QUARTERLY
ECONOMIC
REVIEW


DECEMBER 2022

CONTENTS

List of Figures

List of Tables

1.
OVERVIEW


Global economic growth is estimated at 3.4% in
2022 and is projected to slow down to 2.9% in
2023. The Russia-Ukraine conflict, elevated
global inflationary pressures, persistent increases
in interest rates by major central banks and
decline in global investment, weighed down
global growth.
The domestic economy is estimated to have
grown by 4.0% in 2022, underpinned by the
remarkable growth in activities in the mining and
quarrying sectors, wholesale and retail trade,
accommodation
and
food
industry
and
construction services.

On the domestic inflation front, annual headline
inflation took a downward trend, falling from
280.4% in September 2022 to end the fourth
quarter of 2022 at 243.8%, as both annual food
and non-food inflation registered significant
declines. This followed the implementation of
tight fiscal and monetary policy measures by the
government
and
monetary
authorities,
respectively, beginning in the third quarter of
2022.
During
the
quarter
under
review,
total
merchandise trade increased by 29.6% to
US$4,111.4 million, from US$3,172.3 million
recorded in the comparable quarter in 2021. On a
quarter-on quarter basis, merchandise trade grew
by 6.7%, from US$3,852.6 million in the third
quarter of 2022 to US$4,111.4 million in the
reporting quarter. The increase in quarterly
merchandise trade was, in large part, on account
of a marked growth in exports.

Parallel market exchange rates were largely
stable during the fourth quarter, following the
further liberalization of the foreign exchange
market through the introduction of the willingbuyer willing-seller (WBWS) interbank market
for foreign exchange. The liberalisation of the
foreign exchange market also resulted in the
decline in parallel market exchange rate
premiums to less than 30%, thus enhancing the
scope for the convergence of official and parallel
market exchange rates.

The quarter under analysis also saw broad money
stock increase to ZW$2 338.23 billion in
December 2022, from ZW$1 917.15 billion in
September 2022. This largely reflected quarterly
expansions of 40.18% and 10.98% in the local
currency component and foreign currency (FCA)
deposits, respectively. The increase in foreign
currency deposits largely reflected the movement
in the exchange rate, from ZW$621.89 per US$1
in September 2022 to ZW$684.33 per US$1 in
December 2022, while the local currency
component largely reflected the impact of credit
creation by banks.

On the capital market, the Zimbabwe Stock
Exchange (ZSE) recorded considerable gains,
compared to the preceding quarter. As a result,
the All Share, Top 10, Top 15 and Medium Cap
indices gained 31.97%, 34.69%, 33.67% and
26.13% to close at 19 493.85 points, 12 311.13
points, 13 436.28 points and 36 642.44 points,
respectively.

The country’s National Payment System (NPS)
continued the positive trajectory during the
reporting quarter, with the value of transactions
processed increasing by 28% to ZWL$13.37
trillion, from ZWL$10.43 trillion recorded in the
quarter ending 30th September 2022. However,
NPS transaction volumes decreased by 17% to
238.34 million in the fourth quarter of 2022, from
287.80 million in the third quarter.

INTERNATIONAL
ECONOMIC
DEVELOPMENTS
Global economic prospects remained weak by
historical standards during the fourth quarter of
2022, as the fight against inflation and the
conflict in Ukraine impacted negatively on
economic activity. The IMF projects global
economic growth to moderate to 2.9 % in 2023,
from 3.4% in 2022, weighed down by elevated
inflationary pressures, tightening global financial
conditions associated with expectations of
steeper interest rate hikes by major central banks
and the negative spill-over effects from the
Russia-Ukraine crisis. In addition, waves of the
Covid-19 pandemic also disrupted economic
activity in some regions, during the quarter
ending 31st December 2022.
Table 1 summarizes global economic growth
developments and prospects for selected regions
and countries.


Table 1: World Economic Growth Rates
(2021 -2023)
Country/Group

Act.
(%)
Est.
(%)
Proj.
(%)
World Output
6.2
3.4
2.9
Advanced Economies
5.4
2.7
1.2
o/w: United States
5.9
2.0
1.4
Euro-Area
5.3
3.5
0.7
Emerging Market &
Developing Economies
6.7
3.9
4.0
o/w: China
8.4
3.0
5.2
India
8.7
6.8
6.1
Sub Saharan Africa
4.7
3.8
3.8
o/w: Nigeria
3.6
3.0
3.2
South Africa
4.9
2.6
1.2
Sources: IMF World Economic Outlook Update (October 2022)
Growth in advanced economies is estimated to
have slowed from 5.4% in 2021 to 2.7% in 2022
and is projected to further moderate to 1.2% in
2023, mainly due to contractions in the US and
European economies. Growth in the United
States is estimated to have declined from 5.9% in
2021 to 2.0% in 2022, with 2023 projections
pointing towards a further decline to 1.4% in
2023.
For emerging market and developing economies,
growth is estimated to have moderated to 3.9% in
2022 and is projected at 4.0% in 2023. The
slowdown in China’s GDP in 2022 was largely
explained by the effects of Covid-19 outbreaks
and lockdowns as well as the worsening property

market crisis. Growth for China is, however,
expected to rise in 2023 following the re-opening
of the economy, which paved a way for a rapid
rebound in economic activity.
Meanwhile, in emerging and developing Europe,
growth is estimated at 0.7% in 2022 and
projected to rise to 1.5% in 2023. The economic
weakness in the region was largely due to the
3.4% contraction in the Russian economy in
2022, mainly due to the conflict with Ukraine.
The contraction in the Russian economy has,
however, been moderated by the resilience in its
crude oil exports and strong domestic demand.
Real GDP growth in Sub-Saharan Africa is now
projected to remain moderate at 3.8% in 2023,
amid a prolonged fallout from the Covid-19
pandemic. This outlook reflects Nigeria’s rising
growth in 2023, on account of measures to
address insecurity issues in its oil industry.
Meanwhile, in South Africa, after a Covid-19
reopening rebound in 2022, growth is projected
to slow to 1.2% in 2023 from 2.6% in 2022,
reflecting weaker external demand, power
shortages, and structural constraints.

