

2,949.15

-

-

67.49

4.51

21.01

181.99

2,414.59

26.03

611.36

322.53

565.15

10,911.4

Aug
21.01

67.83

3,196.71

232.34

102.46

66.26

3,014.90

-

-

67.29

7.05

20.62

186.74

2,490.99

29.82

647.67

329.42

566.33

11,047.4

Sep
16.25

58.19

3,487.91

305.30

137.84

78.01

2,789.78

-

45.21

68.09

5.42

20.39

212.17

2,577.06

36.68

637.41

357.43

571.83

11,405.0

Oct
33.06

67.98

3,505.83

272.14

173.15

51.45

2,728.83

-

45.21

68.41

4.59

9.35

188.83

2,697.37

38.71

647.52

353.24

569.20

11,454.9

Nov
25.84

81.42

3,384.38

264.64

198.18

63.91

2,793.90

-

45.21

68.65

6.99

8.13

217.69

2,672.32

46.06

633.21

406.55

569.81

11,486.9

Dec
18.17

89.91

3,736.98

317.34

224.44

74.84

2,633.69

-

43.37

69.16

6.20

9.18

204.31

2,707.60

53.75

573.76

406.16

633.85

11,802.7

Jan
42.05

106.91

3,766.70

338.09

249.77

46.14

2,621.20

-

61.02

68.66

4.41

8.06

189.15

2,594.53

33.84

517.24

428.82

649.94

11,726.5

Feb
52.63

238.67

3,601.94

293.36

549.59

205.65

2,675.29

-

60.52

2.00

5.84

7.71

208.31

2,784.17

31.04

490.74

472.78

696.82

12,377.1

Mar
59.17

244.62

3,729.81

393.22

712.08

55.05

2,635.68

-

61.52

4.53

4.27

9.53

340.66

2,660.90

25.33

523.72

755.57

971.53

13,187.2

Apr
40.82

331.97

3,876.83

492.10

981.80

91.75

2,590.97

-

61.79

3.95

3.98

9.62

407.85

2,721.57

24.55

620.52

935.27

1,002.47

14,197.8

May
94.59

444.70

3,886.07

571.50

1,747.69

154.08

2,508.43

-

62.12

4.20

3.93

9.43

636.78

3,056.86

34.46

910.14

1,832.95

1,142.77

17,100.7

Jun
119.69

810.71

4,104.17

413.18

2,244.98

538.88

2,596.97

-

63.09

6.62

3.89

8.73

929.36

3,667.45

37.02

1,606.53

1,374.23

1,621.33

20,146.8

Jul
224.75

791.31

5,081.19

275.44

3,602.89

801.93

2,640.55

-

103.36

5.49

2.18

9.00

164.58

4,043.75

32.65

1,587.68

1,873.44

1,722.66

22,962.9

Aug
178.74

1,054.06

7,123.10

461.83

3,778.75

1,050.74

3,106.90

-

103.86

6.78

1.04

9.21

212.50

4,430.78

37.42

2,614.64

1,744.16

1,989.27

27,903.8

Sep
108.51

1,915.41

8,246.09

676.17

5,563.16

1,575.75

3,240.85

-

26.96

6.47

1.37

9.40

187.53

4,993.71

42.30

3,707.80

3,074.10

2,440.63

35,816.2

Oct
138.01

1,702.35

10,537.81

2,437.08

7,376.80

906.98

3,416.23

-

27.05

5.29

1.15

7.94

254.84

5,859.32

41.94

4,081.09

1,658.19

2,434.21

40,886.3

Nov
113.92

2,078.54

10,430.55

2,073.35

7,977.27

940.70

3,737.72

-

27.15

11.83

1.37

8.74

248.79

7,670.96

42.07

3,148.28

1,627.27

3,059.40

43,197.9

Dec
158.44

2,300.01

12,821.54

934.73

7,898.48

1,984.08

3,716.31

-

24.75

20.65

1.33

8.11

268.61

8,976.00

61.84

4,867.67

2,740.16

6,935.56

53,718.3

Jan
165.80

2,845.62

12,018.43

708.00

7,706.57

1,811.38

4,029.43

-

125.52

14.97

5.11

12.17

326.11

10,766.91

77.59

2,965.93

3,395.90

8,058.15

55,033.6

Feb
251.70

2,756.57

12,731.97

889.16

8,264.76

1,532.87

3,877.19

-

117.45

13.99

5.15

11.56

329.47

11,656.91

88.37

5,441.70

11,907.90

8,653.69

68,530.4

Mar
242.41

3,063.92

14,545.58

1,948.14

12,381.17

2,497.47

4,373.76

-

0.08

20.23

4.39

11.39

765.82

14,041.67

127.46

7,917.31

5,718.53

9,244.62

76,904.0

Source:Reserve Bank of Zimbabwe,2020
Notes
1.Government securities include treasuary bills and bonds
2.Includes bankers acceptances, discounted bills and negotiable certificates of deposits.
3.Includes households and other financial corporations,
TABLE 6.1: COMMERCIAL BANKS -ASSETS
$ millions
Debt Securities
Loans and Advances


S9


ZWL$ millions
End of
Demand
Savings
Time Deposits
Total Deposits
Other Depository
Government
Total
Debt Securities
Foreign Liabilities
RBZ
Other Depository Other Finacial
Capital
Contigent
Other
from the public
Corporations
Corporations
Corporations
and
Liablities
Liablities
TOTAL
Reserves

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source:Reserve Bank of Zimbabwe,2020
TABLE 6.2 : COMMERCIAL BANKS - LIABILITIES
Deposits
Amounts Owing to


S10


Foreign
Other Assets
Non Financial
TOTAL
End of
Notes
Assets
Bond
&
Balances
Balances with
Balances
Other Claims
Notes &
Coin
with
Other Depository
with
on
Government1
Local Governemt
Public Enterprises
Other2
Mortgages
Government
Other
Coins
RBZ
Corporations
Foreign Banks
Non-residents
Securities
securities

