QUARTERLY
ECONOMIC
REVIEW


MARCH 2019

CONTENTS

List of Figures

List of Tables


1. OVERVIEW

According to the IMF World Economic Outlook
report for April 2019, global economic growth is
expected to slow down to 3.3% in 2019, from an
initial projection of 3.5%. Growth will be driven
by
Emerging
Markets
and
Developing
Economies as well as the Sub-Saharan Africa.
Global economic growth is being weighed down
by sluggish investment and risks related to
ongoing trade wars, climate change, renewed
financial stress as well as heightened geopolitical
tensions.

On the domestic front, the economy is projected
to contract by 2.1% in 2019, on account of poor
performance
across
key
sectors,
namely;
agriculture, mining, manufacturing and services
such as transport and communication and
distribution, hotels and restaurants. Agriculture
was mainly affected by the El-Nino induced
drought that negatively affected the planting and
germination of major crops.

Average inflation accelerated from 31.3% in the
last quarter of 2018 to 61.0% in the first quarter
of 2019, reflecting by increases in both food and
non-food inflation. The persistent rise in prices
was underpinned by indexation of prices by
economic agents.

Total
merchandise
trade
amounted
to
US$2,041.7 million in the first quarter of 2019, a
30.6% decrease from US$2,940.1 million
recorded in the fourth quarter of 2018. Over the
period January to March 2019, merchandise
exports declined by 26.6%, from US$1,277.8
million realized in the last quarter of 2018 to
US$938.0 million. Total merchandise imports

1Broad money is defined as total bank deposits less
interbank deposits and also includes Bond notes and coins
in circulation.
declined by 33.6% to US$1,103.7 million, during
the first quarter of 2019, from US$1,662.3
million in the last quarter of 2018. Resultantly,
the trade balance narrowed to $165.7 million in
the first quarter of 2019, from $384.4.0 million in
the fourth quarter of 2018.


Broad money supply1 increased by 6.17%, to
$10 627.38 million in the first quarter of 2019,
from $10 009.91 million recorded in the fourth
quarter of 2018. The growth, in part, reflected
valuation changes in foreign currency deposits
included in broad money, due to the introduction
of the foreign exchange interbank market in
February 2019.

The performance of the Zimbabwe Stock
Exchange (ZSE) was characterized by subdued
trading activity, compared to the last quarter of
2018, in which there was significant trading
activity. Resultantly, the ZSE lost $3.34 billion
worth of market capitalization. This reflected a
20.77% decline, from $19.42 billion billion as at
end of December 2018 to $16.08 billion as at
29th March 2018. The All Share and Top 10
Indices declined by 24.58 points and 30.41
points, to 121.66 points and 114.61 points,
respectively, over the period January to March
2019.


The value of transactions processed through the
National Payment Systems (NPS) increased by
0.2% to $44.96 billion in the first quarter ending
March 2019, from $44.89 billion recorded in the
quarter ending December 2018. NPS transaction
volumes, however, decreased by 6% to 503.76
million in the first quarter of 2019, from 534.43
million recorded in the last quarter of 2018.

2. INTERNATIONAL
ECONOMIC
DEVELOPMENTS

The International Monetary Fund (IMF) projects
global economic growth to slacken to 3.3% in
2019, mainly on account of weaker performance
in Europe and Asia, coupled with negative
effects of bilateral tariff increases by the US and
China earlier in 2018. Subdued growth of 2% in
advanced economies, will be mainly driven by
softening consumption and weak production. In
addition, the protracted uncertainty surrounding
Brexit poses downside risks to growth in the
Eurozone area and the global economy.

Growth in the United States is expected to
decline to 1.8% in 2019, on account of the
unwinding of the fiscal stimulus by the Fed
Reserve.

The aforementioned developments represent a
drag on global trade in general and are also
reflected in lower commodity prices.

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


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

Proj.
World Output

Advanced
Economies

US

Euro Area

Japan

Emerging
Market
&
Developing
Economies

China

India

Sub-Saharan

Zimbabwe2

Latin America
&
the
Caribbean

Source: IMF World Economic Outlook: April 2019
In line with global developments, regional
growth prospects for Sub-Saharan Africa (SSA)
remain constrained at levels below 6%. SSA
economies are projected to grow by 3.5% in
2019, up from 3.0% in 2018. Zimbabwe’s growth
prospects for 2019 are expected to be weighed
down by the impact of El-Nino induced drought,
the devastating effects of Cyclone Idai and
foreign currency constraints.

INTERNATIONAL COMMODITY PRICE
DEVELOPMENTS

The international commodity prices for gold and
base metals were higher in the first quarter of
2019, compared to the preceding quarter.
Platinum and crude oil prices, however, were
generally subdued.

Gold prices were supported by safe haven
demand, amid fears of a global slowdown in
economic activity. Base metals prices were also
strong on the back of supply disruptions in some
markets,
as
well
as
expectations
of
a
breakthrough in the on-going trade negotiations
between China and the US.

Table 2 shows developments in international
prices for selected commodities, during the
fourth quarter of 2018 and first quarter of 2019.

Table 2: International Commodity Prices:
January - March 2019

Gold
Platinum
Copper
Nickel
Brent
Crude Oil


US$/oz
US$/oz
US$/tonne
US$/tonne
US$/barrel
2018Q4
Average

Jan-19

Feb-19

Mar-19

2019Q1
Average

Quarterly
Change

Source: Bloomberg, BBC, 2019
Precious Metals
Quarterly average gold prices increased by 6.1%,
from US$1,228.63/ounce in realised in the last
quarter of 2018, to US$1,303.08/ounce in the
first quarter of 2019. This development was
underpinned by a weaker US dollar and volatile
equity markets, on the back of weak US
economic data, which heightened fears of a
global economic slowdown. Additionally, the
uncertainty and turmoil surrounding Brexit as
well as the dovish stance by the U.S. Federal
Reserve which signalled a potential slowdown in
the pace of interest rate hikes in 2019, bolstered
safe haven demand for the yellow metal.

Platinum prices declined from US$824.82/ounce
in
the
fourth
quarter
of

to
US$820.69/ounce, in the quarter under review.
The demand for the precious metal as a safe
haven asset was offset by slowing industrial
demand. Figure 1, shows the evolution of
selected precious metals for the period January
2018 to March 2019.
Figure
1:
Precious
Minerals
Prices
(US$/ounce): Jan 2018 – March

Source: Bloomberg, 2019

Jan-18
Mar-18
May-18
Jul-18
Sep-18
Nov-18
Jan-19
Mar-19
Gold
Platinum (RHS)

Base Metals
Base metal prices, which had been negatively
affected by the trade wars between the US and
China, somewhat rebounded during the period
under review. The rebound was underpinned by
fears of shortages, amid supply disruptions and
the positive demand outlook prompted by the
expectation of fiscal stimulus in China. Notably,
nickel prices were also boosted by robust demand
from the stainless steel industry as well from the
manufacturers of electric car batteries. As a
result, copper and nickel prices rose by 1.6% and
8.6%
to
quarterly
averages
of
US$6,229.50/tonne and US$12,349.17/tonne in
the first quarter, respectively.
Figure 2: Base Metal Prices (US$/ton):
January 2018 – March 2019
Source: Bloomberg, 2019
Brent Crude Oil
Crude oil prices increased by 14.2%, to end the
first quarter of 2019 at US$66.59/barrel. This
was a recovery from the downward trend that
characterised prices in the fourth quarter of 2018.
The recovery was mainly on account of
production cuts by oil exporting countries.
Figure 3 shows the monthly evolution of crude
oil prices for the period from January 2018 to
March 2019.
Figure 3: Brent Crude Oil Prices (US$/Barrel)
January 2018 – March 2019


Source: Bloomberg, 2019
MERCHANDISE
TRADE
DEVELOPMENTS
Total
merchandise
trade
amounted
to
US$2,041.7 million, in the first quarter of 2019.
This
represented
a
20.1% decline from
US$2,556.7 million recorded during the same
period in 2018. On a quarter-on-quarter basis,
total merchandise trade also eased by 30.6%,
from US$2,940.1 million recorded in the fourth
quarter of 2018.


