i


OCTOBER 2017

TABLE OF CONTENTS


September

October
Month-on-
Month
Change
Z.S.E. Mining Index1
122.57
132.49
8.09
Z.S.E. Industrial Index1
418.39
521.85
24.73
National Payment System Transactions
(US$ millions)
10 447.67
10 727.63
2.68
Money Supply (US$ millions)2
7 460.20
7 687.02
3.04
Money Supply (M3) Annual Growth2 (%)
41.37
44.69

Yearly Inflation3 (%)
0.78
2.24

Monthly Inflation3 (%)
0.38
1.54

Nominal Lending Rate2 (% per annum)
4.45-18.00
4.45-18.00

Sources:
1. Zimbabwe Stock Exchange (ZSE)
2. Reserve Bank of Zimbabwe (RBZ)
3. Zimbabwe National Statistics Agency (ZIMSTAT)
SELECTED ECONOMIC INDICATORS

INTERNATIONAL COMMODITY PRICE
DEVELOPMENTS

The international commodity prices of copper,
nickel and crude oil increased during the month
of October 2017. Gold and platinum prices,
however, declined during the same month.
Precious Metals

Precious metals were generally depressed
during the month of October 2017, on account
of prospects of a stronger US dollar. This was
on the back of expectations of a Federal Reserve
interest rate hike by year end, following robust
US economic data. The safe haven demand
outlook for precious metals such as gold and
platinum was thus dampened. Gold and
platinum prices eased by 2.7% and 4.8%, to
monthly averages of US$1,280.21/ ounce and
US$921.39/ounce, respectively.
Figure 1: Precious metal prices

Source: Bloomberg, 2017

Base Metals
Base metals prices continued on a positive
trajectory on prospects for strong demand,
particularly
in
China,
after
authorities
reaffirmed that the Asian’s giant economy was
on track to achieve its official growth target.
Copper prices firmed by 3.4% to close the
month under analysis at an average of
US$6,806.50/tonne. Similarly, nickel prices
increased by 0.9%, from US$ 11 233.57/tonne
in September 2017 to US$11,338.41/tonne in
October 2017.
Figure 2: Base metal prices

Source: Bloomberg, 2017
Brent Crude Oil
Crude oil prices rose by 4.2%, from a monthly
average of US$55.29/barrel in the previous
month to US$57.64/barrel in October, 2017.
This was underpinned by over supply concerns
in the Middle East, amid ongoing geopolitical
tensions between oil rich countries. In addition,
remarks made by Saudi Arabia, backing the
extension of OPEC-led output cuts, also buoyed
oil prices.

Aug-16
Sep-16
Oct-16
Nov-16
Dec-16
Jan-17
Feb-17
Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
Gold
Platinum

10500
11500
12500
COPPER US$ /TON
NICKEL US$/TON
Nickel
Copper

Figure 3: International crude oil prices
Source: Bloomberg, 2017
MERCHANDISE TRADE
DEVELOPMENTS

Total merchandise trade stood at US$812.8
million in October 2017, representing a 6.1%
increase from the US$766.1 million recorded in
the previous month. This followed increases in
both merchandise imports and exports during
the month under review.

Merchandise Export Developments
Merchandise exports increased by 8.1%, from
US$326.5 million in September 2017 to
US$353.0 million in October 2017. The rebound
in exports of flue cured tobacco and nickel
mattes, in large part, accounted for the increase.
Gold and diamonds exports, however, recorded
marginal declines during the month under
review.


Figure 4: Merchandise Exports (US$ m)


Source: Zimstat, 2017

Table 1: Exports Classified by HS Code
Product
September-17
US$m
October-17
US$m
Share of
total
Exports
(%)
Gold
106.9
95.6
27.1
Flue-cured
tobacco
(Virginia
type)
59.9
86.2
24.4
Nickel ores
and
concentrates
47.3
46.0
13.0
Nickel
mattes
-
33.9
9.6
Ferrochrome
26.7
25.3
7.2
Industrial
diamonds
13.8
9.4
2.7
Chromium
ores and
concentrates
5.2
8.5
2.4
Unwrought
Platinum
4.1
3.9
1.1
Ginned
cotton
4.5
3.7
1.1
Granite
1.6
2.6
0.7
Other
56.5
37.8