Jun
0.3

3.7

65.9

208.8

9.8

-

165.3

19.0

-

-

387.6

-

452.9

109.6

126.0

1,548.8

Jul
0.4

3.9

105.8

164.6

9.2

-

168.4

17.2

-

-

391.9

-

451.9

110.9

127.3

1,551.5

Aug
0.4

3.1

142.8

152.0

3.9

-

186.7

16.3

-

-

409.3

-

465.5

104.7

127.2

1,611.9

Sep
0.6

1.8

108.4

117.0

6.7

-

193.0

16.1

-

-

412.7

-

475.2

113.4

130.1

1,574.8

Oct
0.6

1.1

145.7

110.0

14.8

-

193.9

15.4

-

-

420.7

-

493.6

149.9

130.4

1,676.0

Nov
0.7

0.9

138.8

128.4

8.7

-

193.6

18.8

-

-

420.9

-

489.0

160.4

133.0

1,693.3

Dec
1.0

2.6

170.6

134.3

9.1

-

195.1

26.8

-

-

402.3

-

516.8

163.2

135.5

1,757.3

Jan
0.9

2.3

197.4

98.7

7.8

-

129.8

34.5

-

-

413.2

-

508.7

144.9

136.1

1,674.3

Feb
1.5

1.8

172.4

123.5

5.5

-

141.3

33.5

-

-

414.8

-

507.9

125.7

135.7

1,663.6

Mar
1.4

3.4

175.9

72.1

14.1

-

212.6

32.8

-

-

411.4

-

539.4

142.8

132.3

1,738.2

Apr
1.1

4.3

185.5

61.9

3.6

-

184.4

32.0

-

-

413.3

-

582.7

141.6

135.2

1,745.7

May
1.0

7.6

196.3

138.2

8.1

-

191.0

30.9

-

-

415.0

-

608.4

128.1

137.4

1,862.0

June
1.2

4.9

188.6

177.8

1.9

-

266.2

30.1

-

-

413.9

-

614.3

124.0

141.5

1,964.5

July
1.8

6.6

207.1

185.1

1.7

-

283.2

33.3

-

-

423.5

-

636.1

128.2

141.1

2,047.7

Aug
1.6

3.7

224.7

145.3

2.4

-

288.9

32.2

-

-

428.2

-

579.4

139.1

143.7

1,989.2

Sep
1.9

2.9

245.6

92.6

20.8

-

291.1

31.2

-

-

430.3

-

650.2

148.1

144.4

2,059.1

Oct
4.9

2.1

220.0

95.8

11.9

-

318.9

30.2

-

-

427.7

-

639.8

154.2

147.0

2,052.5

Nov
3.6

2.9

243.3

35.7

10.4

-

320.7

28.9

-

-

433.5

-

635.7

148.0

145.8

2,008.5

Dec
2.3

4.3

157.4

121.3

10.4

-

339.4

28.0

-

-

444.8

-

645.9

179.7

151.9

2,085.6

Jan
6.3

4.6
108.2

63.5
10.9

0.0
343.8

27.3
33.6

0.0
438.0

0.0
649.3

136.7
151.2

1973.3
Feb
5.4

17.6
120.6

62.8
18.1

-

339.6

26.5
-

-

416.1

-

696.1

171.1
156.7

2,030.8

Mar
2.6

18.0
126.3

38.6
23.9

-

331.7

25.5
-

-

415.1

-

710.1

172.1
207.4

2,071.2

Apr
3.7

30.6
220.3

85.0
47.6

-

