QUARTERLY
ECONOMIC
REVIEW


JUNE 2022

CONTENTS

List of Figures

List of Tables


1.
OVERVIEW


The global economy is projected to post a lower
growth of 3.2% in 2022, from 6.1 % in 2021.
This is on account of adverse spill-over effects
from the Russia-Ukraine conflict and the Covid19 pandemic-induced restrictions. Global growth
is projected to moderate to 2.9% in 2023, due to
sharper output decline in China, tightening global
financial conditions, and adverse spill-over
effects from the war in Ukraine.

Domestic economic activity remained robust
during the second quarter of the year and will
underpin the projected growth of 4.6% in 2022.
Despite the decline in agriculture, the strong
economic
growth
would
be
driven
by
improvements
in
tourism,
mining
and
construction sector activities.

Headline inflation accelerated from 72.70% in
March 2022, to end the second quarter of 2022 at
191.56%. This was, in large part, due to local
currency depreciation, as a result of speculative
activities on the parallel market and external
factors such as the persistent increase in
international prices of food and fuel.

Total merchandise trade for the second quarter of
2022 amounted to US$3,870.5, representing a
20.4% increase from US$3,215.0 million
recorded in the corresponding quarter in 2021.
Merchandise trade also grew by 10.1%, quarteron-quarter, from US$3,516.8 million in the first
quarter of 2022 to US$3,870.5 million in the
quarter under analysis, largely driven by the
growth in both exports and imports.


Reserve money stock rose from ZW$27.89
billion in the first quarter of 2022 to ZW$33.55
billion by the end of the quarter ended June 2022.
This was mainly due to an increase in statutory
reserves, on the back of an expansion in banking
sector deposits.

Broad money stock stood at ZW$1 119.70 billion
in June 2022, up from ZW$589.09 billion in
March 2022. This largely reflected the quarterly
expansion of 139.09% in foreign currency
deposits. The increase in foreign currency
deposits was largely a reflection of the movement
of the exchange rate, from ZW$142.42 per US$1
in March 2022 to ZW$370.96 per US$1 in June
2022.


During the second quarter of 2022, bullish
sentiments characterized the Zimbabwe Stock
Exchange. This resulted in increases in all major
indices, with the Medium Cap, All Share, Small
Cap, Top 15 and Top 10 indices increasing by
51.35%, 24.80%, 23.08%, 18.99% and 17.16%
to close at 39 627.35 points, 19 791.94 points,
513 602.97 points, 13 721.95 points and 12
273.75 points, respectively.


The value of transactions processed through the
National Payment Systems in the quarter ended
30th June 2022, increased by 64% to ZWL$5.86
trillion, from ZW$3.58 trillion recorded in the
quarter ended 31st March 2022. Transaction
volumes, however, decreased by 4%, from
310.09 million in March 2022 to 296.92 million
in June 2022.

Government revenue inflows amounted to
ZW$323 826.08 million, during the second
quarter of 2022. This was against total
expenditures of ZW$340 700.27 million,
culminating in a budget deficit of ZW$16 874.19
million.

2.
INTERNATIONAL
ECONOMIC
DEVELOPMENTS
The global economy is projected to grow by
3.2% in 2022, a downward revision from the
initial estimate of 4.9% in January 2022. The
growth rate was revised to take into account the
adverse spill-over effects from the RussiaUkraine war and the Covid-19 pandemicinduced restrictions and lockdowns. More
specifically, rising global inflation, high energy
and food prices and the ensuing tightening of the
global financial conditions, exerted downward
pressure on output growth in many countries.
Table

summarizes
global
economic
developments and prospects for selected regions
and countries.
Table 1: World Economic Growth Rates: 2021
-2023
Country/Group

Est (%)
Proj (%)
World Output
6.1
3.2
2.9
Advanced Economies
5.2
2.5
1.4
o/w: United States
5.7
2.3
1.0
Euro-Area
5.4
2.6
1.2
Emerging Market &
Developing Economies
6.8
3.6
3.9
o/w: China
8.1
3.3
4.6
India
8.7
7.4
6.1
Sub Saharan Africa
4.6
3.8
4.0
o/w: Nigeria
3.6
3.4
3.2
South Africa
4.9
2.3
1.4
Sources: IMF World Economic Outlook Update (July 2022)
According to the IMF World Economic Outlook
report of July 2022, the world’s real GDP shrunk
in the second quarter of 2022 due to the economic
slowdown in Russia and China. Global growth is
projected to moderate to 2.9% in 2023, on
account of a sharper output decline in China due
to extended lockdowns; tightening global
financial conditions; and adverse spill-over
effects from the war in Ukraine.
Growth in advanced economies is projected to
decelerate from 5.2% in 2021 to 2.5% in 2022,
on account of weaker-than-expected growth in
the first two quarters of 2022. This reflects in the
main, subdued household consumption, due to
the erosion of purchasing power and the expected
impact of tight monetary policy.
Growth in Emerging Market and Developing
Economies (EMDEs) is projected to slow down
from 6.8% in 2021 to 3.6% in 2022, mainly due
to the expected sharp slowdown of the Chinese
economy and moderate growth of the Indian
economy.
The Sub-Saharan African (SSA) region is
projected to grow by 3.8% and 4.0% in 2022 and
2023, respectively. In 2022, the largest
economies of Nigeria and South Africa, are
projected to grow by 3.4% and 2.3%,
respectively. The SSA regional growth outlook
will be mainly led by gradual recovery in tourism
and elevated commodity prices that will benefit
most commodity-exporting countries.
If geo-political tensions in Eastern Europe
persist, the SSA region’s growth prospects will
be adversely affected by the rise in food and
energy prices as well as attendant shortages.

INTERNATIONAL COMMODITY PRICE
DEVELOPMENTS
During the quarter under review, prices for gold,
platinum, palladium and copper retreated, while
those for nickel and Brent crude oil were higher
than in the previous quarter. The developments
in prices of selected commodities in the second
quarter of 2022 are as shown in Table 2.
Table 2: International Commodity Prices:
March -June 2022

Gold
Platinum
Copper
Nickel
Brent
Crude Oil

US$/oz
US$/oz
US$/tonne
US$/tonne
US$/Barrel
2022 Q1
Average

Apr-22

May-22

Jun-22

2022 Q2
Average

2022 Q1-
2022Q2
Changes

Source: World Bank and Bloomberg, 2022

Precious Metals
Gold prices averaged US$1,873.37 per ounce in
the second quarter of 2022, a marginal decline of
0.02% from US$1,873.82 per ounce in the
previous quarter. The decline was underpinned
by a stronger US dollar, following the US Federal
Reserve’s decision to further hike interest rates.
The expectations of an aggressive monetary
policy tightening by the US central bank
prompted investors to shift from the non-interest
yielding bullion to interest-bearing and riskier
assets. The decline was, however, moderated by
the support from the increased demand for the
yellow metal as a safe haven asset, amid ongoing
geopolitical tensions and soaring global inflation.
Platinum prices were largely bearish, falling by
6.7%, from an average of US$1,029.18 per ounce
during the first quarter of 2022 to US$959.85 per
ounce in the reporting quarter. Prices retreated on
account of a combination of a strengthening US
dollar and the slow- down in global demand from
the automotive industries, particularly in China.
Palladium prices markedly retreated in the period
under review on account of a stronger US dollar,
coupled
with
stringent
Covid-19-induced
measures in China, which continued to hurt the
demand for most metals. Prices eased by 9.5%,
from an average of US$2,317.19 per ounce in the
first quarter to US$2,096.44 per ounce, during
the reporting quarter.
The developments in precious mineral prices for
the period from January 2021 to June 2022 are as
shown in Figure 1.
Figure
1:
Precious
Mineral
Prices
(US$/ounce)

Source: Bloomberg, 2022


Jan-21
Mar-21
May-21
Jul-21
Sep-21
Nov-21
Jan-22
Mar-22
May-22
Gold
Palladium
Platinum (RHS)

Base Metals
Copper prices weakened amid uncertainty
surrounding demand in China, the top consumer
of the base metal. Renewed outbreaks of
emerging Covid-19 variants cast doubt on the
recovery of economic activity, on the back of
prolonged lockdowns to curb the spread of the
virus. Against this backdrop, the price of the red
metal eased by 4.3%, from US$9,976.80 per
tonne in the first quarter of 2022 to US$9,547.74
per tonne in the quarter under review.