Total
326.5
353.0
100.0
Source: Zimstat, 2017 & RBZ Calculations, 2017
The country’s merchandise exports were
destined for South Africa, 57.8%; UAE, 10.8%,

May-16
Jun-16
Jul-16
Aug-16
Sep-16
Oct-16
Nov-16
Dec-16
Jan-17
Feb-17
Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17

30.5

91.5

152.5

213.5

274.5

335.5

Sep-17
Oct-17

Mozambique,
8.8%;
Belgium,
2.7%;
Zambia,1.2%; Botswana, 1.1%; Namibia, 0.2%;
and China, 0.2%.

Source: Zimstat, 2017 & RBZ Calculations, 2017
Merchandise Import Developments
Merchandise imports increased by 4.6%, to
close the month of October 2017 at US$459.9
million. This was on the back of increases in the
importation of electricity, diesel, crude soya
bean oil and machinery. Energy demand
remained high, with imports of diesel, petrol and
electricity
accounting
for
a
significant
proportion of total merchandise imports at
17.6%, 6.4% and 6.0%, respectively.
The country sourced its imports mainly from
South Africa (41.3%); Singapore (22.8%);
China (6.6%); Japan (3.1%), Mozambique
(2.7%); Mauritius (2.0%); Zambia (2.0%) and
India (1.8%).


Figure 6: Major Merchandise Import
Sources (% Share)

Source: Zimstat, 2017 & RBZ Calculations, 2017
Merchandise Trade Balance
The country’s monthly merchandise trade
deficit narrowed to US$106.9 million in
October 2017, from US$113.1 million in
September 2017. This was largely attributable to
the growth in exports, which was higher than the
growth in imports during the month under
analysis.
Figure 7: Merchandise Exports, Imports and
Trade Balance (US$m)

Source: Zimstat, 2017 & RBZ Computations, 2017
South
Africa
57.8%
Mozambique
8.8%
United
Arab
Emirates
10.8%
Zambia
1.2%
Belgium
2.7%
Botswana
1.1%
Namibia
0.2%
China
0.2%
Other
17.2%
Figure 5:Major Merchandise
Export Destinations
South Africa
Singapore
China
Zambia
Mozambique
Japan
India
Hong kong
Mauritius
Other

Jan-17
Feb-17
Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
Exports
Imports
Trade balance

MONETARY DEVELOPMENTS
Broad money1 recorded an annual growth of
44.69%, from US$5 312.9 million in October
2016, to US$7 687.0 million in October 2017.
This was on the back of an annual expansion of
57.9% in transferable2 deposits. Partially
offsetting the increase were declines of 3.2% in
time deposits3, and 14.15% in negotiable
certificates of deposits (NCDs)4.

On a month-on-month basis, broad money
increased by 3.0%, from US$7 460.2 million in
September 2017 to US$7 687.0 million in
October 2017.


Source: Reserve Bank of Zimbabwe, 2017
Transferable or transitory deposits, constituted
about 76.4% of broad money, followed by time
deposits, 19.0%; currency in circulation, 3.75%;
and negotiable certificates of deposits, 0.82%.

1 Beginning January 2017, broad money is redefined using
IMF’s Monetary and Financial Statistics Manual of 2000. The
major change is the exclusion of Government deposits held by
banks from broad money.

Source: Reserve Bank of Zimbabwe, 2017
On annual basis, bank lending to local economic
agents recorded an increase of 41.9%, from
US$7 180.3 million in October 2016 to
US$10 185.0 million in October 2017. The
growth was driven by annual expansions of
73.9% in net credit to Government. The increase
in net credit to government, reflected the fiscus’
reliance on the banking sector to finance the
budget deficit.
On a month on month basis, domestic credit rose
by 3.7%, from US$9 819.6 million in September
2017 to US$10 185.0 million during the month
under review.
2 Transferable deposits are made up of demand and savings
deposits.
3All classes of time deposits, short and long term, are classified
as time deposits, which are also termed other deposits.
4 NCDs are also referred to as securities included in broad
money.
-10