Jan-18
Mar-18
May-18
Jul-18
Sep-18
Nov-18
Jan-19
Mar-19
Copper
Nickel (RHS)

Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19

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

Source: Zimstat, 2019
Merchandise Export Developments
During the first quarter of 2019, merchandise
exports fell by 26.6%, from US$1,277.8 million
realized in the last quarter of 2018 to US$938.0
million, as shown in Figure 5. The decline was
largely on account of a slowdown in export
revenues from flue-cured tobacco.
Figure 5: Quarterly Merchandise Exports
(US$)

Source: Zimstat, 2019
All major export categories recorded significant
declines, with the exception of cane sugar, nickel
mattes and gold. Gold exports, which constituted
a huge share of exports, increased by 26.2% to
US$231.6 million, during the quarter under
review.


2018 Q4
2019 Q1

2018 Q4
2019 Q1

Table 3: Quarterly Merchandise Exports
(US$m)
Commodity

Q4

Q1
2018Q42019Q1
2019Q1
Changes
(%)
Share of
Total (%)
Gold

Flue-cured
tobacco
517.1
168.7
-67.4

Nickel
mattes

Nickel ores
and
concentrates
109.8

2.9

Ferrochrome

Industrial
diamonds

Cane sugar

Chromium
ores and
concentrates

Unwrought3
Platinum

Ginned
cotton
17.9
8.9
-50.2

Other
168.6

-18.8
14.6
Total
1,277.90
938.1
-26.6

Source: Zimstat, 2019 & RBZ Calculations, 2019
Major Merchandise Export Destinations
The country’s exports for the period under
review were mainly destined for the region.
South Africa absorbed about 48.7% of the
country’s exports, followed by the United Arab
Emirates
(19.1%);
Mozambique
(7.9%);
Belgium (1.8%); Zambia (1.5%); and Kenya

3 Unwrought platinum excludes other platinum group of
metals (PGMs).
(1.4%). Table 4 shows the country’s major export
markets, during the period under analysis.

Table 4: Major
Export
Destinations
1st Quarter 2019
Country
US$ millions
2019 Q1 Share
(%)
South Africa

48.7
United Arab
Emirates
179.2
19.1
Mozambique
73.8
7.9
Belgium
17.2
1.8
Zambia
13.9
1.5
Kenya
13.2
1.4
Botswana

0.7
Namibia
1.9
0.2
Netherlands
1.3
0.1
Singapore
0.9
0.1
Other
172.8
18.4
Total
938.1

Source: ZIMSTAT & RBZ Computation
Merchandise Import Developments

Merchandise imports for the period January to
March 2019 amounted to US$1,103.7 million, a
33.6% decline from US$1,662.3 million realized
during the last quarter of 2018. The significant
decline in imports hugely reflected foreign
currency constraints the country is facing.
The country’s import bill was mainly composed
of diesel, petrol, tractors & motor vehicles,
wheat, crude soya bean oil and electricity. Diesel
and petrol imports collectively constituted about

28% of total imports, during the period under
analysis.
Figure 6 shows the quarterly merchandise
imports for the fourth quarter of 2018 and the
first quarter of 2019.
Figure 6: Quarterly Merchandise Imports
(US$ m)

Source: Zimstat, 2019

Major Import Sources
The country’s imports for the first quarter of
2019 were mainly from South Africa (33.4%);
Singapore (28.6%); China (9.8%); UK (3.0%);
India (2.4%); United Arab Emirates (2.0%);
Japan (1.9%); Zambia (1.8%) and Mozambique
(1.4%), as shown in Figure 7.
Figure 7: Major Merchandise Import Sources
(% Share)
Source: ZIMSTAT & RBZ Computations, 2019
TRADE BALANCE
The country’s trade balance narrowed from a
deficit of US$384.4 million registered during the
fourth quarter of 2018 to a deficit of US$165.7
million in the first quarter of 2019, as shown in
in Figure 8. The contraction was mainly due to
the significant decline in imports, compared to
exports.
1,662.3
1,103.7
2 0 1 8 Q4
2 0 1 9 Q1

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

Figure 8: Merchandise Trade Balance (US$m)

Source: Zimstat, 2018 & RBZ Computations, 2019

3. EXCHANGE RATE DEVELOPMENTS

Activity on the interbank foreign exchange
market increased, since the introduction of the
interbank foreign exchange market in February
2019. The local unit traded at 2.5 RTGS$ per
1 US$, at the introduction of the interbank
foreign exchange market and closed the first
quarter of 2019 at 3.01 RTGS$ to 1US$.


4. DOMESTIC
ECONOMIC
DEVELOPMENTS

Gross Domestic Product

The economy is projected to contract by 2.1% in
2019, a downward revision on the initial
projection of 3.1%, mainly on account of poor
rains;
power
outages;
foreign
currency
constraints and depressed demand.
Growth rates for major sectors were revised
downwards as follows: agriculture, 3% to
-10.1%; mining, 7.5% to 1.1%; and electricity
and water, 2.6% to -2.3%.


4TH QU A R TE R 2018
1S T QU A R TE R 2019
Exports
Imports
Trade Balance

Table 5: Real GDP Growth Rates by Sector
(%)

Budget

April
Revision
GDP
by
industry
at
market prices, constant
prices
3.1
-2.1
Core activities
4.2
-3.4
Agriculture and forestry

-10.1
Mining and quarrying
7.5
1.1
Manufacturing
2.5

Electricity and water
2.6
-2.3
Construction

-1.6
Distribution, Hotels and
restaurants

-4.1
Supportive services
3.6
-2.8
Transportation
and
communication

-4.3
Financial, banking and
insurance activities

-0.4
Government
public
administration, education
and health
0.3
1.4
Administrative & support
service activities
-1.5
-1.3
Education and training
1.2

Human health and social
work activities
4.3
6.8
Private's education and
health

Households-related
services
-0.1
1.1
Real estate activities
-1.1
2.2
Other service activities
0.9
0.9
Private households with
employed persons
-4.9
-4.9
Source: Zimstat, 2019

Agriculture
The 2019 National Budget projected the
agriculture sector to grow by an annual growth
rate of 3% in 2019. The growth was, however,
revised downwards by to -10.1%, mainly on
account of below-normal rainfall for most parts
of the country. The erratic rainfall distribution
had a negative impact on crop and livestock
production.

In addition, the late onset of the 2018/19
agricultural season also resulted in a decline in
the area planted for key crops such as maize,
groundnuts, and beans as shown in Table 6.