Nickel prices remained buoyant, supported by
dwindling inventories across the globe, coupled
with supply concerns occasioned by sanctions
imposed by the European Union on Russia.
Robust demand for nickel from electric vehicle
batteries manufacturers also further boosted
nickel prices. Prices firmed by 4.5%, from a
quarterly average of US$27,706.83 per tonne in
the first quarter of 2022 to US$28,952.58 per
tonne in the quarter under review, as is shown in
Figure 2.

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

Source: Bloomberg, 2022


Brent Crude Oil
Brent crude oil prices rose sharply quarter-onquarter, as global oil supply continued to tighten
and several buyers shunned importing oil from
Russia, in response to the country’s invasion of
Ukraine. Furthermore, oil prices were supported
by reports that US crude oil inventories had
fallen more than expected in the second quarter
of 2022.

Prices registered a 14.1% growth, from an
average of US$97.52 per barrel in the first
quarter of 2022, to close the quarter under review
at an average of US$111.26 per barrel.

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

Source: Bloomberg, 2022

MERCHANDISE TRADE
DEVELOPMENTS
Total merchandise trade stood at US$3,870.5
million in the second quarter of 2022,
representing a 20.4% increase from US$3,215.0
million recorded in the corresponding quarter in
2021, as shown in Figure 4.

Feb-21
Apr-21
Jun-21
Aug-21
Oct-21
Dec-21
Feb-22
Apr-22
Jun-22
Copper
Nickel (RHS)

Jan-21
Mar-21
May-21
Jul-21
Sep-21
Nov-21
Jan-22
Mar-22
May-22
Crude Oil

Figure 4: Quarterly Merchandise Total Trade
(US$ m)

Source: Zimstat, 2022

Merchandise trade also grew by 10.1% quarteron-quarter, from US$3,516.8 million in the first
quarter of 2022 to US$3,870.5 million in the
quarter under analysis. The increase in quarterly
merchandise trade was largely driven by the
growth in both exports and imports.

Merchandise Export Developments
During the second quarter of 2022, the country
exported goods worth US$1,767.0 million, up by
23.2% from US$1,434.5 million recorded in the
corresponding quarter in 2021. The second
quarter out-turn was also 14.8% higher than
US$1,539.5 million realized in the previous
quarter, as shown in Figure 5.
Figure 5: Quarterly Merchandise Total Trade
(US$ m)

Source: Zimstat, 2022
The improvement in export earnings was largely
due to strengthening prices for commodities such
as gold, chrome, and the platinum group of
metals (PGMs). Gold benefited from robust safe
haven demand, which was being spurred by
uncertainties caused by geopolitical tensions and
soaring global inflation. Furthermore, most metal
prices, notably for nickel and copper rose owing
to strong demand, as global energy transitions
away from fossil fuels.
Gold and PGMs led the country’s exports, as the
two commodities accounted for more than half of
the total value of goods exported by the country
in the quarter under review. Table 3 shows the
country’s major exports, during the first and
second quarters of 2022.


2021Q4
2022Q1
2022Q2
1,774.3
1,539.5
1,767.0

1,000
1,500
2,000
2021Q4
2022Q1
2022Q2

Table 3: Quarterly Merchandise Exports (US$ m)

2022Q1

2022Q2

2021Q12022Q2
Changes
(%)
Share of
Exports
(%) 2022
Q2
Total
Exports

Of Which:
PGMs

Gold

Tobacco
(Inc.
cigarettes)

Ferrochromium

Industrial
diamonds

Coal

Chromium
ores
and
concentrates

Crocodile
skins

Granite

Cane sugar

Source: Zimstat & RBZ Calculations 2022
Major Merchandise Export Destinations
During the period April to June 2022, South
Africa was the country’s major trading partner,
accounting for 41.6% of the country’s total
exports, followed by the United Arab Emirates
and China at 10.8% and 9.0%, respectively.
Figure 6 presents the country’s major exports
destinations by value during the second quarter
of 2022.
Figure
6:
Zimbabwe’s
major
export
destinations, 2022Q2

Source: ZIMSTAT & RBZ Computations

Merchandise Import Developments

Total merchandise imports increased by 18.1% to
US$2,103.5 million in the second quarter of
2022, from US$1,780.5 million recorded in the
corresponding quarter in 2021, as depicted in
Figure 7.

Figure 7: Quarterly Merchandise Imports (US$m)

Source: Zimstat, 2022


South Africa
United Arab Emirates
China
Mozambique
Italy
Belgium
Zambia
1,780.5
1,977.2
2,103.5
2021Q2
2022Q1
2022Q2

On a quarter-on-quarter basis, merchandise
imports for the second quarter of 2022 were 6.4%
higher than the US$1,977.3 million recorded in
the first quarter of 2022, as shown in Figure 7.

The increase in the country’s import bill was due
to surging food and energy prices, owing to
supply disruptions occasioned by the RussiaUkraine war. Food supplies from these two major
world producers were severely curtailed by the
ongoing conflict between them. In addition, fuel
imports expanded enormously on account of
soaring international oil prices, reflecting tight
supplies from Russia, following the imposition
of sanctions by the West on its crude oil exports.
Table 4 shows merchandise imports for the first
and second quarters of 2022.

Table 4: Quarterly Merchandise Imports
(US$ m)

2022Q1
2022Q2
Changes
(%)
Share
of
Imports
(%)
Q2

Total Imports

Of Which:


Diesel

Unleaded petrol

Crude soya bean oil

Electricity

Chemicals

Rice

Wheat

Mining
Equipment
(Furnaces)

Palm oil

LP Gas

Source: ZIMSTAT & RBZ Computations 2022
Major Import Sources
The country’s imports for the second quarter of
2022 were mainly sourced from South Africa
(43.3%), Singapore (14.9%), China (12.2%) and
Mozambique (4.0%) as shown in Figure 8.
Figure 8: Major Merchandise Import Sources (%
Share)
Source: ZIMSTAT & RBZ Computations 2022
TRADE BALANCE
The country’s trade balance narrowed from a
deficit of US$437.8 million recorded in the first
quarter to a deficit of US$336.5 million in the
second quarter of 2022, as shown in Figure 9.
Figure 9: Merchandise Trade Balance
(US$ m)
Source: Zimstat & RBZ Computations-2022

South Africa
Singapore
China
Mozambique
Mauritius
Zambia
India
United Arab Emirates
Argentina
Hong Kong
-1000
-500

2021Q2
2022Q1
2022Q2
Exports
Imports
Trade Balance

Similarly, the trade balance also narrowed, on a
year-on-year basis, from a deficit of US$346.0
million in the comparable quarter in 2021, to a
deficit of US$336.5 million in the quarter under
review.
EXCHANGE RATE DEVELOPMENTS
On the foreign exchange auction market, the
Zimbabwe dollar (ZW$) depreciated by about
109.6% against the US dollar, moving from an
average of ZW$121.58 per US$1 in the first
quarter to ZW$254.83 per US$1 in the second
quarter. The premiums on the parallel market
also widened from a peak of 122.7% in the first
quarter to a peak of 151.0%, during the reporting
quarter.
The exchange rate depreciation and the widening
gap between the official and the parallel market
exchange rates were attributable primarily to
rent-seeking behaviour and preference for the
US$ to the local currency for value preservation.
The confidence deficit among economic agents
exacerbated by adverse inflation expectations,
prompted the business community to engage in
forward exchange rate pricing and parallel
market benchmarking of prices. Figure 10 shows
developments on the official and parallel market
exchange rates and the premium.


Figure 10: Exchange Rate Developments:
January 2021 to June 2022
Source: RBZ and Market Surveys

The recent raft of policy measures, together with
the shift towards a more liberalised willing buyer
willing seller interbank market for foreign
currency, significantly reduced parallel market
exchange rate premiums, from about 150% in
May 2022 to around 90% in June 2022, as
importers sourced foreign exchange from the
formal market.

3.
DOMESTIC
ECONOMIC
DEVELOPMENTS

REAL SECTOR DEVELOPMENTS

GDP growth is projected to remain relatively
strong in 2022 and 2023, with growth for 2022
projected at 4.6%. Despite the decline in
agriculture, the notable growth would be driven

2-Jan
1-Apr
30-Jun
28-Sep
27-Dec
27-Mar
25-Jun
23-Sep
22-Dec
22-Mar
20-Jun
PREMIUM (%)
OFFICIAL RATES
PARALLEL RATES (Transfer)

by strong performances in the tourism, mining
and construction sectors.

AGRICULTURE
Agriculture sector growth is expected to decline
in 2022, following the poor performance of the
cropping sub-sector. The underperformance of
the major crops was largely due to declines in the
cropping area as well as lower productivity
compared to the previous year. Albeit receiving
cumulative normal to above normal rains as
forecast
by
the
Meteorological
Services
Department, the uneven distribution of the rains
during the 2021/22 season had serious negative
effects on crops. The livestock sub-sector,
however, performed well as there was ample
availability of water and grazing pastures.