Oct-16
Nov-16
Dec-16
Jan-17
Feb-17
Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
%
US$ BILLIONS
Figure 8: Money Supply
M3
M3 Annual Growth rate
Transferable
Deposits
76.43%
Other
Deposits
(Time)
19.00%
NCDs
0.82%
Bond
Notes and
Coins
3.75%
Figure 9: Composition of Money
Supply October

Year on year credit to the private sector
increased from 9.0% in September 2017, to
9.5% in October 2017. On a monthly basis,
credit to the private sector also increased by
1.5%, to close the month under review at
$3 703.5 million.

Source: Reserve Bank of Zimbabwe, 2017
Sectorally, credit to the private sector was
distributed as follows: households, 23.9%;
agriculture,
17.4%;
services,
14.5%;
distribution, 12.4%, manufacturing, 12.0%;
financial organisations and investments, 10.7%;
mining, 4.8%; transport and communications,
2.1%; construction, 1.8%; and other, 0.4%.
In terms of usage, credit to the private sector was
mainly channelled towards inventory build-up,
28.4%; consumer durables, 18.1%; fixed capital
investment, 12.4%; and pre and post shipment
financing, 1.2%. Amounts channelled towards
other recurrent expenditures constituted 39.9%
of the total outstanding loans and advances.
STOCK MARKET DEVELOPMENTS
The
Zimbabwe
Stock
Exchange
(ZSE)
witnessed positive trading during the month of
October 2017. Speculative tendencies exhibited
in September 2017 were sustained during the
month
under
review.
Consequently,
the
industrial and mining indices increased by 103.5
points and 9.9 points, to close at 521.9 points
and 132.5 points, respectively.

Source: Zimbabwe Stock Exchange, 2017
Reflective of improved trading activity on the
local bourse, the volume of shares increased by
310.43% to close the month under review at
1.01 billion shares. The value of shares traded
also increased by 88.69% to US$168.79 million
in October 2017.
Improved activity witnessed on the ZSE was a
result of block trades which saw 76 million First
Mutual Properties shares; 13.6 million Econet
Wireless shares; 6.1 million Axia Corporation
share; 5.3 million Delta Corporation shares; and
0.2 million Old Mutual shares, exchanging
hands at 5.6 cents, 179.96 cents, 28.9 cents,
289.9 cents and 1 423 cents, respectively. In
addition, First Mutual Holdings Limited
Households
23.9%
Agriculture,
17.4%
Manufacturing,
14.5%
Services,
12.4%
Distribution,
12.0%
Financial
Organisati
ons,
10.7%
Mining,
4.8%
Transport and
Communication,
2.1%
Construction,
1.8%
Other, 0.4%
Figure 10 : Sectoral Distribution of
Credit

31-Oct-16
30-Nov-16
31-Dec-16
31-Jan-17
28-Feb-17
31-Mar-17
30-Apr-17
31-May-17
30-Jun-17
31-Jul-17
31-Aug-17
30-Sep-17
31-Oct-17
Figure 11: ZSE Indices
Industrial
Mining

(FMHL) disposed 373.3 million RTG shares
with the intention of diversifying its investment
portfolio as well as increasing admissible
regulatory capital for its insurance subsidiaries.
Foreign investor interest continued on a
downward trend, reflected by net outflows,
which increased from US$24.6 million in
September 2017, to US$31.5 million in October
2017.
INFLATION OUTTURN

Annual Inflation

The annual headline inflation accelerated to
2.2% in October 2017, from 0.8% in September
2017, driven by both food and non-food
inflation.

Annual food inflation increased from 2.5% in
September 2017, to 4.4% in October 2017.
Non-food inflation also surged from 0.01% to
1.25% over the same period.

The increase in inflation reflected the continued
build-up of adverse inflation expectations and
high premiums on the parallel market for
foreign exchange. This was compounded by
speculative behaviour by economic agents, as
they hedged against future uncertainties.