Table 6: Area planted for selected key crops
(Ha)
Crop
2017/2018
2018/2019
Maize
1 722 718
1 604 850


Sorghum
180 625
193 248
Pearl millet
157 366
150 570
Finger millet
25 850
25 770
Rice
1 005

Tobacco
104 395
125 670
Soya-bean
40 479
55 141
Cotton
200 591
206 992
Groundnut
294 601
205 409
Round nut
47 594
100 668
Cowpeas
705 801
525 172
Sugar bean
36 999
27 025
Source: Ministry of Lands, Agriculture, Water, Climate and
Rural Resettlement, 2019

Tobacco

The tobacco marketing season commenced on
the 20th March 2019 on the auction floors,
followed by contract sales two days later.
Tobacco sales, at end of March 2019 were,
however, significantly lower compared to the
same period in the previous year. This was due to
challenges that arose from the revision of
payment modalities.

Cumulative tobacco sales as at 29th March 2019
amounted to 0.53 million kilograms, compared to
6.79 million kilogrammes delivered during
comparable period in the previous season.
Similarly, the average price of US$1.67/kg
realised at the beginning of the 2019 selling
season was significantly lower than the average
price for the same period in 2018. The total sales
value fell to US$0.90 million, compared to
US$18.93 million realised during the same
period in 2018.
Table 7: Tobacco Sales - Q1, 2019

Variance
(%)
Total Quantity
Sold (million
Kgs)
6.79
0.54
-92.07
Total Value
(US$ million)
18.86
0.9
-95
Average Price
(US$/Kg)
2.78
1.67
-40.1
Source: Tobacco Industry and Marketing Board, 2019
Maize

Maize output is expected to decline significantly
in 2019, due to the reduction in area planted, as
well as the low yield induced by the dry
conditions that persisted throughout the season.
The area planted declined by 7% to 1 604 850
hectares, from 1 722 718 hectares planted in the
2018/19 season.
Livestock

Despite the poor rainfall outturn in the first half
the season, the condition of all livestock classes
was found to be been fairly good. The situation
is, however, expected to deteriorate in most parts
of the country, as grazing and water availability
worsen due to the effect of the drought.
Viability challenges emanating from rising costs
of stock feed, chemical and medicines are
expected to adversely affect pen reared livestock
classes.
While all the other livestock classes experienced
growth in the numbers of animals, the national
herd for pigs continued to decline due to viability
challenges, largely emanating from the high cost
of feeds for the pen reared animals. Table 8
shows changes in the national herd for the main
livestock classes.
Table 8: Number of Livestock

2017/18
2018/19
Cattle
5 578 381
5 774 525
Sheep
481 159
522 955
Goats
3 707 357
4 360 838
Pigs
294 213
278 297
Source: Ministry of Lands, Agriculture, Water, Climate
and Rural Resettlement, 2019
Cattle
Cattle slaughters for the first quarter of 2019
stood at 58 000 head, down from 58 170
slaughters recorded in the fourth quarter of 2018.
The demand for beef remained subdued in the
first quarter of 2019.

Table 9 shows the total number of cattle
slaughtered in the first and fourth quarters of
2018 and the first quarter of 2019.

Table 9: Cattle slaughters

Slaughters
Q1:2018
66 573
Q4:2018
57 846
Q1:2019
57 674
Source: Ministry of Lands, Agriculture, Water, Climate
and Rural Resettlement, 2019
Pigs

Pig slaughters at 46 000, were higher during the
first quarter of 2019, compared to 37 000 during
the comparable period in 2018. The increase in
pig slaughters was attributed to destocking by
small scale farmers on viability concerns, stoked
by rising costs of production. Pig slaughter levels
are expected to decline as the year progresses.
Table 10 compares pig slaughters in 2018 and
2019.

Table 10: Pork production in 2018 and 2019

Slaughters
Q1:2018
35 942
Q4:2018
49 081
Q1:2019
46 128
Source: Ministry of Lands, Agriculture, Water, Climate
and Rural Resettlement, 2019

Dairy

Fresh milk output stood at 19.4 million litres in
the first quarter of 2019, representing an 8%
decline compared to the 21.01 million produced
in the fourth quarter of 2018. The decline in milk
output was largely due to poor rainfall and the
substantial increase in stock feed and cost of
drugs. Compared to the same period in 2018,
however, milk output in the quarter under review
was 13.1% higher.


Table 11: Quarterly Milk Output (million
litres) in 2018 and 2019
Month
Q1 2018
Q1 2019
Variance %
Jan
6.07
6.71
10.24
Feb
5.26
6.2
17.75
March
5.66
6.47
14.2
Total
17.01
19.37
14.06
Source: Ministry of Lands, Agriculture, Water Climate
and Rural Resettlement, 2019
MINING DEVELOPMENTS
The performance of the mining sector was largely
subdued during the first quarter of 2019, compared
to same period in 2018. Major declines in output
were recorded for coal (53%), diamond (49%),
nickel (20%), black granite (16%), and gold and
PGMs (10% each). The output of chrome, one of
the major minerals, however, surpassed output
realised in the same period in 2018 by 2%, as
shown in Table 12.

Table 12: Quarterly Mineral Production
Statistics: 2018-2019

Q1

Q1

Q1: 2018
vs 2019


Gold (kgs)

-10%
Platinum
(kgs)

-9%
Palladium
(kgs)

-8%
Rhodium
(kgs)

-10%
Iridium (kgs)

48%
Ruthenium
(kgs)

-37%
Diamonds
(cts)
897369
461348
-49%
Chrome (mt)
409826
419486
2%
Nickel (mt)

-20%
Copper (mt)

-8%
Cobalt (mt)

-24%
Coal (mt)
655477
305782
-53%
HCFC (mt)
66954
90139
35%
Lithium (mt)
15839
15834
0%
Phosphate (t)

11136
20%
Black granite
44064
37207
-16%
Feldspar (mt)

-56%
Source: Ministry of Mines, FPR and Chamber of Mines,

Gold
Gold
output
increased
by
26.1%,
from
5529.27 kg in the fourth quarter of 2018 to
6 965 kg in the first quarter of 2019. Compared
to the same quarter in 2018, however, total gold
output in the quarter under review was 10%
lower. The quantity of gold produced by large
scale and small scale miners was lower by 24.1%
and 1.2%, respectively, compared to the first
quarter of 2018. Figure 9 shows trends in gold
output.
Figure 9: Quarterly Trends in Gold Output
(Kg)

Source: Ministry of Mines, Fidelity Printers and
Refiners, 2019
Platinum Group of Metals (PGMs)
The output of key minerals in the PGMs, namely;
platinum, palladium and rhodium stood at
3 417 kg, 2 825 kg and 306 kg, respectively, in
the first quarter of 2019. This represented
respective declines of 9%, 8% and 10%,
compared to same period in 2018.
Nickel
Nickel output fell by 15.2% to 3 816 tonnes in
the first quarter of 2019, from about 4 498.3
tonnes in the fourth quarter of 2018. The output
of the base metal declined by 19.6%, compared
to the output of the comparable period in 2018.
Throughput from both secondary and primary
producers was depressed.

Q1 2018
Q4 2018
Q1 2019
Large Scale (kg)
Small Scale (kg)
Secondary (kg)
Total Gold (kg)

Diamond
Diamond output stood at 461 348 carats in the
first quarter of 2019, was about 49% lower than
the output for the same period in 2018. Compared
to the output in the fourth quarter of 2018,
diamond output in the quarter under review was
lower by 40%. Throughput at Zimbabwe
Consolidated Diamond Company (ZCDC) fell
sharply, following the stoppage of mining
operations in the aftermath of Cyclone Idai in
March 2019. In addition, the industrial action that
occurred over the period 14-16 January 2019, as
well as shortages of fuel adversely impacted on
diamond production.

