i


MARCH 2023

TABLE OF CONTENTS


Sources:
1. Zimbabwe National Statistics Agency (ZIMSTAT)
2. Reserve Bank of Zimbabwe (RBZ)
a- Percentage point.

February

March

Month-on- Month
Change (%)

Reserve Money2 (M0) (ZW$ millions)
204,036.13
232,896.65
14.14
Money Supply2 (M3) (ZW$ millions)
2,928,243.29
3,195,325.67
9.12
Annual Inflation1 (%)

92.3
87.6
-4.7a
Monthly Inflation1 (%)
-1.6
0.1
1.7a

National Payment System Transactions2
(ZW$ billions)

3,857.23
6,042.79
56.66
Nominal Lending Rate2
(% per annum)
65.00-230.00
65.00-230.00

SELECTED ECONOMIC INDICATORS

OVERVIEW
The month of March 2023 saw the decline in
annual headline inflation from 92.34% in
February 2023 to 87.60%. However, month-onmonth inflation rose to 0.1% in the reporting
month, from -1.6% in the preceding month.

On a month-on-month basis, broad money
increased by 9.12% in March 2023, compared
to 8.56% recorded in February 2023. The
growth
largely
reflected
increases
of
ZW$114.56 billion and ZW$152.19 billion in
foreign currency and local currency deposits,
respectively.

During the month under analysis, commodity
markets were largely influenced by a stronger
US dollar, which prompted investors to shift to
interest bearing assets. Prices for palladium,
copper, nickel, and Brent crude oil declined,
while gold and platinum prices firmed.

The country’s total merchandise trade for the
month under review stood at US$1,259.8
million, up by 19.2% from US$1,057.2 million
recorded in the previous month. This was on
account of increases in both exports and
imports. The country’s monthly net external
trade position widened from a deficit of
US$185.7 million in February 2023, to a deficit
of US$229.2 million in March 2023.

During the month of March 2023, the
Zimbabwe Stock Exchange (ZSE) was bullish
for the third consecutive month. As a result, the
All Share, Medium Cap and Small Cap indices


registered gains. The mining index also gained
by 27.91% to 37 359.78 points.

The value of transactions processed through the
National Payment Systems (NPS) rose by
57.0% to ZW$6.04 trillion during the reporting
month, from ZW$3.86 trillion recorded in
February 2023. NPS transaction volumes
registered a 17.54% increase to 16.87 million
in March 2023.

INTERNATIONAL COMMODITY PRICE
DEVELOPMENTS

Monthly average prices for palladium, copper,
nickel, and Brent crude oil declined, while gold
and platinum prices firmed, during the month
of March 2023. Prices of commodities such as
metals and crude oil, were weighed down by a
stronger US dollar.

Precious Metals

Gold
In the month under review, bullion prices
increased by 2.94%, from US$1,856.03 per
ounce
recorded
in
February

to
US$1,910.66 per ounce. The prices rallied as
investors turned to the safe-haven asset, amid
fears of a global banking crisis and economic
uncertainty caused by the recent turmoil in the
US banking system.

Platinum
Platinum prices rose by 1.52%, from a monthly
average of US$955.40 per ounce in the
preceding month, to close the month under
analysis at US$969.89 per ounce. The increase
was underpinned by power related supply
disruptions in South Africa, one of the world’s
largest producers of the metal.

Palladium
Palladium prices retreated by 7.67%, from
US$1,544.00 per ounce recorded in February
2023 to US$1,425.59 per ounce in the month
under analysis. The strengthening of the US
dollar, following the hawkish monetary policy
stance of the Federal Reserve continued to
weigh down prices of industrial metals,
including palladium, which is widely used in
the
auto-manufacturing
and
electronics
industries. Figure 1 shows precious metal price
developments for the period from March 2022
to March 2023.

Figure 1: Precious Metal Prices (US$/oz.)
Source: Bloomberg, 2023
Base Metals

Copper

Industrial metal prices remained subdued as
concerns about China's modest economic
growth forecasts and the collapse of three USA
banks clouded the global economic outlook. In
addition, prices also eased as a stronger US
dollar dented the buying appetite for holders of
other
currencies.
Consequently,
monthly
average prices of copper fell by 1.05%, from
US$8,954.80 per tonne in the previous month
to US$8,860.50 per tonne in March 2023.

Nickel
Nickel prices fell by 12.03%, from a monthly
average of US$26,721.15 per tonne recorded in
February 2023 to US$23,507.13 per tonne,
during the month under review. Prices declined
as investor sentiment was dampened by gloomy
demand prospects in top metals consumer,
China, following the downward revision of
economic growth projections for the economy
of
the
Asian
giant.
Figure

shows
developments in base metal prices for the
period from March 2022 to March 2023.
Figure 2: Base Metal Prices (US$/ton)
Source: Bloomberg, 2023

Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
US$/oz.
Gold
Palladium
Platinum

Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
Nickel US$/ton
Copper US$/ton
Copper
Nickel (RHS)