Source: ZIMSTAT, 2017
Monthly Inflation

Monthly
inflation
increased
from
0.4% in September 2017, to 1.5% in October
2017, reflecting increases in both food and nonfood prices.


Source: ZIMSTAT, 2017
Monthly food inflation accelerated to 2.3% in
October 2017, from 0.7% in September 2017.
Increases in the prices of oils and fats, mineral
waters, fruit and vegetables, and coffee, tea and
cocoa accounted for the rise in food inflation.

Figure 12: Annual Inflation
(%)
Headline Inflation
Food
Non Food

Figure 13: M-O-M Inflation

Month-on-month
non-food
inflation
also
increased, from 0.3% in September 2017 to
1.2% in October 2017. This was occasioned by
increases in prices of furniture and equipment;
and miscellaneous goods and services.

NATIONAL PAYMENTS SYSTEM

The total value of transactions processed
through the National Payment System (NPS)
stood at US$10.7 billion in October 2017,up
from US$10.5 billion recorded in September
2017. NPS transaction volumes increased by
11%, from 107.5 million transactions in the
previous month to 119.8 million transactions
during the month under review.

Zimbabwe Electronic Transfer Settlement
System (ZETSS)

The value of transactions processed through the
RTGS system registered a 0.7% decline, to close
the month under review at US$6.0 billion.
RTGS transaction volumes also declined by 2%,
from 619 700 in September 2017 to 609 636 in
October 2017.
Source: Reserve Bank of Zimbabwe, 2017
Cash transactions
During the month under review, cash based
transactions amounted to US$216.27 million,
16.6% down from the US$259.27 million
recorded in September 2017.

Mobile and Internet Based Transactions
Mobile
and
internet
based
transactions
increased from US$2.89 billion in Septemebr
2017, to US$3.18 billion in October 2017.

Card Based Transactions
Card based transactions closed the month under
review at US$701.27 million, up from
US$667.22
million
in
September
2017.

Cheque Transactions
The total value of cheque transactions increased
by 4.30%, to close the month under analysis at
US$5.42 million.

DECEMBER 2017
RESERVE BANK OF ZIMBABWE


VALUE IN US$ BILLIONS
VOLUME IN THOUSANDS
Figure 14: ZETSS Volumes and
Values
Volume
Value

Statistical Tables

Monetary Statistics
1. Depository Corporations Survey

2. Central Bank Survey

3. Other Depository Corporations Survey

Other Depository Corporations

4.1 Assets

4.2 Liabilities

Commercial Banks
5.1 Assets

5.2 Liabilities

Building Societies
6.1 Assets

6.2 Liabilities

Sectoral Analysis of Bank Loans and Advances and Deposits

7.1 Sectoral Analysis of Commercial Banks Loans and Advances

7.2 Sectoral Analysis of Commercial Banks Deposits

Interest Rates

8.1 Lending Rates

8.2 Banks Deposit Rates

Inflation

9.1 Monthly Inflation

9.2 Yearly Inflation

External Statistics

10. Total External Debt Outstanding by Debtor

11. Exchange Rates

12. Zimbabwe Stock Exchange Statistics

13. National Payments System Statistics


13.1 Values of Transactions

13.2 Volumes of Transactions

14. Merchandise Trade Statistics

Oct-16
Nov-16
Dec-16
Jan-17
Feb-17
Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
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

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

Other Items(net)

Broad Money-M3

Securities Other than Shares Included in Broad Mon

Broad Money-M2

Other Deposits

Narrow Money-M1

Transferable Deposits

Currency Outside Depository Corporations

Source:Reserve Bank of Zimbabwe,2017
Note:
(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.
TABLE 1: DEPOSITORY CORPORATIONS SURVEY (US$ '000)

Oct-16
Nov-16
Dec-16
Jan-17
Feb-17
Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
Net Foreign Assets

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

Less Liabilities to Central Government

Of which: Deposits

Claims on Other Sectors

Other Financial Corporations

State and Local Government

Public Non Financial Corporations

Private Sector

Claims on Other Depository Corporations

Other Liabilities to ODCs

Other Items(Net)

