QUARTERLY
ECONOMIC
REVIEW


MARCH 2021

CONTENTS

List of Figures
Figure 16: Quarterly Trends in Nickel Output and Average International prices (US$/tonne) .... 18

List of Tables


1.
OVERVIEW


Global economic growth is estimated to have
slowed down by 3.3% in 2020, the sharpest
contraction of global output since the global
recession of 2008-2009. Notwithstanding new
waves of infections and new variants of the
coronavirus, the global economy is projected to
rebound and grow by 6.0% in 2021, largely
benefitting from additional fiscal support and
anticipated vaccine-powered recovery in the
second half of the year.

On the domestic front, the economy is expected
to register a positive growth of 7.4% in 2021,
up from a contraction of 4.1% in 2020. The
envisaged growth will be anchored on higher
agriculture output, high international mineral
commodity prices, a stable macroeconomic
environment and an envisaged subdued
COVID-19 pandemic, due the successful rollout of the vaccination programme.

Annual headline inflation decelerated from
348.59% in December 2020 to end the first
quarter of 2021 at 240.55%. The disinflationary
trend experienced in the first quarter of 2021
saw month-on-month inflation decelerate to
2.26% in March 2021, from 4.22% in
December 2020. Annual inflation is expected
to continue on the downward trajectory,
reflecting the sustained implementation of
prudent fiscal and monetary policies and a
stable exchange rate.

Total merchandise trade stood at US$2,525.0
million, during the first quarter of 2021, up
from US$2,324.2 million recorded in the same
quarter in 2020. Merchandise exports totalled
US$1,085.5 million in the first quarter of 2021,
against merchandise imports of US$1,439.5
million. This culminated in a trade deficit of
US$354.0 million.

Annual broad money (M3) amounted to
ZW$234.28 billion as at the end of the first
quarter of 2021, compared to ZW$204.92
billion in the quarter ended December 2020.
The increase in money stock largely reflected
expansions in time deposits, 43.01%; currency
in
circulation,
41.85%;
local
currency
transferable deposits, 14.76%; negotiable
certificates of deposits (NCDs), 14.27%; and
foreign currency deposits, 10.90%.

The Zimbabwe Stock Exchange (ZSE) was
characterised by bullish sentiments, during the
first quarter of 2021. Resultantly, 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. ZSE market capitalisation
surged by 67.28% to Z$531.74 billion in the
quarter under review, from Z$317.88 billion
recorded in the last quarter of 2020. The
cumulative value and volume of shares traded
in the first quarter of 2021 rose by 22.17% and
138.88% to Z$9.56 billion and 2.83 billion
shares, respectively.

Payment, clearing and settlement activities
during the first quarter of 2021, culminated in a
9% increase in the value of transactions
processed through the National Payment
Systems
(NPS) to Z$1.24 trillion, from Z$1.13 trillion
recorded in the fourth quarter of 2020. NPS
transaction volumes, however, decreased by
29% to 338.5 million in the first quarter of
2021, from 473.3 million in the last quarter of
2020.

1. INTERNATIONAL
ECONOMIC
DEVELOPMENTS

In its World Economic Outlook update of April
2021, the IMF’s estimated global economic
activity to have slowed down by 3.3% in 2020,
the sharpest contraction of global output since
the global recession of 2008-2009. The decline
in global output was mainly a result of stringent
lockdown
measures
imposed
by
most
economies in the first half of 2020, in response
to the COVID-19 pandemic.

Table 1 summarizes global economic growth
developments and prospects for selected
regions and countries.
Table 1: Global Growth & Outlook (%)

(Estimate)

(Projection)
World
Output
-3.3
6.0
4.4
Advanced
Economies
-4.7
5.1
3.6
US
-3.5
6.4
3.5
Euro Area
-6.6
4.4
3.8
Japan
-4.8
3.3
2.5
Emerging
Market
&
Developing
Economies
-2.2
6.7
5.0
China
2.3
8.4
5.6
India
-8.0
12.5
6.9
Sub-Saharan
-1.9
3.4
4.0
Nigeria
-1.8
2.5
2.3
South Africa
-7.0
3.1
2.0
Source: IMF World Economic Outlook (April 2021)
In 2021, the global economy is projected to
rebound and grow by 6.0%, before moderating
to a growth of 4.4% in 2022. The outlook for
the global economy will largely benefit from
additional fiscal support by large economies,
particularly in the US, Europe and Japan, as
well as the anticipated vaccine-powered
recovery in the second half of the year. New
waves of infections and new variants of the
coronavirus, however, continue to
pose
downside risks to the outlook.

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
United States and Japan. Reflecting the strong
policy support and the anticipated widespread
availability of vaccines, the IMF is projecting a
growth of 5.1% for advanced economies in
2021, from an estimated contraction of 4.7% in
2020.

The
emerging
market
and
developing
economies group, which contracted by 2.2% in
2020, is also expected to register a positive
growth of 6.7% in 2021. Prospects for India and
China are expected to be much stronger than for
most emerging and developing countries, as
these economies are projected to grow by
12.5% and 8.4%, respectively, in 2021.

Growth in Sub-Saharan Africa is expected to
recover from -1.9% in 2020, to a positive
growth of 3.4% in 2021. Real economic growth
in Nigeria and South Africa, is expected to
recover from -1.8% and -7.0% to 2.5% and
3.1%, respectively.

INTERNATIONAL COMMODITY PRICE
DEVELOPMENTS

International commodity prices for most of the
selected commodities remained buoyant during
the first quarter of 2021, after the COVID-19
induced collapse in demand, in the first half of
2020. Base metal prices, in particular, have
continued to benefit from robust recovery in
industrial activity in China.

Table 2 shows the evolution of international
prices for selected commodities during the first
quarter of 2021.
Table 2: International Commodity Prices


Gold
Platinu
m
Copp
er
Nickel
Brent
Crude
Oil

US$/oz
US$/oz
US$/to
nne
US$/ton
ne
US$/Bar
rel
2020 Q4
Average
1,876

7,174
15,943
45.18
Jan-21

Feb-21

Mar-21

2021 Q1
Average

2020Q4 to
2021Q1
Changes

Source: Bloomberg, BBC, 2021
Precious Metals
Gold prices retreated for the second consecutive
quarter, sliding by 4.0%, from a quarterly
average of US$1,876 per ounce in the fourth
quarter of 2020 to US$1,800 per ounce, during
the first quarter of 2021. The decline in bullion
prices was underpinned by a strengthening US
dollar and rising US treasury yields. Gold prices
also retreated as investors moved away from the
traditional safe-haven assets to other interestbearing assets.

Platinum prices increased by 23.4%, from a
quarterly average of US$939 per ounce in the
fourth quarter of 2020, to US$1,159 per ounce
in the first quarter of 2021. The rally in
platinum prices was supported by prospects of
greater stimulus in major economies and
anticipation that the vaccine roll-out would spur
economic
recovery,
particularly
in
the
automobile sector where the metal is a major
raw material.
Figure 1 shows developments in precious metal
prices from May 2019 to March 2021.
Figure
1:
Precious
Mineral
Prices
(US$/ounce)

Source: Bloomberg, 2021

Base Metals
Base metal prices continued on a positive
trajectory during the first quarter of 2021,
supported by falling inventories and tight
supplies from some source markets. In addition,
renewed stimulus in the US and expectations of

May-19
Jul-19
Sep-19
Nov-19
Jan-20
Mar-20
May-20
Jul-20
Sep-20
Nov-20
Jan-21
Mar-21
Gold
Platinum (RHS)

strong demand, amid strengthening national
macroeconomic outlooks, particularly in China,
also boosted the demand for base metals.