Brent Crude Oil

Brent crude oil prices declined, as lingering
economic concerns and expectations of further
interest rate hikes that could curtail the growth
in demand for fuel, countered signs of
improving short-term oil consumption. As
such, prices declined by 5.04%, from a monthly
average of US$83.43 per barrel in the previous
month to US$79.23 per barrel realized, during
the month under review.
Figure 3 shows developments in crude oil
prices for the period from March 2022 to March
2023.
Figure 3: Crude Oil Prices (US$/barrel)

Source: Bloomberg, 2023

MERCHANDISE TRADE DEVELOPMENTS

The country’s total merchandise trade stood at
US$1,259.8
million
in
March
2023,
representing an increase of 19.2% from
US$1,057.2 million recorded in the previous
month. The rise was on account of increases in
both exports and imports. Figure 4 shows
monthly developments in the country’s
merchandise trade for 2022 and 2023.
Figure 4: Merchandise Trade (US$ m)

Source: ZIMSTAT, 2023

Merchandise Exports

During the month of March 2023, the country
exported merchandise worth US$515.3 million,
up by 18.2% from US$435.9 million recorded
in February 2023. The rise was largely on
account of increases in exports of gold and
platinum group of metals (PGMs), during the
month under review.

Gold, one of the country’s top export
commodities showed a strong rebound during
the reporting month on account of elevated
global prices. The bullion market experienced
a recent uptick in prices due to global
geopolitical tensions and the topical banking
crisis in the US.
The country’s export earnings for the reporting
month were 7.6% lower than in the
corresponding month in 2022.

Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
US$/barrel

Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Merchandise Exports (US$m)

Table 1 shows development in the country’s
exports for the months of February 2023 and
March 2023.

Table 1: Exports Classified by Harmonized
Commodity Description and Code System

Feb-23
(US$m)
Mar-23
(US$m)
Feb-Mar
Changes
(%)
Share
of
Exports
(%)-
Mar’23
Total

Of Which


PGMs

Gold

Tobacco
(Inc.
cigarettes)

-12.1
11.3
Ferrochro
mium

Coal

Industrial
diamonds

Chromium
ores and
concentrat
es

Electricity

Granite

Black tea

Source: ZIMSTAT & RBZ Calculations, 2023
*PGMs Include Nickel mattes, nickel ores & concentrates and
platinum

During the month under review, the country’s
exports were destined for South Africa
(46.2%), the United Arab Emirates (28.1%),
China (9.8%), Mozambique, 2.8% and other
jurisdictions as shown in Figure 5. The
country’s exports to South Africa were mainly
PGMs and tobacco, while those to the United
Arab Emirates were largely precious metals.
Figure 5 shows the country’s major export
markets, during the month under analysis.


Figure 5: Top Ten Merchandise Export
Destinations (% Share)

Source: ZIMSTAT & RBZ Calculations, 2023

Merchandise Imports
The country’s import bill for the month of
March 2023 amounted to US$744.5 million,
reflecting a 19.8% increase from US$621.4
million recorded in the previous month. The
imports for the reporting month were higher
than in the comparable month in 2022, as
shown in Figure 6.

Figure 6: Merchandise Imports classified by
HS Codes (US$ m)

Source: ZIMSTAT & RBZ Computations, 2023

South Africa
United Arab Emirates
China
Mozambique
Netherlands
Zambia
Canada
Belgium
Italy
Namibia


The country’s import basket was dominated by
diesel, petrol, crude soya bean oil and
electricity which accounted for 11.3%, 5.6%,
2.9% and 2.5% of total imports, respectively.
Table 2 shows major commodity imports for
the months of February 2023 and March 2023,
respectively.
Table 2: Imports Classified by Harmonised
Commodity Description and Code System

Feb-23
(US$m)
Mar-23
(US$m)
FebMar
Changes
(%)
Share of
Total
Imports
(%)
Mar’23
Total

Of Which:


Diesel

Unleaded
petrol

Crude soya
bean oil

Electricity

Wheat

Rice

Machinery

Medicines

Maize
(Excluding
Seed)

LP Gas

Source: ZIMSTAT & RBZ Calculations, 2023
The country sourced most of its imports from
South Africa which accounted for about 37.6%
of total imports, with China, Singapore, India
and Zambia, contributing 19.2%, 16.7%, 3.7%
and 3%, respectively. Figure 7 shows the
country’s top import sources in March 2023.


Figure 7: Top Ten Merchandise Import
Sources (% Share)
Source: ZIMSTAT & RBZ Calculations, 2023

Merchandise Trade Balance
The merchandise trade developments in March
2023 culminated in a trade deficit of US$229.2
million, which unfavourably compares to
US$185.5 million recorded in the previous
month. Relative to the comparative month in
2022, the country’s deficit widened from a
deficit of US$160.7 million to a deficit of
US$229.2 million in the reporting month, as
shown in Figure 8.

Figure 8: Merchandise Trade Balance
(US$ m)

Source: ZIMSTAT & RBZ Computations, 2023

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

Jan-23
Feb-23
Mar-23
Exports
Imports
Trade Balance

MONETARY DEVELOPMENTS1

Broad money (M3) stock amounted to
ZW$3,195.33 billion in March 2023, compared
to ZW$2,928.24 billion recorded in February
2023.
The money stock was composed of foreign
currency deposits, 58.49%; local currency
deposits, 41.31%; and currency in circulation,
0.20%. Figure 9 shows the composition of
money supply.
Figure 9: Composition of Money Supply
Source: Reserve Bank of Zimbabwe, 2023

On a month-on-month basis, broad money
increased by 9.12% in March 2023, compared
to 8.56% recorded in February 2023. The
growth
largely
reflected
increases
of
ZW$114.56 billion and ZW$152.19 billion in
foreign currency accounts (FCAs) and local
currency deposits, respectively.
During the month under review, domestic
claims increased by 18.10%, compared to
10.92% recorded in the previous month.