Crops
According to the 2022 Second Round Crop and
Livestock
Assessment
Report,
food
crop
production fell significantly during the 2021/22
season, compared to the previous year. The
unfavourable rainfall distribution, characterised
by late onset, false starts, and protracted dry
spells had a negative impact on crop yields
during the cropping season. The combined cereal
output is estimated to have declined by 43% to
1.75 million tonnes, falling short of the national
cereal requirement of about 2.2 million tonnes.
Table 5 shows the output of major food crops in
2021 and 2022.


Table 5: Estimated field crop output (tons)
Crop
2021/22
2020/21
Change
(%)
Maize
1 557 914
2 717 171
-43
Sorghum
144 633
244 063
-41
Pearl Millet
44 143
90 683
-51
Finger Millet
5 320
13 223
-60
Groundnut
98 765
208 864
-53
Round Nut
18 718
37 156
-50
Sweet Potato
207 529
422 613
-51
Sugar Beans
25 388
30 613
-17
TOTAL
2 117 294
3 802 838

Source: Ministry of Lands, Agriculture, Fisheries, Water,
and Rural Development, 2022
Tobacco
Tobacco output is expected to fall marginally
from the 211 million tonnes produced in 2021,
due the adverse effects of the long dry spells and
a decline in crop size. The Tobacco Industry and
Marketing Board estimates a decline in cropping
area from 112 169 hectares in 2020/21 season to
around 110 155 hectares in the 2021/22 season.

As at 30th June 2022, the volume of tobacco sold
amounted to about 166.97 million kilogrammes,
valued at about US$505.07 million. While the
sales volumes were 8.56% lower than in the
previous season, the value realised was 0.22%
higher, owing to higher prices in the 2021/22
tobacco selling season, compared to last year.

Table 6 summarises the tobacco sales statistics at
the end of June 2022.

Table 6: Cumulative Tobacco Sales in 2021
and 2022

Variance
(%)
Total Quantity
Sold (million
Kgs)
166.97
182.60
-8.56
Total Value
(US$ million)
505.07
503.94
0.22
Average Price
(US$)/Kg
3.02
2.76
9.60
Source: TIMB, 2022.
Wheat
Wheat output is expected to surpass 400 000
tonnes in 2022, due to the increase in cropping
area; availability of financing; and improved
water and power supply.

About 77 616 hectares of wheat had been planted
by end of June 2022, up from 57 197 hectares
planted during the comparable period in 2021.
Government’s
input
support
schemes
contributed about 51.48% to total planted wheat
area, with private contractors accounting for
36.74% and the remaining 11.78% being selffinancing by farmers.

Maize
Maize output is estimated at 1.56 million tonnes
in the 2021/22 season, a 43% decline from the
2.72 million tonnes produced in the 2020/21
season. The lower performance was in line with
reduction in both the crop size and yields, due to
the poor rainfall distribution pattern.

The widespread and protracted drought spells
negatively affected yields, which dwindled to
0.82 tonnes in the 2020/21 season, from 1.39
tonnes per hectare in the 2021/22 season. Table
7 summarises maize production trends in the last
three seasons.

Table 7: Maize production trends
Season
Area (ha)
Output (ton)
Yield
(t/ha)

Source: Ministry of Lands, Agriculture, Fisheries, Water,
and Rural Development, 2022.

Sorghum
Sorghum output stood at 144 633 tonnes in the
2021/2022 season, a 41% decrease, from
244 063 tonnes produced in the 2020/21 season.
The decline in production volumes was
attributed to a fall in hectarage, as well as the
poor rainfall outturn that reduced yields from
0.67 tonnes in the 2020/21 season, to 0.45 tonnes
per hectare in the 2020/22 season.

Cotton
Seed cotton output is projected to decline in the
2021/22 season, following the reduction in
hectarage as a result of the late onset of the rainy
season. The ordinarily drought resistant crop was
also affected by poor rainfall distribution during
the season, resulting in lower yields. While the
crop continued to benefit from the Government’s
free input scheme, delays in payment for
delivered lint contributed to the fall in hectarage,
from 239 619 hectares in the 2020/21 season to
about 223 283 hectares in the 2021/2022 season.

Livestock
The 2022 Second Round Crop and Livestock
Assessment reported an improvement in the

livestock condition, given the availability of
grazing pastures and adequate water. The good
livestock condition is likely to be sustained to the
next season in most parts of the country.

Cattle
The country’s beef herd increased by about 1%,
from 5 478 648 head in the 2020/21 season to
5 509 983 head in the 2021/22 season.
Improvements in disease control resulted in
lower mortality rates.

Cattle slaughters at formal abattoirs stood at 82
323 head in the second quarter of 2022, up from
72 699 head in the same quarter in 2021 and
1.32% higher than the 81 249 slaughters in the
first quarter of 2022. Table 9 shows quarterly
cattle slaughters in 2021 and 2022.

Table 8: Cattle Slaughters

% Change
Q1
62 929
81 249
29.11
Q2
72 699
82 323
13.24
Total
135 628
163 527
20.60
Source: Ministry of Lands, Agriculture, Fisheries, Water,
and Rural Development, 2022
Pigs
Pig slaughters in the second quarter of 2022
stood at 54 647 head, up by 15.47% from the
corresponding period in 2021. A decrease of
1.4% was recorded for pig slaughters between
the first and second quarters of 2022. Table 9
gives statistical information on pig slaughters for
the first and second quarters of 2021 and 2022.


Table 9: Quarterly Pig Slaughters

% Change
Q1
45 246
55 440
22.53
Q2
47 325
54 647
15.47
Total
92 517
110 087
18.92
Source: Ministry of Lands, Agriculture, Fisheries, Water
and Rural Development, 2022.
Dairy
Fresh milk output in the second quarter of 2022
is estimated at 21.89 million litres, about 15.5%
higher than the 18.95 million litres produced in
the second quarter of 2021. Compared to the first
quarter output of 21.46 million litres, the output
in the reporting quarter was 2% higher. The
industry continued to benefit from investments
from the European Union funded Trans ZDVC
initiative as well as the Government programme
for developing pastures and silage production.
Figure 11 shows the trend in quarterly fresh milk
production since 2020.

Figure 11: Quarterly Fresh Milk Output
(litres)

Source: Ministry of Lands, Agriculture, Water and Rural
Development, 2022

Q1:2020
Q2:2020
Q3:2020
Q4:2020
Q1:2021
Q2:2021
Q3:2021
Q4:2021
Q1:2022
Q2:2022
Millions

MINING

The performance of the mining sector improved
during the second quarter of 2022, with key
minerals recording increases as follows: gold
(35.7%), coal (27.3%), chrome (9.7%) and
diamond (3.9%). Notable declines were recorded
for copper (37.8%) and nickel (29.3%), as shown
in Table 10.

Table 10: Quarterly Mineral Output Statistics

Q2

Q2

Change
(%)
Gold (kg)
8794.52
6479.5
35.7
Platinum (kg)
4431.29
4279.4
3.5
Palladium (kg)
3577.74
3569.8
0.2
Rhodium (kg)
380.61
391.7
-2.8
Iridium (kg)

199.2
-100
Ruthenium(kg)
395.79
393.1
0.7
Diamonds (cts)
977.9
940.96
3.9
Chrome (MT)
396261.74
361091.12
9.7
Nickel (MT)
3 145.35
4448.50
-29.3
Copper (MT)
1688.33
2716.0
-37.8
Cobalt (MT)
66.97
93.28
-28.2
Coal (MT)
905886.50
711632.78
27.3
Lithium (MT)
15755.00
21070.00
-25.2
Phosphate (T)
7490.00
13042.00
-42.6
Granite (MT)
108707.55

35615.31
205.2
Source: Ministry of Mines and Mining Development, 2022

Gold
Total gold output stood at 8 794.52 kg in the
second quarter of 2022, representing a 35.7%
increase from 6 479.5 kg produced in the
corresponding quarter in 2021.

Gold output was largely driven by both large and
ASGM whose output was higher, compared to
the second quarter of 2021 and the first quarter of
2022. Large scale producers contributed about
32.4%;
ASGM,
61.8%;
and
secondary
producers, 5.8% to total gold output, during the
quarter under review.

Figure 12 shows quarterly developments in gold
output by category.

