QUARTERLY
ECONOMIC
REVIEW


DECEMBER 2020

CONTENTS

List of Figures

List of Tables


1.
OVERVIEW


Global growth is estimated to have marginally
improved in the last quarter of 2020, due to
relaxed Covid-19 containment measures. The
International Monetary fund (IMF) estimated
global growth to have contracted by 3.5 % in 2020
and projects a 5.5% growth for 2021.

On the domestic front, there was a marked
improvement
in
economic
activity,
notwithstanding the negative impact of the
2019/20 drought, as well as containment
measures which were put in place to prevent the
spread of Covid-19. The local manufacturing
sector was compelled to look inward due to the
Covid-19
induced
import
supply
chains
disruptions, which necessitated the use of local
raw materials in the production of goods and
services. In the long term this will help strengthen
and build resilience of the economy to external
shocks,
including
pandemics
and
natural
disasters.

Annual headline inflation decelerated from
659.40% in September 2020 to end the fourth
quarter at 348.59%. The easing of inflationary
pressures was largely attributed to the stability of
the exchange rate, following the introduction and
successful operation of the foreign exchange
auction system by the Bank.

Total merchandise trade increased by 29.4% to
US$2,951.9 million in the fourth quarter of 2020,
from US$2,280.7 million realised in the third
quarter. Merchandise exports stood at US$1,456.1
million,
against
merchandise
imports
of

1 Based on December 2020 provisional balance sheet,
pending completion of the audit process.
US$1,495.8 million, culminating in a trade deficit
of US$39.7 million, for the fourth quarter of 2020.
Broad money supply stood at ZW$204.92 billion
as at the end of the fourth quarter of 20201,
representing a 33.2% increase from ZW$153.84
billion recorded in the third quarter. The growth
reflected expansion in local currency transferable
deposits,
68.66%;
time
deposits,
42.84%;
negotiable certificates of deposits (NCDs),
32.50%; foreign currency deposits, 12.51%; and
currency in circulation, 13.08%.

During the fourth quarter of 2020, the Zimbabwe
Stock Exchange (ZSE) was dominated by bullish
sentiments, resulting in significant increases in all
the major indices The All Share, Top 10 and
Medium Cap indices gained 60.93%, 52.91% and
73.96% to close at 2,636.34 points, 1,671.47
points and 5 491.09 points, respectively. As a
result, ZSE market capitalisation surged by
53.93%, to ZW$317.88 billion in the fourth
quarter, from ZW$206.50 billion recorded in the
third quarter.

The value of transactions processed through the
National Payment System (NPS) increased by
54% to ZW$1.13 trillion, during the quarter under
review, from ZW$738.02 billion recorded in the
third quarter. Similarly, NPS transaction volumes
increased by 11% to 473.3 million transactions,
during the fourth quarter of 2020, from 426.6
million transactions recorded in the third quarter.

2. INTERNATIONAL
ECONOMIC
DEVELOPMENTS

Global economic activity slowed down in 2020 as
most economies imposed stringent lockdown
measures in the first half of 2020 in response to
the wave of Covid-19 infections. In its January
2021 update of the World Economic Forum
report, the IMF estimated the global growth
contraction for 2020 at -3.5%. The downturn was,
however, less severe than what was projected on
the onset of the Covid-19 outbreak. This reflected
stronger than-expected recovery, on average,
across global regions in the second half of the
year.

In 2021, the global economy is projected to
rebound and grow by 5.5%, as economies are
projected to recover from the deadly coronavirus
pandemic. Additional policy support mainly in
advanced economies, particularly in the US,
Europe and Japan is expected to bolster global
economic growth. The renewed wave of
infections and new variants of the virus, however,
continue to pose threats for the global economic
outlook.

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 Growth & Outlook (%)

(Estimate)

(Projection)
World Output
2.8
-3.5
5.5
Advanced
Economies
1.6
-4.9
4.3
US
2.2
-3.4
5.1
Euro Area
1.3
-7.2
4.2
Japan
0.3
-5.1
3.1
Emerging
Market
&
Developing
Economies
3.6
-2.4
6.3
China
5.4
-1.1
8.3
India
6.0
2.3
8.1
Sub-Saharan
4.2
-8.0
11.5
Zimbabwe2
-6.0
-4.1
7.4
Nigeria
2.2
-3.2
1.5
South Africa
0.2
-7.5
2.8
Source: IMF World Economic Outlook (January 2021)
In advanced economies, economic activity is
expected to be stronger in 2021, mainly on
account of additional policy measures announced
at the end of 2020, notably in the US and Japan.
Reflecting the strong policy support and the
anticipated widespread availability of vaccines,
the IMF has projected a growth of 4.3% in 2021
for advanced economies, from an estimated
contraction of -4.9% in 2020. The US economy is
projected to grow by 5.1% in 2021, after
contracting by an estimated -3.4% percent in
2020.

The
Emerging
Market
and
Developing
Economies group, which contracted by -2.4% in

2020, is also expected to register a positive growth
of 6.3% in 2021. Prospects for India and China are
expected to be much stronger than for other
emerging and developing countries as they are
projected to grow by 11.5% and 8.1%,
respectively, in 2021.

Similarly, growth in Sub-Saharan Africa is
expected to recover from -8.0% in 2020 to 11.5%
in 2021. Larger economies in this region, like
Nigeria and South Africa are expected to recover
from -3.2% to 1.5%, and from -7.5% to 2.8%,
respectively.

INTERNATIONAL COMMODITY PRICE
DEVELOPMENTS

International prices for most commodities
continued on a recovery path in the fourth quarter
of 2020, following steep Covid-19 induced
declines earlier in the year. Notably, the rapid
recovery in base metal prices was in response to a
faster-than-expected pick up in China’s industrial
activity. Gold prices, however, declined, whilst
platinum prices increased during the quarter under
analysis.

Table 2 shows the evolution of international
prices for selected commodities, during the fourth
quarter of 2020.


Table 2: International Commodity Prices


Gold
Platinum
Copper
Nickel
Brent
Crude
Oil

US$/oz
US$/oz
US$/tonn
e
US$/tonne
US$/Barr
el
2020 Q3
Average

Oct-20

Nov-20

Dec-20

2020 Q4
Average

2020 Q3-Q4
Changes (%)

Source: Bloomberg, BBC, 2020
Precious Metals
Gold prices declined by 1.9% to US$1 875.61 per
ounce in the fourth quarter of 2020, as investors
shifted to riskier assets on reduced uncertainty
over US elections and optimism of an imminent
coronavirus vaccine roll-out.
Platinum prices rose by 4.0%, from US$903.29
per ounce in the third quarter to US$939.47 per
ounce recorded in the quarter under review. The
price of platinum increased due to increased
global demand for vehicles as well as supply
disruptions in South Africa, the world’s largest
producer of platinum.

Figure 1 shows the evolution of gold and platinum
prices for the period from April 2019 to December
2020.

Figure
1:
Precious
Mineral
Prices
(US$/ounce)

Source: Bloomberg, 2020

Base Metals
Base metal prices continued on a positive
trajectory, during the fourth quarter of 2020,
boosted by tight supply conditions, amid
production disruptions and a swift rebound in
economic activity, particularly in China. In
addition, prices got support from the renewed US
stimulus package.

Quarterly average copper prices, increased by
10.0% to US$7,174.38 per tonne in the fourth
quarter, from US$6,520.28 per tonne recorded in
the third quarter. Similarly, quarterly average
prices of nickel increased by 12.0% to
US$15,943.14 per tonne in the fourth quarter,
from US$14,232.67 per tonne recorded in the
third quarter.

Figure 2 shows the monthly trends for base metal
prices for the period from April 2019 to December
2020.
Figure 2: Base Metal Prices (US$/ton)

Source: Bloomberg, 2020

Brent Crude Oil
Crude oil prices rose by 4.3% to US$45.18 per
barrel in the fourth quarter, from US$43.34 per
barrel recorded in the third quarter. This followed
investor optimism over the coronavirus vaccine
rollout, which raised expectations of a possible
global economic recovery. In addition, the sharp
reduction in production, particularly among
Organization of Petroleum Exporting Countries
(OPEC) members supported prices, during the
quarter under analysis.