1All monetary numbers valued in ZW$ since the
adoption of an interbank market determined exchange
rate in February 2019.
The growth in domestic claims was largely due
to increases of ZW$223.37 billion and
ZW$165.76 billion in credit to the private
sector and net claims on Government,
respectively.
On an annual basis, broad money registered an
increase of 442.41%, compared to 478.56% in
February 2023. The local currency component
of broad money increased by 322.47%, while
the foreign currency component increased by
579.25%.
The growth in foreign currency deposits from
ZW$275.17 billion in March 2022 to
ZW$1,869.07 billion in March 2023, was
largely attributable to valuation changes related
to official exchange rate depreciation. Over the
year to March 2023, the official exchange rate
depreciated from ZW$142.42 per US$1 to
ZW$929.86 per US$1.

The annual increase in broad money was
reflected in annual changes in net claims on
Government and credit to the private sector of
ZW$547.90
billion
(692.67%)
and
ZW$1,429.91 billion (457.82%), respectively.
Credit to the private sector was mainly
channelled to agriculture and households,
which received 24.36% and 21.57% of the total
credit, respectively. The manufacturing and
distribution sectors received 13.75% and
10.92% of the credit, respectively. Private
sector credit shares for the rest of the economic
sectors are shown in Figure 10.

Local
Currency
Transferabl
e deposits
30.40%
Foreign
Currency
Deposits
58.49%
Time
Deposits
10.41%
Currency in
Circulation
0.20%
NCDs
0.50%

Figure 10: Distribution of Private Sector
Credit
Source: Reserve Bank of Zimbabwe, 2023

Credit to the private sector was largely utilized
for recurrent expenditures, 31.55%; inventory
build-up,
29.77%;
and
fixed
capital
investments, 16.73%.

STOCK MARKET DEVELOPMENTS

Zimbabwe Stock Exchange

The
Zimbabwe
Stock
Exchange
(ZSE)
exhibited positive sentiments for the third
consecutive month, during the month of March
2023.

As a result, the ZSE All Share, Top 10, Top 15,
Medium Cap and Small Cap indices added
35.10%, 35.91%, 37.32%, 19.59%, and 10.57%
to close at 38 568.48 points, 23 081.98 points,
27 012.64 points, 75 307.75 and 697 921.97
points, respectively.


The mining index increased by 27.91% to close
the month at 37,359.78 points, compared to
29,207.92 points recorded in February 2023.

On a year-on-year basis, the ZSE All Share,
Top 10, Top 15, Medium Cap and Small Cap
indices grew by 143.20%, 120.32%, 134.24%,
187.62% and 67.24%, respectively. The mining
index also gained by 230.93%, from 11 289.34
points recorded in the comparable period last
year.

Figure 11: ZSE All Share, Top 10 and
Mining Indices

Source: Zimbabwe Stock Exchange, 2023

The cumulative volume and value of shares
traded on the ZSE declined by 40.29% and
41.57% to 97.92 million shares and ZW$14.26
billion, respectively. This compares to 164.01
million shares and ZW$24.41 billion recorded
in the prior month, respectively.


Households
21.57%
Agriculture
24.36%
Mining
9.97%
Manufacturing
13.75%
Distribution
10.92%
Construction
1.71%
Transport &
Communicat
ions
2.06%
Services
9.44%
Financial Org.
& Investments
6.20%
Other


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-Jan-23
28-Feb-23
31-Mar-23
All Share Index
Top 10 Index
Mining Index

The proportion of foreign purchases to the
value of shares traded, also declined to 8.43%
in the month under review, from 15.49%
recorded in February 2023.

The net foreign position, however, improved
from -ZW$1.5 billion in February 2023, to
-ZW$0.89 billion during the month under
analysis.

Figure 12: ZSE Monthly Volumes and Values
Traded

Source: Zimbabwe Stock Exchange, 2023

Owing to the bullish sentiments experienced on
the ZSE during the month of March 2023, the
market gained ZW$805.13 billion, or 31.25%
worth of capitalization to close at ZW$3,381.46
billion. On a year-on-year basis, ZSE
capitalization grew by ZW$1,416.72 billion, or
72.11%, from ZW$1,964.74 billion recorded in
March 2022.

Victoria Falls Stock Exchange

The Victoria Falls Stock Exchange (VFEX)
continued to experience losses in the month of
March 2023. Consequently, the VFEX All
Share index lost 14.17% to close at 92.04
points, from 107.24 points recorded in the prior
month.