Risks to the global economic outlook continue to
be elevated to the downside as the world grapples
with the impact of the Russia-Ukraine crisis,
slowdown in global economic activity and
lingering effects of the Covid-19 pandemic.
INTERNATIONAL COMMODITY PRICE
DEVELOPMENTS
During the period under review, commodity
prices for gold, platinum, copper, and nickel
increased, while Brent crude oil prices declined.
Most commodity prices retreated from their
peaks in the aftermath of the post-pandemic
demand surge and war in Ukraine, as global
growth slowed and concerns about a global
recession intensified. Prices have, however,
remained considerably above their historical
averages.
The developments in selected commodity prices
for the fourth quarter of 2022 are shown in Table
2.
Table 2: International Commodity Prices
(October - December 2022)
Source: World Bank and Bloomberg, 2022

Precious Metals
The pace of increase in gold prices eased in the
fourth quarter of 2022, after the Federal Reserve
Bank hinted on scaling down its monetary
tightening program in December 2022. The little
support for the price of the yellow metal came
from the positive impact of safe-haven demand
related to the Russia-Ukraine crisis and rising
inflation. Resultantly, gold prices remained little
changed, rising marginally by 0.1% from
US$1,728.00 per ounce in the third quarter to
US$1,730.53 per ounce in the reporting period.

Gold
Platinum
Copper
Nickel
Brent
Crude Oil

US$/oz
US$/oz
US$/tonn
e
US$/tonne
US$/Barrel

Q3
Average

Oct-22

Nov-22

Dec-22


Q4
Average

2022 Q4-Q3
Changes (%)


Platinum prices surged on account of investor
fears of supply disruptions due to power outages
in South Africa, the world’s largest producer of
the metal. On the demand side, prices were
boosted by optimism of demand recovery, amid
improving market sentiment, as China eased its
Zero-Covid 19 policy.
Palladium prices remained bearish as global
computer chip shortages continued to hurt the
demand for the metal. The auto industry took a
hit as the global shortage of computer chips led
to a slowdown in manufacturing, which in turn
weakened the demand for metals used to make
cars, including palladium.
The developments in precious metal prices for
the period from January 2021 to December 2022
are shown in Figure 1.
Figure
1:
Precious
Mineral
Prices
(US$/ounce)

Source: Bloomberg, 2022

Base Metals
Copper prices rebounded during the quarter
under review, rising by 3.4% from US$7,765.34
per tonne in the third quarter to US$8,030.07 per
tonne in the fourth quarter of 2022. Prices rose
on hopes of improved demand in China,
following the relaxation of its zero-Covid 19
policy which was hurting the demand for
industrial metals. In addition, prices of the red
metal were also boosted by news about stimulus
support in top metals consumer, China. These
developments
outweighed
concerns
about
slowing economic growth and demand.
Nickel prices surged by 15.6%, from an average
of US$22,098.00 per tonne in the third quarter to
US$25,545.35 per ounce in the fourth quarter.
Prices were buoyed by a combination of a weaker
US dollar, low inventories, and investor
expectations of improved demand in China,
following reports about new investments in the
Asian giant’s economy.

Developments in copper and nickel prices are
shown in Figure 2.

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

Source: Bloomberg, 2022
Brent Crude Oil
Brent crude oil prices recorded sharp declines in
the fourth quarter of 2022, largely on account of
a greater than expected rise in U.S. crude oil


Jan-22
Feb-22
Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Gold
Palladium
Platinum (RHS)

Jan-22
Feb-22
Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Copper
Nickel (RHS)

inventories. Crude oil prices were also weighed
down by fears of deceleration in demand, amid
growing concerns about global economic
slowdown. Reflecting these developments,
prices slumped by 9.3% to average US$88.50 per
barrel in the quarter ending 31st December 2022.
Figure 3: Brent Crude Oil Prices (US$/barrel)

Source: Bloomberg, 2022

MERCHANDISE TRADE
DEVELOPMENTS
The country’s total merchandise trade for the
period October to December 2022 amounted to
US$4,111.4 million, representing a 29.6%
increase from US$3,172.3 million recorded in
the comparable quarter in 2021. The increase
was largely on account of a marked growth in the
country’s merchandise imports, during the
reporting quarter.

Figure 4 shows total merchandise trade
developments during the third and fourth
quarters of 2021 and 2022.

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

Source: Zimstat, 2022

On a quarter-on-quarter basis, total merchandise
trade grew by 6.7%, from US$3,852.6 million in
the third quarter of 2022 to US$4,111.4 million
in the reporting quarter. The increase in quarterly
merchandise trade was on account of a marked
growth in exports.

Merchandise Export Developments
During the fourth quarter of 2022, the country’s
exports amounted to US$1,810.2 million, up by
2.0% from US$1,774.3 million recorded in the
corresponding quarter in 2021. The outturn for
the quarter under review was also 13.5% higher
than US$1,594.3 million realized in the
preceding quarter.
The increase in the country’s export earnings was
mainly underpinned by significant increases in
tobacco exports. Tobacco exports reached a peak
during the quarter under review due to the
cyclical nature of the tobacco export cycle which
peaks in the last quarter of each year, as shown
in Table 3.

Jan-22
Feb-22
Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22

2021Q4
2022Q3
2022Q4

Table 3: Quarterly Merchandise Exports
(US$ m)
Source: Zimstat & RBZ Calculations 2022
Major Merchandise Export Destinations
During the fourth quarter of 2022, the country’s
exports were mainly destined for the SADC
region, with South Africa accounting for 43.4%,
Mozambique, 2.2% and Zambia, 1.9%. The
United Arab Emirates and China absorbed 30.5%
and 6.1% of the country’s exports, respectively,
as shown in Figure 5.


Figure
5:
Zimbabwe’s
major
export
destinations.


Source: ZIMSTAT & RBZ Computations

Merchandise Import Developments

During the quarter under analysis, the country’s
import bill amounted to US$2,301.2 million, a
sharp rise of about 64.6% from US$1,397.9
million recorded in the corresponding quarter in
2021. In comparison to the previous quarter,
merchandise imports for the fourth quarter of
2022 were 1.9% higher, as shown in Figure 6.