Figure 12: Quarterly Developments in Gold
Output

Source: Ministry of Mines and Mining Development, 2022

PGMS
Platinum output stood at 4 431.29 kg in the
second quarter of 2022, surpassing the output in
the comparable quarter in 2021 and the first
quarter of 2022, by 3.5% and 25.5%,
respectively. The increase was attributable to the
ongoing investment in mine development and
exploration,
improvement
in
operational
efficiency and an increase in concentrator and
smelting capacity in the sector.


Q2 2021
Q1 2022
Q2 2022
Kg
Secondary Producers (Kg)
Small Scale Producers (kg)
Large Scale Producers (kg)

Figure 13 shows the platinum production trends.

Figure 13: Quarterly Trends in Platinum
Output (kg)

Source: Ministry of Mines and Mining Development,
World Bank Commodity Prices, 2022

Palladium output at 3 577.74 kg was 0.2% and
15.4% above the same quarter in 2021 and the
first quarter of 2022, respectively, as shown in
Figure 14.

Figure 14: Quarterly Trends in Palladium
Output (kg)

Source: Ministry of Mines and Mining Development,
World Bank Commodity Prices, 2022

Chrome
Total chrome ore output amounted to 396 262
tonnes in the second quarter of 2022, surpassing
output in the second quarter of 2021 by 9.7%.
The reporting quarter output was, however,
25.7% lower than the 533 554 tonnes produced
in the first quarter of 2022, as shown in Figure
15.

Figure 15: Quarterly trends in Chrome Ore
Output

Source: Ministry of Mines and Mining Development, 2021

Chrome output benefited from the increased
investments in smelting capacity by big players
in the sector, as well as the continued
capacitation of tributary miners through training
and mechanisation by the large smelters.
Increased activity at one of the mining houses
and the entrance of new players also facilitated
growth in output of the mineral.

Coal
Coal output stood at 905 887 tonnes in the second
quarter of 2022, an increase of 27.3% over the

Q2 2021
Q1 2022
Q2 2022
Kg

Q2 2021
Q1 2022
Q2 2022
Kg
361091.12
533553.63
396261.74


Q2 2021
Q1 2022
Q2 2022
tonnes

comparable quarter in 2021. Compared to the
first quarter of 2022, the output in the quarter
under review was 5.2% lower. Figure 16 shows
the quarterly coal production trends.

Figure 16: Quarterly Trends in Coal Output

Source: Ministry of Mines and Mining Development, 2021

ELECTRICITY

Total power generated during the second quarter
of 2022 amounted to 2 416.87 GWh, up by
6.60% from 2267.29GWh, generated in the first
quarter of 2022. Compared to the same quarter in
2021, electricity generated in the quarter under
analysis was 9.78 % higher.
Kariba accounted for about 68% of total power
production
during
the
second
quarter,
compensating for the low throughput from
Hwange and the other small thermal stations.
Independent power producers (IPPs) contributed
about 4.59% to total power output.
Table 11 shows power output statistics from the
major power stations and independent power
producers.


Table 11: Quarterly Power Output

Q1
Q2
Q1
Q2
Kariba
1 283.57
1 498.27
1 510.1 1 647.49
Hwange

Bulawayo

Munyati

Harare

IPPs

Total
(GWh)
1 815.00
2 201.53
2 267.3 2 416.88
Source: ZERA ZPC, 2022
During the second quarter of 2022, IPPs
produced about 116.60 GWh of electric energy,
up from 29.78 produced in the same quarter in
2021. This was due to the addition, to the grid, of
output from the Zimbabwe Zhongxin Electrical
Energy (ZZEE) thermal power station and solar
powered Solgas Energy.
Figure 17 shows the trend of quarterly electricity
production by IPP’s from Q1 2021 to Q2 2022.
Figure 17: Quarterly Power Output by IPPs.

Source: ZERA, ZPC 2022


q1 2022
q2 2021
q2 2022
tonnes

Q1

Q2

Q3

Q4

Q1

Q2
GWhs

INFLATION DEVELOPMENTS
Headline inflation increased from 72.70% in
March 2022, to end the second quarter of 2022 at
191.56%. The depreciation of the local currency,
coupled with the persistent rise in international
food and fuel prices resulted in the increase in
inflation. Both annual food and non-food
inflation increased during the quarter under
review.

Year- on- year food inflation rose from 75.09%
in March 2022 to 224.80% in June 2022. This
was, in large part, due to increases in
international prices of cereals, particularly maize
and wheat, during the quarter under analysis.

Annual non-food inflation also increased from
70.87% in March 2021 to 114.84% in June 2022.
Non-food inflation was largely driven by
increases in prices of housing, water, electricity,
gas and other fuels. Other sub-categories that
recorded significant increases were transport;
and miscellaneous goods and services. Figure 18
shows the trend in annual inflation since
December 2020.

Figure 18: Quarterly Inflation Profile (%)
Source: Zimstat 2022

Monthly inflation rose from 6.31% in March
2022 to 30.70% in June 2022. Largely
attributable to adverse inflation expectations and
global inflation.

Monthly food inflation ended the second quarter
of 2022 at 31.68%, up from 6.03% in March
2022. The bread and cereals; vegetables and
meat subcategories continued to dominate food
inflation.

Month-on-month non-food increased from
6.54% in March 2022 to 29.83% in June 2022,
mainly driven by rises in miscellaneous goods
and services; transport; housing water electricity
gas and other fuels; and alcoholic beverages and
tobacco, among others.

Figure 19: Monthly Inflation Profile (%)
Source: Zimstat 2022
Blended Consumer Price Inflation
The annual blended CPI inflation stood at
70.02% in June 2022, up from 29.82% in March
2022. The month-on-month blended CPI
inflation also rose from to 2.66% in March 2022
to 18.02% in June 2022.

Food
Non-Food
All Items

Jul-21
Aug-21
Sep-21
Oct-21
Nov-21
Dec-21
Jan-22
Feb-22
Mar-22
Apr-22
May-22
Jun-22
Food
Non-Food
Overall

4.
MONETARY DEVELOPMENTS
Reserve money rose from ZW$27.89 billion as at
31st March 2022 to ZW$33.55 billion by the end
of the quarter ended June 2022. This was mainly
due to an increase in statutory reserves, on the
back of an expansion in banking system deposits.
The increase in statutory reserves signifies
tightening of monetary policy, given that these
are sterilized at the Reserve Bank, and are not
available for lending by banks.

Figure 20: Reserve Money Developments
(ZW$ Billions)

Source: Reserve Bank of Zimbabwe, 2022

Figure 21 shows reserve money and inflation
developments for the period from February 2018
to June 2022.
Figure 21: Reserve Money Growth and
Annual Inflation (%)

Source: Reserve Bank of Zimbabwe

Broad money stock stood at ZW$1 119.70 billion
as at June 2022, compared to ZW$589.09 billion
in March 2022. This largely reflected quarterly
expansion of 139.09% in foreign currency
deposits, over the last quarter. The increase in
foreign currency deposits was largely a reflection
of the movement of the exchange rate, from
ZW$142.42 per US$1 in March 2022 to
ZW$370.96 per US$1 in June 2022.

Foreign currency deposits accounted for 57.55%
of broad money, followed by local currency
deposits,
at
42.13%;
while
currency
in
circulation only accounted for 0.32%. Local
currency deposits also rose by 47.11% over the
quarter to June 2022. Figure 22 shows the
components of broad money and annual growth
rates.

Jun-21
Jul-21
Aug-21
Sep-21
Oct-21
Nov-21
Dec-21
Jan-22
Feb-22
Mar-22
Apr-22
May-22
Jun-22
Reserve Money Actual Outturn
Q1 Target
Q3 Target
Q4 Target
Q1 2022 Target

Feb-18
Jun-18
Oct-18
Feb-19
Jun-19
Oct-19
Feb-20
Jun-20
Oct-20
Feb-21
Jun-21
Oct-21
Feb-22
Jun-22
Reserve Money Growth
Annual Inflation

Figure 22: Broad Money Developments

Source: Reserve Bank of Zimbabwe

Domestic Credit
Domestic credit registered a quarter-on-quarter
growth of 80.28%, from ZW$425.90 billion in
March 2022 to ZW$767.81 billion in June 2022.
The growth was largely driven by increases of
145.63% and 88.17% in credit to public nonfinancial enterprises and the private sector,
respectively. Net credit to government increased
by 32.33% to ZW$104.67 billion during the
quarter under review, largely reflecting holdings
of treasury bills by banks.