271.6

25.0
-

-

414.1

-

705.0

169.0
276.2

2,247.8

May
3.9

38.4
162.2

115.4
139.0

-

345.5

23.9
-

-

406.2

-

776.6

165.7
363.4

2,540.1

Jun
6.3

69.8
361.6

144.5
132.4

-

265.8

22.6
-

-

421.7

-

873.6

210.5
473.0

2,981.8

Jul
6.5

174.7
473.9

89.7
131.1

-

258.3

22.2
-

-

416.0

-

934.6

203.1
565.6

3,275.8

Aug
5.5

94.5
758.0

60.6
115.5

-

247.4

21.5
-

-

418.1

-

970.6

345.1
567.6

3,604.2

Sep
15.8

180.3
831.8

195.4
104.2

-

267.6

20.9
-

-

499.1

-

1,137.6

528.8
1,042.2

4,823.6

Oct
6.2

198.7
997.2

72.2
243.7

-

268.8

20.2
-

-

429.8

-

1,286.7

503.4
1,069.3

5,096.2

Nov
11.9

156.1
872.3

159.7
426.0

-

338.6

19.6
-

-

443.5

-

1,357.4

575.8
1,068.7

5,429.6

Dec
9.2

223.9
1,016.9

317.4
492.3

-

308.3

18.2
-

-

454.5

-

1,413.5

700.6
1,470.0

6,424.9

Jan
16.3

322.3
1,106.8

361.8
421.8

-

283.0

20.1
-

-

478.2

-

1,498.8

717.5
1,552.8

6,779.5

Feb
14.5

368.2
977.2

612.5
370.5

-

357.1

20.1
-

1.5

503.6

-

2,097.7

735.9
1,538.8

7,597.4

Mar
20.1

529.4
1,423.7

261.8
282.6

-

341.6

19.2
-

0.6

526.4

-

2,406.4

1165.6
1,914.1

8,891.5

Source:Reserve Bank of Zimbabwe,2020
Notes
1.Government securities include treasuary bills and bonds
2.Includes bankers acceptances, discounted bills and negotiable certificates of deposits.
3.Includes households and other financial corporations,
TABLE 7.1: BUILDING SOCIETIES -ASSETS
$ millions
Debt Securities
Loans and Advances


S11


Debt Securities
Foreign Liabilities
Capital
Other
TOTAL
and
Liablities
End of
Savings
Time Deposits
Total Deposits
Other Depository
Government
Total
RBZ
Other Depository Other Finacial
Reserves
from the public
Corporations
Corporations
Corporations

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

June

July

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source:Reserve Bank of Zimbabwe,2020
Amounts Owing to
TABLE 7.2: BUILDING SOCIETIES -LIABILITIES
$ millions


S12


AGRICULTURE
CONSTRUCTION
COMMUNICATION
DISTRIBUTION
FINANCIAL &
FINANCIAL
MANUFACTURING
MINING
SERVICES
TRANSPORT
INDIVIDUALS
CONGLOMERATES
TOTAL
END OF