Copper prices were 18.1% higher, at an average
of US$8,474 per tonne in the first quarter of
2021, compared to US$7,174 per tonne
recorded in the preceding quarter. Similarly,
nickel prices increased by 10.6%, to a quarterly
average of US$17,625 per tonne in the first
quarter of 2021, from US$15,943 per tonne in
the fourth quarter of 2020.

Figure 2 shows the monthly trends for base
metal prices for the period from May 2019 to
March 2021.

Figure 2: Base Metal Prices (US$/ton)

Source: Bloomberg, 2021

Brent Crude Oil
Brent crude oil prices reached pre-pandemic
levels, rising by 30% to an average of US$61.14
per barrel in the first of quarter 2021, from
US$50.41 per barrel that was recorded in the
fourth quarter of 2020. The surge in oil prices
was driven by a recovery in demand, coupled
with tight supply, particularly among OPEC
members. These developments mutually offset
concerns that resurgent COVID-19 outbreaks in
some economies would dampen the demand for
oil.

Figure 3 shows the monthly movements of
crude oil prices for the period from May 2019
to March 2021.

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


Source: Bloomberg, 2021

EXCHANGE RATE DEVELOPMENTS

The
Zimbabwe
dollar
(ZW$)
remained
relatively stable on the foreign exchange
auction market, during the quarter under
analysis. It eased by 2.0%, from an average of
US$81.61 per US$1 in the fourth quarter of
2020 to US$83.23 per US$1 in the quarter
under review. The foreign currency auction

May-19
Jul-19
Sep-19
Nov-19
Jan-20
Mar-20
May-20
Jul-20
Sep-20
Nov-20
Jan-21
Mar-21
Copper
Nickel (RHS)

May-19
Jul-19
Sep-19
Nov-19
Jan-20
Mar-20
May-20
Jul-20
Sep-20
Nov-20
Jan-21
Mar-21

system that was adopted by government on the
23rd of June 2020, stabilised the exchange rate
and significantly minimized pricing distortions
by curbing speculative pricing and parallel
market exchange rate price-indexation by some
businesses
Figure 4 shows exchange rate developments
since February 2019.
Figure 4: Exchange Rate Developments
Source: Reserve Bank of Zimbabwe, Market Surveys

MERCHANDISE TRADE
DEVELOPMENTS
Total merchandise trade stood at US$2,525.0
million in the first quarter of 2021. This
represented an 8.6% increase from the
US$2,324.2
million
recorded
in
the
corresponding quarter in 2020. Compared to the
fourth quarter of 2020, total merchandise trade
in the first quarter of 2021, was 14.5% lower.
International merchandise trade continued to be
impacted negatively by the restrictive measures
imposed by countries to curb the spread of the
coronavirus.
Figure 5 shows the country’s total merchandise
developments.
Figure 5: Quarterly Merchandise Total
Trade (US$ m)
Source: Zimstat
Merchandise Export Developments
Merchandise exports increased by 4.8% to
US$1,085.5 million in the first quarter of 2021,
from US$1,035.3 million recorded in the first
quarter of 2020. Export earnings in the first
quarter of 2021 were, however, lower than
those realised in the fourth quarter of 2020,
which stood at US$1,456.1 million, as shown in
Figure 6.

3-Feb
3-Mar
3-Apr
3-May
3-Jun
3-Jul
3-Aug
3-Sep
3-Oct
3-Nov
3-Dec
3-Jan
3-Feb
3-Mar
Official & Parallel Rates
AUCTION RATE
PARALLEL RATES
2,324.2
2,952.5
2,525.0


2020Q1
2020Q4
2021Q1

Figure 6: Quarterly Merchandise Exports
(US$ m)
Source: Zimstat, 2021

The country’s exports continued to be
dominated by primary commodities, which
accounted for 82.7% of total exports, during the
first quarter of 2021. Table 3 shows the
country’s major exports during the fourth
quarter of 2020 and first quarter of 2021.


Table 3: Quarterly Merchandise Exports
(US$)

So Source: Zimstat, 2021 & RBZ Calculations, 2021
*PGMs Include Nickel mattes, nickel ores &
concentrates and platinum


2020Q4
(US$m)
2021Q1
(US$m)
2020Q42021Q1
Changes
(%)
2021Q1
Share
of Total
(%)
Total Exports

Of Which:


Platinum Group
of
Metals
(PGMs*)

Gold

Tobacco
(Inc.
cigarettes)

Ferro-chromium

Industrial
diamonds

Coal

Chromium
ores
and concentrates

Ginned cotton

Black tea

Granite


2020Q1
2020Q4
2021Q1

Major Merchandise Export Destinations
During the first quarter of 2021, the country’s
exports were destined for South Africa (33.9%),
the United Arab Emirates (22.7%), and
Mozambique (10.4%), shown in Figure 7.

Figure
7:
Major
Export
Destinations
(Q4 2020)

Source: Zimstat, 2021

Merchandise Import Developments

Total merchandise imports were US$1,439.5
million in the first quarter of 2021, representing
a 11.7% increase from US$1,288.9 million
recorded in the corresponding quarter in 2020,
as shown in Figure 8.
Figure 8: Quarterly Merchandise Imports
(US$ m)

Source: Zimstat, 2021
The out-turn for the first quarter of 2021 was,
however, lower by 3.8%, compared to imports
worth US$1,496.5 million recorded in the
fourth quarter of 2020. Table 4 shows the
merchandise imports for the first quarter of
2020 and the first quarter of 2021.


South Africa
United Arab Emirates
Mozambique
Belgium
Zambia
Botswana
Switzerland
United Republic of Tanzania
Netherlands
Malawi

2020Q1
2020Q4
2021Q1

Table 4: Quarterly Merchandise Imports
(US $m)

2020Q

2021Q1
2020Q12021Q1
Changes
(%)
2021Q1
Share
of Total
(%)
Total Exports


Of Which:


Maize (Excluding
Seed)


Fertiliser
Chemicals


Diesel


Crude soya bean
oil


Medicaments


Electricity


Vaccines


Road tractors
(for semi-trailers)


Wheat


Unleaded petrol


Source: ZIMSTAT & RBZ Computations


Major Import Sources

The country imported the bulk of its products
from South Africa (49.5%), China (13.5%),
Singapore (6.2%) and Zambia (3.2%), during
the first quarter of 2021, as shown in Figure 9.
Figure 9: Major Merchandise Import
Sources (% of Share)

Source: ZIMSTAT & RBZ Computations, 2021

TRADE BALANCE
The country posted a trade deficit of US$354.0
million in the first quarter of 2021. This
compares with a trade deficit of US$253.2
million recorded in the first quarter of 2020.

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

Figure 10: Merchandise Trade Balance
(US$ m)

Source: Zimstat, 2021

2.
DOMESTIC
ECONOMIC
DEVELOPMENTS

REAL SECTOR DEVELOPMENTS

Gross Domestic Product

The overall economic growth prospects for
2021 remain strong, with the economy
projected to grow by 7.4%. The envisaged
growth is underpinned by the good 2020/21
rainfall season, higher international mineral
commodity prices, stable macroeconomic
environment and the anticipated positive spinoffs from the COVID-19 vaccine rollout.