Monetary Base

Bond Coins

Bond Notes

Liabilities to ODCs

Reserve Deposits

Other

Private Deposits

Source:Reserve Bank of Zimbabwe,2017
TABLE 2: CENTRAL BANK SURVEY (US$'000)

Oct-16
Nov-16
Dec-16
Jan-17
Feb-17
Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
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)
5,321,500.90

5,442,974.41

5,549,018.98

5,580,169.12

5,639,870.63

5,709,300.08

5,875,774.29

5,952,966.10

6,280,977.27

6,298,478.80

6,804,652.82

7,083,536.41

7,220,331.96

Domestic Claims
5,110,022.06

5,157,302.61

5,249,484.24

5,193,549.03

5,210,748.62

5,374,818.07

5,496,061.61

5,599,314.81

5,744,480.55

5,664,876.26

5,897,249.35

6,106,204.09

6,266,881.93

Net Claims on Central Government
1,503,220.41

1,472,146.07

1,528,867.51

1,617,356.78

1,673,670.22

1,722,915.15

1,893,632.91

1,910,530.23

1,988,366.03

1,949,894.23

2,053,882.03

2,235,169.19

2,363,848.73

Claims on Central Government
1,546,271.8214

1,518,299.1187

1,571,032.9250

1,670,420.5050

1,728,929.8577

1,809,816.2513

1,969,866.9249

1,985,634.2076

2,062,080.8211

2,027,953.6484

2,142,212.9900

2,290,365.4156

2,406,944.3500

Securities
1,517,535.6764

1,500,671.4257

1,553,239.1020

1,654,534.6290

1,713,961.3077

1,794,113.0553

1,954,045.2049

1,968,887.3446

2,014,158.1741

1,982,771.1424

2,100,894.1800

2,248,874.2676

2,372,099.4000

Loans
28,736.1450

17,627.6930

17,793.8230

15,885.8760

14,968.5500

15,703.1960

15,821.7200

16,746.8630

47,922.6470

45,182.5060

41,318.8200

41,491.1480

34,844.9500

Other
-

(0.0000)

0.0000

(0.0000)

0.0000

-

(0.00)

(0.00)

(0.00)

-

-

-

-

Less Liabilities to Central Government
(43,051.4118)

(46,153.0502)

(42,165.4109)

(53,063.7244)

(55,259.6416)

(86,901.1009)

(76,234.0149)

(75,103.9806)

(73,714.7955)

(78,059.4171)

(88,330.9700)

(55,196.2259)

(43,095.6200)