Coal

Coal output stood at 0.305 million tonnes in the
first quarter of 2019, a 53% decline from 0.655
million tonnes produced in the first quarter of
2018. The output for the quarter under review
also represented a 50.45% decline from the
0.775 million tonnes produced during the quarter
ending December 2018. Production at Hwange
Colliery Company declined from about 200 000
tonnes per month, to the current 30 000 tonnes
per month, following the withdrawal of mining
services by Mota Engil.


Chrome
Chrome output in the first quarter of 2019,
surpassed the output for the same period in 2018
by 2%, to 0.419 million tonnes. The output for
the quarter under review was also 5.5% higher
than the output for the fourth quarter of 2018. The
continued decline in international price of
chrome ore, however, had a negative impact on
potential output. Figure 10 shows developments
in average chrome ore prices and output.

Figure 10: Trends in Chrome Ore Output
(tonnes)
and
average
prices
(US$/tonne)

Source: MMCZ, Ministry of Mines, 2019
ELECTRICITY

Electricity output for the first quarter of 2019
amounted to 2494.60 GWhs, which represented
a decrease of 9%, from the 2741.06 GWhs
produced in the fourth quarter of 2018. The
decrease was due to reduced water levels at
Kariba Power station and operational challenges
at Hwange Power Station.


Q1 2018Q2 2018 Q3 2018Q4 2018Q1 2019
Chrome ore
Average Prices (US$/tonne)

Table 13: Total Electricity Output
Power
Station
Total
2019Q1
Total
2018 Q1
Total
Q4
Variance
Q1 &Q4
Kariba

Hwange

Bulawayo

Munyati
27.02

12.65
114%
Harare

IPPS
36.81
55.15

-18%
Total
(GWhs)

Source: Zimbabwe Energy Regulatory Authority,
Zimbabwe Power Company, 2019
Figure 11: Electric Energy Sent Out (GWhs)


Source: Zimstat, 2019

INFLATION DEVELOPMENTS
The annual headline inflation continued on an
upward trajectory, increasing from 56.9% in
January to 59.4% in February and 66.8% in
March 2019. Average inflation accelerated from
31.3% in the last quarter of 2018 to 61.0% in the
first quarter of 2019, spurred by increases in both
food and non-food inflation.
The persistent rise in prices was underpinned by
the benchmarking of prices on parallel market
exchange rates, whose premiums continued to
widen.
Figure 12: Annual Inflation Profile (%)

Source: Zimstat, 2019
Annual Food Inflation
Annual food inflation accelerated from an
average of 41.1% in the fourth quarter of 2018,
to 53.4% in the first quarter of 2019. All subcategories recorded increases during the first
quarter of 2019, with the largest recorded for
vegetables, (40.69%); fruit, (39.71%); milk
cheese, and eggs (33.2%); and fish and sea food,
(24.2%). Seasonal shortages largely accounted
for the increase in prices of fruits and vegetables,
during the quarter under review.

Thousands
January
February
March

Jan-17
Mar-17
May-17
Jul-17
Sep-17
Nov-17
Jan-18
Mar-18
May-18
Jul-18
Sep-18
Nov-18
Jan-19
Mar-19
Food Inflation
Non-Food Inflation
All Items

Non-food inflation
Annual non-food inflation increased from an
average of 27.3% in the fourth quarter of 2018,
to an average of 56.8% in the first quarter of
2019. The following increases were recorded;
transport (121.7%); clothing and footwear (92.0),
recreation and culture (79.3%) restaurants and
hotels (66.4%) and alcoholic beverages and
tobacco (57.1%).

Regional Inflation Trends
Zimbabwe’s annual inflation rate at 66.8% in
March 2018, was the highest in the region and
significantly above the SADC macro-economic
convergence target range of 3-7%.

Table 14: Regional Annual Inflation Trends

Mar-

Jun-

Sep-

Dec-

Mar-

Zimbabwe

SA

Botswana

Mozambique

Tanzania

Zambia

Malawi

Source: Country Central Bank Websites & SADC, 2019


4 All monetary numbers are in ZWL$ since the adoption of
the inter-bank foreign exchange market in February 2019.
5 From November 2017, broad money was adjusted by a
reclassification of “lines of credit” that were incorrectly
classified as deposits included in broad money. This
5. MONETARY DEVELOPMENTS4

Broad money5 increased from $10 009.91 million
in December 2018 to $10 627.38 million in
March 2019. The growth, in part, reflected
valuation changes in foreign currency deposits
included in broad money, due to the introduction
of interbank foreign exchange market in
February 2019.
The growth in money supply reflected expansion
in transferrable deposits, 8.92%; and negotiable
certificates of deposits, 27.17%. Partially
offsetting the increase in money supply were
declines in currency in circulation6, 7.01%; and
time deposits, 4.76%.
On an annual basis, money supply grew by
38.14% in March 2019, compared to 28.05%
growth recorded in December 2018.
Figure 13 shows annual broad money supply
components in nominal terms as well as growth
rates.
reduced the stock of money and at the same time reduced
the net foreign assets of Other Depository Corporations.
6 Currency in circulation consists of bond notes and coins
outside the banking system.

Figure 13: Annual Broad Money Supply
Growth Rates and Levels
Source: RBZ, 2019
Domestic Credit
During the quarter under review, net domestic
credit contracted by 2.20%, compared to a
growth of 5.79% recorded in the last quarter of
2018. In levels, net domestic credit declined from
$14 982.34 million in December 2018 to
$14 652.41 million in March 2019. The
slowdown in domestic credit was partially
attributed to the decline in Government
borrowing from the domestic banking system.
The decline in net credit to Government,
reflected
the
positive
impact
of
fiscal
consolidation measures being pursued under the
Transitional Stabilization Program (TSP). In
addition, the decline in credit to Government also
reflected the reduction in holding of Treasury

7 Includes loans and advances to individual and micro,
small and medium enterprises (SMEs) which borrow on
individual accounts.
bills by banks, which fell by 0.50% to $3 028.78
million, largely due to maturities.

Credit to private sector stood at $3 952.66 million
as at 31st March 2019, representing a growth of
2.61% from the $3 849.5 million recorded as at
31st December 2018. On an annual basis, credit
to the private sector grew by 6.92%, from
$3 696.77 million in March 2018. The subdued
growth in credit to the private sector reflected
precautionary lending by banks.

During the period under review, credit to the
private sector was distributed as follows:
households7, 25.75%; agriculture, 18.94%;
services,
14.35%;
distribution,
13.35%;
manufacturing, 9.52%; financial organisations
and investments,
7.74%;
mining, 4.74%;
construction,
3.09%;
and
transport
and
communications, 2.17%.


Dec-15
Mar-16
Jun-16
Sep-16
Dec-16
Mar-17
Jun-17
Sep-17
Dec-17
Mar-18
Jun-18
Sep-18
Dec-18
Mar-19
ANNUAL GROWTH %
US$ Billion
Transferable Deposits
Time Deposits
NCDs
Currency in Circulation

Figure 14: Sectoral Distribution of Credit

Source: RBZ, 2019
Credit to the private sector was utilised for
inventory build-up, 24.20%; consumer durables,
19.88%; fixed capital investment, 14.18%; and
pre and post shipment financing, 1.74%. Other
recurrent expenditures accounted for 40.01% of
the total outstanding loans and advances, during
the quarter under review.