South Africa
United Arab Emirates
China
Belgium
Mozambique
Zambia
Germany

2022 Q3
(USm)

Q4
(USm)

Q3Q4
Cha
nges
(%)
Share
of
Export
s (%)
Total
Exports

Of which:


PGMs

Gold

Tobacco (Inc.
cigarettes)

Ferrochromiu
m

Industrial
diamonds

Coal

Other mineral
substances

Ginned
Cotton.

Chromium
ores and
concentrates

Granite


Figure 6: Quarterly Merchandise Imports
(US$ m)

Source: Zimstat, 2022

The country’s imports were largely dominated by
energy imports, particularly diesel, electricity,
and petrol. Other major import drivers were food
imports (crude soya bean oil, rice and wheat), as
shown in Table 4.

Table 4: Quarterly Merchandise Imports
(US$ m)

2022 Q3
(US$M)

Q4
(US$M
)

Q3-Q4
Chang
es (%)
Share
of
Import
s (%)
Total
Imports

Of which:
Diesel

Electricity

Crude soya
bean oil

Unleaded
petrol

Rice

Wheat

Fertilizer
chemicals

Jet A1

LP Gas

Transformers

Source: ZIMSTAT & RBZ Computations 2022

Major Import Sources
The country’s imports for the fourth quarter of
2022 were mainly sourced from South Africa
(38.6%), China (15.5%), Singapore (12.8%), and
other markets as shown in Figure 7.
Figure 7: Major Merchandise Import Sources
(% Share)
Source: ZIMSTAT & RBZ Computations 2022
TRADE BALANCE
The
afore-mentioned
merchandise
trade
developments resulted in an improvement in the
country’s quarterly trade deficit, from US$664.1
million in the third quarter of 2022 to US$491.0
million in the fourth quarter. Relative to the
corresponding quarter in 2021, the country’s
trade balance turned from a surplus of US$376.4
million in 2021 to a deficit of US$491.0 million.
This was, in large part, a result of the sharp
increase in imports in the fourth quarter of 2022.
Figure 8 depicts the country’s trade balance for
the fourth quarter of 2021 and the third and fourth
quarters of 2022.
1,397.9
2,258.4
2,301.2
2021Q4
2022Q3
2022Q4

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

Figure
8:
Merchandise
Trade
Balance
(US$ m)
Source: Zimstat & RBZ Computations-2022
EXCHANGE RATE DEVELOPMENTS
The end period interbank exchange rate
depreciated by about 10.0%, from US$1:
ZW$621.89 per US$1 in the third quarter to
US$1: ZW$684.33 per US$1 in the fourth
quarter of 2022. The parallel market exchange
rates were largely stable during the fourth
quarter, following the further liberalization of the
foreign
exchange
market
through
the
introduction of the willing-buyer willing-seller
(WBWS) interbank market for foreign exchange.
The liberalisation of the foreign exchange market
also resulted in the parallel market exchange rate
premiums declining to less than 30%, thus
enhancing the scope for convergence of the
official and the parallel market exchange rate, as
shown in Figure 9.
Figure 9: Exchange Rate Developments:
February 2021 to December 2022
Source: RBZ and Market Surveys

2.
DOMESTIC
ECONOMIC
DEVELOPMENTS

REAL SECTOR DEVELOPMENTS

AGRICULTURE

Crops
Tobacco
The area planted under tobacco by the end of
December 2022 was estimated at 104 691
hectares, representing a 7% decline from 111 912
hectares planted during the same period in the
last season. Of the 104 691 hectares planted, 86
454 hectares was under dryland cropping, whilst
the remaining planted area was under irrigation.
The number of registered growers increased by
19%, from 124 631 in the previous season to 147
748 in the 2022/2023 season. Table 5 shows area
under tobacco by end December 2022.

-1000
-500

2021Q4
2022Q3
2022Q4
Exports
Imports
Trade Balance

2-Feb
2-Apr
2-Jun
2-Aug
2-Oct
2-Dec
2-Feb
2-Apr
2-Jun
2-Aug
2-Oct
2-Dec
PREMIUM (%)
OFFICIAL RATES
PARALLEL RATES (Transfer)

Table 5: Planted Tobacco (Ha) by December

Season
Irrigated
Dryland
Total

Source: TIMB, 2023.
Wheat
Wheat output stood at 375 131 tonnes in 2022,
up from 337 212 tonnes produced in 2021. The
rise in output was attributed to higher crop size,
which more than offset the negative impact of
the
decline
in
the
yield.
The
record
performance followed the deliberate effort by
Government and private players to ramp up
production, availability of irrigation water and
dedicated power supply, during the wheat
growing season.

Livestock
The livestock industry continued to face
challenges which included high costs of inputs,
particularly stock feed, high disease incidence
and weakening demand for meat and other
livestock products.
Cattle
On a quarterly basis, cattle slaughters declined
from 90 820 head during the third quarter of
2022 to 87 500 head in the quarter under review.
Fourth quarter slaughters are historically lower
due to retentions by farmers for draught power.
Table 6 shows quarterly cattle slaughters in 2021
and 2022.


Table 6: Cattle Slaughters

% Change
Q1
62 929
81 249
29.11
Q2
72 699
82 323
13.24
Q3
79 446
90 820
14.32
Q4
78 618
87 500
11.30
Total
293 692
341 892
16.42
Source: Ministry of Lands, Agriculture, Fisheries, Water,
and Rural Development, 2022
Pigs
Pig slaughters stood at 61 020 in the fourth
quarter of 2022, up by 5.22% from 57 992 in the
third quarter. The slaughters were also 14.77%
above the slaughters in the corresponding quarter
in 2021. Table 7 shows the formal sector pig
slaughter trends in 2021and 2022.

Table 7: Quarterly Pig Slaughters

% Change
Q1
45 246
55 440
22.53
Q2
47 325
54 647
15.47
Q3
50 434
57 992
14.99
Q4
53 168
61 020
14.77
Total
196 173
229 099
16.78
Source: Ministry of Lands, Agriculture, Fisheries, Water
and Rural Development, 2023.
Dairy
Fresh milk output at 24.56 million litres in the
fourth quarter of 2022 represented a 11.55%
increase from the 22.00 million litres produced
in the same quarter in 2021. The remarkable
performance, since the second quarter of 2022
resulted in cumulative milk output surpassing the
output in 2021. Figure 10 shows the trend in
quarterly fresh milk production since 2020.