On an annual basis, the VFEX All Share Index
also lost 14.08%, from 107.12 points recorded
in March 2022.
Figure 13: Victoria Falls Stock Exchange All
Share Index

Source: Victoria Falls Stock Exchange (VFEX), 2023

VFEX Market Capitalization

Owing to the negative trading on the VFEX
bourse during the month under review, market
capitalization declined by 7.85% to US$0.99
billion, from US$1.08 billion recorded in
February 2023.
INFLATION OUTTURN
Annual Inflation

Annual headline inflation continued to slow
down, declining from 92.34% in February 2023
to 87.60% in March 2023. This followed


Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
VALUE TRADED ($ MILLIONS)
VOLUME TRADED (MILIONS)
Volume
Value

01-Mar-22
01-Apr-22
01-May-22
01-Jun-22
01-Jul-22
01-Aug-22
01-Sep-22
01-Oct-22
01-Nov-22
01-Dec-22
01-Jan-23
01-Feb-23
01-Mar-23

declines in both annual food and non-food
inflation.

Annual food inflation fell from 136.85% in
February 2023 to 127.92% in March 2023.
Year-on-year,
non-food
inflation
also
decelerated from 68.11% in February 2023 to
65.13% in March 2023. This was largely on
account of declines in transport, alcoholic
beverages and tobacco categories.

Monthly Inflation

Monthly inflation increased from -1.6% in
February 2023 to 0.1% in March 2023, on
account of increases in both food and non-food
inflation.

Month-on-month food inflation gained 1.9
percentage points to 0.3% in March 2023, from
-1.58% recorded in February 2023. Monthly
non-food inflation stood at 0.005% in March
2023, up from -1.63% recorded in the
preceding month.

Figure

shows
monthly
inflation
developments for the period from January 2022
to March 2023.


Figure 14: Month-on-Month Inflation (%)

Source: ZIMSTAT, 2023
NATIONAL PAYMENTS SYSTEM

The value of transactions processed through the
National Payment Systems (NPS) stood at
ZW$6.04 trillion in March 2023, up from
ZW$3.86 trillion recorded in the previous
month. The volume of NPS transactions
increased by 17.54% to 66.87 million in the
month under analysis.

Zimbabwe Electronic Transfer Settlement
System (ZETSS)

The value of Real Time Gross Settlement
(RTGS) transactions increased by 79.69% to
ZW$3.80 trillion in March 2023, from
ZW$2.12 trillion reported in the previous
month.

Jan-22
Feb-22
Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
Food and non alcoholic beverages
Non food
All Items

Figure 15: ZETSS Volumes and Values

Source: Reserve Bank of Zimbabwe, 2023

Cash Transactions

The value of cash-based transactions rose to
ZW$260.25 billion during the month of March
2023, from ZW$174.72 billion in the previous
month.

Mobile and Internet Based Transactions

Mobile
and
internet-based
transactions
amounted to ZW$1.85 trillion, during the
month under analysis, representing an increase
of 27.51%, from ZW$1.45 trillion recorded in
February 2023.

Card Based Transactions

Card-based transactions increased by 4.96% to
ZW$393.95 billion in March 2023, from
ZW$293.11 billion recorded in the previous
month.


MAY 2023
RESERVE BANK OF ZIMBABWE


Feb-22
Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Value in ZW$ Billions
Volume in Thousands
Volume
Value

Statistical Tables

Monetary Statistics
1. Depository Corporations Survey

2. Central Bank Survey

3. Other Depository Corporations Survey

Other Depository Corporations

4.1 Assets

4.2 Liabilities

Commercial Banks
5.1 Assets

5.2 Liabilities

Building Societies
6.1 Assets

6.2 Liabilities

Sectoral Analysis of Bank Loans and Advances and Deposits

7.1 Sectoral Analysis of Commercial Banks Loans and Advances

7.2 Sectoral Analysis of Commercial Banks Deposits

Interest Rates

8.1 Lending Rates

8.2 Banks Deposit Rates

Inflation

9.1 Monthly Inflation

9.2 Yearly Inflation

External Statistics
10. Exchange Rates

Zimbabwe Stock Exchange
11. Zimbabwe Stock Market Statistics

National Payments System Statistics


12.1 Values of Transactions

12.2 Volumes of Transactions

TABLE 1: DEPOSITORY CORPORATIONS SURVEY ($'000)
Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
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, 2023
Notes:
(i) Depository corporations survey - formerly Monetary Survey.
(ii) Broad money redefined using IMF's Monetary and Financial Statistics Manual of 2000. Major changes include exclusion of Government deposits held by banks from broad money.
(iii) Transferable deposits made up of demand and savings deposits.
(iv) NCDs are also referred to as securities included in broad money.
(v) All classes of time deposits, short and long term are classified as time deposits, which are also termed other deposits.
(vi) Credit to the private sector now excludes claims on other financial corporations, as well as claims on state and local government (local authorities)
(vii) Depository corporations made up of the Central Bank and other depository corporations
(viii) Other depository corporations (ODCs) - Commercial banks, merchant banks, building societies and POSB.
(ix) In December 2017, the statistics were adjusted in restrospect by reclassifying Securities issued under Aftrades from claims on government to claims on central bank
(x) In December 2017, the statistics were adjusted in restrospect by reclassifying amounts accessed by banks under the Aftrades from liabilities to Other Depository corporations and Other Financial Corporations to liabilities to Central Bank
(xi) In December 2018, statistics were revised from November 2017 due to reclassification of lines of credit (foreign liabilities) that were initially classified as deposits included in broad money
(xii) All monetary and financial statistics are valued in ZWL$ since the introduction of the interbank foreign exchange market in February 2019

Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
Net Foreign Assets

Claims on Non Residents

Official Reserves Assets

Other Foreign Assets

Less Liabilities to Non Residents

Short Term Liabilities

Other Foreign Liabilities*

of which blocked funds

Net Domestic Assets (NDA)

Domestic Claims

Net Claims on Central Government

Claims on Central Government

Of which: Securities Other than Shares

Loans

Loans and Advances

Amounts Due from Gvt including SDR Draw

Export Incentives

Less Liabilities to Central Government

Of which: Deposits

Other

Claims on Other Sectors

Other Financial Corporations

State and Local Government

Public Non Financial Corporations

Private Sector

Claims on Other Depository Corporations

Of which: Loans

Other Liabilities to ODCs

Of which: Aftrades Balances

Securities

Other Items(Net)

Shares and Other Equity

Other Items(Net)

Liabilities to Other Resident Sectors

Deposits and Securities Excluded from Base Mon

Monetary Base Incl. foreign currency clearing balances
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,2023
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 ($'000)

TABLE 3 : OTHER DEPOSITORY CORPORATIONS SURVEY ( $ '000)
Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
Net Foreign Assets

Claims on Non Residents

Of Which: Foreign Currency

Deposits

Other

Less Liabilities to Non Residents

Of Which: Deposits

Loans

Other

Net Domestic Assets (NDA)

Domestic Claims

Net Claims on Central Government

Claims on Central Government

Securities

Loans

Other
-

-

-

-

-


Less Liabilities to Central Government

Of which: Deposits

Other

Claims on Other Sectors

Other Financial Corporations

State and Local Government

Public Non Financial Corporations

Private Sector

Claims on the Central Bank

Currency

Reserves

Securities

Other Claims

Liabilities to the Central Bank

Other Items(Net)

Shares and Other Equity

Liabilities to other ressident sectors

Other Items(Net)

Deposits and Securities Included in Broad Money

Deposits Included in Broad Money
580,177,132.24

661,385,151.97

961,275,205.35

1,108,920,811.95

1,190,567,540.78

1,587,531,116.15 1,897,768,184.73 1,858,602,031.80 2,042,355,987.09 2,314,588,211.40 2,646,071,378.63 2,888,136,764.51
3,165,058,675.05
Transferable Deposits
526,027,929.32

608,741,115.91

891,276,383.52

1,028,029,948.34

1,096,365,440.31

1,453,358,587.07 1,740,700,191.97 1,692,150,785.93 1,853,157,849.44 2,081,176,430.96 2,371,032,667.32 2,594,362,513.35
2,832,323,179.02
of which FCAs
275,160,384.59

301,286,745.34

558,605,268.37

657,871,279.96

688,801,163.42

991,050,824.09 1,196,071,655.58 1,131,156,966.82 1,211,583,916.42 1,325,367,130.51 1,623,313,580.02 1,750,982,009.54
1,865,387,117.78
Other Deposits

Money Market Instruments
4,510,894.76

4,246,927.92

6,165,343.44

7,157,937.12

8,137,874.02


Source:Reserve Bank of Zimbabwe,2023

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

Local
Governemt
Other

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

Jan
183.4

3,176.6

13,217.3

1,073.2

8,142.0


Feb
267.1

3,136.4

13,817.0

1,504.5

8,642.5


Mar
263.6

3,607.6

16,167.1

2,214.4

12,681.9


Apr
298.5

3,642.9

17,926.4

1,523.3

13,697.1


May
330.0

3,581.8

21,376.4

1,749.6

15,757.4


Jun
606.6

9,584.7

29,457.9

3,974.7

35,786.5


Jul
690.8

18,357.0

54,139.7

5,578.7

42,159.7


Aug
975.1

28,776.0

54,868.5

4,623.1

41,100.2


Sep
1,084.2

30,217.6

56,679.6

4,426.6

39,530.8


Oct
1,064.2

32,235.0

66,948.5

4,457.3

40,092.7


Nov
1,063.6

34,673.9

73,237.2

4,211.3

41,173.6


Dec
1,177.8

39,886.8

76,076.5

5,771.7

38,623.2


Jan
1,483.3

42,733.9

77,994.4

13,109.2

40,071.8


Feb
1,735.4

41,180.7

76,140.3

17,748.1

39,141.4


Mar
1,457.1

40,953.3

83,032.1

6,945.5

42,516.8


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


Jan
4,923.3

379,841.7

704,168.6

151,980.1

389,342.8


Feb
1,880.1

436,062.8

743,888.5

81,067.5

518,081.0


Mar
2,031.6

425,326.5

817,631.1

112,374.3

531,935.4


Source:Reserve Bank of Zimbabwe,2023
Public
Enterprises
TABLE 4.1: OTHER DEPOSITORY CORPORATIONS -ASSETS
$ millions
Debt Securities
Loans and Advances

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source:Reserve Bank of Zimbabwe,2023
TABLE 4.2 : OTHER DEPOSITORY CORPORATIONS - LIABILITIES
Deposits
Amounts Owing to
$ millions