Claims on Other Sectors
3,606,801.6478

3,685,156.5434

3,720,616.7211

3,576,192.2507

3,537,078.4083

3,651,902.92

3,602,428.70

3,688,784.58

3,756,114.52

3,714,982.03

3,843,367.33

3,871,034.90

3,903,033.21

Other Financial Corporations
106,745.29

109,892.67

102,641.44

100,223.50

60,600.81

61,686.40

63,543.47

77,258.00

132,079.86

80,587.02

83,743.90

84,929.32

84,138.16

State and Local Government
41,728.47

37,784.82

34,237.41

35,909.11

35,006.53

34,312.18

34,732.93

36,595.52

35,573.02

34,059.17

34,223.63

31,707.35

33,198.40

Public Non Financial Corporations
103,499.64

101,612.03

86,631.35

84,675.48

84,417.84

86,380.62

90,267.74

88,656.44

98,878.45

142,891.35

171,759.70

142,254.70

124,030.93

Private Sector
3,354,828.25

3,435,867.03

3,497,106.53

3,355,384.15

3,357,053.23

3,469,523.72

3,413,884.55

3,486,274.63

3,489,583.19

3,457,444.48

3,553,640.10

3,612,143.52

3,661,665.72

Claims on the Central Bank
1,156,606.119

1,323,120.314

1,435,556.219

1,475,197.651

1,507,778.322

1,498,477.568

1,505,940.672

1,505,814.461

1,682,269.779

1,814,568.562

2,074,164.010

2,122,438.965

2,148,009.900

Bond Notes and Coins
1,420.818

4,565.027

16,563.071

20,206.055

19,301.209

12,559.660

10,691.409

13,438.609

7,361.926

7,148.374

12,310.360

11,999.682

8,696.700

Reserves
1,155,185.301

1,318,555.287

1,418,993.147

1,454,991.597

1,488,477.113

1,485,917.908

1,495,249.263

1,492,375.852

1,674,907.853

1,807,420.188

2,061,853.650

2,110,439.283

2,139,313.210

Liabilities to the Central Bank


1.79
3.386
1.46
Other Items(Net)
945,127.17

1,037,448.30

1,134,271.35

1,088,577.32

1,078,654.52

1,162,242.90

1,126,224.85

1,152,162.40

1,145,772.36

1,180,966.02

1,166,758.76

1,145,103.26

1,194,558.41

Shares and Other Equity
1,211,644.10

1,228,902.77

1,271,826.05

1,272,987.21

1,279,285.69

1,301,867.36

1,295,023.50

1,310,286.87

1,325,276.01

1,330,874.62

1,342,135.53

1,356,314.17

1,398,886.31

Liabilities to other financial corporations
28,299.00

28,777.63

48,770.44

41,105.95

43,353.63

41,885.62

41,887.59

42,243.24

46,601.91

35,579.93

22,829.02

32,113.21

42,038.12

Other Items(Net)
(294,815.93)

(220,232.10)

(186,325.14)

(225,515.85)

(243,984.80)

(181,510.08)

(210,686.24)

(200,367.71)

(226,105.56)

(185,488.52)

(198,205.79)

(243,324.12)

(246,366.01)

Deposits and Securities Included in Broad Mo
5,302,500.30

5,397,590.93

5,567,120.14

5,579,371.63

5,654,297.27

5,734,703.72

5,960,513.96

6,009,210.65

6,278,455.63

6,345,429.42

6,858,037.73

7,177,759.33

7,356,243.13

Deposits Included in Broad Money
5,229,143.63

5,353,728.76

5,504,225.78

5,528,809.61

5,594,968.03

5,674,542.57

5,897,221.76

5,947,817.72

6,212,788.17

6,279,146.84

6,786,983.35

7,121,929.07

7,293,267.77

Transferable Deposits
3,720,200.45

3,886,146.76

4,032,568.59

3,983,863.96

4,042,323.47

4,144,685.59

4,366,516.18

4,389,399.64

4,673,922.65

4,679,042.08

5,182,081.91

5,550,494.39

5,832,448.43

Other Deposits
1,508,943.19

1,467,582.00

1,471,657.19

1,544,945.66

1,552,644.56

1,529,856.98

1,530,705.58

1,558,418.08

1,538,865.52

1,600,104.76

1,604,901.44

1,571,434.68

1,460,819.34

73,356.67

43,862.17

62,894.35

50,562.02

59,329.24

60,161.15

63,292.20

61,392.93

65,667.46

66,282.58

71,054.38

55,830.26

62,975.36

Source:Reserve Bank of Zimbabwe,2017
TABLE 3: OTHER DEPOSITORY CORPORATIONS SURVEY (US '000)

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

Jan
1.22


Feb
1.44


Mar
1.53


Apr
1.55


May
1.53


Jun
1.61


Jul
1.62


Aug
1.58


Sep
1.63


Oct
1.42


Nov
4.57


Dec
16.56


Jan
20.21


Feb
19.30


Mar
12.56


Apr
10.69


May
13.44


Jun
7.36


Jul
7.15


Aug
12.31


Sep
12.00


Oct
8.70


Source:Reserve Bank of Zimbabwe,2017
Notes
1.Government securities includes treasuary bills and bonds
2.Includes bankers acceptances, discounted bills and negotiable certificates of deposits.
3.Includes households, other financial corporations.
TABLE 4.1: OTHER DEPOSITORY CORPORATIONS -ASSETS
US$ millions
Debt Securities
Loans and Advances

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


Jun


Jul


Aug


Sep


Oct


Nov


Dec


Jan


Feb


Mar


Apr


May


Jun


Jul


Aug


Sep


Oct


Source:Reserve Bank of Zimbabwe,2017
TABLE 4.2 : OTHER DEPOSITORY CORPORATIONS - LIABILITIES
Deposits
Amounts Owing to
US$ millions