Interest Rates
During the first quarter of 2019, nominal lending
rates quoted by most banks remained unchanged
from the previous quarter, and ranged between
5% and 18%. Average maximum interest rates
for savings deposits also remained unchanged at
4.16%. The average maximum 60-day time
deposits, however, declined marginally from
3.94% and 3.71%, whilst 90-day time deposits
increased from 3.86% to 4.09%.


6. STOCK MARKET DEVELOPMENTS

During the first quarter of 2019, the Zimbabwe
Stock Exchange (ZSE) was characterized by
subdued trading, compared to the fourth quarter
of 2018. The All Share and Top 10 Indices
declined by 24.58 points and 30.41 points, to
121.66 points and 114.61 points, respectively.
This resulted in a $3.34 billion decline in market
capitalization, from $19.42 billion in the last
quarter of 2018 to $16.08 billion, during the
quarter under review.

Figure 15: Market Capitalization

Source: Zimbabwe Stock Exchange, 2019
Figure 16: ZSE All share and Top 10 Indices


Source: Zimbabwe Stock Exchange, 2019
Construction, ...
Transport and ...
Mining, ...
Fin Organ &
Invest, ...
Distrubuti...
Services,
14.35%
Manufacturin...
Agriculture,
18.94%
Households,
25.75%
Other,

31-Mar-18
30-Apr-18
31-May-18
30-Jun-18
31-Jul-18
31-Aug-18
30-Sep-18
31-Oct-18
30-Nov-18
31-Dec-18
31-Jan-19
28-Feb-19
31-Mar-19
$ Millions

31-Mar-18
30-Apr-18
31-May-18
30-Jun-18
31-Jul-18
31-Aug-18
30-Sep-18
31-Oct-18
30-Nov-18
31-Dec-18
31-Jan-19
28-Feb-19
31-Mar-19
All Share Index
Top 10 Index

The industrial and mining indices fell by 16.74%
and 14.81%, to 405.57 points and 193.98 points,
respectively, as at the end of the first quarter of
2019. This reflected the wait and see attitude
taken by investors, during the larger part of the
first quarter of 2019.

Figure 17: Zimbabwe Stock Exchange Indices

Source: Zimbabwe Stock Exchange, 2019

Market Turnover
The
subdued
trading
activity,
which
characterized the local bourse during the first
quarter of the year, was exacerbated by the
prevailing economic challenges. As a result, the
volume and value of shares traded declined by
22.37% and 27.80% to 476.11 million shares and
$476.93 million, respectively.

Foreign investor interest, however, improved, as
reflected by an increase in net foreign purchases
of $2.20 million in the first quarter of 2019,
against net sales of $11.16 million in the last
quarter of 2018.
Figure 18: ZSE Market Turnover Value


Source: Zimbabwe Stock Exchange, 2019

7. PAYMENT,
CLEARING
AND
SETTLEMENT ACTIVITIES

Overview

The value of transactions processed through the
National Payment Systems (NPS) increased to
$44.96 billion in the first quarter ending March
2019, from $44.89 billion recorded in the quarter
ending December
2018.
NPS
transaction
volumes, however, decreased by 6% to 503.76
million in the first quarter of 2019, from 534.43
million recorded in the last quarter of 2018.


Table 15 provides the statistical information on
various payment streams for the first quarter
ending March 2019.

Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
Mining
Industrial
Industrial Index
Mining Index

31-Mar-18
30-Apr-18
31-May-18
30-Jun-18
31-Jul-18
31-Aug-18
30-Sep-18
31-Oct-18
30-Nov-18
31-Dec-18
31-Jan-19
28-Feb-19
31-Mar-19
US$ Millions

Table15:
Consolidated
Transactional
Activities
Values in ZWL$ Million

Q4
Q1

Change
Proportion

RTGS

CASH

CHEQUE

POS

ATMS

MOBILE

INTERNET

TOTAL

Volumes
RTGS

-9.00%
0.30%
CASH

-
20.00%
0.90%
CHEQUE

-
12.00%
0.00%
POS

ATMs

-
23.00%
0.10%
MOBILE

INTERNET

-1.00%
0.30%
TOTAL

Source: Reserve Bank of Zimbabwe, 2019

LARGE VALUE PAYMENTS
Zimbabwe
Electronic
Transfer
and
Settlement System
The value of transactions processed through the
RTGS system increased by 3% to $25.12 billion,
in the first quarter ending 31st March 2019, from
$24.50 billion recorded in the quarter ending 31st
December 2018. Transactions volume registered
a decrease of 9% to 1,383,960, from 1,527,529,
as shown in Figure 19.

Figure 19: Values and Volumes of RTGS
Transactions
Source: Reserve Bank of Zimbabwe, 2019
SWIFT Foreign Currency Transactions
SWIFT foreign currency payments decreased by
17% to US$0.72 billion in the quarter ending
March 2019, from US$0.77 billion during the
quarter ending December 2018. During the same
period, SWIFT foreign currency
receipts
decreased by 0.96% to US$0.74 billion, from
US$0.82 billion, as shown in Figure 20.

Net foreign currency inflows amounted to
US$22.4 million in the first quarter ending
March 2019, from net outflows of US$47.9
million recorded in the quarter ending December
2018.

Trends in the quarterly transactions are as shown
in Figure 20.


Q4

Q1

Q2

Q3

Q4

Q1
RTGS Values in Billions
RTGS Volumes in Thousamds
Values
Volumes

Figure
20:
SWIFT
Quarterly
Foreign
Currency Transactions
Source: Reserve Bank of Zimbabwe, 2019
CASH
Over the Counter Cash Withdrawals
The value of cash withdrawals increased by 11%,
from $0.96 billion in the quarter ending
December 2018 to $1.06 billion recorded in the
quarter ending March 2019. Corresponding
volumes decreased by 20%, from 5.41 million in
the fourth quarter of 2018 to 4.31 million in the
first quarter of 2019, as shown in Figure 21.

Figure
21:
Over
the
Counter
Cash
Withdrawals
Source: Reserve Bank of Zimbabwe, 2019
Retail Payments
The values of retail transactions decreased by 3%
to $19.84 billion in the period under review, from
$20.38 billion recorded in the fourth quarter of
2018.

Retail volumes at the point of sale increased from
60 million recorded in the fourth quarter of 2018,
to 99 million in the first quarter of 2019.

Figures 22 and 23 show the trend in the values
and volumes of retail transactions, from the
quarter ending December 2018 to the quarter
ending March 2019.


Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
VOLUMES IN THOUSANDS
VALUE IN US$ BILLION
Value of Receipts
Value of Payments
Volumes of Payments
Volumes of Receipts


Q4

Q1

Q2

Q3

Q4

Q1

$ Billions
Millions
Volumes
Values

Figure 22: Retail Transaction Values from
December 2017 to March 2019
Source: Reserve Bank of Zimbabwe, 2019
Figure 23: Retail Transaction Volumes from
December 2017 to March 2019
Source: Reserve Bank of Zimbabwe, 2019

8 The local collateral figure comprises of Cheque, Zimswitch,
Chengetedzai Deposit Corporation settlement systems.
Collateral8
The value of collateral increased to $130.2
million in the quarter ending March 2019, from
$127.7 million recorded in the quarter ending
December 2018, as shown in Figure 24.