Figure 3 shows the monthly evolution of crude oil
prices for the period from April 2019 to December
2020.

Apr-19
Jun-19
Aug-19
Oct-19
Dec-19
Feb-20
Apr-20
Jun-20
Aug-20
Oct-20
Dec-20
Gold
Platinum (RHS)

Apr-19
Jun-19
Aug-19
Oct-19
Dec-19
Feb-20
Apr-20
Jun-20
Aug-20
Oct-20
Dec-20
Copper
Nickel (RHS)

Figure 3: Brent Crude Oil Prices (US$/barrel)


Source: Bloomberg, 2020

EXCHANGE RATE DEVELOPMENTS

The foreign currency auction system which was
introduced in June 2020 has helped in the
discovery of a stable market-based exchange rate
for the country. The local currency remained
relatively stable in the fourth quarter of 2020
averaging about ZW$$81.61 per US$1.
The Zimbabwe dollar experienced marginal
depreciation during the fourth quarter, as a result
of high foreign exchange demand, as businesses
were gearing for re-stocking ahead of the festive
season. This was evidenced by the widening of the
gap between the highest and lowest bids. A slight
increase in the parallel market was also observed,
driven by high demand for forex by both
individuals and small businesses intending to
import goods for the festive season.
Figure 4 shows exchange rate developments since
February 2019.
Figure 4: Exchange Rate Developments

Source: Reserve Bank of Zimbabwe, 2020
MERCHANDISE
TRADE
DEVELOPMENTS
Total merchandise trade increased by 29.4%,
from US$2,280.7 million in the third quarter of
2020 to US$2,951.9 million in the fourth quarter.
Compared to the same quarter in 2019, total
merchandise trade was 9.9% in the fourth quarter
of 2019, as shown in Figure 5.


Apr-19
Jun-19
Aug-19
Oct-19
Dec-19
Feb-20
Apr-20
Jun-20
Aug-20
Oct-20
Dec-20

3-Feb
3-Mar
3-Apr
3-May
3-Jun
3-Jul
3-Aug
3-Sep
3-Oct
3-Nov
3-Dec
Auction Rate
Parallel Rates

Figure 5: Quarterly Merchandise Total Trade
(US$ m)

Source: Zimstat, 2020
Merchandise Export Developments
Merchandise exports amounted to US$1,456.1
million in the fourth quarter of 2020, representing
a 35.5% increase from US$1,074.6 million
recorded in the preceding quarter. The country’s
exports continued to be bolstered by the recovery
in commodity prices. The current quarter outturn
was, however, slightly lower than US$1,458.0
million realized in the corresponding quarter in
2019, as shown in Figure 6.
Figure 6: Quarterly Merchandise Exports
(US$ m)


Source: Zimstat, 2020


2019Q4
2020Q4
2,280.7
2,951.9


2020Q3
2020Q4
1,458.0
1,456.1


2019Q4
2020Q4
1,074.6
1,456.1
2020Q3
2020Q4

Table 3: Quarterly Merchandise Exports
(US$ m)

Q3 2020
(US$ m)
Q4 2020
(US$ m)
Q3-Q4
Changes
(%)
Q4
Share of
Total
(%)
Total Exports

Of Which:


Tobacco
(Including fluecured, stemmed
& cigarettes)

Nickel mattes3

Gold

Nickel ores and
concentrates3

Industrial
diamonds

Unwrought3
Platinum

Ferrochromium

Ginned cotton

Chromium ores
and
concentrates

Cane sugar

Source: Zimstat, 2019 & RBZ Calculations, 2020
Major Merchandise Export Destinations
During the fourth quarter of 2020, the country’s
exports were mainly destined for South Africa
(44.5%), the United Arab Emirates (20.2%),
Mozambique (8.7%) and other jurisdictions, as
shown in Figure 7.

3 Nickel ores and concentrates, nickel matters and
unwrought platinum are components of the platinum group
of metals (PGMs).
Figure
7:
Major
Export
Destinations
(Q4 2020)

Source: Zimstat, 2020

Merchandise Import Developments

Total merchandise imports for the fourth quarter
of 2020 amounted to US$1,495.8 million,
representing a 21.9% increase from US$1,227.3
million recorded in the corresponding quarter in
2019, as shown in Figure 8.


South Africa
United Arab Emirates
Mozambique
Belgium
Zambia
Botswana
Kenya
Uganda
Namibia
United Republic of Tanzania

Figure 8: Quarterly Merchandise Imports
(US$ m)

Source: Zimstat, 2020
On a quarterly basis, merchandise imports for the
fourth quarter at US$1,495.8 million, were 24.0%
higher than the US$1,206.1 million recorded in
the third quarter. The upsurge in overall imports
was attributed to increases in inputs for
agriculture such as diesel and fertilizers, in
preparation for the 2020/21 cropping season.
Table 4 shows the merchandise imports for the
third and fourth quarters of 2020.


Table 4: Quarterly Merchandise Imports (US
$m)

Q3 2020
(US$ m)
Q4 2020
(US$ m)
Q3-Q4
Change
s (%)
Q4 Share
of
Total (%)
Total Imports

Of Which:


Diesel

Wheat

Maize
(Excluding
Seed)

Electricity

Crude soya bean
oil

Fertiliser
Chemicals

Rice

Road
tractors
(for
semitrailers)

Medicines

Unleaded petrol


Source: ZIMSTAT & RBZ Computations

Major Import Sources

The country’s imports for the fourth quarter of
2020 were mainly from South Africa (53.0%),
China (10.2%), Singapore (4.7%), India (3.3%),
Mauritius (3.2%), and Mozambique (3.1%), as
shown in Figure 9.


1,227.3
1,495.8
2019Q4
2020Q4

Figure 9: Major Merchandise Import Sources
(% of Share)

Source: ZIMSTAT & RBZ Computations, 2020

TRADE BALANCE
The country’s trade balance narrowed from a
deficit of US$131.5 million realised in the third
quarter of 2020, to a deficit of US$39.7 million in
the fourth quarter of 2020, as shown in Figure 10.


Figure 10: Merchandise Trade Balance
(US$ m)

Source: Zimstat, 2020 & RBZ Computations, 2020


South Africa
China
Singapore
Mauritius
Zambia
India
Mozambique
United Kingdom
United States
United Arab Emirates

2 0 2 0 Q3
2 0 2 0 Q4
Exports
Imports

3.
DOMESTIC
ECONOMIC
DEVELOPMENTS

REAL SECTOR DEVELOPMENTS

Gross Domestic Product

The rebound in economic activity which began
during the third quarter of 2020, continued into
the last quarter of 2020. This was underpinned by
a stable macroeconomic environment, coupled
with the easing of Covid-19 lockdowns. This,
notwithstanding, the economy is estimated to
have contracted by 4.1% in 2020, due to the
adverse effects of the 2019/20 drought and Covid19 restrictions.

AGRICULTURE

The poor performance of the cropping and
livestock subsectors resulted in the contraction of
the agriculture sector in 2020. The decline,
however, may be lessened by the higher than
anticipated wheat output during the fourth
quarter.
Agriculture performance in the 2020/21 season is,
however, expected to rebound due to improved
financing for grain crops by Government,
increased area under cash crops as well as a
favourable rainfall season.
Rainfall outturn

According to the Meteorological Services
Department, the period October to December
2020 was characterised by normal to above
normal rains, with cumulative rainfall far
surpassing 2019 levels. This was in spite of a false
start of the rainfall season in October 2020, which
was followed by a period of hot and dry weather,
leading to the wilting of early planted crops in
some areas.

Crops

Tobacco

The area planted under tobacco by the end of
December 2020 stood at 100 672 hectares, up
from 66 798 hectares planted during the 2019/20
cropping season. This was attributable to the rise
in area under dryland tobacco farming, despite a
slight decline in irrigated area, as shown in Table
5.