Credit to the private sector mainly benefited the
agriculture and household sectors, which
received 27.08% and 20.40% of the total credit,
respectively. The distribution and manufacturing
sectors
received
13.44%
and
11.19%,
respectively, while private credit shares for the
rest of the economic sectors are shown in Figure
23.
Figure 23: Distribution of Private Sector
Credit

Source: Reserve Bank of Zimbabwe

Credit to the private sector was largely channeled
towards inventory build-up, 32.66%; other
recurrent expenditures, 27.39%; and fixed capital
investments, 17.26%.

Interest Rates
During the quarter ending June 2022, nominal
lending rates quoted by banks ranged between
6% and 85%. Time deposit interest rates for 60day and 90-day tenures averaged 18.05% and
18.63%, respectively. The average maximum
savings rate was quoted at 6.35%, during the
quarter under review.

The Monetary Policy Committee (MPC) of the
Bank, at its meeting of 24th June 2022, resolved
to increase the Bank policy rate from 80% to
200%
per
annum;
the
Medium-Term
Accommodation interest rate from 50% to 100%
per annum; and the minimum deposit rate for
ZW$ savings from the current 12,5% to 40% per
annum; while that for ZW$ time deposits was
raised from 25% to 80% per annum. The rate
increases are expected to affect the entire term
structure of interest rates in the economy, which

1,000
1,200
Feb-20
Apr-20
Jun-20
Aug-20
Oct-20
Dec-20
Feb-21
Apr-21
Jun-21
Aug-21
Oct-21
Dec-21
Feb-22
Apr-22
Jun-22
%
ZW$ Billions
NCDs
Currency in Circulation
Time Deposits
Foreign Currency Deposits
Local Currency Transferable Deposits
Households
20.40%
Agriculture
27.08%
Mining
7.64%
Manufacturing
11.19%
Distribution
13.44%
Construction
1.36%
Transport &
Communications
2.56%
Services
12.80%
Financial Org.
& Investments
3.51%
Other
0.02%

will significantly reduce the speculative demand
for credit, which has previously accounted for the
escalation in parallel market activities.

5.
STOCK MARKET DEVELOPMENTS
During the second quarter of 2022, bullish
sentiments characterized the Zimbabwe Stock
Exchange (ZSE). Trading activity was skewed
towards medium to small cap counters associated
with high trading volumes. This resulted in
increases in all the major indices, with the
Medium Cap, All Share, Small Cap, Top 15 and
Top 10 indices increasing by 51.35%, 24.80%,
23.08%, 18.99% and 17.16% to close at 39
627.35 points, 19 791.94 points, 513 602.97
points, 13 721.95 points and 12 273.75 points,
respectively, as shown in Table 12.
Table 12: Key Stock Market Indicators

Source: Zimbabwe Stock Exchange, 2022

The resources index also gained by 77.35% to
close at 20 021.24 points, during the same period,
compared to 11 289.34 points recorded in the
previous quarter.
On a year-on-year basis, the Top 10, Top 15, All
Share, Small Cap and Medium Cap indices
increased by 289.09%, 275.03%, 219.49%,
170.13% and 129.43%, from 3 154.44 points,
658.89 points, 6 194.88 points, 190 131.50 points
and 17 272.09 points recorded in June 2021,
respectively.

Figure 24 shows the developments of the ZSE
All Share, Top 10 and Mining Indices for the
period from June 2021 to June 2022.
Figure 24: ZSE All Share and Top 10 and
Mining Indices

Source: Zimbabwe Stock Exchange 2022

Market Capitalisation and Turnover

The positive trading exhibited on the local bourse
in the second quarter of 2022 resulted in the ZSE
gaining ZW$474.43 billion, or 24.15% worth of
capitalization to close at ZW$2 439.17 billion.
This was, however, a marked decline from the
peak levels of ZW$3 667.55 billion recorded in
April 2022. On a year-on-year basis, market
capitalization increased by 227.33%, from
ZW$745.18 billion recorded in the quarter
ending June 2021.


30-Jun-21
31-Jul-21
31-Aug-21
30-Sep-21
31-Oct-21
30-Nov-21
31-Dec-21
31-Jan-22
28-Feb-22
31-Mar-22
30-Apr-22
31-May-22
30-Jun-22
All Share Index
Top 10 Index
Mining Index
ZSE Indicator

March-22

June-22

Change (%)
All
Share
Index (points)
15,858.92
19,791.94
24.80
Top 10 Index
(points)
10,476.38
12,273.75
17.16
Medium Cap
Index (points)
26,183.01
39,627.35
51.35
Small
Cap
Index (points)
417,308.92
513,602.97
23.08
Mining Index
(points)
11,289.34
20,021.24
77.35
Volume
of
shares traded
(m)
356.55
660.11
85.14
Market
Turnover
($m)
19 869.58
34 148.50
71.86
ZSE
Capitalization
($m)
1 964 738.42
2 439 165.45
24.15
Net
Foreign
Position ($m)
-325.07
-4 437.44
-1265.06

Figure

shows
market
capitalization
developments for the period from 30th June 2021
to 30th June 2022.

Figure 25: Market Capitalization

Source: Zimbabwe Stock Exchange, 2022
Owing to limited investment options available on
the money market, the cumulative volume and
value of shares traded on the ZSE increased by
85.14% and 71.86% to 660.11 million shares and
ZW$34.15 billion, respectively during the
quarter under review.

Figure 26 shows developments in market
turnover volumes and values for the period from
30th June 2021 to 30th June 2022.

Figure 26: ZSE Market Turnover

Source: Zimbabwe Stock Exchange, 2022

Foreign investor participation as measured by its
contribution to the value of shares traded
declined to 3.26%, compared to 7.51% recorded
in the first quarter of 2022. As a result, the net
foreign position worsened to -ZW$4 437.44
million, from -ZW$325.07 million recorded
during the quarter ended 31st March 2022.

6.
PAYMENT,
CLEARING
AND
SETTLEMENT ACTIVITIES

The value of transactions processed through the
National Payment Systems in the quarter ending
30th June 2022, increased by 64% to ZW$5.86
trillion, from ZW$3.58 trillion recorded in the
quarter ending 31st March 2022. Transaction
volumes, however, decreased by 4%, from
310.09 million to 296.92 million, during the
same period.

30-Jun-21
31-Jul-21
31-Aug-21
30-Sep-21
31-Oct-21
30-Nov-21
31-Dec-21
31-Jan-22
28-Feb-22
31-Mar-22
30-Apr-22
31-May-22
30-Jun-22


30-Jun-21
31-Jul-21
31-Aug-21
30-Sep-21
31-Oct-21
30-Nov-21
31-Dec-21
31-Jan-22
28-Feb-22
31-Mar-22
30-Apr-22
31-May-22
30-Jun-22
Millions
Block Trade:
Meikles Ltd
(122.90 million
shares, worth
ZW$11.55 billion

Table 13 provides the statistical information on
various payment streams for the quarters ending
March 2022 and June 2022.

Table
13:
Consolidated
Transactional
Activities
Values in ZW$ Million

Q1
Q2
Chan
ge
Proporti
on

RTGS

POS

ATMS

MOBILE

INTERN
ET

TOTAL

Volumes

RTGS


POS


ATMs


MOBILE


INTERN
ET


TOTAL


Source: Reserve Bank of Zimbabwe

LARGE VALUE PAYMENTS
Zimbabwe
Electronic
Transfer
and
Settlement System
The value of transactions processed through the
RTGS system increased by 55%, from
ZW$2.44 trillion in the first quarter of 2022 to
ZW$3.78 trillion in the quarter under review.
Similarly, the volumes of RTGS transactions
increased by 9% to 3.48 million in the same
period, as shown in Figure 27.
Figure 27: Values and Volumes of RTGS
Transactions

Source: Reserve Bank of Zimbabwe, 2022

Retail Payments

The aggregate values of retail transactions
increased by 81.8% to ZW$2,076.5 trillion
during
the
quarter
under
review,
from
ZW$1,142.1 billion recorded in the quarter
ended March 2022. The retail volumes decreased
by 4.4% to 293.4 million in the reporting quarter,
from 306.9 million in the first quarter of 2022.

Figures 28 and 29 shows the trend in aggregate
values and volumes of retail transactions, from
the quarter ended 31st March 2022 to the quarter
ended 30th June 2022.


Q2

Q3

Q4

Q1

Q2
RTGS Volumes Thousands
RTGS Values Billions
Volumes
Values

Figure 28: Retail Transaction Values
Source: Reserve Bank of Zimbabwe, 2022
Figure 29: Retail Transaction Volumes

Source: Reserve Bank of Zimbabwe, 2022

1 The local collateral figure comprises of Cheque, Zimswitch,
Chengetedzai Deposit Corporation settlement system
Collateral1

The value of collateral increased to ZW$8.99
billion in the quarter ending 30th June 2022, from
ZW$5.21 billion recorded in the previous
quarter, as shown in Figure 30.