Figure
24:
Collateral
Amounts
from
December 2017 to March 2019
Source: Reserve Bank of Zimbabwe, 2019


Q4

Q1

Q2

Q3

Q4

Q1
Billions
CHEQUE
POS
ATMS
INTERNET
CASH
MOBILE


Q4

Q1

Q2

Q3

Q4

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

4th Qtr

1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

1st Qtr

Millions
Cheque
Zimswitch
CDC

Access Points and Devices
The number of mobile banking agents decreased
to 47,638 in the first quarter ending March 2019
from 50,740 reported in the quarter ending
December 2018.

Similarly, the POS population increased to
107,067 in the quarter ending March 2019, from
99,935 recorded in the quarter ending December
2018.

A decrease in the ATM population was also
recorded, from 551 in the fourth quarter of 2018
to 549 in the first quarter of 2019.

The number of active mobile financial services
subscribers increased from 6.14 million as at end
December 2018, to 6.37 million as at end March
2019.

Table 16 shows the payment access points and
devices, from the quarter ending March 2018 to
the quarter ending March 2019.


Table 16: Payment Systems Access Points and
Devices

Quarter
ending
Sept

Quarter
ending
Dec

Quarter
ending
Dec

Mobile
Banking
agents
50,022
50,740
47,638
ATMs

POS
90,541
99,395
107,067
PAYMENT SYSTEM ACCESS DEVICES
Debit
Cards
4,581,256
4,734,299
5,116,115
Credit
Cards
16,607
17,204
17,948
Prepaid
Cards
84,175
88,406
80,544
Mobile
Banking
subscribers

6,010,602
6,139,160
6,369,172

Internet
Banking
subscribers
334.505
353,103
364,990

Source: Reserve Bank of Zimbabwe, 2019

Figure 25 shows the number of Access Points,
and Figures 26 and 27, the number of access
devices.

Figure 25: Payment Access Points from
December 2018 to March 2019


Figure 26: Payment Access Devices from
December 2018 to March 2019
Source: Reserve Bank of Zimbabwe, 2019
Figure 27: Access Devices from December
2017 to March 2019

Source: Reserve Bank of Zimbabwe, 2019
8. FISCAL DEVELOPMENTS

Cumulative Government revenues amounted to
$1,926.60 million in the first quarter of 2019,
surpassing the target of $1,780.56 million by
8.2%. Government expenditure during the same
period amounted to $1,483.48 million, and was
$218.9 million below the targeted expenditure of
$1,702.37 million. This culminated in a budget
surplus of about $443.12 million.

2017 Q4
2018 Q1
2018 Q2
2018 Q3
2018 Q4
2019 Q1
Thousands
POS Population
ATM Population
Mobile Banking Agents

2017 Q2
2017 Q3
2018 Q2
2018 Q3
Millions
Mobile Active Subcribers
Debit Cards

Quarter
ending June

Quarter
ending
September

Quarter
ending
December

Quarter
ending
March 2019
Thousands
Credit Cards
Prepaid Cards
Internet

Table 17: Summary of 1st Quarter Fiscal
Position

ZWL$ Millions
Revenue
1 926.60


Tax revenue
1 877.43
Non-Tax Revenue
49.17


Expenditure
1 483.48
Current expenditure
1 310.27
o/w employment costs
1 015.04
Capital Expenditure
364.92
Overall Balance
443.12
Source:
Ministry
of
Finance
and
Economic
Development, 2019
Government Revenue

Total revenue for the period January to March
2019 amounted to $1,926.6 million, comprising
of $1,877.43 million in tax revenues and $49.17
million in non-tax revenue. Both the tax and nontax revenues surpassed targets, largely due to the
effect of inflation on the revenue base.

Composition of Government Revenue

During the first quarter of 2019, taxes on goods
and services accounted for 35% of total revenue.
Other revenue heads accounted for the following:
excise duties, 30%; customs duties, 5%; Taxes on
incomes and profits, 28%; value added tax, 19%;
and other indirect taxes, 17%. Figure 28 shows
the structure of government revenue in the first
quarter of 2019.
Figure 28: Structure of Government Revenue,
ZWL$ million.
Source:
Ministry
of
Finance
and
Economic
Development, 2019
Excise duty increased to $565.65 million in the
first quarter of 2019, compared to $233.32
million raised in the same period in 2018. This
was largely due to the changes in the pricing of
petroleum fuels effected in January 2019.

Other indirect taxes also increased considerably
in the first quarter of 2019, compared to 2018.
This was due to the collection of the 2% tax on
intermediated electronic funds transfer tax which
was effected in the third quarter of 2018.

Expenditure Developments

Cumulative government spending amounted to
$1,483 million, in the first quarter of 2019. This
was 12% below the targeted expenditure of
$1,702
million.
Recurrent
expenditures
constituted 88% of total expenditures, while
capital expenditure accounted for the remainder
of 12%. Table 18 shows the summary of
Tax on
Income
and Profit
Excise
Duty
30%
Customs
5%
VAT
19%
Other Indirect Taxes

Government expenditure, during the first
quarters of 2018 and 2019.
Table 18: Summary of Government Spending

Q1 2018
Q1 2019

ZWL$
Million
% of
Total
Expenditure
ZWL$
Million
% of
Total
Expenditure
Employment
costs

Goods and
services

Interest
on
debt

Capital
Expenditure

Total
Expenditure
1619.8

1887.0

Source: Ministry of Finance and Economic Development,

Employment costs on the civil service, pensions
and grant aided institutions amounted to
$1483.48 million, representing 68% of total
expenditure.
Financing
During the first quarter of 2019, Government
realised a fiscal surplus amounting to $443.00
million, which was mainly utilised to partly
honour maturing Treasury Bills.

RESERVE BANK OF ZIMBABWE

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

S1


Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
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

Currency Outside Depository Corporations

Source: Reserve Bank of Zimbabwe 2018
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
TABLE 1: DEPOSITORY CORPORATIONS SURVEY (ZWL$ '000)


S2


Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
Net Foreign Assets

Claims on Non Residents

Official Reserves Assets

Other Foreign Assets

Less Liabilities to Non Residents

Short Term Liabilities

Other Foreign Liabilities

Net Domestic Assets (NDA)

Domestic Claims

Net Claims on Central Government

Claims on Central Government

Of which: Securities Other than Shares

Loans

Loans and Advances

Legacy Debt

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

Other Items(Net)
Shares and Other Equity

Other Items(Net)

Liabilities to Other Resident Sectors

Deposits and Securities Excluded from Bas

Monetary Base Incl. foreign currency
clearing balances
Monetary Base
Liabilities to ODCs

Bond Notes

Bond Coins

Reserve Deposits

Other

Private Deposits

Source: Reserve Bank of Zimbabwe 2019
TABLE 2: CENTRAL BANK SURVEY (ZWL$'000)


S3


Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
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)
7,472,096.38