Table 5: Planted Tobacco (Ha) by Dec 2020

Season
Irrigated Dryland Total

Source: Tobacco Industry and Marketing Board, 2021

Wheat

Winter wheat output increased to an estimated
212 000 tonnes in 2020, from 94 685 tonnes
produced in 2019. Wheat production benefited
from government support, which accounted for
81.3% of the total area planted during the season.
Stable power supply also contributed to the
increase in output in 2020.

Livestock

Cumulative slaughters of cattle, sheep and goats
in the formal market fell further in 2020, owing to
challenges related to the effects of Covid-19
lockdown measures on production, marketing and

consumer demand for livestock products. Table 6
shows a marginal fall in cattle slaughters, with
small livestock slaughters declining significantly,
compared to 2019.

Table 6: Cumulative Livestock Slaughters
Cattle
Pigs
Sheep &
Goats

235 027
193 820
17 210

231 257
183 923
11 538
Source: Ministry of Lands, Agriculture, Fisheries, Water, and
Rural Resettlement, 2021
Cattle

Cattle slaughters at 69 798 head during the fourth
quarter of 2020, signified the remarkable recovery
which started in the third quarter, following
declines in the first half of the year. The relaxation
of the COVID-19 restrictions on the economy also
positively impacted on the performance of the
sub-sector. Table 7 shows quarterly cattle
slaughters from 2019 to 2020.
Table 7: Quarterly Cattle Slaughters

% Change
Q1
57 674
54 073
-6.24
Q2
64 946
42 446
-34.64
Q3
63 233
64 940
2.70
Q4
49 174
69 798
41.94
Total
235 027
231 257
-1.6
Source: Ministry of Lands, Agriculture, Fisheries, Water, and
Rural Resettlement, 2021.
Pigs

Pig slaughters in the fourth quarter of 2020
increased by 10% to 50 795 head over the
slaughters in the same period in 2019. The
slaughters were also 20.91% higher than in the
preceding
quarter.
The
piggery
subsector
continued to face challenges relating to high
production costs, amidst slackened demand
during the year. Table 8 summarises the pig
slaughter trends in 2019 and 2020.
Table 8: Quarterly Pig Slaughters
Pigs

% Change
Q1
46 128
47 198
2.32
Q2
52 598
43 918
-16.5
Q3
48 898
42 012
-14.08
Q4
46 196
50 795
9.96
Total
193 820
183 923
-5.11
Source: Ministry of Lands, Agriculture, Fisheries, Water, and
Rural Resettlement, 2021.

Milk Production

Despite marginal gains over output for the
preceding quarter, milk output at 19.62 million
litres in the last quarter of 2020, was 4.89% lower
than the 20.58 million litres produced in the fourth
quarter of 2019, as shown in Figure 11.

Figure 11: Quarterly Fresh Milk Output
(litres)

Source: Ministry of Lands, Agriculture, Fisheries, Water, and
Rural Resettlement, 2021.
Cumulatively, milk output amounted to 76.71
million litres in 2020, down by 3.99% from the
2019 output. Challenges with the procurement of
stock feeds, owing to drought induced grain
shortages, coupled with import restrictions,
impacted negatively on milk output in 2020.

MINING

Mining activities were largely depressed, during
the last quarter of 2020, compared to the same
period in 2019, largely on account of the Covid19 induced lockdowns, both domestically and
globally. The under-performance of coal, gold,
chrome and platinum largely weighed down
mining. Partially offsetting these declines were
positive performances in diamond, palladium and
nickel, among other minerals, as shown in Table
9.
Table 9: Quarterly Mineral Output Statistics:

2019-2020

Q4 2019
Q3 2020 Q4

Gold (kg)

7,458

4,519

4,794
Platinum (kg)
3,585

3,675

3,325
Palladium
(kg)

2,994

3,138

3,015
Rhodium
(kg)

Iridium (kg)

Ruthenium
(kg)

Diamond
(cts)

560,875

541,390

584,228
Chrome
(MT)

369,347

256,192

311,495
Nickel (MT)

4,183

4,369

4,213
Copper (MT)
2,217

1,732

1,564
Coal (MT)

821,640

830,105

487,672
Phosphate
(T)

1,836

6,341

9,623
Granite (MT)
34,862

38,518

35,159
Source: Ministry of Mines & Mining Development, Chamber of
Mines, FPR, 2021
Gold

Total gold output stood at 4 794 kg in the fourth
quarter of 2020, down by 36% from 7 458kg
produced in the comparable period in 2019. This
was largely on account of reduced throughput

Q1
Q2
Q3
Q4
Millions

from artisanal and small scale gold miners
(ASGM).

Figure 12 shows developments in international
gold prices and quarterly output trends by sector.
Figure 12: Gold Performance by Sector

Source: Ministry of Mines & Mining Development, FPR, 2021
Gold output was also weighed down by heavy
rains which slowed mining activities, particularly
during the last month of the quarter.
PGMs

Key minerals in PGMs, namely; platinum and
rhodium under-performed in the fourth quarter of
2020, compared to the third quarter. Palladium
output, however, registered better performance in
the fourth quarter of 2020 compared to the same
period in 2019. Figures 13, 14 and 15 shows
quarterly output and international prices for
platinum, palladium and rhodium in the fourth
quarter of 2020, compared to the previous quarter
and same period in 2019.
Figure 13: Platinum Output and International
Prices
Source: Ministry of Mines & Mining Development, Chamber of
Mines, 2021
Figure 14: Quarterly Palladium Output and
International Prices

Source: Ministry of Mines & Mining Development, Chamber of
Mines, 2021

Q4 2019
Q3 2020
Q4 2020
US$
Kg
Large Producers
ASGM
Secondary
Total Gold
Average Price (US$/ounce)

Q4 2019
Q3 2020
Q42020
Platinum (Kg)
Average Price (US$/Ounce)

Q4 2019
q3 2020
q4 2020
Palladium
Average prices

Figure 15: Quarterly Rhodium Output and
International Prices

Source: Ministry of Mines & Mining Development, 2021

PGMs were also negatively affected by the Covid19 pandemic. Mining houses, however, benefitted
from the firming prices of the minerals, driven by
increased investment demand and a sharp
recovery in the automotive industry, particularly
in China, during the period under review.

Nickel
Nickel output declined by 3.6% to 4,213 tonnes in
the fourth quarter of 2020, from 4,369 tonnes in
the third quarter. The output for the quarter under
review was, however, 0.7% higher than the
4,182.6 tonnes produced in the comparable
quarter in 2019. Figure 16 depicts the quarterly
trends in nickel output and average international
prices, for the period from the fourth quarter of
2019 to the fourth quarter of 2020.
Figure 16: Quarterly Nickel Output and
International Prices

Source: Ministry of Mines & Mining Development, 2021
The negative impact of Covid-19 on mining
activities was more than offset by the positive
spin-offs from firming international prices, during
the period under review. Nickel prices surged to a
year-to-date high of US$17,650 in December
2020, from the lowest of US$11,055 per tonne in
March 2020. Prices were driven by higher
demand from the stainless steel industries,
particularly in China and Indonesia, as well as
increased demand from the electric vehicle (EV)
battery manufacturers.
Diamond
Diamond output stood at 584 228 carats in the
fourth quarter of 2020, up by 7.9% from the third
quarter at 541389 carats. Compared to the same
quarter of 2019, diamond output in the last quarter
of 2020 was higher by 4.2%. Figure 17 shows the
quarterly trends in diamond output and implied

10000
12000
14000

q4 2019
q3 2020
q4 2020
Rhodium (Kg)
Average International prices (US$/ounce)


Q4 2019 q1 2020 q2 2020 q3 2020 q4 2020
Nickel (tonnes)
Average Price (US$/tonne)

average prices for the fourth quarter of 2019 and
for the third and fourth quarters of 2020.
Figure 17: Quarterly Diamond Output and
Implied Average Prices