Agriculture
In line with the favourable seasonal rainfall
forecast, the 2020/2021 rainfall season was
good, characterized by an early onset and an
even spatial and temporal distribution pattern of
rainfall. This resulted in the general increase in
area planted for major crops, as shown in the
Table 5.

Table 5: Area planted to selected key crops
(Ha)
Crop
2020/

2019/

%
change
Maize
1 920 541
1 549 324

Sorghum
350 468
305 865

Pearl millet
209 754
166 429

Finger millet
24 962
34 353
-27
Rice
1 302
1 588
-18
Tobacco
125 177
117 049

Soya beans
46 159
34 698

Cotton
239 619
170 622

Groundnut
249 190
208 229

Sesame
21 210
15 044

Sunflower
26 965
24 595

Bambara nut
97 144
87 938

Africa peas
83 149
60 799

Sugar bean
38 350
22 997

Sweet potato
41 436
20 537

Paprika

1 227
-39
Total
3 476 438
2 822 012

Source: Ministry of Lands, Agriculture, Fisheries,
Water and Rural Resettlement, 2021

Complementing the good rains were various
input support schemes from the Government,
private sector and Non - Governmental
Organisations. The Presidential Input scheme,
which timeously supplied maize and sorghum
inputs
under
the
Pfumvudza/Intwasa
programme boosted the area put under grain.

Maize
Maize output is expected to surge in line with
the 24% increase in area planted as well as

2 0 2 0 Q4
2 0 2 1 Q1
Exports
Imports

adequate availability of inputs, seed and
fertiliser under government programmes and in
the open market.
About 202 037 hectares of maize were planted
under the Pfumvudza/Intwasa programme,
accounting for 11% of total area under the crop.
The Pfumvudza/Intwasa programme is largely
aimed at addressing household food security by
improving productivity on lowly mechanised
smallholdings.

Small Grains
The total area under small grains increased by
16%, from 506 647 hectares in the 2019/20
cropping season to 585 184 hectares in the
2020/21 season. Sorghum and pearl millet were
also supported under the Pfumvudza/Intwasa
initiative.
Cotton
The area under cotton increased by 40% in the
current season, compared to the previous
season, benefiting from Government’s free
input scheme. The scheme accounted for 88%
of the planted area, with the remainder being
contracted by private players. The high
producer prices in the previous season also
boosted interest in the crop.

Oilseeds
The area under other oilseeds, soya beans and
sunflower also registered a noticeable increase,
with a combined area of 322 314 hectares,
compared to 267 522 hectares in the previous
cropping season. The crops also benefited from
the Pfumvudza/Intwasa programme.

Livestock
Grazing and water availability is expected to
improve livestock production across all
livestock classes including cattle, sheep, goats
and pigs in 2021. Table 6 summarises changes
in the national herd of the main livestock
classes.
Table 6: Number of Livestock

2018/19
2019/20
2020/21
Cattle 5 774 525
5 443 770
5 478 648
Sheep
522 955
547 696
697 910
Goats
4 360 838
3 868 402
3 974 707
Pigs
278 297
269 508
278 106
Source: Ministry of Lands, Agriculture, Water, Climate
and Rural Resettlement, 2021

Cattle
Beef cattle slaughters in the first quarter of 2021
stood at 62 929 head, 9% up from the 56 485
head in the same period in 2020. The increase
was attributed to increased offtake, in line with
the rise in the national herd.
The slaughters were, however, lower than the
69 798 head slaughtered during the fourth
quarter of 2020. Table 7 shows the total number
of cattle slaughters at formal abattoirs in the
first and fourth quarters of 2020 and the first
quarter of 2021.
Table 7: Cattle slaughters

Slaughters
Q1:2020
56 485
Q4:2020
69 798
Q1:2021
62 929
Source: Ministry of Lands, Agriculture, Water, Climate
and Rural Resettlement, 2021

Pigs
Pig slaughters at 45 246 head in the first quarter
of 2021, were 4% below the comparable quarter
in 2020. This follows a protracted period of
forced destocking due to viability challenges,
which largely negatively affected small - scale
producers as shown in Figure 11.
Figure 11: Quarterly Pig Slaughters
Source: Ministry of Lands, Agriculture, Water, Climate
and Rural Resettlement, 2021

Dairy
Total fresh milk output stood at 17.83 million
litres during the first quarter of 2021, down
from the 19.23 million litres produced in the
same quarter in 2020. The milk output for the
first quarter of 2021 was also lower than the
19.26 million litres produced in the fourth
quarter of 2020. Table 8 shows the first quarter
performance of the dairy industry in 2020 and
2021.
Table 8: First Quarter Milk Output (million
litres) in 2020 and 2021
Month

Variance
%
Jan
6.83
6.47
-5.27
Feb
6.07
5.42
-10.71
Mar
6.32
5.94
-6.01
Q1
19.23
17.83
-7.28
Source: Ministry of Lands, Agriculture, Fisheries, Water
and Rural Resettlement, 2021
The dairy industry experienced high disease
incidences caused by incessant rains that
affected cattle pens and stressed cows, leading
to reduced productivity per cow.
Mining
The performance of the mining sector was
relatively subdued, during the period under
review. Declines in output were recorded for
key minerals such as; gold (29.9%), nickel
(16.6%)
and
chrome
(14.9%).
Notable
increases in output were realised for coal
(29.1%) and diamond (14.9%), as shown in
Figure 12.
Figure 12: Mineral Performance in Q1 2021
compared to Q1 2020

Source: Ministry of Mines and Mining Development,

Table 9 shows quarterly mineral output during
the first quarter of 2021, compared to the same
quarter in 2020.

Thousands

Gold (kg)
Platinum (kg)
Palladium (kg)
Rhodium (kg)
Diamonds (cts)
Chrome (MT)
Nickel (MT)
Copper (MT)
Coal (MT)

Table
9:
Quarterly
Mineral
Output
Statistics.

Q1

Q1

Change
(%)
Gold (kg)

-29.9
Platinum (kg)

-4.9
Palladium (kg)

-3.7
Rhodium (kg)

-3.6
Iridium (kg)

-24.9
Ruthenium(kg)

39.4
Diamonds (cts)
702639
611333
14.9
Chrome (MT)
300926
353669
-14.9
Nickel (MT)

-16.6
Copper (MT)

-10.3
Cobalt (MT)

-83.4
Coal (MT)
669382
462140
44.8
Lithium (MT)
5911.0
10063
-41.3
Phosphate (T)

13989
-40.0
Granite (MT)
35032
19639

Vermiculite(MT)
305009

Source:
Ministry
of
Mines and
Mining
Development, 2021
Gold
Despite average international gold prices
firming by about 13.6%, gold output was
largely subdued during the first quarter of 2021,
compared to the same quarter in 2020.
Cumulative gold output stood at 4 311 kg, about
30% lower than in the comparable period in
2020, largely weighed down by the artisanal
and small- scale gold sector (ASGM). Large-
scale producers delivered about 2 291 kg of
gold during the first quarter of 2021,
representing an 11.2% above the same period in
2020. ASGM delivered 1 586 kg, which was
55.6% below the quantity they delivered in the
same quarter in 2020.
Figure 13 shows quarterly developments in
gold output by sector and average international
prices.
Figure 13: Quarterly Developments in Gold
Output
and
International
Prices
(US$/ounce)

Source: Ministry of Mines and Mining Development,
FPR, 2021
The decline in gold deliveries by ASGM was on
account of the extreme wet weather conditions
that culminated in the slowdown of operations,
particularly in January and February 2021.
PGMs
Platinum output was about 5% lower than in the
comparable quarter in 2020, but slightly
surpassed the fourth quarter of 2020, by 1.3%.
Production was adversely affected by the
temporary closure of one of the key mines since
mid-February 2021, following a fatal accident.
The mine is set to resume full operations
towards end of June 2021.