7,624,121.15

8,098,814.54

8,741,831.36

9,132,705.19


Domestic Claims
6,266,910.56

6,437,720.58

6,745,532.52

6,989,263.27

7,168,985.87


Net Claims on Central Government
2,339,300.34

2,476,778.04

2,715,985.15

2,783,534.43

3,262,756.31


Claims on Central Government
2,453,993.46

2,572,350.40

2,823,354.57

2,872,745.05

3,295,887.08


Securities
2,434,830.12

2,558,912.76

2,814,916.90

2,865,309.79

3,291,375.03


Loans
19,163.34

13,437.64

8,437.68

7,435.26

4,512.05


Other
-

-

-

-

-

-

-

-

-

-

-

-

-

Less Liabilities to Central Government
114,693.11

95,572.36

107,369.43

89,210.62

33,130.77


Of which: Deposits
114,693.11

95,572.36

107,369.43

89,210.62

33,130.77


Other

Claims on Other Sectors
3,927,610.21

3,960,942.53

4,029,547.37

4,205,728.83

3,906,229.56


Other Financial Corporations
47,078.39

47,272.71

36,981.14

42,406.27

43,993.11


State and Local Government
48,750.40

52,851.54

51,746.27

49,509.94

54,356.85


Public Non Financial Corporations
150,967.31

145,902.98

159,350.37

222,545.56

181,987.35


Private Sector
3,680,814.12

3,714,915.30

3,781,469.60

3,891,267.06

3,625,892.25


Claims on the Central Bank
2,474,448.22

2,438,430.82

2,557,149.58

3,089,939.84

3,471,170.30


Currency
16,707.478

14,888.726

14,154.729

8,986.260

20,609.732


Other Claims including Reserves
2,457,740.74

2,423,542.10

2,542,994.86

3,080,953.58

3,450,560.57


Liabilities to the Central Bank
140,468.21

82,369.89

101,470.93

119,810.71

118,944.97


Other Items(Net)
1,128,794.20

1,169,660.36

1,102,396.63

1,217,561.04

1,388,506.01


Shares and Other Equity
1,555,909.88

1,542,636.03

1,574,043.84

1,632,378.01

1,758,871.23


Liabilities to other ressident sectors
6,906.82

16,085.12

19,885.58

21,559.36

32,602.91


Other Items(Net)
(434,022.51)

(389,060.79)

(491,532.80)

(436,376.33)

(402,968.13)


Deposits and Securities Included in Broad
Money
7,308,552.27

7,432,774.94

7,841,481.27

8,451,064.87

8,908,463.53


Deposits Included in Broad Money
7,231,240.46

7,348,810.03

7,753,466.00

8,384,220.79

8,818,964.20

8,892,333.01

9,192,282.61

9,163,326.94

9,179,384.09

9,432,073.48

9,249,189.49

9,796,911.59

9,999,066.93

Transferable Deposits


7,782,391.98

8,323,687.16

8,562,013.77

Other Deposits
1,490,952.43

1,374,640.48

1,442,460.95

1,459,140.37

1,501,520.77

1,524,244.03

1,488,981.24

1,427,834.38

1,430,427.17


Money Market Instruments
77,311.81

83,964.91

88,015.27

66,844.08

89,499.33

66,484.46

52,419.97

61,703.77

50,864.73

58,584.04

1,466,797.51

1,473,224.43

1,437,053.15

59,302.10
71,792.12
74,503.10
Source:Reserve Bank of Zimbabwe,2019
TABLE 3 : OTHER DEPOSITORY CORPORATIONS SURVEY ( ZWL$ '000)


S4


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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source: Reserve Bank of Zimbabwe, 2019
TABLE 4.1: RESERVE BANK - ASSETS
Foreign Assets
Loans and advances
Investments


S5


Capital
and
Foreign
general
End of
Bond Notes in
Circulation
Bond Coins in Circulation
Bond Notes and
Bankers Deposits
Statutory Reserves
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

Source: Reserve Bank of Zimbabwe, 2019
*Bond coins first issued in December 2014
* Bond Notes issued on 28 November 2016
ZWL$ Thousands
Deposits
TABLE 4.2: RESERVE BANK - LIABILITIES


S6


Capital
and
Foreign
general
End of
Bond Notes in
Circulation
Bond Coins in Circulation
Bond Notes and
Bankers Deposits
Statutory Reserves
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

Source: Reserve Bank of Zimbabwe, 2019
*Bond coins first issued in December 2014
* Bond Notes issued on 28 November 2016
ZWL$ Thousands
Deposits
TABLE 4.2: RESERVE BANK - LIABILITIES


S7


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

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,2019
TABLE 5.1: OTHER DEPOSITORY CORPORATIONS -ASSETS
ZWL$ millions
Debt Securities
Loans and Advances


S8


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

Mar


Apr


May


Jun


Jul


Aug


Sep


Oct


Nov


Dec


Jan


Feb


Mar


Apr


May


June


July


Aug


Sep


Oct


Nov


Dec


Jan


Feb


Mar


Source:Reserve Bank of Zimbabwe,2019
TABLE 5.2 : OTHER DEPOSITORY CORPORATIONS - LIABILITIES
ZWL$ millions
Deposits
Amounts Owing to


S9


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

Mar
10.74


Apr
9.82


May
12.36


Jun
7.01


Jul
6.71


Aug
11.80


Sep
11.43


Oct
8.10


Nov
9.04


Dec
11.43


Jan
22.40


Feb
18.34


Mar
14.81


Apr
13.47


May
12.85


June
7.48


July

Aug

Sep

Oct

Nov

Dec


Jan
42.05


Feb
52.63


Mar
59.17


Source:Reserve Bank of Zimbabwe,2019
Notes
1.Government securities include treasuary bills and bonds
2.Includes bankers acceptances, discounted bills and negotiable certificates of deposits.
3.Includes households, other financial corporations,
TABLE 6.1: COMMERCIAL BANKS -ASSETS
ZWL$ millions
Debt Securities
Loans and Advances


S10


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


Source:Reserve Bank of Zimbabwe,2019
TABLE 6.2 : COMMERCIAL BANKS - LIABILITIES
Deposits
Amounts Owing to
ZWL$ Millions


S11


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

Mar
1.42


Apr
1.13


May
1.01


June
1.21


July

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source:Reserve Bank of Zimbabwe,2019
TABLE 7.1: BUILDING SOCIETIES -ASSETS
ZWL$ millions
Debt Securities
Loans and Advances


S12


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


Source:Reserve Bank of Zimbabwe,2019
Amounts Owing to
TABLE 7.2: BUILDING SOCIETIES -LIABILITIES
ZWL$ millions


S13


A GR IC U LTU R E
C ON S TR U C TION
C OM M U N IC A TION
D IS TR IB U TION
FIN A N C IA L
FIN A N C IA L
M A N U FA C TU R IN G
M IN IN G
S ER V IC ES
TR A N S POR T
IN D IV ID U A LS
C ON GLOM ER A TES
TOTA L
End of

IN V ES TM EN T
OR GA N IS A TION S

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,2019
TABLE 8.1: Sectoral Analysis of Commerical Banks' Loans and Advances
ZWL$ Thousands


S14


AGRICULTURE CONSTRUCTION COMMUNICATION
DISTRIBUTION
FINANCIAL
FINANCIAL
MANUFACTURING
MINING
SERVICES
TRANSPORT INDIVIDUALS CONGLOMERATES
TOTAL
End of

INVESTMENT
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

Source:Reserve Bank of Zimbabwe,2019
TABLE 8.2: Sectoral Analysis of Commercial Banks' Deposits
ZWL$ Thousands


S15


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

Jul
4,805.10 5.70
588.40
29.40 1,601.40 586.40
Jul
521.80 30.00
20,013.70
636.10 61,162.40 382.60
Aug
5,325.10 5.18
590.10
24.70 1,776.40 583.30
Aug
541.50 26.60
20,303.00
595.60 70,771.60 419.10
Sep
6,031.37 5.19
651.11
16.11 2,159.26 731.93
Sep
620.00 27.17
20,731.00
478.00 83,303.00 432.00
Oct
5,991.30 5.40
681.90
19.40 2,401.60 779.20
Oct
609.60 27.20
23,764.60
475.10 92,540.60 478.90
Nov
6,259.70 4.90
666.50
15.90 2,561.80 798.30
Nov
575.30 25.60
22,748.60
347.30 97,945.20 473.00
Dec
5,877.20 3.60
778.40
16.30 3,052.70 1,043.30
Dec
524.20 19.20
26,779.10
347.20 118,198.90 524.80
Annual
Total
61,718.13 69.43
6,628.17
428.06 18,020.56 7,021.72
Annual
Total
5,903.41 319.95 214,857.35 8,121.03 754,742.20 4,248.89