Figure 30: Collateral: January 2021 to June

Source: Reserve Bank of Zimbabwe, 2022
The Victoria Falls Exchange collateral for the
quarter ended 30th June 2022 remained stable at
US$49,806.92 during the quarter under review.
Access Points and Devices
The POS population increased from 130,492 in
the first quarter to 134,051 in the second quarter
of 2022.
There were 6.96 million active mobile financial
services subscribers in the quarter under review,


Q1

Q2

Q3

Q4

Q1

Q2
Mobile in Billions
Other Retail Values in Billions
POS
ATMS


Mobile Volumes in Millions
Other Retai Volumes in Millions
POS
ATMs
INTERNET
MOBILE


Q1

Q2

Q3

Q4

Q1

Q2

MILLIONS

compared to 7.12 million registered subscribers
recorded in the quarter ended March 2022.
Table 14 shows payment access points and
devices for the fourth quarter of 2021 as well as
the first and second quarters for 2022.

Table 14: Payment Systems Access Points and
Devices

Quarter
ending
December

Quarter
ending
March

Quarter
ending
June

PAYMENT SYSTEMS ACCESS POINTS
Mobile Banking
agents

52,588

52,719

52,983
ATMs

POS
138,210
130,492
134,051
PAYMENT SYSTEMS ACCESS DEVICES
Debit Cards
6,352,240 6,090,898 6,491,778
Credit Cards
13,812
13,309
13,976
Prepaid Cards
145,614
141,635
121,188
Mobile Banking
subscribers
4,129,470 7,122,895 6,964,193
Internet
Banking
subscribers
607,246
595,939
624,706
Source: Reserve Bank of Zimbabwe, 2022

7.
FISCAL DEVELOPMENTS
Government revenue inflows during the second
quarter of 2022 amounted to ZW$323 826.08
million, against total expenditures of ZW$340
700.27 million. This culminated in a budget
deficit of ZW$16 874.19 million. Table 15
summarises the fiscal revenue and expenditure
outturn for the first and second quarters of 2022.
Table 15: Summary of First and Second
Quarter 2022 Fiscal Position
(ZW$ million)
Q1
Q2
Revenue
182,773.94
323 826.08
Tax revenue
167 372.42
304 979.36
Non-Tax Revenue
15 401.52
18 846.71
Expenditure
192 422.29
340 700.27
Current
Expenditure
145 384.81
261 400.52
o/w
employment
costs
60 483.71
101 107.64
Capital
Expenditure
47 037.48
79 299.75
Overall Balance
-9 648.35
-16 874.19
Source: Ministry of Finance and Economic Development, 2022
Government Revenue
Government revenue surpassed the target of
ZW$198 159.25 million by 63.42% during the
second quarter of 2022, reflecting the impact on
the inflationary environment on collections
under the various revenue heads. Tax revenue at
ZW$304 979.36 million, accounted for 94.18%
of total revenue. Non-tax revenue accounted for
the remaining 5.82% of total collections.

Figure
31:
Government
Tax
Revenue
Structure
Source: Ministry of Finance and Economic Development,

Government Expenditure
Government spending in the second quarter of
2022 amounted to ZW$340 700.27 million,
comprising of ZW$261 400.52 million in current
expenditure and ZW$79 299.75 million of
capital expenditure. Table 16 shows a summary
of Government expenditure in the first and
second quarters of 2022.


Table 16: Summarized Government Spending
(ZW$ million)
Source: Ministry of Finance and Economic and
Development, 2022.
Employment costs amounting to ZW$101
107.64 million were incurred during the second
quarter of 2022, representing 29.67% of total
expenditure.
The use of goods services stood at ZW$64
339.40 million, exceeding the target of
ZW$47 904.63 million. Expenses towards
domestic travel, maintenance and rentals
accounted for the bulk of the use of goods and
services expenditures.
Figure 32 shows the composition of Government
expenditure in the second quarter of 2022.
Taxes on Specific
Services
tax on gross
Revenue
7%
Customs
duties
7%
Taxes on
financial and
capital
transactions
10%
Excise duties
12%
Value Added
Tax (VAT)
24%
Tax on
Income and
Profits
37%
Other Indirect
taxes
0%

Q1 2022
Q2 2022
Total Expenditure
192 422.29
340 700.27
Current Expenditure
145 384.81
261 400.52
Compensation of
Employees
60 483.71
101 107.64
Use of Goods and
Services
31 435.62
64 339.40
Interest On debt
1 333.93
2 153.43
Other current
expenditure
52 131.55
93 800.05
Capital Expenditure
47 037.48
79 299.75

Figure 32: Composition of Government
Expenditure (%) Q2 2022


Source: Ministry of Finance and Economic Development,

Overall Budget Balance
The fiscal developments in the second quarter of
2022 resulted in a budget deficit of ZW$16
874.19 million. Figure 33 shows the monthly
developments in the overall budget balance in
2022.


Figure 33: Budget balance (ZW$ billion)
(Jan-June 2022)
Source: Ministry of Finance and Economic Development, 2022


RESERVE BANK OF ZIMBABWE
SEPTEMBER 2022


Use of
Goods
and
Services
Subsidies
2%
Social
Benefits
15%
Other
Expenses
0%
Grants
8%
Compensation
of Employees
31%
Interest On
debt
Capital Expenditure
-50000


Jan
Feb
Mar
Apr
May
Jun
Revenue
Expenditure
Overall Balance


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

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


S4

4.2.Reserve Bank: liabilities S5


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

6. Commercial Banks
6.1.Commercial Banks: Assets

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


7.1.Building Societies: Assets

S10

7.2.Building Societies: Liabilities S11


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

S13


9. National Payment Systems


9.1.Values of Transactions


S14
9.2.Volumes of Transactions


S14

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


S15
10.2. Deposit Rates S15


11. Stock Exchange Indices


S16

12. Inflation


12.1. Monthly Inflation


S17
12.2. Quarterly Inflation


S18
12.3. Annual Inflation


S19

13. Balance of Payments
13.1. Cross Border Payments


S20
13.2. Cross Border Receipts


S21

Jun-21
Sep-21
Dec-21
Jan-22
Feb-22
Mar-22
Apr-22
May-22
Jun-22
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 Mone

Other Items(net)

Broad Money-M3

Securities Other than Shares Included in Broad M

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, 2022
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 C
(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 $ since the introduction of the interbank foreign exchange market in February 2019
(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)

Jun-21
Sep-21
Dec-21
Jan-22
Feb-22
Mar-22
Apr-22
May-22
Jun-22
Net Foreign Assets
-408,677,935.81 -421,707,589.69 -513,012,570.17
-569,288,849.11 -608,788,967.34
-717,594,313.10 -794,405,282.55 -1,478,375,394.21 -1,802,992,102.87
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

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

Deposits and Securities Excluded from Base Money

Monetary Base

Bond Coins

Bond Notes

Liabilities to ODCs

Reserve Deposits

Exess reserves

Private Deposits

Source: Reserve Bank of Zimbabwe 2022
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)

TABLE 3 : OTHER DEPOSITORY CORPORATIONS SURVEY ( ZWL$ '000)
Jun-21
Sep-21
Dec-21
Jan-22
Feb-22
Mar-22
Apr-22
May-22
Jun-22
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 Governm

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 Bro

Deposits Included in Broad Money
298,537,512.57

358,772,700.20

467,748,846.19

464,285,468.48

498,984,364.44

580,177,132.24

661,385,151.97

961,275,205.35

1,108,920,811.95

Transferable Deposits
277,141,914.54

332,392,044.95

430,345,882.39

############
451,469,626.06

526,027,929.32

608,741,115.91

891,276,383.52

1,028,029,948.34

of which FCAs
133,608,092.81

151,047,925.52

210,688,453.17

############
225,769,411.82

275,160,384.59

301,286,745.34

558,605,268.37

657,871,279.96

Other Deposits

Money Market Instruments
1,559,661.34

3,191,934.31

3,696,333.82

3,685,330.94

4,456,190.77

4,510,894.76

4,246,927.92

6,165,343.44

7,157,937.12

Source: Reserve Bankof Zimbabwe, 2022

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

Source: Reserve Bank of Zimbabwe, 2022
TABLE 4.1: RESERVE BANK - ASSETS
Foreign Assets
Loans and advances
Investments

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

Source: Reserve Bank of Zimbabwe, 2022
*Bond coins first issued in December 2014
* Bond Notes issued on 28 November 2016
ZWL$ Thousands
Deposits