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

Jan
165.80

2,845.62

12,018.43

708.00

7,706.57

1,811.38

4,029.43

-

125.52

14.97

5.11

12.17

326.11

10,766.91

77.59

2,965.93

3,395.90

8,058.15

55,033.6

Feb
251.70

2,756.57

12,731.97

889.16

8,264.76

1,532.87

3,877.19

-

117.45

13.99

5.15

11.56

329.47

11,656.91

88.37

5,441.70

11,907.90

8,653.69

68,530.4

Mar
242.41

3,063.92

14,545.58

1,948.14

12,381.17

2,497.47

4,373.76

-

0.08

20.23

4.39

11.39

765.82

14,041.67

127.46

7,917.31

5,718.53

9,244.62

76,904.0

Apr
263.29

3,147.75

16,673.44

1,287.51

13,285.14

3,056.32

4,235.96

-

0.08

18.39

4.47

9.75

834.72

14,864.30

129.90

7,642.80

6,534.14

9,703.93

81,691.9

May
284.33

3,144.57

19,827.46

1,553.68

15,003.29

3,130.38

4,160.50

-

0.12

45.79

4.53

9.61

768.01

17,762.27

143.44

7,042.04

6,012.40

9,845.09

88,737.5

Jun
515.11

8,372.39

26,368.55

3,570.85

34,550.44

7,527.46

5,841.98

-

0.12

90.14

4.29

9.41

2,010.79

26,638.87

215.56

24,299.33

14,590.26

18,983.05

173,588.6

Jul
577.99

16,536.53

49,470.13

4,219.81

40,259.84

11,399.93

6,357.84

-

-

74.57

4.33

12.61

1,025.78

33,054.99

229.06

28,551.07

10,247.64

19,646.49

221,668.6

Aug
821.16

26,519.73

49,165.59

4,265.44

38,763.72

14,219.24

6,484.68

-

-

39.07

14.05

14.74

1,046.29

38,741.31

231.00

25,354.64

9,460.49

19,961.16

235,102.3

Sep
891.26

27,646.41

51,169.67

3,898.65

38,420.20

14,126.83

6,354.19

-

-

107.40

9.61

22.30

1,050.38

41,088.91

228.95

28,289.36

17,608.70

19,375.08

250,287.9

Oct
896.48

29,309.79

60,589.19

3,602.58

38,877.31

13,530.74

7,763.97

-

20.06

109.83

17.57

22.18

1,019.00

48,440.92

268.07

29,764.70

15,978.22

19,616.63

269,827.2

Nov
919.42

31,596.89

67,899.10

3,494.87

39,693.38

14,134.74

7,098.29

-

0.02

110.37

20.00

16.81

1,269.94

54,496.74

259.90

29,821.16

16,683.48

19,526.70

287,041.8

Dec
1,019.76

36,507.59

70,392.07

4,949.48

37,346.17

10,803.58

9,985.57

-

-

1.18

23.30

26.76

1,269.01

62,953.03

718.16

29,608.01

12,793.91

28,230.82

306,628.4

Jan
1,237.43

39,565.64

71,463.64

12,288.89

39,092.85

10,921.99

8,281.80

-

-

1.18

16.67

18.01

1,264.28

71,090.96

718.83

25,036.22

12,333.21

32,123.11

325,454.7

Feb
1,320.27

38,100.03

69,341.48

16,867.76

38,108.83

6,341.39

12,518.15

-

-

1.26

24.15

22.69

1,493.66

77,324.34

774.89

28,339.17

15,953.14

33,612.14

340,143.4

Mar
1,244.16

38,369.53

76,479.44

5,317.61

41,401.24

8,733.65

15,889.61

-

19.21

34.56

15.17

21.67

1,309.75

80,607.03

878.97

32,908.13

19,302.34

30,861.86

353,393.9

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

684,641.9

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

734,997.5

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

860,321.7

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

946,471.1

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

1,456,705.7

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

1,724,666.1

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

1,857,204.0

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

2,412,082.6

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

2,756,949.8

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

2,897,679.6

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

3,012,537.3

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

3,363,834.8

Jan
2,391.61

340,953.56

654,740.29

143,455.70

335,380.17

(1,443.59)

301,026.07

-

105.97

4,873.87

228.45

251.24

44,113.17

1,307,512.98

17,767.70

227,545.42

204,830.78

374,080.77

3,957,814.2

Feb
1,470.56

366,544.71

691,937.49

71,097.36

452,795.43

21,074.53

306,913.92

-

50.02

1,524.98

318.96

197.44

44,691.50

1,481,851.05

18,037.18

226,932.96

224,983.29

411,002.80

4,321,424.2

Mar
1,771.98

344,570.46

755,463.34

103,284.07

478,333.21

41,928.66

330,669.68

-

-

3,884.11

432.22

149.78

48,725.38

1,679,284.89

28,439.56

554,840.85

254,605.57

438,790.17

5,065,173.9

Source:Reserve Bank of Zimbabwe,2023
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 5.1: COMMERCIAL BANKS -ASSETS
$ 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


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source:Reserve Bank of Zimbabwe,2023
TABLE 5.2 : 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
16.3