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
1.05


Feb
1.21


Mar
1.31


Apr
1.35


May
1.38


Jun
1.42


Jul
1.45


Aug
1.36


Sep
1.40


Oct
1.27


Nov
4.24


Dec
14.07


Jan
17.72


Feb
16.29


Mar
10.74


Apr
9.82


May
12.36


Jun
7.01


Jul
6.71


Aug
11.80


Sep
11.43


Oct
8.10


Source:Reserve Bank of Zimbabwe,2017
Notes
1.Government securities include treasuary bills and bonds
2.Includes bankers acceptances, discounted bills and negotiable certificates of deposits.
3.Includes households, other financial corporations,
TABLE 5.1: COMMERCIAL BANKS -ASSETS
US$ millions
Debt Securities
Loans and Advances

US$ 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


Source:Reserve Bank of Zimbabwe,2017
TABLE 5.2 : COMMERCIAL BANKS - LIABILITIES
Deposits
Amounts Owing to

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

Jan
0.13


Feb
0.20


Mar
0.19


Apr
0.19


May
0.14


Jun
0.18


Jul
0.16


Aug
0.20


Sep
0.21


Oct
0.12


Nov
0.14


Dec
1.72


Jan
2.35


Feb
1.19


Mar
1.65


Apr
0.74


May
0.92


Jun
0.34


Jul
0.39


Aug
0.44


Sep
0.56


Oct
0.57


Source:Reserve Bank of Zimbabwe,2017
Notes
1.Government securities include treasuary bills and bonds
2.Includes bankers acceptances, discounted bills and negotiable certificates of deposits.
3.Includes households, other financial corporations,
TABLE 6.1: BUILDING SOCIETIES -ASSETS
US$ millions
Debt Securities
Loans and Advances

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

Jan


Feb


Mar


Apr


May


Jun


Jul


Aug


Sep


Oct


Nov


Dec


Jan


Feb


Mar


Apr


May


Jun


Jul


Aug


Sep


Oct


Source:Reserve Bank of Zimbabwe,2017
Amounts Owing to
TABLE 6.2: BUILDING SOCIETIES -LIABILITIES
US$ millions

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


INVESTMENTS
ORGANISATIONS

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Source:Reserve Bank of Zimbabwe,2017
/1 Including the only merchant bank still in operation.
TABLE 7.1 : SECTORAL ANALYSIS OF COMMERCIAL BANKS LOANS AND ADVANCES/1
US$ ('000)

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Source: Reserve Bank of Zimbabwe,2017
TABLE 7.2: SECTORAL ANALYSIS OF COMMERCIAL BANKS DEPOSITS
US$ ('000)

End Period
Nominal Lending Rates 1
Individuals
Corporate

Jan
6.00-22.00
12.08
7.38
Feb
4.00-22.00
11.48
7.29
Mar
4.00-22.00
11.44
7.16
Apr
4.00-22.00
11.50
7.20
May
4.00-18.00
11.43
7.35
Jun
4.00-18.00
11.40
7.48
Jul
4.00-18.00
10.69
6.79
Aug
4.00-18.00
10.67
6.84
Sep
4.00-18.00
10.66
6.95
Oct
4.00-18.00
10.70
6.93
Nov
4.00-18.00
10.69
6.99
Dec
4.00-18.00
10.59
6.87

Jan
4.00-18.00
10.61
6.68
Feb
4.00-18.00
10.06
6.52
Mar
4.00-18.00
9.12
7.02
Apr
4.00-18.00
9.25
7.02
May
4.00-18.00
9.17
7.03
Jun
4.00-18.00
9.01
7.05
Jul
4.00-18.00
8.94
7.05
Aug
4.00-18.00
8.88
6.95
Sep
4.45-18.00
8.86
7.01
Oct
4.45-18.00
9.66
7.06
Source:Reserve Bank of Zimbabwe, 2017
Notes
TABLE 8.1: LENDING RATES (percent per annum)
1. Nominal lending rates depict the range of rates quoted by banks.
Commercial Banks
Weighted Average Lending Rates