Q1 2020
Q4 2020
Q1 2021
US$/ ounce
Kg
Secondary Producers (Kg)
Small Scale Producers (kg)
Large Scale Producers (kg)
Average Price (US$/ounce)

Figure 14 shows platinum production trends, as
well as the average international prices.
Figure 14: Quarterly Platinum Output (kg)
and International prices (US$/
ounce)

Source: Ministry of Mines and Mining Development,
World Bank Commodity Prices, 2021

The output of palladium was 3.7% and 5.5%
lower than in the same qurater in 2020 and the
fourth quarter of 2020, respectively, as shown
in Figure 15.


Figure 15: Quarterly Palladium Output (kg)
and International prices (US$/
ounce)


Source: Ministry of Mines and Mining Development,
World Bank Commodity Prices, 2021

Nickel
Nickel output at 3 283.75 tonnes in the first
quarter of 2021, was 16.6% below the output
produced in the comparable period in 2020.
This was despite the surge in nickel prices.
Figure 16 compares output in the first quarter of
2021 to same period in 2020 and the previous
quarter.
3,544
3,325
3,369

1,000
1,200
1,400


q1 2020
q4 2020
q1 2021
US$/ ounce
KG
Platinum (Kg)
Average Price (US$/Ounce)
3,544
3,325
3,369


q1 2020
q4 2020
q1 2021
US$/ ounce
KG
Platinum (Kg)
Average Price (US$/Ounce)

Figure 16: Quarterly Nickel Output and
International
prices
(US$/tonne)

Source: Ministry of Mines and Mining Development,

Diamond
Diamond output stood at 702,639 carats in the
first quarter of 2021, up from 611,333 carats
produced during the same quarter in 2020, as
shown in Figure 17.
Figure 17: Quarterly Diamond Output
(carats)

Source: Ministry of Mines, 2021


Chrome
Total chrome ore output stood at 300 926
tonnes in the first quarter of 2021, down from
353 669 tonnes produced in the first quarter of
2020, as shown in Figure 18.

Figure 18: Quarterly trends in Chrome Ore
Output

Source: Ministry of Mines and Mining Development,

Of the chrome ore produced, about 74% was
beneficiated and value added and disposed as
HCF, while only 26% was sold as raw chrome.

Coal
Coal output at 669 382 tonnes in the first
quarter of 2021, surpassed the output in first
and fourth quarters of 2020, by 44.8% and
37.3%, respectively. Figure 19 shows the
quarterly coal production trends.
3,936
4,213
3,284


q1 2020
q4 2020
q1 2021
Nickel (tonnes)
Average Price (US$/tonne)


q1 2020
q4 2020
q1 2021


q1 2020q2 2020q3 2020q4 2020q1 2021
tonnes
Total Chrome ore

Figure 19: Quarterly Coal Output

Source: Ministry of Mines and Mining Development,

ELECTRICITY
Electricity output stood at 1 815GWh in the
first quarter of 2021. This was 8.7% higher than
the performance in the fourth quarter of 2020
and 36.3% above the output in the same period
in 2020.

The increase in power generation in the first
quarter of 2021 was due to improved
performance at Kariba, Munyati and Harare
power stations, which more than offset the
decline in output at Hwange and Bulawayo
power generation plants. Output at Kariba
improved due to the increase in water
allocations, in line with the improved water
levels.

Power generation by Independent Power
Producers (IPPs) was relatively high in the first
quarter of 2021, owing to an 80% increase in
hydro- power generation during the period
under review, compared to the previous
quarter. Table 10 shows the quarterly
breakdown of output by power station.

Table 10: Total Electricity Output (GWh)

Q1 2020
Q1 2021
Change
(%)
Kariba
654.56
1,283.57
96.1
Hwange
627.63
414.42
-34.0
Bulawayo
6.21
5.75
-7.4
Munyati
3.97
22.15
457.9
Harare
2.06
22.79
1,006.3
IPPs
37.49
66.32
76.9
Total
1,331.90
1,815.00
36.3

Source: ZERA, ZPC, 2021
The proportion of energy produced by Kariba
increased from 61% in January 2021 to 78% in
March 2021, as shown in Figure 20. The
increase in hydro-power generation was
attributable to the good rains that the country
received, during the beginning of the year.
However, one of the plants at Hwange power
stations caught fire in February, resulting in
subdued electricity production by the end of the
quarter under review.
462,140
487,672
669,382


q1 2020
q4 2020
q1 2021
Tonnes

Figure
20:
Proportion
of
Electricity
Produced (%)
Source: ZERA, ZPC, 2021


INFLATION DEVELOPMENTS
Annual headline inflation decelerated from
348.59% in December 2020 to end the first
quarter of 2021 at 240.55%. Inflation has
maintained a downward trend since August
2020, following the introduction of the foreign
exchange auction trading system in June 2020,
which stabilised the foreign exchange market.

Similarly, annual food inflation eased from
346.40% in December 2020 to 299.81% in
March 2021. Non-food inflation also declined
from 350.17% at the end of the fourth quarter
of 2020 to 205.99% in March 2021, as shown
in Figure 21.

Figure 21: Quarterly Inflation Profile (%)

Source: Zimstat 2021
The disinflationary trend experienced in the
first quarter of 2021 saw month-on-month
inflation decelerate to 2.26% in March 2021,
from 4.22% in December 2020.

The deceleration in monthly inflation reflected
declines in both food and non-food inflation, as
shown in Figure 22.

Figure 22: Monthly Inflation Profile (%)

Source: Zimstat 2021


January
February
March
Kariba
Hwange
Bulawayo
Munyati
Harare
IPP's

Food
Non-Food
All Items
-10

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
Mar-21
Food
Non-Food
Overall

Blended Consumer Price Inflation

The blended CPI inflation, which combines the
average changes in price of goods and services
sold in the ZWL and the USD, largely
mimicked the disinflationary trend of headline
inflation. Annual blended CPI inflation
decelerated from the December 2020 rate of
188.91%, to 122.33% in March 2021.
Similarly, monthly blended CPI inflation
declined from 2.75% in December 2020 to
1.09% in March 2021.

3. MONETARY DEVELOPMENTS1

Broad money (M3) amounted to ZW$234.28
billion as at the end of the first quarter of 2021,
compared to ZW$204.92 billion in the quarter
ended December 2020. The increase in money
stock largely reflected expansions in time
deposits, 43.01%; currency in circulation,
41.85%; local currency transferable deposits,
14.76%; negotiable certificates of deposits
(NCDs), 14.27%; and foreign currency deposits,
10.90%.