322.3
1,106.8

361.8
421.8

-

283.0

20.1
-

-

478.2

-

1,498.8

717.5
1,552.8

6,779.5

Feb
14.5

368.2
977.2

612.5
370.5

-

357.1

20.1
-

1.5

503.6

-

2,097.7

735.9
1,538.8

7,597.4

Mar
20.1

529.4
1,423.7

261.8
282.6

-

341.6

19.2
-

0.6

526.4

-

2,406.4

1165.6
1,914.1

8,891.5

Apr
33.1

493.1
914.2

232.1
384.9

-

424.3

18.1
-

-

525.9

-

2,568.2

1528.5
2,134.4

9,256.8

May
39.7

434.7
1,248.4

192.3
725.0

-

382.4

17.0
-

-

517.6

-

2,793.4

2669.6
2,146.1

11,166.3

Jun
88.7

1167.9
2,857.8

395.9
1,222.0

-

385.4

13.8
-

-

653.4

-

4,663.9

2688.0
4,712.1

18,848.8

Jul
109.1

1780.7
3,878.9

1342.9
1,879.4

-

346.6

13.4
-

-

585.7

-

5,648.0

3879.5
4,927.7

24,391.8

Aug
142.9

2175.5
4,799.3

341.7
2,310.6

-

294.6

13.1
-

-

688.7

-

6,552.1

4480.3
6,104.6

27,903.4

Sep
179.8

2469.9
4,547.1

504.6
1,027.7

-

218.3

12.9
-

0.4

741.5

-

6,518.3

2774.9
6,503.8

25,499.1

Oct
149.1

2787.0
5,056.1

778.9
1,182.4

-

206.5

12.3
-

112.2

772.3

-

6,874.4

2795.4
6,537.1

27,263.4

Nov
104.3

2935.7
4,448.9

691.0
1,412.8

-

1,666.7

11.6
-

157.8

930.4

-

7,498.6

2571.1
6,712.9

29,141.9

Dec
116.2

3210.3
5,085.9

802.0
1,183.4

-

1,830.2

11.2
-

251.1

1,008.4

-

8,562.3

2559.4
7,352.9

31,973.2

Jan
188.7

2943.3
5,986.5

793.8
843.5

-

1,783.8

10.2
-

211.3

1,091.3

0.0

9,329.1

2980.3
7,685.1

33,846.9

Feb
345.7

2762.9
6,004.8

811.1
984.2

-

2,731.0

9.2
-

236.8

2,089.3

-

8,950.2

2949.2
7,790.6

35,665.0

Mar
168.3

2278.9
6,313.1

1594.4
1,028.2

-

1,341.7

8.4
-

415.1

1,242.4

-

10,867.7

3027.5
7,841.0

36,126.8

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
19,993.4

2,176.2

17,693.7

-

119,322.3

39279.1
69,102.5

421,138.1

Jan
2,402.7

32405.1
47,062.6

8410.8
50,364.6

-

17,976.2

0.0
23,668.5

2,406.3

18,311.0

-

132,757.4

41367.4
69,570.1

446,702.8

Feb
234.9

59685.4
50,103.0

9568.6
62,701.4

889.9

24,809.7

0.0
26,667.1

4,451.9

21,629.1

-

146,798.4

50093.6
70,987.9

528,620.9

Mar
214.6

72311.9
57,399.6

9196.8
51,300.9

-

28,841.5

0.0
24,689.0

5,503.9

19,118.6

-

170,376.6

54524.7
84,489.1

577,967.3

Source:Reserve Bank of Zimbabwe,2023
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 6.1: BUILDING SOCIETIES -ASSETS
$ 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

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source:Reserve Bank of Zimbabwe,2023
Amounts Owing to
TABLE 6.2: BUILDING SOCIETIES -LIABILITIES
$ millions

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


INVESTMENTS
ORGANISATIONS

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

June

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

June

July

Aug

Sept

Oct

Nov

Dec


Jan

Feb

Mar

Source:Reserve Bank of Zimbabwe,2023
/1 Including the only merchant bank still in operation.
TABLE 7.1 : SECTORAL ANALYSIS OF COMMERCIAL BANKS LOANS AND ADVANCES
$ ('000)

END OF
AGRICULTURE CONSTRUCTION
COMMUNICATIONS
DISTRIBUTION
FINANCIAL &
FINANCIAL
MANUFACTURING
MINING
SERVICES
TRANSPORT
INDIVIDUALS
CONGLOMERATES
TOTAL
INVESTMENTS ORGANISATIONS

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source: Reserve Bank of Zimbabwe,2023
TABLE 7.2: SECTORAL ANALYSIS OF COMMERCIAL BANKS DEPOSITS
$ ('000)

End of
Nominal
Lending Rates 1
Individuals
Corporate

Jan
6.00-65.00
32.65
24.77
Feb
6.00-85.00
36.67
21.36
Mar
6.00-85.00
35.83
22.61
Apr
6.00-85.00
35.22
22.59
May
6.00-85.00
34.84
21.76
Jun
6.00-85.00
36.25
22.46
Jul
6.00-85.00
36.56
21.66
Aug
6.00-85.00
41.06
39.65
Sep
6.00-85.00
40.61
39.50
Oct
6.00-85.00
41.86
45.81
Nov
6.00-8500
39.13
38.10
Dec
6.00-8500
39.34
37.94