Source: Ministry of Mines & Mining Development, 2021
Chrome
The country produced 311 494 tonnes of chrome
during the fourth quarter of 2020, representing a
26.8% increase from the output produced in the
third quarter. The output of chrome during the
quarter under review was, however, 18.6% lower
the output produced in the comparable quarter in
2019, as shown in Figure 19.
Figure
18:
Quarterly
Chrome
and
International Prices
Source: Ministry of Mines & Mining Development, 2021
Chrome production was negatively affected by
closure of smelters due to the Covid-19 pandemic.
As a consequence, most of the 73% of the chrome
was disposed as raw ore, with the remaining 27%
sold as beneficiated product, High Carbon
Ferrochrome (HCF). This compares unfavourably
with the same period in 2019 wherein 58% was
sold as HCF.
Coal
Coal output declined by 41.3% to 487 672 tonnes,
during the fourth quarter of 2020, from 830 105
tonnes in the third quarter. Similarly, the output of
the quarter under review was also lower than the
output of the comparable quarter of 2019 by
40.6%. Operational constraints experienced by
coal producers, due to cash flow challenges,
adversely impacted coal mining activities.


q4 2019
q3 3020
q4 2020
US$/carat
Carats
Diamonds (Carats)
Average price (US$/carat)


Q4 2019
q3 2020
q4 2020
US$ per tonne
'000' tonnes
Total Chrome ore
Average Price of chrome ore (US$/tonne)
Average Price of HCF (US$/tonne)

MANUFACTURING
Activity in the manufacturing sector improved
during the quarter ending 31st December 2020,
compared to the quarter ending 30th September
2020 and the comparative quarter of 2019. This
followed a surge in demand for locally produced
goods, such as Personal Protective Equipment
(PPEs) and foodstuffs, due to Covid-19 induced
disruptions in import supply chains. The economy
also continued to benefit from relative exchange
rate and price stability as well as the use of foreign
currencies for domestic transactions.

Capacity Utilisation
The 2020 CZI manufacturing sector survey results
revealed that capacity utilisation rose by 11
percentage points, to 47% in 2020, from 36.4%
recorded in 2019. The increase was largely
attributed
to
improved
foreign
currency
availability and increased local sales, following
the disruption of import supply chains. The
availability
of
foreign
currency
enabled
companies to re-tool as well as procure raw
materials.


Figure 19: Manufacturing Sector Capacity
Utilization (%)

Source: CZI, 2021

According to the 2020 CZI manufacturing sector
survey, capacity utilisation is projected to
increase to 61% in 2021. This will be on the back
of expected macro-economic stability.

ELECTRICITY
Total power generated during the fourth quarter
of 2020 amounted to 1,670.17GWh. and was
8.5% lower than the 1,825.62GWh produced in
the third quarter. The decrease in electricity
output for the last quarter of 2020 was largely due
to declines in power generation at Kariba and
Harare power stations.

Table 10 shows the quarterly power output from
the various plants, during the period under
review.


2013 2014 2015 2016 2017 2018 2019 2020

Table 10: Quarterly Power Generation

Q4 2019
Q3 2020
Q4 2020
Kariba
498.63
1235.90
976.92
Hwange
695.15
522.90
607.90
Bulawayo
9.65
7.77
4.11
Munyati
12.19
13.70
23.66
Harare
10.66
27.17
19.77
IPPs
11.73
18.20
37.82
Total
(GWhs)
1238.01
1825.62
1 670.17
Sources: ZERA ZPC, 2021
This notwithstanding, improved generation
performance was realised in the second half of the
year, largely due to the increase in water levels at
Kariba Dam. Figure 20 shows the trend in
quarterly electricity output for 2019 and 2020.

Figure 20: Quarterly Electricity Generation
(GWh)

Sources ZERA, ZPC 2021

Cumulatively, energy production amounted to
6,239.32GWhs in 2020, comparing unfavourably
to the 7,580.62GWhs produced in 2019, largely
due to lower throughput from the major power
plants, Kariba and Hwange. Table 11 summarises
power generation statistics in 2019 and 2020.

Table 11: Total Electricity output (GWh)

Variance
%
Kariba
4 095.60
3 615.07
-11.73
Hwange
3 138.12
2 376.86
-24.26
Bulawayo
51.69
23.98
-53.60
Munyati
84.64
43.86
-48.18
Harare
75.78
59.01
-22.13
IPPs
134.79
120.54
-10.57
Total
7 580.62
6 239.32
-17.69
Sources ZERA, ZPC 2021
Output from Kariba was affected by the lower
water allocation for power generation as the
Zambezi River Authority prioritised the recovery
of lake levels at the lake following two
consecutive drought seasons in the catchment
area.

During the quarter under review, output at
Hwange Power Station remained constrained as
Unit 3 and Unit 6 continued to be unavailable.
This was due to extended periods of service
outage owing to challenges in securing funding
for refurbishment and repair works.

Q1
Q2
Q3
Q4

INFLATION DEVELOPMENTS
Headline inflation decelerated from 659.40% in
September 2020 to end the fourth quarter at
348.59%. Both annual food and non-food
inflation decelerated. The easing of inflationary
pressures was attributed to the stability of the
exchange rate against major currencies, following
the successful operation of the foreign exchange
auction system which gave rise to improved
business and consumer confidence.
Annual food inflation slowed down from
724.48% in September 2020 to 346.40% in
December 2020, driven by bread, cereals,
vegetables and meat.
Year-on-year non-food inflation also eased from
619.78% at the end of the third quarter, to
350.17% by end December 2020. Miscellaneous
goods and services; housing, water, electricity,
gas and other fuels; transport; and alcoholic
beverages and tobacco drove non-food inflation
during the quarter under review.
Figure

depicts
the
annual
inflation
developments for the period from December 2019
to December 2020.
Figure 21: Quarterly Inflation Profile (%)

Source: Zimstat 2020
Month-on-month inflation rose from 3.83% in
September 2020 to 4.22% in December 2020. The
4.46 percentage points increase in food inflation
more than offset the 2.42 percentage points
decline in non-food inflation, during the quarter
under analysis. Increases in prices of fruits, meat
and vegetables, as demand increased during the
festive season, largely explained the surge in
monthly food inflation.
Figure 22: Monthly Inflation Profile (%)

Source: Zimstat 2020

Dec-19
Mar-20
Jun-20
Sep-20
Dec-20
Food
Non-Food
All Items

Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
Nov-20
Dec-20
Jan-21
Feb-21
Food
Non-Food
Overall

Blended Consumer Price Inflation
Blended CPI inflation, which combines the average
changes in prices of goods and services sold in the
ZW$ and the US$, decelerated from the September
2020 rate of 376.29%, to 188.91% in December
2020.
Monthly blended CPI inflation, however, rose from
-0.47% in September 2020 to 2.8% in December
2020. Monthly blended CPI inflation dynamics
were driven by increases in Zimbabwe dollar prices,
witnessed during the festive season, as consumer
demand increased.

4. MONETARY DEVELOPMENTS4

Broad money supply stood at ZW$204.92 billion as
at the end of the fourth quarter of 2020, compared
to ZW$153.84 billion recorded in the third quarter.
The growth reflected expansion in local currency
transferable deposits, 68.66%; time deposits,
42.84%; negotiable certificates of deposits (NCDs),
32.50%; foreign currency deposits, 12.51%; and
currency in circulation, 13.08%.

The money stock (M3) as at end December 20205
consisted of foreign currency deposits, ZW$103.73
billion or 51% of total deposits, while local
currency deposits and currency in circulation
constituted the balance. Of the local currency
deposits,
transferrable
or
demand
deposits
amounted to ZW$88.66 billion; time deposits,
ZW$9.91 billion; and negotiable certificates of
deposits, ZW$1.44 billion. Notes and coin in

4 All monetary numbers are in ZW$ since the adoption of
the inter-bank foreign exchange market in February 2019.
circulation stood at ZW$1.07 billion, as at end
December 2020.

Figure 23 shows annual broad money supply
components rates.