Foreign currency deposits accounted for 49.10%
of money stock, followed by local currency
transferable, 43.42%; time deposits, 6.05%;
NCDs, 0.70%; and currency in circulation,
0.72%.


1 All monetary numbers are in ZW$ since the adoption of
the inter-bank foreign exchange market in February
2019.
Figure 23 shows annual broad money supply
components in nominal terms and annual growth
rates.
Figure 23: Broad Money Developments

Source: RBZ, March 2021

Domestic Credit
Domestic credit stood at ZW$124.27 billion as at
end March 2021, reflecting a quarter-on-quarter
growth of 22.85%, from ZW$101.15 billion
recorded in the fourth quarter of 2020. The
growth was largely driven by an increase in credit
to other financial corporations, 348.85%; public
non-financial corporations, 204.00% and credit to
the private sector, 26.55%. Net credit to
Government, however, declined by 17.33%
during the period under review.


Dec-18
Mar-19
Jun-19
Sep-19
Dec-19
Mar-20
Jun-20
Sep-20
Dec-20
Mar-21
%
$ Million
NCDs
Currency in Circulation
Time Deposits

Credit to the private sector, which increased to
ZW$94.48 billion in March 2021, from Z$74.66
billion in the fourth quarter of 2020, was mainly
extended
towards
agriculture,
32.41%;
households,
14.13%;
distribution,
11.96%;
financial organizations, 11.86%; manufacturing,
10.63%; and mining, 9.22%; as shown in Figure
24.

Figure 24: Distribution of Private Sector
Credit
Source: RBZ, March 2021

Credit to the private sector was largely channelled
towards inventory build-up, 38.84%; other
recurrent expenditures, 27.64%; and fixed capital
investment, 18.54%.

4. STOCK MARKET DEVELOPMENTS

The Zimbabwe Stock Exchange (ZSE) was
characterised by bullish sentiment, during the
first quarter of 2021. This resulted in increases
in all the major indices including the All Share,
Top 10, Medium Cap and mining, as shown in
Table 11.

Table 11: Key Stock Market Indicators.
ZSE
Indicator
Dec-20
Mar-21
Change
(%)
All
Share
Index (points)
2,636.34
4,489.47
70.29
Top 10 Index
(points)
1,671.47
2,594.75
55.24
Medium Cap
Index (points)
5,491.09
10,754.32 95.85
Small
Cap
Index (points)
11,914.14
47,352.26 297.45
Industrial
Index (points)
8,782.18
-
-
Mining Index
(points)
4,134.09
5,315.39
28.57
Volume
of
shares traded
(m)
1,184.64
2 829.83
138.88
Market
Turnover
($m)
7,824.98
9 559.98
22.17
ZSE
Capitalization
($m)
317,879.31 531
742.64
67.28
Net
Foreign
Position ($m)
-713.29
-1 474.41
-106.7
Source: Zimbabwe Stock Exchange, 2021
The All Share index rose by 70.29%, while the Top
10 and mining indices went up by 55.24% and
28.57%, respectively, between the last quarter of
2020 and the quarter under analysis.
Figure 25 shows the trend of the ZSE All Share and
Top 10 Indices for the period March 2020 to March
2021.

Households
14.13%
Agriculture
32.40%
Mining
9.22%
Manufacturing
10.63%
Distribution
11.96%
Construction
0.83%
Transport &
Communicat
ions
2.42%
Services
6.43%
Financial Org.
& Investments
11.95%
Other
0.04%

Figure 25: ZSE All Share and Top 10
Indices

Source: Zimbabwe Stock Exchange 2021

Market Capitalisation and Turnover
The ZSE gained Z$213.86 billion, or 67.28%
worth of capitalization to close at Z$531.74
billion, from Z$317.88 billion recorded in the
last quarter of 2020. The cumulative value and
volume of shares traded rose by 22.17% and
138.88% to Z$9.56 billion and 2.83 billion
shares, respectively.

The increase in the volume and value of shares
traded was largely informed by block trades,
which saw 2.24 billion Dawn Properties
Limited shares and 5.62 million Cassava
Smartech
Zimbabwe
Limited
shares
exchanging hands.

Figure

shows
market
capitalization
developments for the period from 31st March
2020 to 31st March 2021.
Figure 26: Market Capitalization

Source: Zimbabwe Stock Exchange, 2020
Figure 27 shows developments in market
turnover volumes and values for the period
from June 2020 to March 2021.

Figure 27: ZSE Market Turnover


Source: Zimbabwe Stock Exchange, 2020


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
31-Jan-21
28-Feb-21
31-Mar-21
All Share Index
Top 10 Index
Mining Index

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
31-Jan-21
28-Feb-21
31-Mar-21
$ Billions


03-Jun-20
03-Jul-20
02-Aug-20
01-Sep-20
01-Oct-20
31-Oct-20
30-Nov-20
30-Dec-20
29-Jan-21
28-Feb-21
30-Mar-21
ZW$ millions

Foreign investor purchases, as measured by
contribution to value of shares traded, declined
to 2.89%, compared to 9.34% recorded in the
fourth quarter of 2020. Concomitantly, the net
foreign position worsened to -Z$1.47 billion,
from -Z$713.29 million recorded during the
quarter ended 31st December 2020.

5. PAYMENT,
CLEARING
AND
SETTLEMENT ACTIVITIES

The value of transactions processed through the
National Payment Systems (NPS) increased by
9% to Z$1.24 trillion in the quarter ended 31st
March 2021, from Z$1.13 trillion recorded in
the fourth quarter of 2020. NPS transaction
volumes, however, decreased by 29% to 338.5
million, from 473.3 million during the same
period.

Table 12 provides the statistical information on
various payment streams for the fourth quarter
of 2020 and first quarter of 2021.


Table
12:
Consolidated
Transactional
Activities

Source: Reserve Bank of Zimbabwe, 2021


Values in Z$ Million

Q4
Q1
Change
Proportion

RTGS

CASH

CHEQUE

0.00
0%
0.00%
POS

ATMS

MOBILE

INTERNET

TOTAL

Volumes
RTGS

CASH

CHEQUE

0%
0.00%
POS

ATMs

MOBILE

INTERNET

TOTAL


LARGE VALUE PAYMENTS

Zimbabwe
Electronic
Transfer
and
Settlement System

The value of transactions processed through
the RTGS system increased by 9% to
Z$802.31 billion during the first quarter of
2021, compared to Z$737.75 billion in the
previous quarter. The volume of RTGS
transactions, however, decreased from 3.06
million in the last quarter of 2020 to 2.64
million in the quarter under review, as shown
in Figure 28.
Figure 28: Values and Volumes of RTGS
Transactions

Source: Reserve Bank of Zimbabwe, 2021

SWIFT Foreign Currency Transactions

SWIFT foreign currency payments decreased
by 5% to US$1.14 billion during the quarter
under review, from US$1.20 billion in the
fourth quarter of 2020. During the same period,
SWIFT foreign currency receipts decreased by
16% to $0.86 billion, from $1.04 billion, as
shown in Figure 29.
The net foreign currency outflow increased by
68% to $274.36 million in the quarter ended
31st March 2021, from 162.95 million recorded
in the previous quarter.
Figure 29: SWIFT Quarterly Foreign
Currency Transactions

Source: Reserve Bank of Zimbabwe, 2021
CASH
Over the Counter Cash Withdrawals
The value of cash withdrawals increased by 5%,
from Z$20.59 billion in the quarter ended 31st
December 2020 to Z$21.54 billion recorded in
quarter
ended
31st
March
2021.
The
corresponding volumes decreased by 5% to


Q1

Q2

Q3

Q4

Q1
RTGS Values in Billions
RTGS Volumes in Thousamds
Values
Volumes


Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Volumes in Thousands
Value in US$B
Value of Receipts
Value of Payments
Volumes of Payments
Volumes of Receipts

1.34 million by end March 2021 from 1.58
million recorded in the last quarter of 2020, as
shown in Figure 30.