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

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
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


Apr
1,699.7

40,964.4

85,330.2

6,844.8

49,733.4


May
1,906.1

30,579.1

94,330.9

7,907.2

63,644.8


Jun
1,702.8

30,255.6

75,795.2

25,605.9

72,780.6


Jul
2,139.9

30,509.1

104,983.5

17,817.9

82,032.9


Aug
2,551.1

33,323.4

93,806.9

11,919.2

72,753.9


Sep
2,853.7

38,500.1

100,996.0

8,626.8

68,707.9


Oct
2,611.1

50,074.7

108,009.2

9,575.8

89,822.4


Nov
2,721.5

53,424.3

107,781.7

15,560.6

74,072.3


Dec
2,838.3

50,031.0

118,451.3

13,654.0

91,352.6


Jan
2,891.2

53,378.3

116,654.8

13,232.3

69,668.2


Feb
2,577.7

62,064.5

122,479.8

17,480.5

76,802.2


Mar
2,111.5

76,544.2

142,962.5

19,239.6

87,884.5


Apr
2,624.9

74,716.9

160,466.5

28,352.1

123,190.3


May
3,155.9

142,118.9

236,166.0

35,928.9

207,812.8


Jun
2,801.2

138,347.1

266,691.8

45,952.0

241,920.1


Source:Reserve Bank of Zimbabwe, 2022
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

Foreign Liabilities
Capital
Contigent
Other
TOTAL
and
Liablities
Liablities
End of
Demand
Savings
Time Deposits
Total Deposits Other DepositoryGovernment
Total
RBZ
Other DepositoryOther Finacial Reserves
from the public
Corporations
Corporations Corporations

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Source:Reserve Bank of Zimbabwe,2022
TABLE 5.2 : OTHER DEPOSITORY CORPORATIONS - LIABILITIES
ZWL$ millions
Deposits
Amounts Owing to
Debt Securiti

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
1Local GovernemtPublic Enterprises
Other
2 Government Government
Enterprises
Institutional Units
3 Other claims
Assets
Other Assets
Assets
Coins
Coin
RBZ
Corporations
Foreign Banks Non-residents
Securities
securities

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

Apr
1,430.83

38,008.89

79,592.64

5,639.40

48,564.03

7,679.05

18,267.01

-

19.23

62.89

19.86

12.71

1,336.70

91,062.16

956.75

34,537.88

21,214.88

32,383.77

380,788.7

May
1,648.09

28,677.21

87,611.51

6,479.66

59,745.10

11,582.44

18,846.75

-

152.75

93.37

21.77

16.58

1,263.75

94,790.46

990.41

35,592.28

21,398.95

31,307.45

400,218.5

Jun
1,419.27

28,452.53

69,413.26

24,215.35

70,835.98

17,601.31

17,152.75

-

19.46

92.91

17.91

77.79

1,511.86

106,954.15

1,247.08

26,856.45

26,444.57

33,288.94

425,601.6

Jul
1,794.72

29,100.73

97,429.50

15,901.02

79,937.02

25,314.30

21,665.10

-

290.76

47.39

17.32

67.80

1,351.13

117,348.16

1,301.18

26,869.18

29,079.64

33,587.68

481,102.6

Aug
2,137.72

31,734.84

85,441.98

9,099.10

70,391.64

25,194.95

31,434.20

-

339.72

51.28

22.49

63.94

1,583.28

132,522.63

1,337.19

32,281.12

30,022.43

37,697.05

491,355.6

Sep
2,417.81

36,259.54

93,032.71

6,164.78

66,640.78

25,023.38

31,460.81

-

366.88

57.60

21.07

62.45

1,531.08

134,780.92

1,342.62

31,980.97

30,439.34

34,630.85

496,213.6

Oct
1,993.06

47,379.62

99,470.02

7,339.71

86,302.62

26,924.18

37,639.16

-

188.07

121.59

21.20

75.41

1,683.89

149,477.36

1,523.34

49,580.96

40,853.06

36,664.31

587,237.6

Nov
2,168.80

49,327.15

100,125.90

12,723.73

71,667.33

29,748.47

41,015.56

-

187.03

999.12

21.24

74.76

1,882.53

168,661.25

1,484.24

52,327.68

40,073.22

43,878.52

616,366.5

Dec
2,315.32

46,412.99

109,803.84

10,942.92

87,347.07

33,690.93

38,610.29

-

185.99

4,146.13

21.09

167.53

2,798.61

184,836.87

3,368.75

60,916.98

41,811.67

59,011.63

686,388.6

Jan
2,359.27

49,206.02

108,119.97

10,419.90

66,808.45

30,774.31

38,636.84

-

186.80

801.50

20.33

163.02

3,628.73

199,495.34

2,997.94

53,627.76

47,405.91

69,989.80

684,641.89

Feb
1,971.78

57,553.54

112,522.99

14,300.66

70,750.63

28,703.53

44,705.21

-

-

976.55

20.34

158.06

5,367.16

215,520.37

3,055.50

55,099.61

53,459.12

70,832.47

734,997.53

Mar
1,541.49

70,856.33

130,423.48

15,503.46

82,662.70

43,284.13

44,874.23

-

-

1,380.20

19.40

253.42

6,240.94

258,715.05

3,092.69

65,660.61

58,874.69

76,938.87

860,321.67

Apr
1,939.64

70,204.43

144,168.02

23,452.88

117,033.42

26,628.79

57,772.47

-

-

722.54

37.54

252.44

6,858.06

305,476.79

4,348.46

53,372.28

62,788.55

71,414.75

946,471.05

May
-

131,996.38

211,837.59

31,586.61

190,366.81

61,757.62

64,373.91

-

154.99

1,559.14

41.28

289.00

16,193.81

398,048.90

4,712.74

134,993.54

94,851.60

111,543.84

1,456,705.70

Jun
2,263.18

127,839.16

234,109.43

40,937.28

219,607.39

63,631.76

83,690.44

-

653.97

2,159.12

61.20

226.29

13,888.60

478,163.38

8,954.46

169,511.81

110,528.09

168,440.54

1,724,666.09

Source:Reserve Bank of Zimbabwe,2022
TABLE 6.1: COMMERCIAL BANKS -ASSETS
ZWL$ millions
Debt Securities
Loans and Advances

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Source:Reserve Bank of Zimbabwe, 2022
TABLE 6.2 : COMMERCIAL BANKS - LIABILITIES
Deposits
Amounts Owing to

Foreign
Other Assets Non Financial
TOTAL
End of
Notes
Assets
Bond
&
Balances
Balances with
Balances
Other Claims
Notes &
Coin
with
Other Depository
with
on
Government
1 Local Governemt Public Enterprises
Other

Mortgages Government
Other
Coins
RBZ
Corporations
Foreign Banks Non-residents
Securities
securities

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

Apr
206.9

2702.1
5,302.6

1156.7
1,085.4

-

871.7

7.7
-

508.9

1,581.5

-

14,233.6

3431.1
7,237.9

38,326.2

May
210.3

1687.6
5,962.2

1250.9
3,847.1

-

116.9

7.0
-

517.7

1,568.8

-

17,154.9

2927.9
7,532.9

42,784.2

Jun
249.6

1649.7
6,202.6

1163.8
1,866.7

-

204.6

6.5
-

588.0

1,851.9

-

18,795.4

2580.9
7,701.1

42,860.7

Jul
283.7

1212.2
7,193.4

1892.7
1,875.4

-

1,143.4

6.0
-

447.3

1,963.2

-

18,280.3

3923.5
7,695.6

45,916.5

Aug
352.8

1408.8
7,869.3

2537.6
2,316.2

-

3,535.6

5.4
-

399.5

2,101.3

-

19,422.2

3837.6
7,666.6

51,453.0

Sep
349.8

1926.6
7,608.5

2430.2
1,941.4

-

4,314.6

5.1
-

205.2

2,231.7

-

20,461.1

4013.2
9,460.7

54,948.1

Oct
411.5

2396.2
8,221.0

2162.4
3,421.5

-

5,627.7

4.3
-

271.1

2,539.5

-

22,881.3

5432.3
9,501.3

62,870.1

Nov
339.8

3578.4
7,561.6

2568.8
2,299.5

-

5,882.7

3.7
-

566.4

2,788.5

-

27,326.1

4400.3
9,614.3

66,930.0

Dec
351.1

3217.3
8,557.8

2619.2
3,620.2

-

2,353.6

3.0
-

1,189.0

2,786.9

-

33,115.3

5610.8
11,334.1

74,758.3

Jan
324.6

3504.3
8,506.5

2680.3
2,631.0

-

1,110.8

2.4
-

1,487.3

2,967.6

-

35,913.5

6693.8
14,008.7

79,830.9

Feb
411.5

4021.5
9,763.6

3069.7
5,678.0

-

4,048.9

1.6
-

1,465.4

3,241.1

-

39,977.5

4511.5
13,964.4

90,154.6

Mar
354.3

4413.6
11,882.6

3691.3
4,932.3

-

5,235.0

0.9
-

1,590.0

3,888.3

-

42,741.3

9086.6
15,421.2

103,237.4

Apr
546.4

3054.1
15,585.8

4857.7
5,768.6

-

5,714.4

0.2
-

1,861.4

4,143.7

-

48,582.4

9654.2
16,999.2

116,768.1

May
639.5

8326.7
23,817.6

4251.9
16,001.6

-

6,150.9

0.0
-

1,486.3

8,474.8

-

74,864.0

14793.9
17,091.2

175,898.5

Jun
418.5

8464.3
32,497.6

3807.5
21,184.8

-

2,639.3

0.0
-

1,340.0

10,851.1

-

85,145.9

18155.8
35,128.1

219,633.0

Source:Reserve Bank of Zimbabwe,2022
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