Figure 10: Quarterly Fresh Milk Output
(litres)

Source: Ministry of Lands, Agriculture, Water and Rural
Development, 2022
The output gains were attributed to the
progressive increase in dairy herd size and
improved cow productivity, in large part,
attributable to Government support through the
Presidential
Silage
Scheme
and
the
Transforming Zimbabwe Dairy Value Chain
Matching Grant Funding model.

MINING
The mining sector registered mixed performance
during the fourth quarter of 2022. All key
minerals, except gold performed better during the
quarter under review, compared to the same
quarter in 2021, as shown in Table 8.


Table 8: Quarterly Mineral Output Statistics

Q4

Q3

Q4 2021
Gold (kg)
10,171.5
10,222.9
11,178.2
Platinum (kg)
4,656.95
4,485.2
3,486.2
Palladium (kg)
3,878.6
3,780.6
2,872.8
Rhodium (kg)
405.3
396.8
309.2
Iridium (kg)
177.7
168.7
137.1
Ruthenium(kg)
389.6
377.5
294.6
Diamonds (cts)
1,527,572.9
1,329,806.7
1,338,500.5
Chrome (MT)
319,375.6
373,968.2
288,643.6
Nickel (MT)
4,102.7
4,837.0
4,076.1
Copper (MT)
3,041.3
3,056.7
1,541.1
Cobalt (MT)
80.8
52.8
84.8
Coal (MT)
1,304,972.2
1,018,507.0
708,124.9
Lithium (MT)
23,884.00
35,866.0
0.00
Phosphate (T)
0.00
6,956.0
0.00
Granite (MT)
48,495.3
121,351.7
40,146.7
Vermiculite
(MT)
8,246.7
8,397.4
0.00
Source: Ministry of Mines and Mining Development, 2022

Gold
Gold output at 10,171.46 kg in the last quarter of
2022, was 9.4% lower than output produced in
the last quarter of 2021. Production of the
precious metal was largely weighed down by
power outages, and the high cost of fuel during
the quarter under review.
Figure 11 shows quarterly developments in gold
output by category.

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

Figure 11: Quarterly Developments in Gold
Output

Source: Ministry of Mines and Mining Development, 2022

PGMS
Platinum, palladium and rhodium output was
higher in the fourth quarter of 2022, compared to
the same quarter in 2021, as shown in Figures 12
and 13.

Figure 12: Quarterly Trends in Platinum and
Palladium Output (kg)

Source: Ministry of Mines and Mining Development,

Figure 13: Quarterly Trends in Rhodium
Output (kg)

Source: Ministry of Mines and Mining Development, 2022

PGMs benefited from continued investments in
efficient plant and equipment as well as in mine
development across all the key mining houses in
production.

Nickel
Nickel output at 4,102.68 tonnes in the last
quarter of 2022, surpassed output in the
comparable quarter of 2021 by 0.7%, as shown
in Figure 14.

Figure 14: Quarterly trends in Nickel Output

Source: Ministry of Mines and Mining Development, 2022

Nickel benefitted from increased throughput
from the secondary producers who ramped up


Q4 2021
Q3 2022
Q4 2022
Kg
Secondary Producers (Kg)
Small Scale Producers (kg)
Large Scale Producers (kg)

Q4 2021
Q3 2022
Q4 2022
Kg

Q4 2021
Q3 2022
Q4 2022
tonne

Q4 2021
Q3 2022
Q4 2022
KG
Platinum (kg)
Palladium (Kg)

production on account of increased investments
in mining equipment and mine development,
during the year.

Diamond
Diamond output amounted to 1,528 million
carats, 14.9% higher than the 942 million carats
produced in the fourth quarter of 2021, as shown
in Figure 15.


Figure 15: Quarterly trends in Diamond
Output (Carats)

Source: Ministry of Mines and Mining Development, 2022

The increase in the output of diamond was
largely due to the scaling up of production across
all the mining houses, driven by investments in
mining and processing capacity, as well as
efficient plant and machinery.

Chrome
Total chrome ore produced amounted to 319,376
tonnes during the fourth quarter of 2022,
surpassing output in the comparable quarter in
2021 by 10.6%, as shown in Figure 16.

Figure 16: Quarterly trends in Chrome Ore
Output (tonnes)

Source: Ministry of Mines and Mining Development, 2022

Coal
Coal output recorded strong growth during the
quarter under review, compared to the same
quarter in 2021 and the third quarter of 2022.
Figure 17 shows the quarterly coal production
trends.

Figure 17: Quarterly Trends in Coal Output
(tonnes)
Source: Ministry of Mines and Mining Development, 2022
The growth in output was largely driven by an
increase in mining capacity at one of the major
producers,
following
the
procurement
of
additional mining equipment and engagement of


Q4 2021
Q3 2022
Q4 2022


Q4 2021
Q3 2022
Q4 2022


Q4 2021
Q3 2022
Q4 2022

more contractors for the open pit operations.

ELECTRICITY
Total power generated during the fourth quarter
of 2022 amounted to 1,790.0 GWh, a 19.5%
decline from the 2,223.2 GWh produced in the
same quarter in 2021. The subdued performance
in the fourth quarter of 2022 was mainly
attributed to the decline in output at Kariba
South Hydro Power Station, which was affected
by low water levels.
During the same quarter, independent power
producers
(IPPs)
produced
70.0GWh
of
electrical energy, up from 18.6 GWh realised in
the same quarter in 2021. This was largely due to
additional capacity from Zimbabwe Zhang-Xin
Electrical Energy (ZZEE) coal fired plant,
commissioned earlier in the year.
Table 9 shows power output statistics from the
major power stations and IPPs.
Table 9: Quarterly Power Output