INVESTMENTS
ORGANISATIONS

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source:Reserve Bank of Zimbabwe,2020
/1 Including the only merchant bank still in operation.
TABLE 8.1 : SECTORAL ANALYSIS OF COMMERCIAL BANKS LOANS AND ADVANCES
$ ('000)


S13


END OF
AGRICULTURE
CONSTRUCTION
COMMUNICATIONS
DISTRIBUTION
FINANCIAL &
FINANCIAL
MANUFACTURING
MINING
SERVICES
TRANSPORT
INDIVIDUALS
CONGLOMERATES
TOTAL
INVESTMENTS
ORGANISATIONS

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source: Reserve Bank of Zimbabwe,2020
TABLE 8.2: SECTORAL ANALYSIS OF COMMERCIAL BANKS DEPOSITS
$ ('000)


S14


End of
ZETSS
CHEQ UE
PO S
ATM
MO BILE
INTERNET
End of
ZETSS
CHEQ UE
PO S
ATM
MO BILE
INTERNET

Jul

Jul
521.80 30.00
20,013.70
636.10 61,162.40 382.60
Aug

Aug
541.50 26.60
20,303.00
595.60 70,771.60 419.10
Sep

Sep
620.00 27.17
20,731.00
478.00 83,303.00 432.00
Oct

Oct
609.60 27.20
23,764.60
475.10 92,540.60 478.90
Nov

Nov
575.30 25.60
22,748.60
347.30 97,945.20 473.00
Dec

Dec
524.20 19.20
26,779.10
347.20 118,198.90 524.80
Annual
Total

Annual
Total
5,903.41 319.95 214,857.35 8,121.03 754,742.20 4,248.89

Jan

Jan
548.13 22.73 20,981.21 449.60 100,593.90 501.80
Feb

Feb
457.19 22.48
18,869.05
292.22 89,584.32 463.78
Mar

Mar
545.18 23.68
21,996.85
268.41 116,119.95 510.51
Apr

Apr
505.50 17.38
21,170.05
253.60 117,616.79 456.96
May

May
611.14 21.22
23,278.20
213.17 137,422.97 496.62
Jun

Jun
553.60 22.46
23,790.00
175.19 156,609.78 502.22
Jul

Jul
560.15 20.07
25,075.47
223.13 169,416.76 559.58
Aug

Aug
553.01 15.15
25,249.87
317.35 164,917.97 518.70
Sep

Sep
542.96 19.37
24,918.01
300.81 161,289.50 511.27
Oct

Oct
571.60 20.40
21,025.40
345.50 161,427.40 495.99
Nov

Nov
477.40 16.70
17,845.40
334.90 133,862.10 430.60
Dec

Dec
478.60 13.00
27,419.10
236.20 161,540.70 409.10

Jan

Jan
401.51 12.20
40,613.79
232.61 135,481.07 413.39
Feb

Feb
456.54 16.35
27,811.17
226.77 119,081.12 463.62
Mar

Mar
525.91 15.42
30,417.55
248.88 142,597.83 441.02
Apr

Apr
535.02 13.65
32,092.53
168.79 157,348.28 390.08
May

May
642.59 14.66
15,542.62
121.44 166,491.56 494.29
Jun

Jun
705.96 13.34
18,012.05
79.60 160,873.03 486.81
Jul

Jul
983.53 13.59
20,465.37
99.56 170,823.27 638.17
Aug

Aug
872.91 8.99
21,919.77
85.24 179,281.20 542.28
Sep

Sep
1,010.70 11.88
22,749.60
62.44 200,441.85 679.42
Oct

Oct
1,079.40 12.66
23,191.58
65.00 206,621.48 1,099.30
Nov

Nov
982.10 10.32
25,737.50
225.22 152,919.89 2,044.08
Dec

Dec
1,003.81 7.64
27,800.46
385.47 146,316.57 1,273.62

Jan

Jan
943.30 4.56
23,649.03
199.88 139,278.20 671.73
Feb

Feb
916.12 8.87
21,652.22
196.62 149,671.48 647.84
Mar

Mar
1,068.45 7.35
22,588.12
234.27 173,042.15 661.19
Source:Reserve Bank of Zimbabwe,2020
TABLE 9.1 : ZETSS AND RETAIL PAYMENTS TRANSACTIONAL ACTIVITY
Values of Transactions (ZWL$ in millions)
TABLE 9.2 : ZETSS AND RETAIL PAYMENTS TRANSACTIONAL ACTIVITY
Volumes of Transactions (in thousands)