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Source:Reserve Bank of Zimbabwe, 2022
Amounts Owing to
TABLE 7.2: BUILDING SOCIETIES -LIABILITIES
ZWL$ millions

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

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


INVESTMENTS
ORGANISATIONS

Jan

Feb

Mar

Apr

May

June

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Source:Reserve Bank of Zimbabwe,2022

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

Source:Reserve Bank of Zimbabwe, 2022
TABLE 8.2: SECTORAL ANALYSIS OF COMMERCIAL BANKS DEPOSITS
$ ('000)

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

Jan

Jan

Feb

Feb

Mar

Mar

Apr

Apr

May

May

Jun

Jun

Jul

Jul

Aug

Aug

Sep

Sep

Oct

Oct

Nov

Nov

Dec

Dec


Jan

Jan

Feb

Feb

Mar

Mar

Apr
976,617.19
-
89,192.57 8,391.54 89,671.98 293,204.61
Apr

May

May

Jun

Jun
1,190.30
-
15,304.67 474.16 75,631.66 1,705.09
Source:Reserve Bank of Zimbabwe, 2022
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)

End of
Nominal Lending
Rates2
Individuals
Corporate
Savings
3 Months2

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
Apr
6.00-85.00
35.22
22.59
Apr
0.22-12.00
2.00-21.50
May
6.00-85.00
34.84
21.76
May
0.22-12.00
2.00-21.50
Jun
6.00-85.00
36.25
22.46
Jun
0.25-12.00
2.00-26.00
Jul
6.00-85.00
36.56
21.66
Jul
0.50-12.00
2.00-26.00
Aug
6.00-85.00
41.06
39.65
Aug
0.50-12.00
2.00-26.00
Sep
6.00-85.00
40.61
39.50
Sep
0.50-12.00
2.00-26.00
Oct
6.00-85.00
41.86
45.81
Oct
0.50-12.00
2.00-26.00
Nov
6.00-8500
39.13
38.10
Nov
0.50-12.00
2.00-26.00
Dec
6.00-8500
39.34
37.94
Dec
0.50-12.00
2.00-26.00

Jan
15.00-8500
39.32
39.62
Jan
0.50-12.00
2.00-26.00
Feb
15.00-8500
40.55
64.02
Feb
0.50-12.00
2.00-26.00
Mar
15.00-8500
40.74
43.88
Mar
0.50-12.00
2.00-26.00
Apr
15.00-8500
38.15
45.56
Apr
0.50-12.50
2.00-30.00
May
15.00-8500
38.01
47.25
May
0.50-12.50
2.00-32.00
Jun
15.00-8500
38.45
48.25
Jun
0.50-12.50
2.00-32.00
Source:Reserve Bank of Zimbabwe, 2022
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

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

Source:Zimbabwe Stock Exchange, 2022
**As at 30 September 2020
ZW$
TABLE 11: ZIMBABWE STOCK MARKET STATISTICS
Indices
*All Share index was

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

Source:Zimstat, 2022
NON-FOOD INFLATION
TABLE 12.1 : MONTHLY INFLATION -- PERCENTAGE CHANGE IN CONSUMER PRICE INDEX
( FEBRUARY 2019 = 100)

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

Source: ZIMSTAT, 2022
TABLE 12.2 : QUARTERLY INFLATION -- PERCENTAGE CHANGE IN CONSUMER PRICE INDEX
(FEBRUARY 2019 = 100)
NON-FOOD INFLATION

FOOD
INFLATION
ALCOHOLIC
CLOTHING
HOUS ING,
W ATER,
FURNITURE
MIS C.
FOOD &
BEVERAGES
&
ELECTRICTY,
GAS
AND
RECREATION &
RES TAURANTS
&
GOODS &
TOTAL NON
NON
ALCOHOLIC
ALL
& TOBACCO
FOOTW EAR
& OTHER
EQUIP MENT
CULTURE
HOTELS
S ERVICES
FOOD
BEVERAGES
ITEMS
FUELS
WEIGHTS


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Source: ZIMSTAT, 2022
TABLE 12.3 : YEARLY INFLATION - % CHANGE IN CONSUMER PRICE INDEX
(February 2019 = 100)
COMMUNICATION
TRANS P ORT
HEALTH
EDUCATION
NON-FOOD INFLATION

End of
Jun-21
Jul-21
Aug-21
Sep-21
Oct-21
Nov-21
Dec-21
Jan-22
Feb-22 Mar-22 Apr-22 May-22 Jun-22
Total
(Q2 2022)
Merchandise Imports (excl. energy)
342.5

367.9

318.2

413.4

390.2

385.9

364.4

363.0

292.8

364.4

368.7

335.1

323.2

1,027.0

- Consumption Goods
146.2

185.1

123.7

156.0

135.8

108.8

106.9

90.1

101.3

115.4

104.0

100.4

96.5

300.9

- Capital Goods
141.6

106.1

125.0

150.5

151.3

157.4

156.4

135.6

108.3

151.4

158.2

137.5

138.6

434.3

- Intermediate Goods
54.7

76.7

69.5

107.0

103.1

119.8

101.1

137.3

83.2

97.5

106.4

97.2

88.1

291.8

Energy (Fuel & Electricity)
77.0

80.6

81.5

86.1

109.3

118.6

95.4

165.9

99.2

108.8

92.6

123.0

149.2

364.8

Service Payments
51.4

60.7

62.9

57.3

63.5

72.9

64.0

62.8

51.6

61.2

55.6

60.7

90.9

207.2

- Technical, Professional & consult
21.1

33.4

26.4

24.9

25.1

38.1

37.6

38.0

17.6

31.9

26.6

33.4

50.2

110.2

- Software
7.2

8.4

7.9

5.3

8.0

5.4

6.4

3.6

10.0

7.4

4.9

9.0

5.0

18.9

- Other (tourism, edu, freight etc)
23.1

18.9

28.5

27.1

30.5

29.4

20.1

21.2

24.0

22.0

24.1

18.3

35.7

78.1

Income Payments (Profits, Dividends)
32.2

16.5

60.0

59.7

14.8

24.0

23.4

113.3

12.3

19.6

20.9

77.3

83.4

181.5

Capital Remittances (outward)
81.0

48.5

64.9

49.1

44.0

69.6

44.3

42.4

32.9

44.2

24.4

29.9

38.8

93.1

- External Loan Repayments
63.7

43.3

61.1

45.1

40.4

62.0

36.2

29.2

19.1

41.6

15.4

25.6

30.0

71.0

- Disinvestments
11.1

3.4

1.9

3.8

3.1

4.8

7.5

2.7

3.4

0.4

7.4

1.3

1.8

10.4

- Cross Border Investment
6.3

1.8

1.9

0.2

0.5

2.8

0.5

10.5

10.4

2.2

1.6

3.0

7.0

11.6

Other Payments
17.4

15.6

10.2

12.8

15.2

18.1

13.4

12.0

9.9

11.9

10.7

15.1

15.6

41.4

TOTAL
601.4

589.8

597.7

678.5

637.0

689.1

604.9

759.4

498.6

610.1

572.7

641.0

701.2

1,914.9

Source:Reserve Bank of Zimbabwe, 2022
Table 13.1: Monthly Cross Border Payments (US$ Millions)

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

Source:Reserve Bank of Zimbabwe, 2022
Table 13.2: Monthly Cross Border Receipts (US$Millions)