Q4
Q3
Q4
Kariba
1 608.17
1 575.27
1 024.22
Hwange
559.18
624.02
663.49
Bulawayo
6.31
9.92
9.90
Munyati
17.30
18.88
16.33
Harare
16.68
12.67
5.10
IPPs
18.56
96.07
71.01
Total
(GWh)
2 221.52
2 345.80
1 790.04
Source: ZERA ZPC, 2022
The fourth quarter performance resulted in
cumulative energy production of 8 829.0 GWh,
up by 3.0% from 8 461.63 GWh produced in
2021. Kariba, with an output of 5 757.1 GWh
continued to dominate power production in
2022, accounting for 65.2% of total energy sent
out. Hwange produced about 2 560.0 GWh, or
30% of total output. The contribution by IPPs
increased significantly to 4.33% in 2022,
compared to 1.54% in 2021.
Operational inefficiencies and forced stoppages
at thermal power stations, due to ageing plant
and equipment resulted in the failure by the
Zimbabwe Power Company (ZPC) to meet its
targeted output in 2022.
INFLATION DEVELOPMENTS
Annual headline inflation slowed down from
280.4% in September 2022 to end the fourth
quarter of 2022 at 243.8%, with both annual food
and non-food inflation registering significant
declines. Tight fiscal and monetary policy
measures implemented by the government and
monetary authorities, respectively, contributed
to the easing of inflation.
Annual food inflation decreased from 339.73%
in September 2022 to 285.19% in December
2022. Meat, bread and cereals were the major
drivers of annual food inflation.
Annual non-food inflation also decreased from
237.59% in September 2022, to 212.70% in
December
2022.
This
was
driven
by
miscellaneous goods and services; housing,
water, electricity, gas and other fuels; and
transport, among others. Figure 19 shows the
annual inflation developments since December
2020.

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

Month-on-month inflation also eased from
3.47% in September 2022 to 2.4% in December
2022. The fall in monthly inflation was reflected
in declines in both food and non-food inflation.
Figure 19 shows the developments in monthly
inflation since January 2022.

Figure 19: Monthly Inflation Profile (%)
Source: Zimstat 2022

Blended Consumer Price Inflation
Annual blended inflation eased to 105.68% in
December 2022, from 107.50% in September
2022.
3.
MONETARY DEVELOPMENTS

Broad money stock (M3) stood at ZW$2 338.23
billion in December 2022, up from ZW$1 917.15
billion in September 2022. This largely reflected
quarterly expansions of 40.18% and 10.98% in
the local currency component and foreign
currency (FCA) deposits, respectively. The
increase in foreign currency deposits largely
reflected movement in the exchange rate, from
ZW$621.89 per US$1 in September 2022 to
ZW$684.33 per US$1 in December 2022, while
the local currency component largely reflected
the impact of credit creation by banks.

As at end December 2022, foreign currency
deposits accounted for 56.78% of broad money,
followed by local currency deposits at 43.04%,
while currency in circulation constituted the
balance of 0.18%. Figure 20 shows the
components of broad money and annual growth
rates.

Figure 20: Broad Money Developments
Source: Reserve Bank of Zimbabwe, 2022

Food
Non-Food
All Items

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


Feb-21
May-21
Aug-21
Nov-21
Feb-22
May-22
Aug-22
Nov-22
ZW$ Billion
Currency in Circulation
Foreign currency deposits
Local currency deposits
Annual Growth

Domestic Credit
Domestic credit registered a quarter-on-quarter
growth of 35.80%, from ZW$1 371.02 billion in
September 2022 to ZW$1 861.88 billion in
December 2022. The growth was largely driven
by increases of ZW$184.71 billion (68.39%) in
net claims on Government; credit to the private
sector ZW$140.54 billion (14.83%) and public
non-financial enterprises, ZW$27.18 billion
(20.29%).

Credit to the private sector was mainly channeled
to agriculture and households, which received
23.46% and 21.57% of the total credit,
respectively. The manufacturing and distribution
sectors received 12.64% and 12.37% of the total
credit, respectively. Private sector credit shares
for the rest of the economic sectors are shown in
Figure 21.

Figure 21: Distribution of Private Sector
Credit.

Source: Reserve Bank of Zimbabwe
Credit to the private sector was largely utilized
for other recurrent expenditures, 31.08%;
inventory build-up, 32.73%; and fixed capital
investments, 16.25%.
Interest Rates
During the quarter ended December 2022,
nominal lending rates quoted by banks were as
high as 290% on the upper end, following further
tightening of monetary policy by the Central
Bank, which saw the Bank Policy rate being
raised to 200%. Banks also adjusted their deposit
rates upwards, though by small margins. Time
deposit rates for 60-day and 90-day tenors
averaged 60.08% and 59.24%, respectively,
while average savings deposit rates were quoted
at up to a maximum of 19.23 %, during the
quarter under review.

4.
STOCK MARKET DEVELOPMENTS
The Zimbabwe Stock Exchange (ZSE) recovered
from losses in the previous quarter, during the
fourth quarter of 2022. Resultantly, the All
Share, Top 10, Top 15 and Medium Cap indices
gained 31.97%, 34.69%, 33.67% and 26.13% to
close at 19 493.85 points, 12 311.13 points, 13
436.28 points and 36 642.44 points, respectively,
as shown in Table 10.


Households
21.57%
Agriculture
23.46%
Mining
8.67%
Manufacturing
12.64%
Distribution
12.37%
Construction
1.77%
Transport &
Communicati
ons
2.03%
Services
10.92%
Financial Org.
& Investments
6.52%
Other
0.05%

Table 10: Key Stock Market Indicators
Source: Zimbabwe Stock Exchange, 2022

The resources index increased by 34.64% to
close at 25 487.77 points, during the quarter
under review, compared to 18 929.75 points
recorded in the third quarter of 2022.
On a year-on-year basis, the All Share, Top 10,
Top 15, Medium Cap and Small Cap indices
added 80.13%, 80.74%, 78.45%, 79.56% and
12.24%, from 10 822.36 points 6 811.43 points,
7 529.37 points, 20 407.26 points and 402 753.21
points recorded in December 2021, respectively.
Figure 22 shows the developments of the ZSE
All Share, Top 10 and Mining Indices for the
period from December 2021 to December 2022.

Figure 22: ZSE All Share and Top 10 and
Mining Indices

Source: Zimbabwe Stock Exchange 2022

Market Capitalisation and Turnover

The bullish sentiments that were exhibited on the
local bourse during the fourth quarter of 2022,
resulted in the ZSE adding 12.41% or
ZW$225.71 billion worth of capitalization to
close at ZW$2 044.87 billion. On a year-on-year
basis, market capitalization added 55.24%, from
ZW$1 317.21 billion in December 2021.

Figure

shows
market
capitalization
developments for the period from 31st December
2021 to 31st December 2022.