Figure 23: Broad Money Components

Source: Reserve Bank of Zimbabwe, 2020

Domestic Credit

Domestic credit stood at ZW$101.16 billion as at
end December 2020, reflecting a quarter-onquarter growth of 59.32%, from ZW$63.49
billion recorded in the third quarter. The growth
was largely driven by an increase of 153.96% in
net credit to Government, credit to other financial
corporations, 79.37%; and credit to the private
sector, 51.88%. Credit to Government was largely
in the form of Treasury Bill holdings.

Credit to the private sector, which increased from
ZW$49.16 billion in September 2020 to
ZW$79.66 billion in the fourth quarter, was
largely utilised as follows: agriculture, 26.94%;
5 Based on December 2020 provisional balance sheet,
pending completion of the audit process.
Local
Currency
Transferable
deposits
43.26%
Foreign
Currency
Deposits
50.62%
Time
Deposits
4.83%
Currency in
Circulation
0.59%
NCDs
0.70%

distribution, 14.19%; financial organisations,
13.39%; and households, 13.01%; among other
sectors, as shown in Figure 24.

Figure 24: Distribution of Private Sector
Credit
Source: Reserve Bank of Zimbabwe, 2020


Credit to the private sector was channeled towards
inventory build-up, 38.09%; other recurrent
expenditures, 28.27%; fixed capital investment,
17.21%; and pre and post shipment financing,
2.63%.

Interest Rates

Nominal lending rates quoted by banks ranged
between 5% and 65%, during the fourth quarter
2020.

Time deposit rates for 60-day and 90-day tenures
registered maximum averages of 10.33% and
9.46%, from 7.12% and 7.70% recorded in the
previous quarter, respectively. Average maximum
savings deposit rates, however, decreased from
5.19% to 4.69%, during the last quarter of 2020.
5. STOCK MARKET DEVELOPMENTS

The ZSE was characterised by bullish sentiment
during the fourth quarter of 2020. Resultantly, all
the major indices posted significant increases.

The Small Cap, Medium Cap, All Share, Top 15
and Top 10 indices registered quarter-on-quarter
gains ranging from 54.51% to 110.34%, to close
at 11 914.14 points, 5 491.09 points, 2 636.34
points, 1 976.98 points and 1 671.47 points,
respectively.

Table 12: Key Stock Market Indicators.
ZSE
Indicator
Sep-20
Dec-20
Change
(%)
All
Share
Index (points)
1,638.17
2,636.34
60.93
Top 10 Index
(points)
1,093.10
1,671.47
52.91
Medium Cap
Index (points)
3,156.59
5,491.09
73.96
Small
Cap
Index (points)
5,664.14
11,914.14
110.34
Industrial
Index (points)
5,385.73
8,782.18
63.06
Mining Index
(points)
4,128.52
4,134.09
0.13
Volume
of
shares traded
(m)
1,257.54
1,184.64
-5.8
Market
Turnover
($m)
5,667.64
7,824.98
38.06
ZSE
Capitalization
($m)
206,502.49
317,879.31
53.93
Net
Foreign
Position ($m)
-221 533.63
-713.29
99.68
Source: Zimbabwe Stock Exchange, 2020

Households
13.01%
Agriculture
26.94%
Mining
10.73%
Manufacturing
11.60%
Distribution
14.19%
Construction
0.79%
Transport &
Communicati
ons
2.57%
Services
6.71%
Financial Org.
& Investments
13.39%
Other
0.07%

On an annual basis, all the stock market indices
recorded phenomenal gains, riding on the positive
sentiments, as shown on Figure 25.

Figure 25: ZSE All Share and Top 10 Indices

Source: Zimbabwe Stock Exchange 2020

Figure 26 shows industrial and mining indices
developments for the period from December 2019
to December 2020.

Figure 26: Industrial and Mining Indices

Source: Zimbabwe Stock Exchange, 2020
Market Capitalisation and Turnover
Market capitalization increased by 53.93%, from
ZW$206.50 billion recorded in the third quarter
of 2020 to ZW$317.88 billion, during the fourth
quarter. The cumulative turnover rose by 38.06%
to ZW$7.82 billion, on the back of improved
share prices. The volume of shares traded
declined by 5.80% to 1.18 billion shares.

The increase in the value and number of shares
that changed hands during the quarter under
review, was largely due to block trades in
Masimba holdings and CBZ holdings on the 30th
of November, which accounted for 15.25 million
and 14.35 million shares. The shares of Masimba
and CBZ Holdings changed hands at ZW$0.06
and ZW$0.37 per share, respectively. In addition,
Rio Zim also traded 27.47 million shares on the
11th of December 2020 at ZW$0.11 per share.
Figure

shows
market
capitalization
developments for the period from December 2019
to December 2020.

Figure 27: Market Capitalization

Source: Zimbabwe Stock Exchange, 2020

31-Dec-19
31-Jan-20
29-Feb-20
31-Mar-20
30-Apr-20
31-May-20
30-Jun-20
31-Jul-20
31-Aug-20
30-Sep-20
31-Oct-20
30-Nov-20
31 Dec 20
All Share Index
Top 10 Index


31-Dec-19
31-Jan-20
29-Feb-20
31-Mar-20
30-Apr-20
31-May-20
30-Jun-20
31-Jul-20
31-Aug-20
30-Sep-20
31-Oct-20
30-Nov-20
31-Dec-20
Mining Index
Industrial Index
Industrial Index
Mining Index

31-Dec-19
31-Jan-20
29-Feb-20
31-Mar-20
30-Apr-20
31-May-20
30-Jun-20
31-Jul-20
31-Aug-20
30-Sep-20
31-Oct-20
30-Nov-20
31 Dec 20
$ billions

Figure 28 shows developments in market turnover
volumes and values for the period from June 2020
to December 2020.

Figure 28: ZSE Market Turnover


Source: Zimbabwe Stock Exchange, 2020

Foreign investor participation, as measured by its
contribution to the value of shares traded,
increased to 9.34% during the quarter under
review, compared to 2.34% recorded in the third
quarter of 2020. The net foreign position,
however, worsened by ZW$713.29 million,
during the quarter under review.


6. PAYMENT,
CLEARING
AND
SETTLEMENT ACTIVITIES

The value of transactions processed through the
National Payment System increased by 54% to
ZW$1.13 trillion in the quarter ended 31st
December 2020, from ZW$738.02 billion
recorded in the quarter ended 30th September
2020. Similarly, the volume of transactions also
increased by 11% to 473.3 million, from 426.6
million during the comparable period in 2019

Table 13 provides the statistical information on
various payment streams for the quarters ending
September 2020 and December 2020.


03-Jun-20
17-Jun-20
01-Jul-20
15-Jul-20
29-Jul-20
12-Aug-20
26-Aug-20
09-Sep-20
23-Sep-20
07-Oct-20
21-Oct-20
04-Nov-20
18-Nov-20
02-Dec-20
16-Dec-20
30-Dec-20
ZW$ millions
Bindura
Nickel
Corporation

Table
13:
Consolidated
Transactional
Activities
Values in ZW$ Million

Q3
Q4
Change
Proportio
n

RTGS

CASH

CHEQUE

POS

ATMS

MOBILE

INTERNET

TOTAL

Volumes
RTGS

CASH

CHEQUE

-100%
0.00%
POS

ATMs

MOBILE

INTERNET

TOTAL

Source: Reserve Bank of Zimbabwe, 2020

LARGE VALUE PAYMENTS
Zimbabwe
Electronic
Transfer
and
Settlement System
The value of transactions processed through the
RTGS system increased by 56% to ZW$737.76
billion in the fourth quarter of 2020, compared
to the previous quarter. RTGS transaction
volumes also increased by 17% to 3.06 million
in the same quarter, as shown in Figure 29.

Figure 29: Values and Volumes of RTGS
Transactions

Source: Reserve Bank of Zimbabwe, 2020

SWIFT Foreign Currency Transactions

SWIFT foreign currency payments increased by
3% to $1.2 billion in the fourth quarter, from
$1.167 million in the third quarter. During the
same period, SWIFT foreign currency receipts
increased by 5% to $1.035 billion, from $989.3
recorded in the third quarter, as shown in Figure
30.
The net foreign currency outflow amounted to
$163 million in the fourth quarter, from a net
outflow of $177.4 million recorded in the third
quarter, as shown in Figure 30.