S15


End of
Nominal Lending
Rates2
Individuals
Corporate
Savings
3 Months2

Jan
4.45-18.00
9.33
6.99
Jan
0.22-12.00
0.75-8.00
Feb
4.45-18.00
9.57
6.93
Feb
0.22-12.00
0.75-8.00
Mar
4.45-18.00
9.64
6.98
Mar
0.22-12.00
0.75-8.00
Apr
4.00-18.00
9.32
7.08
Apr
0.22-12.00
0.75-8.00
May
4.00-18.00
9.28
7.09
May
0.22-12.00
0.75-8.00
Jun
4.00-18.00
9.32
7.14
Jun
0.22-12.00
0.75-8.00
Jul
4.00-18.00
9.75
6.97
Jul
0.22-12.00
0.75-8.00
Aug
4.00-18.00
9.87
7.10
Aug
0.22-12.00
0.75-8.00
Sep
4.00-18.00
9.56
7.11
Sep
0.22-12.00
0.75-8.00
Oct
4.00-18.00
9.47
7.38
Oct
0.22-12.00
0.75-8.00
Nov
4.00-18.00
9.49
7.38
Nov
0.22-12.00
1.00-8.00
Dec
4.00-18.00
9.48
7.39
Dec
0.22-12.00
1.00-6.75

Jan
4.00-18.00
9.47
7.40
Jan
0.22-12.00
1.00-8.00
Feb
4.00-18.00
9.23
7.30
Feb
0.22-12.00
1.00-6.75
Mar
4.00-18.00
9.23
7.31
Mar
0.22-12.00
1.00-8.00
Apr
4.00-18.00
9.3
7.38
Apr
0.22-12.00
1.00-8.00
May
4.00-22.00
9.31
7.33
May
0.22-12.00
1.00-8.00
Jun
4.00-22.00
9.15
7.67
Jun
0.22-12.00
1.00-8.00
Jul
4.00-35.00
9.54
8.4
Jul
0.22-12.00
1.00-8.00
Aug
5.00-55.00
14.37
18.43
Aug
0.22-12.00
1.00-8.00
Sep
5.00-65.00
14.64
19.81
Sep
0.22-12.00
1.00-8.00
Oct
5.00-65.00
15.59
19.66
Oct
0.22-12.00
1.00-8.00
Nov
5.00-65.00
15.06
18.00
Nov
0.22-12.00
1.00-8.00
Dec
5.00-65.00
16.08
18.31
Dec
0.22-12.00
1.00-8.00

Jan
5.00-65.00
16.56
17.2
Jan
0.22-12.00
1.00-8.00
Feb
5.00-65.00
16.92
16.68
Feb
0.22-12.00
1.00-8.00
Mar
5.00-65.00
19.65
17.21
Mar
0.22-12.00
1.00-8.00
Source:Reserve Bank of Zimbabwe,2020
Notes
3. Lending rates exclude rates on staff loans.
TABLE 10.2 : BANKS DEPOSIT RATES (percent per annum)1
1. The range of rates qouted by banks during the period.
2. Three (3) months deposit rates revised to exclude rates on inactive
or dormant accounts.
TABLE 10.1: LENDING RATES (percent per annum)1
1. Table revised, to separate weighted lending rates for individuals and
corporate bodies.
2. Nominal Lending Rates depict the range of rates quoted by banks.
Weighted Average Lending Rates 3
Commercial Banks
Commercial Banks
End of


S16


Market Capitalisation
END OF
All Share*
ZWL$ millions

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source:Zimbabwe Stock Exchange, 2020
*All Share index was introduced in January, 2018
TABLE 11: ZIMBABWE STOCK MARKET STATISTICS
Industrial
Market Turnover
ZWL$ million
Volume of Shares
Mining
Indices