Figure
30:
Over
the
Counter
Cash
Withdrawals

Source: Reserve Bank of Zimbabwe, 2020

Retail Payments
The aggregate values of retail transactions
increased by 9.81% to Z$434.93 billion in the
quarter under review, from Z$396.09 billion
recorded in the quarter ended 31st December
2020. Retail volumes decreased by 28.66% to
335.90 million in the first quarter of 2020.

Figures 31 and 32 show the trend in the
aggregate values and volumes of retail
transactions, by payment stream, from the first
quarter of 2020 to the first quarter of 2021.


Figure 31: Retail Transaction Values

Source: Reserve Bank of Zimbabwe, 2021

Figure 32: Retail Transaction Volumes


Source: Reserve Bank of Zimbabwe, 2021

2020 Q1
2020 Q2
2020 Q3
2020 Q4
2021 Q1

US$ BILLIONS
MILLIONS
Volumes
Values

2020 Q1 2020 Q2 2020 Q3 2020 Q4 2021 Q1
Mobile in billions
Other Retail Values in billions
CHEQUE
POS
ATMS
INTERNET
CASH
MOBILE

2020 Q1 2020 Q2 2020 Q3 2020 Q4 2021 Q1
Mobile Volumes in millions
Other Retai Volumes in millions
CHEQUE
POS
ATMs
INTERNET
CASH
MOBILE

Collateral2
The value of collateral increased to Z$1.986
billion in the quarter ended 31st March 2021,
from Z$1.985 billion recorded in the previous
quarter, as shown in Figure 33.

Figure 33: Collateral Amounts from June
2019 to March 2021

Source: Reserve Bank of Zimbabwe, 2020
The Victoria Falls Exchange collateral for the
quarter
ending
31st
March

was
US$39,929.63.


2 The local collateral figure comprises of Cheque, Zimswitch,
Chengetedzai Deposit Corporation settlement systems.
Access Points and Devices
Mobile banking agents were directed to
discontinue operations in the quarter ended 31st
December 2020. Resultantly, there were no
mobile banking agents in the first quarter of
2021.

The POS population increased to 128,803 in the
first quarter of 2021, from 125,277 recorded
during the fourth quarter of 2020.

The ATM population, however, decreased from
532 in the fourth quarter of 2020 to 520 in the
first quarter of 2021.

There were 6.4 million active mobile financial
services subscribers registered in the period
under review, from 5.2 million registered
subscribers recorded in the quarter ended 31st
December 2020.

Table 13 shows payment access points and
devices for the third and fourth quarters of 2020
as well as the first quarter of 2021.


Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021
MILLIONS

Table 13: Payment Systems Access Points
and Devices

Quarter
ending
Sept

Quarter
ending
Dec 2020
Quarter
ending
Mar

Mobile Banking
agents
52,065

ATMs

POS
128,896
125,277
128,803
PAYMENT SYSTEM ACCESS DEVICES
Debit Cards
5,989,282
5,675,458
5,977,006
Credit Cards
16,595
17,093
15,217
Prepaid Cards
112,154
124,210
143,438
Mobile Banking
subscribers
4,261,048
5,201,677
6,488,359
Internet
Banking
subscribers
427,993
447,033
490,679
Source: Reserve Bank of Zimbabwe, 2021

FISCAL DEVELOPMENTS

During the first quarter of 2021, cumulative
fiscal revenue collections amounted to $89
billion, against expenditures of $79.2 billion.
This culminated in a budget surplus of $9.8
billion, as shown in Table 14.


Table 14: Summary of 1st Quarter 2021
Fiscal Position

$ Millions
Revenue
89,016
Tax revenue
86,456
Non-Tax Revenue
2,560
Expenditure
79,178
Current expenditure
55,952
o/w employment costs
36,376
Capital Expenditure
23,227
Overall Balance
9,838
Source:
Ministry
of
Finance
and
Economic
Development, 2021
Government Revenue
Total revenue collections during the first
quarter of 2021 amounted to $89 billion. Tax
revenue collections amounted to $86.5 billion,
accounting for 97.1% of total government
revenue. Non-tax revenues collected amounted
to $2.5 billion.

Tax on income and profits accounted for 40%
of total revenue; followed by VAT, 23%; and
excise duty, 11%. Customs duty, taxes on
financial and capital transactions and tax on
gross revenue contributed 8% each. Lockdown
restrictions also adversely affected customs
duty collections as ports of entry were closed.

Figure 34: Composition of Tax Revenue, 1st
Quarter 2021

Source:
Ministry
of
Finance
and
Economic
Development, 2021

Government expenditure
Cumulative government spending in the first
quarter of 2021 amounted to Z$79.2 billion,
against a target of Z$77.3 billion. Expenditures
were comprised of current expenditure, Z$55.9
billion; interest on debt of Z$530 million and
capital expenditure, including net lending of
Z$23.2 billion.
Table 15 shows expenditure head performance
for the first quarter of 2021 versus targets, as
shown in Table 15.


Table 15: Summary of 1st Quarter 2021
Government Expenditure vs Target

Q1 Actual
Target
TOTAL
EPENDITURE
79,178
77,312
Current
Expenditure
55,952
58,312
Employment
costs
36,376
28,563
Government
Operations
19,045
29,367
Interest on Debt

Capital
Expenditure
23,227
19,000
Source:
Ministry
of
Finance
and
Economic
Development, 2021
Reflecting the increased infrastructure projects
being
undertaken
by
government,
the
proportion of capital expenditure amounted to
30% of total expenditures, during the quarter
under review.

The current expenditures were dominated by
compensation of employees, 65%; social
benefits, 14%; and use of goods and
services,12%; shown in Figure 35.