Q2

Q3

Q4

Q1

Q2

Q3

Q4
RTGS Values in Billions
RTGS Volumes in Thousamds
Values
Volumes

Figure
30:
SWIFT
Quarterly
Foreign
Currency Transactions

Source: Reserve Bank of Zimbabwe, 2020
CASH
Over the Counter Cash Withdrawals
The value of cash withdrawals increased by 2% to
ZW$20.6 billion in the fourth quarter, from
ZW$20.22 billion in the third quarter. In terms of
volumes, cash withdrawals decreased by 44%,
from 2.41 million in the third quarter to 1.58
million recorded in the fourth quarter, as shown in
Figure 32.

Figure
31:
Over
the
Counter
Cash
Withdrawals

Source: Reserve Bank of Zimbabwe, 2020

Retail Payments
Figures 32 and 33 show the trend in the aggregate
values and volumes of retail transactions, from
quarter ending 30th June 2020 to quarter ending
31st December 2020. The aggregate values of
retail
transactions
increased
by
50%
to
ZW$396.09 billion during the period under
review, from ZW$264.06 billion recorded in the
third quarter. Similarly, the retail volumes for the
fourth quarter increased by 11% to 470.29
million, from 423.98 million recorded in the third
quarter.


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


Q2

Q3

Q4

Q1

Q2

Q3

Q4

US$ BILLIONS
MILLIONS
Volumes
Values

Figure 32: Retail Transaction Values

Source: Reserve Bank of Zimbabwe, 2020

Figure 33: Retail Transaction Volumes


Source: Reserve Bank of Zimbabwe, 2020

6 The local collateral figure comprises of Cheque, Zimswitch,
Chengetedzai Deposit Corporation settlement systems.
Collateral6
The local collateral figure comprises of Cheque,
Zimswitch, Chengetedzai Deposit Corporation
settlement systems. The value of collateral
increased to ZW$1.986 billion in the fourth
quarter, from ZW$1.99 billion recorded in the
third quarter, as shown in Figure 34.

Figure 34: Collateral Amounts from June 2019
2019 to December 2020

Source: Reserve Bank of Zimbabwe, 2020
Access Points and Devices
Mobile banking agents were directed to
discontinue operations in the quarter ended 31st
December 2020. Resultantly, the number of
mobile banking agents remained the same as was
the third quarter.

Q2

Q3

Q4

Q1

Q2

Q3

Q4
Mobile in billions
Other Retail Values in billions
CHEQUE
POS
ATMS
INTERNET
CASH
MOBILE

Q2

Q3

Q4

Q1

Q2

Q3

Q4
Mobile Volumes in millions
Other Retai Volumes in millions
CHEQUE
POS
ATMs
INTERNET
CASH
MOBILE


Q2

Q3

Q4

Q1

Q2

Q3

Q4

US$ millions

The POS population increased to 128,896 in the
quarter under review, from 125,277 in the third
quarter. The ATM population, however, increased
to 532 in the fourth quarter from 527 in the third
quarter, in line with the promotion of electronic
means of payment.

There were 5.2 million active mobile financial
services subscribers registered in the quarter
under review, from 4.261 million registered
subscribers recorded in the quarter ended 30th
September 2020.

Table 14 shows payment access points and
devices for the second, third and fourth quarters
of 2020.


Table 14: Payment Systems Access Points and
Devices

Quarter
ending
Jun 2020
Quarter
ending
Sept 2020
Quarter
ending
Dec 2020
Mobile Banking
agents
73,281
52,065
52,065
ATMs

POS
126,696
128,896
125,277
PAYMENT SYSTEM ACCESS DEVICES
Debit Cards
5,837,878
5,989,282
5,675,458
Credit Cards
17,431
16,595
17,093
Prepaid Cards
120,433
112,154
124,210
Mobile Banking
subscribers

5,307,515

4,261,048
5,201,677
Internet
Banking
subscribers
410,724

427,993
447,033
Source: Reserve Bank of Zimbabwe, 2020

RESERVE BANK OF ZIMBABWE
MARCH 2021


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


S23
14.3. External Debt Service and Service Ratios


S24


Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
Nov-20
Dec-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:
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


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

Claims on Non Residents

Official Reserves Assets

Other Foreign Assets

Less Liabilities to Non Residents

Short Term Liabilities

Other Foreign Liabilities*

of which blocked funds

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 (Exchange rate moveme

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)

Shares and Other Equity

Other Items(Net)

Liabilities to Other Resident Sectors

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
Provisional until audit is completed
NB: * Other Foreign Liabilities include blocked funds amounting to USD2.2 billion assumed by the Central Bank on behalf of Government.
TABLE 2: CENTRAL BANK SURVEY (ZWL$'000)


S3


Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
Nov-20
Dec-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 Money

Deposits Included in Broad Money
32,968,794.78

34,202,472.63

36,052,337.44

45,274,086.77

49,685,009.94

57,713,065.69

97,187,347.86

127,237,814.07

140,284,498.63

147,593,137.33

161,784,545.97

179,622,031.80

200,965,243.38

Transferable Deposits
31,080,869.95

32,175,873.35

33,858,024.37

42,922,095.92

47,162,154.77

54,870,283.47

93,169,652.47

121,190,660.19

134,852,887.37

140,657,703.75

153,387,406.86

170,624,218.30

191,058,398.68

of which FCAs
11,938,732.84

12,458,349.93

12,476,934.91

20,909,726.92

19,463,088.16

24,984,322.48

57,701,775.14

79,076,606.18

82,607,196.16

88,430,395.05

91,944,864.16

100,147,096.67

102,824,762.68

Other Deposits

Money Market Instruments
243,976.57

255,563.69

260,055.92

476,793.67

337,556.97

359,194.93

863,206.40

1,024,311.11

1,111,664.44

1,083,907.10

1,231,944.90

1,237,340.99

1,436,202.84

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

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

Source: Reserve Bank of Zimbabwe, 2020
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
oca
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


Apr
298.5

3,642.9

17,926.4

1,523.3

13,697.1


May
330.0

3,581.8

21,376.4

1,749.6

15,757.4


Jun
606.6

9,584.7

29,457.9

3,974.7

35,786.5


Jul
690.8

18,357.0

54,139.7

5,578.7

42,159.7


Aug
975.1

28,776.0

54,868.5

4,623.1

41,100.2


Sep
1,084.2

30,217.6

56,679.6

4,426.6

39,530.8


Oct
1,064.2

32,235.0

66,948.5

4,457.3

40,092.7


Nov
1,063.6

34,673.9

73,237.2

4,211.3

41,173.6


Dec
1,177.8

39,886.8

76,076.5

5,771.7

38,623.2


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.
Debt Securities
Loans and Advances
Public
Enterprises
TABLE 5.1: OTHER DEPOSITORY CORPORATIONS -ASSETS
ZWL$ millions


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

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

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


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
Government

Local Governemt
Public Enterprises
Other

Government Government
Enterprises
Institutional Units
3 Other claims
Assets
Other Assets
Assets
Coins
Coin
RBZ
Corporations
Foreign Banks
Non-residents
Securities
securities