S17


ALCOHOLIC
BEVERAGES
CLOTHING &
HOUSING,
WATER,
FURNITURE
HEALTH
TRANSPORT
COMMUNICA
TION
RECREATION &
EDUCATION
RESTAURA
NTS &
MISC.
TOTAL NON
& TOBACCO
FOOTWEAR
ELECTRICTY,
GAS
AND
CULTURE
HOTELS
GOODS &
FOOD
& OTHER
EQUIPMENT
SERVICES
FUELS
WEIGHTS


Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source:Zimstat, 2020
FOOD & NON
ALCOHOLIC
BEVERAGES
ALL
ITEMS
TABLE 12.1 : MONTHLY INFLATION - % CHANGE IN CONSUMER PRICE INDEX
(February 2019 = 100)


S18


FOOD
INFLATION
ALL
ALCOHOLIC
BEVERAGES
CLOTHING
HOUSING, WATER,
FURNITURE
HEALTH
TRANSPORT
COMMUNICATION
RECREATION &
EDUCATION
RESTAURANT
S &
MISC.
TOTAL NON
FOOD &
ITEMS
& TOBACCO
FOOTWEAR
ELECTRICTY, GAS
AND
CULTURE
HOTELS
GOODS &
FOOD
NON
ALCOHOLIC
BEVERAGES
& OTHER
EQUIPMENT
SERVICES
FUELS
WEIGHTS


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source :ZIMSTAT, 2020
TABLE 12.2 : QUARTERLY INFLATION -- PERCENTAGE CHANGE IN CONSUMER PRICE INDEX
(FEBRUARY 2019 = 100)
NON-FOOD INFLATION


S19


F OOD
IN F LA TION
A LC OHOLIC
C LOTHIN G
HOUS IN G,
WA TER ,
F UR N ITUR E
M IS C .
F OOD &
B EVER A GES
&
ELEC TR IC TY,
GA S
A N D
R EC R EA TION
&
R ES TA UR A N TS
&
GOOD S &
TOTA L N ON
N ON
A LC OHOLIC
A LL
& TOB A C C O
F OOTWEA R
& OTHER
EQUIP M EN T
C ULTUR E
HOTELS
S ER VIC ES
F OOD
B EVER A GES
ITEM S
F UELS
WEIGHTS


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun


Feb

Mar

Source:Zimstat, 2020
TABLE 12.3 : YEARLY INFLATION - % CHANGE IN CONSUMER PRICE INDEX
(February 2019 = 100)
C OM M UN IC A TION
TR A N S P OR T
HEA LTH
ED UC A TION
N ON -F OOD IN F LA TION


S20


End of
Mar-19
Apr-19 May-19
Jun-19
Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20
Mar-20
Total
(Q1 2020)
Merchandise Imports (excl. energy)
204.5