Tax on Income
and Profits
40%
Customs
duties
8%
Excise
duties
11%
Taxes on
Specific
Services
2%
Value
Added Tax
(VAT)
23%
tax on gross Revenue
8%
Taxes on financial
and capital
transactions
8%

Figure
35:
Composition
of
Current
Expenditure, 1st Quarter 2021


Source:
Ministry
of
Finance
and
Economic
Development, 2021

RESERVE BANK OF ZIMBABWE
JUNE 2021


Compensat
ion of
Employees
65%
Interest On
debt
1%
Use of
Goods and
Services
12%
Subsidies
2%
Grants
4%
Social
Benefits
14%
Other
Expenses
2%

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


Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
Nov-20
Dec-20
Jan-21
Feb-21
Mar-21
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, 2021
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


Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
Nov-20
Dec-20
Jan-21
Feb-21
Mar-21
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,2021
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


TABLE 3 : OTHER DEPOSITORY CORPORATIONS SURVEY ( ZWL$ '000)
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
Nov-20
Dec-20
Jan-21
Feb-21
Mar-21
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
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

217,355,104.75

222,450,885.44

229,411,015.11

Transferable Deposits
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

206,003,627.38

208,504,172.16

215,242,961.41

of which FCAs
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

108,386,216.00

109,466,728.50

114,435,612.97

Other Deposits

Money Market Instruments
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

1,422,437.87

1,457,355.54

1,641,213.33

Source:Reserve Bank of Zimbabwe,2021


S4


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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source: Reserve Bank of Zimbabwe, 2021
TABLE 4.1: RESERVE BANK - ASSETS
Foreign Assets
Loans and advances
Investments


S5


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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source: Reserve Bank of Zimbabwe, 2021
*Bond coins first issued in December 2014
* Bond Notes issued on 28 November 2016
ZWL$ Thousands
Deposits


S6


Foreign
TOTAL
End of
Notes
Bond
&
Balances
Balances with
Balances
Other Claims
Local
Other
Notes &
Coin
with
Other Depository
with
on
Government1
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


Jan
1,483.3

42,733.9

77,994.4

13,109.2

40,071.8


Feb
1,735.4

41,180.7

76,140.3

17,748.1

39,141.4


Mar
1,457.1

40,953.3

83,032.1

6,945.5

42,516.8


Source:Reserve Bank of Zimbabwe,2021
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


Jan

Feb

Mar

Source:Reserve Bank of Zimbabwe,2021
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
Government1
Local Governemt
Public Enterprises
Other2
Government
Government
Enterprises
Institutional Units3
Other claims
Assets
Other Assets
Assets
Coins
Coin
RBZ
Corporations
Foreign Banks
Non-residents
Securities
securities