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

Sept-22

Dec-22

Change
(%)
All
Share
Index
(points)
14 771.65
19 493.85
31.97
Top

Index
(points)
9 140.55
12 311.13
34.69
Top

Index
(points)
10 051.47
13 436.28
33.67
Medium
Cap
Index
(points)
29 051.67
36 642.44
26.13
Small
Cap
Index
(points)
483 615.64
452 056.95
-6.53
Mining
Index
(points)
18 929.75
25 487.77
34.64
Volume
of
shares
traded (m)
516.26
764.80
48.14
Market
Turnover
($m)
37 476.72
44 092.47
17.65
ZSE
Capitalizati
on ($m)
1 819 157.07
2 044 869.14
12.41
Net Foreign
Position
($m)
-308.02

93.06

Figure 23:Market Capitalization

Source: Zimbabwe Stock Exchange, 2022
Owing to heightened investor appetite, coupled
with notable block trades in some selected wealth
preserving counters, the cumulative volume and
value of shares traded on the ZSE increased by
48.14% and 17.65% to 764.80 million shares and
ZW$44.09 billion, respectively, during the last
quarter of 2022. In addition, there was also a
negotiated deal in which 61.16 million Lafarge
Cement Zimbabwe Limited shares, worth
ZW$19.46 billion, exchanged hands on 1st
December 2022.

Figure 24 shows developments in market
turnover volumes and values for the period from
end-December 2021 to end-December 2022.

Figure 24: ZSE Market Turnover

Source: Zimbabwe Stock Exchange, 2022

Foreign investor participation, as measured by its
contribution to the value of shares traded
declined to 1.29%, compared to 27.78% recorded
in the quarter ended September 2022. Similarly,
the net foreign position worsened to -ZW$24
789.21 million, from -ZW$1 753.24 million
recorded in the previous quarter.

Victoria Falls Stock Exchange (VFEX).
During the fourth quarter of 2022, the Victoria
Falls Stock Exchange (VFEX) was characterized
by negative trading. This resulted in the VFEX
All Share Index declining by 33.76%, from
143.16 points recorded in the quarter ended
September 2022 to 94.83 points.

On annual basis, the VFEX All Share Index lost
13.55%, from 109.69 points recorded in
December 2021.


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


31-Dec-21
31-Jan-22
28-Feb-22
31-Mar-22
30-Apr-22
31-May-22
30-Jun-22
31-Jul-22
31-Aug-22
30-Sep-22
31-Oct-22
30-Nov-22
31-Dec-22
Millions
Negotiated
deal
of
Lafarge
Cement
Zimbabwe Ltd of 61.16 m shares at
ZWL$312.65/share

Figure 25: Victoria Falls Stock Exchange All
Share Index


Source: Victoria Falls Stock Exchange, 2022
Market Capitalization
Despite bearish sentiments that characterized the
VFEX in the last quarter of 2022, market
capitalization increased by 29.89%, or US$0.10
billion worth of capitalization to close at
US$0.44 billion, compared to US$0.34 billion
recorded in the previous quarter. The increase in
market capitalization in the fourth quarter of
2022 was largely attributable to new listings,
relating to Nedbank Group Limited, Simbisa
Brands Limited, and National Foods Holdings
Limited on 25 November 2022, 28 November
2022 and 23 December 2022, respectively. The
new listings resulted in an increase in the number
of outstanding issued shares on the VFEX
market, and raised the number of trading
counters to seven, from four in the previous
quarter.


5.
PAYMENT,
CLEARING
AND
SETTLEMENT ACTIVITIES

The value of electronic transactions processed
through the National Payment Systems in the
quarter ending 31st December 2022 increased by
28% to ZW$13.37 trillion, from ZW$10.43
trillion recorded in the quarter ending 30th
September 2022. However, NPS transaction
volumes decreased by 17% to 238.34 million in
the reporting quarter of 2022, from 287.80
million in the preceding quarter.

Table 10 provides the statistical information on
various payment streams for the quarters ending
September 2022 and December 2022.

Table
10:
Consolidated
Transactional
Activities
Values in ZW$ Billion

Q3
Q4
Change Propor
tion

RTGS

POS

ATMS

MOBILE

INTERNET


TOTAL
10,434.67
13,370.57


28%
100.0
%
Volumes

RTGS


POS


ATMs


MOBILE
236,350,50

187,377,68

-21%
78.6
%

INTERNET
5,715,633
6,725,462

18%
2.8%

TOTAL
287,799,541
238,342,674


-17%
100.0
0%

Source: Reserve Bank of Zimbabwe

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

LARGE VALUE PAYMENTS
Zimbabwe
Electronic
Transfer
and
Settlement System
The value of transactions processed through the
RTGS system increased by 37%, from
ZWL$6.88 trillion in the third quarter of 2022,
to ZW$9.41 trillion in the quarter ending 30th
December 2022. RTGS transaction volumes,
however, decreased by 8% to 2.98 million in the
fourth quarter, as shown in Figure 26.

Figure 26: Values and Volumes of RTGS
Transactions

Source: Reserve Bank of Zimbabwe, 2022

Retail Payments
The aggregate values of retail transactions
increased by 11.46% to ZW$3.96 trillion in the
quarter under review, from ZW$3.55 billion
recorded in the quarter ended 30th September
2022. Retail volumes declined by 17.29% to
235.36 million in the fourth quarter of 2022, from
284.57 million in the previous quarter.

Figures 27 and 28 shows the trend in aggregate
values and volumes of retail transactions, from
the quarter ending 30th September 2020 to
quarter ending 30th December 2022.

Figure 27: Retail Transaction Values
Source: Reserve Bank of Zimbabwe, 2022

Figure 28: Retail Transaction Volumes

Source: Reserve Bank of Zimbabwe, 2022


Q3

Q4

Q1

Q2

Q3

Q4
RTGS Volumes Thousands
RTGS Values Billions
Volumes
Values


2020 Q2
2020 Q3
2020 Q4
2021 Q1
2021 Q2
2021 Q3
2021 Q4
2022 Q1
2022 Q2
2022 Q3
Mobile in Billions
Other Retail Values in Billions
POS
ATMS
INTERNET
MOBILE


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

Collateral1

The value of local collateral for retail payments
(Zimswitch) and central securities depository
settlement systems increased to ZW$19.38
billion in the quarter ended 31st December 2022,
from ZW$18.50 billion recorded in the second
quarter, as shown in Figure 29.