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
Source:Reserve Bank of Zimbabwe,2019
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)


S16


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
Source:Reserve Bank of Zimbabwe,2019
Notes
3. Lending rates exclude rates on staff loans.
TABLE 10.2 : BANKS DEPOSIT RATES (percent per annum)1
1. The range of rates qouted by banks during the period.
2. Three (3) months deposit rates revised to exclude rates on inactive
or dormant accounts.
TABLE 10.1: LENDING RATES (percent per annum)1
1. Table revised, to separate weighted lending rates for individuals and
corporate bodies.
2. Nominal Lending Rates depict the range of rates quoted by banks.
Weighted Average Lending Rates 3
Commercial Banks
Commercial Banks
End of


S17


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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source: Zimbabwe Stock Exchange (ZSE),2019
ZWL$ Millions
TABLE 11: ZIMBABWE STOCK MARKET STATISTICS
Indices


S18


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

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


S19


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

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


S20


FOOD INFLATION
ALL
ALCOHOLIC
BEVERAGES
CLOTHING
HSING, WATER,
FURNITURE
HEALTH
TRANSPORT
COMMUNIC
ATION
RECREATION &
EDUCATION
RESTAURAN
TS &
MISC.
TOTAL
NON
FOOD &
ITEMS
& TOBACCO
FOOTWEAR
ELECTRICTY,
GAS
AND
CULTURE
HOTELS
GOODS &
FOOD
NON ALCOHOLIC
BEVERAGES
& OTHER
EQUIPMENT
SERVICES
FUELS
WEIGHTS


Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

TABLE 12.3 : ANNUAL INFLATION -- PERCENTAGE CHANGE IN CONSUMER PRICE INDEX
( FEB 2019=100)
NON-FOOD INFLATION
Source :ZIMSTATS, 2019


S21


End of
Sep-17
Oct-17 Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
Total
(Q1 2019)
Merchandise Imports (excl. energy)
202.8

222.5

194.3

208.2

218.7

180.0

245.1

238.5

330.9

286.9

236.9

214.8

224.2

209.6

175.2

175.4

149.3

151.3

204.5

505.1

- Consumption Goods
80.7

92.1

79.0

92.3

92.5

67.3

69.6

67.5

124.8

105.3

80.7

71.7

83.3

66.6

56.5

75.5

49.4

52.8

84.7

186.9

- Capital Goods
63.6

64.2

71.6

64.2

69.9

69.9

97.4

72.6

106.9

103.9

86.3

85.3

85.8

86.2

67.8

57.7

55.0

57.0

62.7

174.8

- Intermediate Goods
58.5

66.2

43.7

51.7

56.3

42.7

78.1

98.4

99.2

77.7

70.0

57.8

55.0

56.8

50.9

42.2

44.9

41.5

57.0

143.5

Energy (Fuel & Electricity)
61.6

55.0

55.9

57.5

55.3

43.2

84.1

104.0

108.8

83.6

73.8

68.2

75.3

58.1

26.3

21.4

25.0

12.2

29.5

66.6

Service Payments
63.0

63.9

60.5

45.7

48.1

40.1

45.7

44.0

63.8

45.0

46.7

37.5

42.1

33.9

36.5

25.2

41.1

32.7

41.9

115.7

- Technical, Professional & consult
17.7

20.6

18.4

17.8

23.8

17.0

15.6

18.7

30.6

20.7

21.3

16.8

13.2

15.2

18.5

14.4

20.2

11.6

12.3

44.0

- Software
2.1

4.0

1.7

2.6

3.4

5.1

7.2

4.0

6.6

6.3

4.8

4.1

5.1

3.8

3.8

2.1

2.5

3.7

5.2

11.4

- Other (tourism, edu, freight etc)
43.2

39.4

40.3

25.4

20.9

17.9

23.0

21.3

26.6

17.9

20.5

16.5

23.8

14.8

14.1

8.7

18.4

17.3

24.5

60.2

Income Payments (Profits, Dividends)
10.9

11.5

9.6

11.2

18.6

21.8

18.0

10.2

15.9

15.6

12.3

15.9

12.3

11.1

7.3

17.8

12.5

19.3

19.1

50.9

Capital Remittances (outward)
21.8

44.4

76.3

27.8

20.6

16.9

15.3

21.8

30.8

14.8

21.1

16.4

30.4

12.2

21.7

35.4

24.8

32.1

10.7

67.7

- External Loan Repayments
18.8

18.4

75.8

11.8

13.7

9.9

14.5

21.5

29.8

14.6

20.1

16.3

28.2

12.1

21.5

35.2

24.6

31.8

10.7

67.1

- Disinvestments
0.6

25.9

0.3

2.8

0.2

6.7

0.8

0.1

0.9

0.2

0.7

0.1

0.1

0.0

0.1

0.1

0.0

-

0.1

0.1

- Cross Border Investment
2.4

0.1

0.2

13.1

6.7

0.4

-

0.2

0.1

0.0

0.4

0.0

2.1

0.1

0.1

0.0

0.2

0.3

0.0

0.5

Other Payments
0.1

0.1

0.6

0.1

13.6

15.0

14.9

11.7

16.2

13.3

13.7

16.6

9.5

12.0

10.9

15.7

9.7

9.0

4.3

23.1

TOTAL
360.2

397.4

397.1

350.5

374.9

317.0

423.1

430.2

566.3

459.2

404.6

369.4

393.8

336.8

277.8

290.8

262.5

256.6

310.0

829.0

Source: Reserve Bank of Zimbabwe, 2019
Table 13.1: Monthly Cross Border Payments (US$ Millions)


S22


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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov


Jan

Feb

Mar

Source: Reserve Bank of Zimbabwe, 2019
Table 13.2: Monthly Cross Border Receipts (US$Millions)


S23


(US$ millions)
End Period

Long-Term External Debt

Government

Bilateral Creditors

Multilateral Creditors

Private Creditors

Public Enterprises


Bilateral Creditors

1,155

Multilateral Creditors

Private Creditors

Monetary Authorities

Multilateral Creditors - IMF

Private


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


Supplier's Credits

Reserve Bank

1,300

Private


Total External Debt

Source: Ministry of Finance & Economic Development, 2019; & Reserve Bank of Zimbabwe, 2019
TABLE 14.1: ZIMBABWE: EXTERNAL DEBT OUTSTANDING BY DEBTOR (INCLUDING ALL ARREARS)


S24


End of

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


8,141.88

8,461.93

8,769.57

9,268.67

10,821.21

9,927.95

9,878.26

10,062.35

11,200.78

Public and Publicly Guaranteed Debt

Bilateral Creditors

Multilateral Creditors

Private Creditors

Private Non-Guaranteed Long term


Short-Term External Debt

Public and Publicly Guaranteed Debt

Reserve Bank

1,300

Private

-37


Total External Debt

External Debt / GDP

Source: Ministry of Finance & Economic Development, 2019 ; Reserve Bank of Zimbabwe, 2019
TABLE 14.2: External Debt Outstanding by Source
(US$ millions)


S25


S1