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

Apr
263.29

3,147.75

16,673.44

1,287.51

13,285.14

3,056.32

4,235.96

-

0.08

18.39

4.47

9.75

834.72

14,864.30

129.90

7,642.80

6,534.14

9,703.93

81,691.9

May
284.33

3,144.57

19,827.46

1,553.68

15,003.29

3,130.38

4,160.50

-

0.12

45.79

4.53

9.61

768.01

17,762.27

143.44

7,042.04

6,012.40

9,845.09

88,737.5

Jun
515.11

8,372.39

26,368.55

3,570.85

34,550.44

7,527.46

5,841.98

-

0.12

90.14

4.29

9.41

2,010.79

26,638.87

215.56

24,299.33

14,590.26

18,983.05

173,588.6

Jul
577.99

16,536.53

49,470.13

4,219.81

40,259.84

11,399.93

6,357.84

-

-

74.57

4.33

12.61

1,025.78

33,054.99

229.06

28,551.07

10,247.64

19,646.49

221,668.6

Aug
821.16

26,519.73

49,165.59

4,265.44

38,763.72

14,219.24

6,484.68

-

-

39.07

14.05

14.74

1,046.29

38,741.31

231.00

25,354.64

9,460.49

19,961.16

235,102.3

Sep
891.26

27,646.41

51,169.67

3,898.65

38,420.20

14,126.83

6,354.19

-

-

107.40

9.61

22.30

1,050.38

41,088.91

228.95

28,289.36

17,608.70

19,375.08

250,287.9

Oct
896.48

29,309.79

60,589.19

3,602.58

38,877.31

13,530.74

7,763.97

-

20.06

109.83

17.57

22.18

1,019.00

48,440.92

268.07

29,764.70

15,978.22

19,616.63

269,827.2

Nov
919.42

31,596.89

67,899.10

3,494.87

39,693.38

14,134.74

7,098.29

-

0.02

110.37

20.00

16.81

1,269.94

54,496.74

259.90

29,821.16

16,683.48

19,526.70

287,041.8

Dec
1,019.76

36,507.59

70,392.07

4,949.48

37,346.17

10,803.58

9,985.57

-

-

1.18

23.30

26.76

1,269.01

62,953.03

718.16

29,608.01

12,793.91

28,230.82

306,628.4

Source: Reserve Bank of Zimbabwe, 2020
TABLE 6.1: COMMERCIAL BANKS -ASSETS
ZWL$ 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

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

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

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

-

343.8

27.3
33.6

-

438.0

-

649.3

136.7
151.2

1,973.3

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

Apr
33.1

493.1
914.2

232.1
384.9

-

424.3

18.1
-

-

525.9

-

2,568.2

1528.5
2,134.4

9,256.8

May
39.7

434.7
1,248.4

192.3
725.0

-

382.4

17.0
-

-

517.6

-

2,793.4

2669.6
2,146.1

11,166.3

Jun
88.7

1167.9
2,857.8

395.9
1,222.0

-

385.4

13.8
-

-

653.4

-

4,663.9

2688.0
4,712.1

18,848.8

Jul
109.1

1780.7
3,878.9

1342.9
1,879.4

-

346.6

13.4
-

-

585.7

-

5,648.0

3879.5
4,927.7

24,391.8

Aug
142.9

2175.5
4,799.3

341.7
2,310.6

-

294.6

13.1
-

-

688.7

-

6,552.1

4480.3
6,104.6

27,903.4

Sep
179.8

2469.9
4,547.1

504.6
1,027.7

-

218.3

12.9
-

0.4

741.5

-

6,518.3

2774.9
6,503.8

25,499.1

Oct
149.1

2787.0
5,056.1

778.9
1,182.4

-

206.5

12.3
-

112.2

772.3

-

6,874.4

2795.4
6,537.1

27,263.4

Nov
104.3

2935.7
4,448.9

691.0
1,412.8

-

1,666.7

11.6
-

157.8

930.4

-

7,498.6

2571.1
6,712.9

29,141.9

Dec
116.2

3210.3
5,085.9

802.0
1,183.4

-

1,830.2

11.2
-

251.1

1,008.4

-

8,562.3

2559.4
7,352.9

31,973.2

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
ZWL$ 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

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

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

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


S12


Table 8.1: SECTORAL ANALYSIS OF COMMERCIAL BANKS LOANS AND ADVANCES
$ ('000)

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

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Source:Reserve Bank of Zimbabwe, 2020
/1 Including the only merchant bank still in operation.


S13


END OF
AGRICULTURE
CONSTRUCTION
COMMUNICATIONS
DISTRIBUTION
FINANCIAL&INV
ESTMENT
FINANCIAL ORG
MANUFACTURING
MINING
SERVICES
TRANSPORT
INDIVIDUALS
CONGLOMERATES
TOTAL

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


S14


End of
ZETSS
CHEQUE
POS
ATM
MOBILE
INTERNET
End of
ZETSS
CHEQUE
POS
ATM
MOBILE
INTERNET

Jan
5,548.05 4.89
663.45
21.29 2,318.80 1,006.05
Jan
548.13 22.73 20,981.21 449.60 100,593.90 501.80
Feb
4,706.60 4.50
594.00
13.90 2,015.11 831.05
Feb
457.19 22.48
18,869.05
292.22 89,584.32 463.78
Mar
6,300.40 4.50
654.20
12.50 2,657.10 864.83
Mar
545.18 23.68
21,996.85
268.41 116,119.95 510.51
Apr
5,786.75 3.28
640.94
11.46 3,002.63 822.58
Apr
505.50 17.38
21,170.05
253.60 117,616.79 456.96
May
7,298.41 4.25
819.74
10.51 3,550.07 968.58
May
611.14 21.22
23,278.20
213.17 137,422.97 496.62
Jun
7,997.28 4.70
779.37
8.29 3,724.31 1,135.49
Jun
553.60 22.46
23,790.00
175.19 156,609.78 502.22
Jul
8,290.00 3.96
790.00
9.39 4,446.68 1,262.53
Jul
560.15 20.07
25,075.47
223.13 169,416.76 559.58
Aug
7,762.86 2.88
811.19
13.98 4,558.54 1,254.96
Aug
553.01 15.15
25,249.87
317.35 164,917.97 518.70
Sep
7,155.04 3.97
842.48
17.01 4,462.40 1,393.08
Sep
542.96 19.37
24,918.01
300.81 161,289.50 511.27
Oct
8,230.50 4.20
821.30
17.90 4,607.38 1,428.20
Oct
571.60 20.40
21,025.40
345.50 161,427.40 495.99
Nov
7,922.50 3.70
657.50
19.90 3,964.78 1,026.70
Nov
477.40 16.70
17,845.40
334.90 133,862.10 430.60
Dec
8,355.20 2.80
917.20
14.60 4,833.80 1,102.90
Dec
478.60 13.00
27,419.10
236.20 161,540.70 409.10

Jan
6,903.02 2.89
1,294.05
16.92 3,608.83 1,056.16
Jan
401.51 12.20
40,613.79
232.61 135,481.07 413.39
Feb
8,336.98 4.04
1,330.58
17.21 3,594.51 1,093.64
Feb
456.54 16.35
27,811.17
226.77 119,081.12 463.62
Mar
9,881.49 3.90
1,399.50
18.27 4,080.65 1,250.55
Mar
525.91 15.42
30,417.55
248.88 142,597.83 441.02
Apr
10,321.38 3.14
1,590.10
13.97 4,949.34 1,408.53
Apr
535.02 13.65
32,092.53
168.79 157,348.28 390.08
May
14,670.32 4.19
1,397.48
11.83 6,692.55 1,897.82
May
642.59 14.66
15,542.62
121.44 166,491.56 494.29
Jun
17,881.21 3.73
1,464.66
30.14 7,130.02 2,539.84
Jun
705.96 13.34
18,012.05
79.60 160,873.03 486.81
Jul
23,309.86 3.70
1,806.45
36.55 9,137.36 3,295.81
Jul
983.53 13.59
20,465.37
99.56 170,823.27 638.17
Aug
23,596.62 2.37
2,181.56
38.47 11,077.65 3,493.56
Aug
872.91 8.99
21,919.77
85.24 179,281.20 542.28
Sep
30,328.13 3.80
3,029.87
51.94 15,112.00 5,337.71
Sep
1,010.70 11.88
22,749.60
62.44 200,441.85 679.42
Oct
39,413.72 3.87
3,621.64
67.08 16,588.28 6,237.03
Oct
1,079.40 12.66
23,191.58
65.00 206,621.48 1,099.30
Nov
40,871.80 3.53
4,199.30
67.41 13,537.77 7,200.30
Nov
982.10 10.32
25,737.50
225.22 152,919.89 2,044.08
Dec
49,579.82 2.76
5,695.39
97.22 19,356.74 8,724.02
Dec
1,003.81 7.64
27,800.46
385.47 146,316.57 1,273.62