Figure 29: Collateral: January 2021 to
December 2022
Source: Reserve Bank of Zimbabwe, 2022
The Victoria Falls Exchange collateral stood at
US$59,781.40 for the quarter ended 31st
December 2022, largely remaining stable and
adequately covering the risk levels associated
with the platform’s transactional activities.
Access Points and Devices
During the quarter under review, the POS
population declined to 135,198, from 135,346
recorded in the quarter ended 30th September
2022.

1 The local collateral figure comprises of Cheque, Zimswitch,
Chengetedzai Deposit Corporation settlement system
There were 7.84 million active mobile financial
services subscribers registered in the quarter
ended 31st December 2022, from 7.76 million
recorded in the previous quarter. Table 11 shows
payment access points and devices for the first,
second, third and fourth quarters for 2022.

Table 11: Payment Systems Access Points and
Devices

Quarter
ending
March

Quarter
ending
June

Quarter
ending
September

Quarter
ending
December

PAYMENT SYSTEMS ACCESS POINTS
Mobile
Banking
agents

52,719

52,983

53,248
53,514
ATMs

POS

PAYMENT SYSTEMS ACCESS DEVICES
Debit Cards

Credit
Cards

Prepaid
Cards

Mobile
Banking
subscribers

Internet
Banking
subscribers

Source: Reserve Bank of Zimbabwe, 2022


RESERVE BANK OF ZIMBABWE
MARCH 2023


Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

MILLIONS
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

Sep-21
Dec-21
Mar-22
Jun-22
Sep-22
Oct-22
Nov-22
Dec-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 Money

Other Items(net)

Broad Money-M3

Securities Other than Shares Included in Broad Money

Broad Money-M2

Other Deposits

Narrow Money-M1

Transferable Deposits

Of which Foreign Currency Accounts

Currency Outside Depository Corporations

Memorandum Items
Reserve Money

FCAs as a Percentage of Deposits in M3

End Period Exchange Rate

Source: Reserve Bank of Zimbabwe, 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 Centra
(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)

Sep-21
Dec-21
Mar-22
Jun-22
Sep-22
Oct-22
Nov-22
Dec-22
Net Foreign Assets
-421,707,589.69 -513,012,570.17
-717,594,313.10 -1,802,992,102.87 -2,540,535,213.92 -2,594,453,844.31 -2,593,755,912.16 -2,828,947,111.97
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)
-476,675,721.39 -571,223,436.96
-791,721,093.43 -1,974,951,446.35 -2,860,511,797.67 -2,963,504,823.70 -3,058,656,720.83 -3,298,528,798.05
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

Local Currency Reserve Deposits

Foreign Currency 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)

Sep-21
Dec-21
Mar-22
Jun-22
Sep-22
Oct-22
Nov-22
Dec-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
-

-

-

-

-

0.00
0.00
0.00
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
358,772,700.20

467,748,846.19

580,177,132.24

1,108,920,811.95

1,897,768,184.73

1,858,602,031.80
2,042,355,987.09
2,314,588,211.40
Transferable Deposits
332,392,044.95

430,345,882.39

526,027,929.32

1,028,029,948.34

1,740,700,191.97

1,692,150,785.93
1,853,157,849.44
2,081,176,430.96
of which FCAs
151,047,925.52

210,688,453.17

275,160,384.59

657,871,279.96

1,196,071,655.58

1,131,156,966.82
1,211,583,916.42
1,325,367,130.51
Other Deposits

Money Market Instruments
3,191,934.31

3,696,333.82

4,510,894.76

7,157,937.12

14,047,495.34

15,558,863.88
13,438,521.87
14,148,964.76
Source: Reserve Bankof Zimbabwe, 2022
TABLE 3 : OTHER DEPOSITORY CORPORATIONS SURVEY ( ZWL$ '000)

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

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

Jul

Aug

Sep

Oct

Nov

Dec

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
Other2
Government
Local
Public
Institutional Other cliams Contigent Assets Other Assets Non Financial
Coins
RBZ
Corporations
Foreign Banks
Non-residents
Securities
securities
Government
Enterprises
Units
Assets

Jan
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


Jul
2,427.6

159,024.6

315,832.5

39,388.2

230,432.5


Aug
2,640.6

263,637.4

411,439.9

69,203.5

311,107.0


Sep
3,030.7

289,230.8

504,071.1

75,446.7

417,007.1


Oct
3,022.6

300,240.3

525,870.3

104,483.2

389,979.7


Nov
3,251.4

286,365.2

575,885.7

111,716.1

342,790.1


Dec
3,361.7

295,435.1

652,284.4

119,932.8

351,906.8


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 Depository Government
Total
RBZ
Other Depository Other Finacial
Reserves
from the public
Corporations
Corporations
Corporations

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

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

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

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
2,397.94

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

Jul
1,578.47

147,217.74

284,912.89

34,334.13

202,815.28

41,246.78

86,971.63

-

394.34

1,852.14

100.65

349.68

22,516.21

556,692.12

9,737.92

144,090.18

129,869.55

192,524.32

1,857,204.02

Aug
1,630.70

247,190.46

377,078.80

64,650.96

273,181.97

29,186.59

95,346.12

-

330.12

3,556.96

113.50

287.14

26,564.57

681,253.30

11,493.92

167,029.36

238,442.98

194,745.11

2,412,082.57

Sep
1,791.71

270,594.59

465,301.31

68,020.95

370,323.69

18,184.96

134,414.53

-

267.40

4,916.56

115.11

306.33

21,773.50

806,774.24

12,680.89

146,133.14

215,417.68

219,933.24

2,756,949.83

Oct
1,704.79

281,204.64

480,106.49

94,573.08

343,440.15

22,895.35

136,939.74

-
204.69

2,201.55

116.48

341.96

22,935.50

852,069.39

15,525.65

165,306.91

232,188.99

245,924.22

2,897,679.60

Nov
1,644.95

259,109.18

533,438.97

101,870.32

299,715.01

17,089.04

180,534.44

-
141.97

2,292.28

119.53

303.55

22,178.73

960,814.77

15,450.39

170,944.78

196,338.19

250,551.19

3,012,537.30

Dec
1,778.71

263,863.65

603,136.26

110,935.77

299,087.30

7,965.37

266,725.41

-
79.26

3,887.78

114.42

282.61

30,272.25

1,066,654.12

16,130.63

159,126.16

189,560.01

344,235.10

3,363,834.80

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

Jul

Aug

Sep

Oct

Nov

Dec

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
Government1 Local Governemt Public Enterprises
Other2
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