Jan
22.4

64.1

2,294.5

192.1

103.4

81.9

2,143.2

-

23.5

65.9

26.3

20.6

154.8

2,451.1

28.7

501.0

294.2

538.9

9,006.6

Feb
18.3

44.0

2,296.8

223.7

108.3

96.2

2,109.3

-

23.5

66.1

24.3

21.1

145.0

2,461.5

28.7

507.8

290.6

536.3

9,001.5

Mar
14.8

53.6

2,238.8

240.7

124.5

99.5

2,164.0

-

23.5

66.7

19.2

15.9

127.1

2,535.8

30.4

504.1

325.8

552.3

9,136.6

Apr
13.5

56.7

2,207.9

275.0

116.7

78.5

2,314.9

-

24.7

67.0

13.4

20.9

120.8

2,519.8

28.3

532.0

299.0

554.9

9,244.0

May
12.9

62.8

2,309.0

339.5

130.1

85.7

2,562.4

-

25.0

66.9

8.4

20.9

134.0

2,556.2

23.9

458.9

307.9

555.3

9,659.8

June
7.5

52.6

2,848.5

331.8

117.3

84.1

2,538.3

-

26.2

66.5

7.4

19.4

196.0

2,662.2

25.5

551.4

302.9

563.4

10,401.0

July
17.9

54.3

3,189.6

281.1

109.3

95.4

2,949.2

-

-

67.5

4.5

21.0

182.0

2,414.6

26.0

611.4

322.5

565.1

10,911.4

Aug
21.0

67.8

3,196.7

232.3

102.5

66.3

3,014.9

-

-

67.3

7.1

20.6

186.7

2,491.0

29.8

647.7

329.4

566.3

11,047.4

Sep
16.3

58.2

3,487.9

305.3

137.8

78.0

2,789.8

-

45.2

68.1

5.4

20.4

212.2

2,577.1

36.7

637.4

357.4

571.8

11,405.0

Oct
33.1

68.0

3,505.8

272.1

173.1

51.4

2,728.8

-

45.2

68.4

4.6

9.4

188.8

2,697.4

38.7

647.5

353.2

569.2

11,454.9

Nov
25.8

81.4

3,384.4

264.6

198.2

63.9

2,793.9

-

45.2

68.7

7.0

8.1

217.7

2,672.3

46.1

633.2

406.6

569.8

11,486.9

Dec
18.2

89.9

3,737.0

317.3

224.4

74.8

2,633.7

-

43.4

69.2

6.2

9.2

204.3

2,707.6

53.7

573.8

406.2

633.9

11,802.7

Jan
42.05

106.91

3,766.70

338.09

249.77

46.14

2,621.20

-

61.02

68.66

4.41

8.06

189.15

2,594.53

33.84

517.24

428.82

649.94

11,726.5

Feb
52.63

238.67

3,601.94

293.36

549.59

205.65

2,675.29

-

60.52

2.00

5.84

7.71

208.31

2,784.17

31.04

490.74

472.78

696.82

12,377.1

Mar
59.17

244.62

3,729.81

393.22

712.08

55.05

2,635.68

-

61.52

4.53

4.27

9.53

340.66

2,660.90

25.33

523.72

755.57

971.53

13,187.2

Apr
40.82

331.97

3,876.83

492.10

981.80

91.75

2,590.97

-

61.79

3.95

3.98

9.62

407.85

2,721.57

24.55

620.52

935.27

1,002.47

14,197.8

May
94.59

444.70

3,886.07

571.50

1,747.69

154.08

2,508.43

-

62.12

4.20

3.93

9.43

636.78

3,056.86

34.46

910.14

1,832.95

1,142.77

17,100.7

Jun
119.69

810.71

4,104.17

413.18

2,244.98

538.88

2,596.97

-

63.09

6.62

3.89

8.73

929.36

3,667.45

37.02

1,606.53

1,374.23

1,621.33

20,146.8

Jul
224.75

791.31

5,081.19

275.44

3,602.89

801.93

2,640.55

-

103.36

5.49

2.18

9.00

164.58

4,043.75

32.65

1,587.68

1,873.44

1,722.66

22,962.9

Aug
178.74

1,054.06

7,123.10

461.83

3,778.75

1,050.74

3,106.90

-

103.86

6.78

1.04

9.21

212.50

4,430.78

37.42

2,614.64

1,744.16

1,989.27

27,903.8

Sep
108.51

1,915.41

8,246.09

676.17

5,563.16

1,575.75

3,240.85

-

26.96

6.47

1.37

9.40

187.53

4,993.71

42.30

3,707.80

3,074.10

2,440.63

35,816.2

Oct
138.01

1,702.35

10,537.81

2,437.08

7,376.80

906.98

3,416.23

-

27.05

5.29

1.15

7.94

254.84

5,859.32

41.94

4,081.09

1,658.19

2,434.21

40,886.3

Nov
113.92

2,078.54

10,430.55

2,073.35

7,977.27

940.70

3,737.72

-

27.15

11.83

1.37

8.74

248.79

7,670.96

42.07

3,148.28

1,627.27

3,059.40

43,197.9

Dec
158.44

2,300.01

12,821.54

934.73

7,898.48

1,984.08

3,716.31

-

24.75

20.65

1.33

8.11

268.61

8,976.00

61.84

4,867.67

2,740.16

6,935.56

53,718.3

Jan
165.80

2,845.62

12,018.43

708.00

7,706.57

1,811.38

4,029.43

-

125.52

14.97

5.11

12.17

326.11

10,766.91

77.59

2,965.93

3,395.90

8,058.15

55,033.6

Feb
251.70

2,756.57

12,731.97

889.16

8,264.76

1,532.87

3,877.19

-

117.45

13.99

5.15

11.56

329.47

11,656.91

88.37

5,441.70

11,907.90

8,653.69

68,530.4

Mar
242.41

3,063.92

14,545.58

1,948.14

12,381.17

2,497.47

4,373.76

-

0.08

20.23

4.39

11.39

765.82

14,041.67

127.46

7,917.31

5,718.53

9,244.62

76,904.0

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

Jan
1,237.43

39,565.64

71,463.64

12,288.89

39,092.85

10,921.99

8,281.80

-

-

1.18

16.67

18.01

1,264.28

71,090.96

718.83

25,036.22

12,333.21

32,123.11

325,454.7

Feb
1,320.27

38,100.03

69,341.48

16,867.76

38,108.83

6,341.39

12,518.15

-

-

1.26

24.15

22.69

1,493.66

77,324.34

774.89

28,339.17

15,953.14

33,612.14

340,143.4

Mar
1,244.16

38,369.53

76,479.44

5,317.61

41,401.24

8,733.65

15,889.61

-

19.21

34.56

15.17

21.67

1,309.75

80,607.03

878.97

32,908.13

19,302.34

30,861.86

353,393.9

Source:Reserve Bank of Zimbabwe, 2021
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

Dec
Jan

Feb

Mar

Source: Reserve Bank of Zimbabwe, 2021
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

Jan
188.7

2943.3
5,986.5

793.8
843.5

-

1,783.8

10.2
-

211.3

1,091.3

0.0

9,329.1

2980.3
7,685.1

33,846.9

Feb
345.7

2762.9
6,004.8

811.1
984.2

-

2,731.0

9.2
-

236.8

2,089.3

-

8,950.2

2949.2
7,790.6

35,665.0

Mar
168.3

2278.9
6,313.1

1594.4
1,028.2

-

1,341.7

8.4
-

415.1

1,242.4

-

10,867.7

3027.5
7,841.0

36,126.8

Source: Reserve Bank of Zimbabwe, 2021
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


Jan

Feb

Mar

Source: Reserve Bank of Zimbabwe, 2021
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


Jan

Feb

Mar

Source:Reserve Bank of Zimbabwe, 2021
/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


Jan

Feb

Mar

Source: Reserve Bank of Zimbabwe,2021
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

Jan

Jan
720.03 -
9,849.33
228.95 94,691.39 872.24
Feb

Feb
805.99 -
12,309.28
527.83 90,078.04 754.86
Mar

Mar
1,112.80 -
15,178.81
751.04 105,271.97 1,003.73
Source:Reserve Bank of Zimbabwe,2021
TABLE 9.1 : ZETSS AND RETAIL PAYMENTS TRANSACTIONAL ACTIVITY
Values of Transactions (ZWL$ in millions)
TABLE 9.2 : ZETSS AND RETAIL PAYMENTS TRANSACTIONAL ACTIVITY
Volumes of Transactions (in thousands)


S15


End of
Nominal Lending
Rates2
Individuals
Corporate
Savings
3 Months2

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

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

Jan
5.00-65.00
16.56
17.2
Jan
0.22-12.00
1.00-8.00
Feb
5.00-65.00
16.92
16.68
Feb
0.22-12.00
1.00-8.00
Mar
5.00-65.00
19.65
17.21
Mar
0.22-12.00
1.00-8.00
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

Jan
6.00-65.00
32.65
24.77
Jan
0.22-12.00
2.00-21.50
Feb
6.00-85.00
36.67
21.36
Feb
0.22-12.00
2.00-21.50
Mar
6.00-85.00
35.83
22.61
Mar
0.22-12.00
2.00-21.50
Source:Reserve Bank of Zimbabwe,2021
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
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


Jan

Feb

Mar

**As at 26 June 2020
Source: Zimbabwe Stock Exchange (ZSE), 2021
$ Millions
TABLE 11: ZIMBABWE STOCK MARKET STATISTICS
Indices
*All Share index was


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


Jan

Feb

Mar

Source :ZIMSTATS, 2021
NON-FOOD INFLATION
TABLE 12.1 : MONTHLY INFLATION -- PERCENTAGE CHANGE IN CONSUMER PRICE INDEX
( FEBRUARY 2019 = 100)


S18


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


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source :ZIMSTATS, 2021
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


Jan

Feb

Mar

Source:Zimstat, 2021
TABLE 12.3 : YEARLY INFLATION - % CHANGE IN CONSUMER PRICE INDEX
(February 2019 = 100)
COMMUNICAT ION
T RANS P ORT
HE ALT H
E DUCAT ION
NON-FOOD INFLATION


S20


End of
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
Nov-20
Dec-20
Jan-21
Feb-21
Mar-21
Total
(Q1 2021)
Merchandise Imports (excl. energy)
162.0

224.7

263.1

241.7

255.4

291.2

276.4

256.6

233.6

363.7

289.7

886.9

- Consumption Goods
86.3

119.6

115.7

99.7

103.5

143.2

110.8

92.4

129.4

175.1

147.9

452.4

- Capital Goods
47.4

72.5

89.9

94.9

99.7

103.9

112.6

114.6

69.9

115.7

86.6

272.2

- Intermediate Goods
28.3

32.6

57.4

47.1

52.1

44.1

53.1

49.7

34.3

72.8

55.2

162.3

Energy (Fuel & Electricity)
40.3

34.8

41.8

49.5

58.4

90.7

58.0

58.7

64.4

61.6

53.5

179.5

Service Payments
33.8

52.9

36.7

50.2

37.9

34.9

40.6

25.3

28.5

38.7

27.9

95.1

- Technical, Professional & consult
11.8

33.0

19.4

34.7

18.2

17.4

21.8

11.5

12.9

13.3

12.5

38.7

- Software
6.8

9.0

4.2

4.2

4.8

5.5

6.9

3.7

3.1

5.8

4.2

13.2

- Other (tourism, edu, freight etc)
15.2

10.9

13.2

11.2

14.9

12.0

12.0

10.2

12.5

19.5

11.2

43.2

Income Payments (Profits, Dividends)
11.1

14.8

19.9

18.2

48.2

32.9

61.1

25.7

66.6

87.0

30.0

183.6

Capital Remittances (outward)
16.1

20.3

22.2

22.4

37.3

38.7

41.9

45.8

19.5

52.6

82.6

154.7

- External Loan Repayments
16.0

17.5

15.9

19.2

29.0

30.2

35.5

37.7

18.5

45.2

73.4

137.1

- Disinvestments
0.1

1.7

3.9

1.0

3.7

3.7

3.5

6.5

0.8

3.3

7.1

11.2

- Cross Border Investment
0.0

1.2

2.5

2.1

4.6

4.9

2.8

1.6

0.2

4.0

2.1

6.4

Other Payments
3.4

6.0

7.4

7.3

9.2

9.3

9.4

4.3

3.2

5.0

11.1

19.3

TOTAL
266.7

353.5

391.1

389.2

446.4

497.7

487.4

416.4

415.8

608.5

494.8

1,519.1

Source: Reserve Bank of Zimbabwe, 2021
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


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source: Reserve Bank of Zimbabwe, 2021
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)