Jan
47,841.35 1.85
5,236.31
115.20 21,247.93 9,646.84
Jan
943.30 4.56
23,649.03
199.88 139,278.20 671.73
Feb
41,637.65 4.66
5,431.81
136.93 22,589.66 9,633.79
Feb
916.12 8.87
21,652.22
196.62 149,671.48 647.84
Mar
60,804.08 4.06
7,252.88
267.95 27,993.61 14,411.35
Mar
1,068.45 7.35
22,588.12
234.27 173,042.15 661.19
Apr

Apr
515.07 -
11,036.39
36.36 131,189.97 998.03
May

May
674.11 -
14,711.60
231.19 150,936.13 705.32
Jun

Jun
907.77 -
14,420.93
286.06 135,524.31 1,390.39
Jul

Jul
918.35 -
15,786.53
251.44 121,072.40 791.91
Aug

Aug
789.41 -
13,536.22
248.17 127,308.59 702.05
Sep
203,172.05 0.77
18,252.25
1,962.96 26,440.98 41,958.39
Sep
911.91 0.00
15,524.14
309.78 125,059.25 783.16
Oct

Oct
990.15 -
19,138.59
398.81 191,148.78 735.77
Nov

Nov
971.30 -
17,584.90
430.00 101,305.80 755.60
Dec

Dec
1,100.04 -
19,404.04
453.03 115,290.18 820.13
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
4.00-18.00
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
Apr
5.00-65.00
18.57
18.69
Apr
0.22-12.00
1.00-8.00
May
5.00-65.00
18.06
18.07
May
0.22-12.00
1.00-8.00
Jun
5.00-65.00
20.04
17.38
Jun
0.22-12.00
1.00-8.00
July
5.00-65.00
18.87
20.11
Jul
0.22-12.00
1.33-14.00
Aug
6.00-65.00
19.14
18.99
Aug
0.50-15.00
1.00-20.28
Sep
6.00-65.00
20.65
25.09
Sep
0.50-15.00
1.00-20.28
Oct
6.00-65.00
26.04
26.68
Oct
0.22-12.00
0.75-8.00
Nov
6.00-65.00
30.32
27.67
Nov
0.22-12.00
1.00-8.00
Dec
6.00-65.00
32.11
26.91
Dec
0.22-12.00
1.00-6.75
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 Rates3
Commercial Banks
Commercial Banks
End of


S16


End of
All Share
Industrial
Mining
Volume of Shares
Market Turnover
Market Capitalisation

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

June*

Aug

Sep

Oct

Nov

Dec

**As at 26 June 2020
Source: Zimbabwe Stock Exchange (ZSE), 2020
$ Millions
TABLE 11: ZIMBABWE STOCK MARKET STATISTICS
Indices
*All Share index was introduced in


S17


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

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Source :ZIMSTATS, 2020
TABLE 12.1 : MONTHLY INFLATION -- PERCENTAGE CHANGE IN CONSUMER PRICE INDEX
( FEBRUARY 2019 = 100)
NON-FOOD INFLATION


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

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


S19


FOOD
INFLATION
ALCOHOLIC
CLOT HING
HOUS ING,
W AT E R,
FURNIT URE
MIS C.
FOOD &
B E VE RAGE S
&
E LE CT RICT Y,
GAS
AND
RE CRE AT ION &
RE S T AURANT S
&
GOODS &
T OT AL NON
NON
ALCOHOLIC
ALL
& T OB ACCO
FOOT W E AR
& OT HE R
E QUIP ME NT
CULT URE
HOT E LS
S E RVICE S
FOOD
B E VE RAGE S
IT E MS
FUE LS
WEIGHTS


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun


Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Source:Zimstat, 2020
TABLE 12.3 : YEARLY INFLATION - % CHANGE IN CONSUMER PRICE INDEX
(February 2019 = 100)
NON-FOOD INFLATION
HE ALT H
T RANS P ORT
COMMUNICAT ION
E DUCAT ION


S20


End of
Jun-19
Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
Nov-20
Dec-20
Total
(Q4 2020)
Merchandise Imports (excl. energy)
168.6

222.3

182.1

232.9

209.0

226.1

216.0

181.8

182.1

209.9

155.5

162.0

224.7

263.1

241.7

255.4

291.2

276.4

256.6

824.3

- Consumption Goods
62.6

97.3

73.3

85.4

87.8

97.3

94.4

84.3

97.6

112.7

76.9

86.3

119.6

115.7

99.7

103.5

143.2

110.8

92.4

346.4

- Capital Goods
70.6

87.4

73.4

118.4

91.1

89.0

90.8

71.0

60.6

61.5

54.8

47.4

72.5

89.9

94.9

99.7

103.9

112.6

114.6

331.1

- Intermediate Goods
35.5

37.6

35.4

29.0

30.2

39.9

30.8

26.6

23.9

35.7

23.8

28.3

32.6

57.4

47.1

52.1

44.1

53.1

49.7

146.8

Energy (Fuel & Electricity)
54.2

55.7

50.9

46.1

67.8

39.1

39.4

48.9

53.2

54.9

34.2

40.3

34.8

41.8

49.5

58.4

90.7

58.0

58.7

207.4

Service Payments
58.6

46.7

50.4

44.6

51.5

52.6

37.4

43.6

40.0

67.3

36.6

33.8

52.9

36.7

50.2

37.9

34.9

40.6

25.3

100.8

- Technical, Professional & consult
30.9

21.6

22.0

17.7

17.4

19.1

16.9

18.0

17.9

39.1

16.7

11.8

33.0

19.4

34.7

18.2

17.4

21.8

11.5

50.7

- Software
9.3

6.4

3.5

4.1

5.8

5.2

2.8

5.7

3.4

4.5

5.1

6.8

9.0

4.2

4.2

4.8

5.5

6.9

3.7

16.0

- Other (tourism, edu, freight etc)
18.4

18.7

24.9

22.8

28.4

28.3

17.7

20.0

18.7

23.7

14.8

15.2

10.9

13.2

11.2

14.9

12.0

12.0

10.2

34.2

Income Payments (Profits, Dividends)
14.7

38.3

14.3

24.4

6.8

14.7

15.4

18.7

28.0

17.4

26.4

11.1

14.8

19.9

18.2

48.2

32.9

61.1

25.7

119.6

Capital Remittances (outward)
36.2

44.9

49.7

55.6

74.5

39.9

73.3

38.7

30.1

62.1

34.8

16.1

20.3

22.2

22.4

37.3

38.7

41.9

45.8

126.4

- External Loan Repayments
31.9

39.3

46.8

53.2

70.7

38.5

71.5

35.3

27.2

60.9

34.2

16.0

17.5

15.9

19.2

29.0

30.2

35.5

37.7

103.4

- Disinvestments
2.2

4.0

0.8

2.4

3.8

1.5

1.6

1.0

1.7

1.2

0.6

0.1

1.7

3.9

1.0

3.7

3.7

3.5

6.5

13.7

- Cross Border Investment
2.0

1.7

2.1

-

0.0

0.0

0.2

2.5

1.2

0.0

-

0.0

1.2

2.5

2.1

4.6

4.9

2.8

1.6

9.3

Other Payments
4.6

11.9

6.3

15.4

11.0

24.3

15.7

13.7

13.3

10.3

4.6

3.4

6.0

7.4

7.3

9.2

9.3

9.4

4.3

22.9

TOTAL
336.9

419.9

353.8

418.9

420.6

396.8

397.3

345.6

346.7

421.8

292.1

266.7

353.5

391.1

389.2

446.4

497.7

487.4

416.4

1,401.5

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

Dec

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

Gross Domestic Product

External Debt / GDP

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

Gross Domestic Product

External Debt / GDP

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)