168.1

217.8

168.6

222.3

182.1

232.9

209.0

226.1

216.0

168.7

166.9

168.5

504.2

- Consumption Goods
84.7

73.2

88.4

62.6

97.3

73.3

85.4

87.8

97.3

94.4

79.4

85.9

77.7

243.0

- Capital Goods
62.7

59.5

80.3

70.6

87.4

73.4

118.4

91.1

89.0

90.8

65.0

61.5

59.1

185.6

- Intermediate Goods
57.0

35.3

49.2

35.5

37.6

35.4

29.0

30.2

39.9

30.8

24.3

19.5

31.8

75.7

Energy (Fuel & Electricity)
29.5

31.1

31.9

54.2

55.7

50.9

46.1

67.8

39.1

39.4

43.9

53.1

49.8

146.8

Service Payments
41.9

29.7

48.5

58.6

46.7

50.4

44.6

51.5

52.6

37.4

41.4

39.9

62.3

143.6

- Technical, Professional & consult
12.3

13.0

22.6

30.9

21.6

22.0

17.7

17.4

19.1

16.9

16.0

18.5

36.7

71.2

- Software
5.2

2.9

4.4

9.3

6.4

3.5

4.1

5.8

5.2

2.8

5.6

3.4

3.8

12.7

- Other (tourism, edu, freight etc)
24.5

13.8

21.6

18.4

18.7

24.9

22.8

28.4

28.3

17.7

19.8

18.0

21.8

59.6

Income Payments (Profits, Dividends)
19.1

17.2

21.1

14.7

38.3

14.3

24.4

6.8

14.7

15.4

18.5

28.0

15.9

62.4

Capital Remittances (outward)
10.7

48.8

81.3

36.2

44.9

49.7

55.6

74.5

39.9

73.3

38.7

21.3

45.8

105.8

- External Loan Repayments
10.7

48.3

80.4

31.9

39.3

46.8

53.2

70.7

38.5

71.5

35.3

18.8

44.6

98.8

- Disinvestments
0.1

1.0

0.3

2.2

4.0

0.8

2.4

3.8

1.5

1.6

1.0

1.2

1.2

3.3

- Cross Border Investment
0.0

0.5

0.7

2.0

1.7

2.1

-

0.0

0.0

0.2

2.5

1.2

0.0

3.7

Other Payments
4.3

8.1

10.9

4.6

11.9

6.3

15.4

11.0

24.3

15.7

12.3

12.2

9.3

33.8

TOTAL
310.0

302.8

411.6

336.9

419.9

353.8

418.9

420.6

396.8

397.3

323.6

321.4

351.6

996.6

Source: Reserve Bank of Zimbabwe, 2020
Table 13.1: Monthly Cross Border Payments (US$ Millions)


S21


Agriculture
Horticulture
Manufacturing
Mining
Tobacco
Tourism
Transport &
Other Services
Total
End of
Telecom

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source: Reserve Bank of Zimbabwe, 2020
Table 13.2: Monthly Cross Border Receipts (US$Millions)


S22


End of

Est
Long-Term External Debt

Government

Bilateral Creditors

Multilateral Creditors

Private Creditors

Public Enterprises


Bilateral Creditors

1,155

Multilateral Creditors

Private Creditors

Monetary Authorities

Multilateral Creditors - IMF

Private


Short-Term External Debt
1,348
2,040
1,286


Supplier's Credits

Reserve Bank

1,300

2,463
Private


Total External Debt

Source: Ministry of Finance & Economic Development, 2020; & Reserve Bank of Zimbabwe, 2020
TABLE 14.1: ZIMBABWE: EXTERNAL DEBT OUTSTANDING BY DEBTOR (INCLUDING ALL ARREARS)


S23


End of

2019 Est
(US$ millions)
Total Medium to Long-Term External Debt

Public and Publicly Guaranteed Debt

Bilateral Creditors

Multilateral Creditors

Private Creditors

Private Non-Guaranteed Long term


Short-Term External Debt

3,799
Public and Publicly Guaranteed Debt

Reserve Bank

2,463
Private

-37


Total External Debt

Source: Ministry of Finance & Economic Development, 2020 ; Reserve Bank of Zimbabwe, 2020
TABLE 14.2: External Debt Outstanding by Source
(US$ millions)


S24


End of

Government

Capital

Interest

Parastatals

Capital

Interest

Private

Capital

Interest

Total

Capital

Interest

Exports of Goods
and Services

Debt Service ratio

Capital Service Ratio

Interest Service ratio

Note: Figures reflect scheduled debt service.

Source: Ministry of Finance & Economic Development, 2020 ; Reserve Bank of Zimbabwe, 2020
TABLE 14.3: EXTERNAL DEBT SERVICE AND DEBT SERVICE RATIOS
(US$ MILLIONS)


S25


End of
By Hwange
Power station
By Kariba
Power
Station
By Other
Power Station
IPPs
Total from
Zimbabwe

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Source: ZIMSTAT, 2019
Generation Sent Out (GWh)
Table 15.5: Electricity Energy Produced and Distributed
Interconnected System


S26


End of
By Hwange
Power station
By Kariba
Power
Station
By Other
Power Station
IPPs
Total from
Zimbabwe

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Source: ZIMSTAT, 2020
Generation Sent Out (GWh)
Table 15.5: Electricity Energy Produced and Distributed
Interconnected System