END OF
SAVINGS
3 MONTHS

Jan
0.50-8.00
0.75-17.00
Feb
0.50-8.00
0.75-17.00
Mar
0.50-8.00
0.75-17.00
Apr
0.50-8.00
0.75-17.00
May
0.50-8.00
0.75-17.00
Jun
0.50-6.00
0.75-17.00
Jul
0.50-6.00
0.75-17.00
Aug
0.50-6.00
1.00-17.00
Sep
0.50-6.00
1.00-17.00
Oct
0.50-6.00
1.00-17.00
Nov
0.50-6.00
1.00-17.00
Dec
0.50-6.00
1.00-17.00

Jan
0.50-6.00
1.00-17.00
Feb
0.50-6.00
1.00-17.00
Mar
0.50-6.00
1.00-17.00
Apr
0.50-6.00
1.00-17.00
May
0.50-6.00
1.00-9.50**
Jun
0.50-6.00
1.00-12.00
Jul
0.5-6.00
1.00-12.00
Aug
0.5-6.00
1.00-12.00
Sep
0.50-12.00
0.75-8.00
Oct
0.50-12.00
0.75-8.00
Source:Reserve Bank of Zimbabwe, 2017
* Deposit rates depict the range of rates qouted by banks.
**Banks have adjusted their costs of holding deposits following the call by the RBZ to reduce lending rates.
TABLE 8.2 : BANK DEPOSIT RATES (percent per annum)
COMMERCIAL BANKS

FOOD
INFLATION
ALL
ALCOHOLIC
BEVERAGES
CLOTHING
HOUSING,
WATER,
FURNITURE
HEALTH
TRANSPORT
COMMUNICATION
RECREATION
&
EDUCATION
RESTAURANTS
&
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

Source:Zimstat, 2017
NON-FOOD INFLATION
TABLE 9.1 : MONTHLY INFLATION - % CHANGE IN CONSUMER PRICE INDEX
( December 2012 = 100)

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 T
Y, 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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Source: Zimstat, 2017
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
TABLE 9.2 : YEARLY INFLATION - % CHANGE IN CONSUMER PRICE INDEX
(December 2012 = 100)

(US$ millions)
End Period

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

1,198
1,382
1,289


Supplier's Credits

Reserve Bank

Private

1,807
1,671
1,731
Total External Debt

Source: Ministry of Finance & Economic Development, 2017; & Reserve Bank of Zimbabwe, 2017
TABLE 10: ZIMBABWE: EXTERNAL DEBT OUTSTANDING BY DEBTOR (INCLUDING ALL ARREARS)

SOUTH ARFICAN
BOTSWANA
JAPANESE
EURO/2
POUND
END OF
RAND/1
PULA/1
YEN/1
STERLING/2

Jan

feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Source: Reserve Bank of Zimbabwe, 2017
TABLE 11 : SELECTED INTERNATIONAL EXCHANGE RATES
1. Foreign currency per US dollar.
2. US dollars per unit of foreign currency.

Market Capitalisation
END OF
US$ millions

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Source:Zimbabwe Stock Exchange ,2017
TABLE 12: ZIMBABWE STOCK MARKET STATISTICS
Industrial
Market Turnover
US$ million
Volume of Shares
Mining
Indices

END OF
ZETSS
CHEQUE
POS
ATM
MOBILE INTERNET

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Source:Reserve Bank of Zimbabwe, 2017
TABLE 13.1 : ZETSS AND RETAIL PAYMENTS
Values of Transactions (US$ millions)

END OF
ZETSS
CHEQUE
POS
ATM
MOBILE
INTERNET

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Annual Total


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Source:Reserve Bank of Zimbabwe, 2017
TABLE 13.2 : ZETSS AND RETAIL PAYMENTS
Volumes of Transactions (000's)

END OF
EXPORTS
IMPORTS
TOTAL TRADE TRADE BALANCE

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Total


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Source: Zimstat, 2017
TABLE 14 : MERCHANDISE TRADE STATISTICS
(US$ millions)