Jul
700.4

9914.6
30,660.3

4983.4
24,902.9

-

4,077.6

0.0
-

1,411.5

13,722.1

-

98,066.0

9998.6
45,127.9

243,565.1

Aug
863.8

14422.1
33,703.2

4483.0
34,971.8

-

4,379.8

0.0
-

2,106.6

16,515.4

-

115,491.9

8745.3
45,694.0

281,377.1

Sep
1,086.8

14998.2
37,911.3

7470.1
45,094.8

-

8,440.8

0.0
-

1,302.8

17,996.8

-

129,242.7

11630.7
60,830.4

336,005.2

Oct
1,158.3

14768.7
44,296.5

10013.7
44,664.1

-

14,109.9

0.0
-

1,142.4

16,817.7

-

123,793.8

30036.4
47,678.2

348,479.7

Nov
1,449.3

22456.9
41,398.0

9771.8
41,317.6

-

17,572.6

0.0
-

2,085.3

16,785.8

-

136,029.9

30694.0
46,275.8

365,836.9

Dec
1,470.7

23012.7
48,533.8

8913.7
50,229.0

-

21,411.1

0.0
19993.4
2,176.2

17,693.7

-

119,322.3

39279.1
69,102.5

421,138.1

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 Depository Other Finacial
Reserves
from the public
Corporations
Corporations
Corporations

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct


144902.1
1707.3
69651.9

4327.9

86799.2
41091.4
348,479.7
Nov


155563.7
1855.1
72052

89895
41331.2
365,836.9
Dec


5623.9

118486.1
42883.8
421,138.1
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
TOTAL
END OF


INVESTMENTS
ORGANISATIONS

Jan

Feb

Mar

Apr

May

June

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

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

Jul

Aug

Sep

Oct

Nov

Dec

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
1,601,225.31
134,550.97
18,810.59 123,721.28 618,347.53
Jun

Jul

Jul

Aug

Aug

Sep

Sep

Oct

Oct

Nov

Nov

Dec

Dec

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
Jul
80.00-240.00
82.75
165.45
Jul
40.00
80.00-92.00
Aug
80.00-230.00
88.46
155.96
Aug
40.00
80.00-92.00
Sep
100.00-230.00
98.07
158.46
Sep
40.00
80.00-92.00
Oct
100.00-290.00
99.37
115.26
Oct
40.00
80.00-92.00
Nov
100.00-290.00
99.03
110.97
Nov
40.00
80.00-92.00
Dec
100.00-290.00
99.02
110.83
Dec
40.00
80.00-95.00
Source:Reserve Bank of Zimbabwe, 2022
TABLE 10.2 : BANKS DEPOSIT RATES (percent per annum)1
TABLE 10.1: LENDING RATES (percent per annum)1
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

Jul

Aug

Sep

Oct

Nov

Dec

Source:Zimbabwe Stock Exchange, 2022
ZW$
TABLE 11: ZIMBABWE STOCK MARKET STATISTICS
Indices

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

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

Jul

Aug

Sep

Oct

Nov

Dec

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

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


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

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

End of
Dec-21
Jan-22
Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22
Aug-22 Sep-22 Oct-22 Nov-22 Dec-22
Merchandise Imports (excl. energy)
364.4

363.0

292.8

364.4

368.7

335.1

323.2

428.4

386.5

389.0

400.9

445.9

359.3

- Consumption Goods
106.9

90.1

101.3

115.4

104.0

100.4

96.5

96.5

99.8

93.9

105.6

98.4

113.7

- Capital Goods
156.4

135.6

108.3

151.4

158.2

137.5

138.6

138.6

190.6

161.1

179.1

205.5

136.5

- Intermediate Goods
101.1

137.3

83.2

97.5

106.4

97.2

88.1

88.1

138.0

131.6

116.2

142.0

109.1

Energy (Fuel & Electricity)
95.4

165.9

99.2

108.8

92.6

123.0

149.2

169.0

155.2

201.8

166.6

151.7

220.7

Service Payments
64.0

62.8

51.6

61.2

55.6

60.7

90.9

70.9

67.2

65.4

101.2

79.1

93.0

- Technical, Professional & consult
37.6

38.0

17.6

31.9

26.6

33.4

50.2

38.9

34.0

25.9

61.9

39.9

52.5

- Software
6.4

3.6

10.0

7.4

4.9

9.0

5.0

11.1

7.4

10.9

15.2

9.5

11.9

- Other (tourism, edu, freight etc)
20.1

21.2

24.0

22.0

24.1

18.3

35.7

21.0

25.8

28.6

24.0

29.6

28.5

Income Payments (Profits, Dividends)
23.4

113.3

12.3

19.6

20.9

77.3

83.4

38.2

41.8

16.1

9.7

40.6

74.4

Capital Remittances (outward)
44.3

42.4

32.9

44.2

24.4

29.9

38.8

58.2

81.4

57.3

66.4

75.4

52.8

- External Loan Repayments
36.2

29.2

19.1

41.6

15.4

25.6

30.0

49.7

33.0

49.2

59.4

69.3

44.5

- Disinvestments
7.5

2.7

3.4

0.4

7.4

1.3

1.8

5.0

7.6

3.2

3.2

3.1

6.5

- Cross Border Investment
0.5

10.5

10.4

2.2

1.6

3.0

7.0

3.5

40.8

4.9

3.8

2.9

1.8

Other Payments
13.4

12.0

9.9

11.9

10.7

15.1

15.6

15.3

11.6

13.4

13.7

16.0

15.4

TOTAL
604.9

759.4

498.6

610.1

572.7

641.0

701.2

780.1

743.7

743.0

758.4

808.6

815.7

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

Jul

Aug

Sep

Oct

Nov

Dec

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