Jan
15.00-85.00
39.32
39.62
Feb
15.00-85.00
40.55
64.02
Mar
15.00-85.00
40.74
43.88
Apr
15.00-85.00
38.15
45.56
May
15.00-85.00
38.01
47.25
Jun
15.00-85.00
38.45
48.25
Jul
80.00-240.00
82.75
165.45
Aug
80.00-230.00
88.46
155.96
Sep
100.00-230.00
98.07
158.46
Oct
100.00-290.00
99.37
115.26
Nov
100.00-290.00
99.03
110.97
Dec
100.00-290.00
99.02
110.83

Jan
100.00-240.00
90.05
116.03
Feb
65.00-230.00
60.12
80.88
Mar
65.00-230.00
74.35
81.46
Source:Reserve Bank of Zimbabwe, 2023
Notes
TABLE 8.1: LENDING RATES (percent per annum)
1. Nominal lending rates depict the range of rates quoted by banks.
Commercial Banks
Weighted Lending Rates

TABLE 8.2 : BANK DEPOSIT RATES (percent per annum)
END OF
SAVINGS
3 MONTHS

Jan
0.22-12.00
2.00-21.50
Feb
0.22-12.00
2.00-21.50
Mar
0.22-12.00
2.00-21.50
Apr
0.22-12.00
2.00-21.50
May
0.22-12.00
2.00-21.50
Jun
0.25-12.00
2.00-26.00
Jul
0.50-12.00
2.00-26.00
Aug
0.50-12.00
2.00-26.00
Sep
0.50-12.00
2.00-26.00
Oct
0.50-12.00
2.00-26.00
Nov
0.50-12.00
2.00-26.00
Dec
0.50-12.00
2.00-26.00

Jan
0.50-12.00
2.00-26.00
Feb
0.50-12.00
2.00-26.00
Mar
0.50-12.00
2.00-26.00
Apr
0.50-12.50
2.00-30.00
May
0.50-12.50
2.00-32.00
Jun
0.50-12.50
2.00-32.00
Jul
40.00
80.00-92.00
Aug
40.00
80.00-92.00
Sep
40.00
80.00-92.00
Oct
40.00
80.00-92.00
Nov
40.00
80.00-92.00
Dec
40.00
80.00-95.00

Jan
40.00
80.00-110.00
Feb
30.00
50.00-110.00
Mar
30.00
50.00-110.00
Source:Reserve Bank of Zimbabwe, 2023
* Deposit rates depict the range of rates qouted by banks.
COMMERCIAL BANKS

ALCOHOLIC
BEVERAGES
CLOTHING
&
HOUSING,
WATER,
FURNITURE
HEALTH
TRANSPORT
COMMUNIC
ATION
RECREATION &
EDUCATION
RESTAUR
ANTS &
MISC.
& TOBACCO
FOOTWEAR
ELECTRICTY,
GAS
AND
CULTURE
HOTELS
GOODS &
& OTHER
EQUIPMENT
SERVICES
FUELS
WEIGHTS


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Source:Zimstat, 2023
*July 2020=100
FOOD & NON
ALCOHOLIC
BEVERAGES
ALL
ITEMS
TABLE 9.1 : MONTHLY INFLATION - % CHANGE IN CONSUMER PRICE INDEX
(February 2019 = 100)
TOTAL NON

FOOD
INFLATION
ALCO HO LIC
CLO T HING
HO US ING ,
W AT E R,
FURNIT URE
MIS C.
FO O D &
B E VE RAG E S
&
E LE CT RICT Y,
G AS
AND
RE CRE AT IO N &
RE S T AURANT S
&
G O O DS &
T O T AL NO N
NO N
ALCO HO LIC
ALL
& T O B ACCO
FO O T W E AR
& O T HE R
E Q UIP ME NT
CULT URE
HO T E LS
S E RVICE S
FO O D
B E VE RAG E S
IT E MS
FUE LS
WEIGHTS


Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Source:Zimstat, 2023
*July 2020=100
TABLE 9.2 : YEARLY INFLATION - % CHANGE IN CONSUMER PRICE INDEX
(February 2019 = 100)
NON-FOOD INFLATION
HE ALT H
T RANS P O RT
CO MMUNICAT IO N
E DUCAT IO N

USA
SOUTH ARFICAN
BOTSWANA
JAPANESE
EURO
POUND
END OF
Dollar
RAND
PULA
YEN
STERLING

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, 2023
TABLE 10 : SELECTED INTERNATIONAL EXCHANGE RATES
1. ZWL$ dollar per unit of foreign currency

END OF
Market Capitalisation
All Share*
ZWL$ millions

Jan

Feb

Mar

Apr

May

June*

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

June

July

Aug

Sept

Oct

Nov

Dec


Jan

Feb

Mar

Source:Zimbabwe Stock Exchange, 2023
*All Share index was introduced in January, 2018
**As at 26 June 2020
Indices
TABLE 11: ZIMBABWE STOCK MARKET STATISTICS
Market Turnover
ZWL$ million
Volume of Shares
Mining

END OF
ZETSS
CHEQUE
POS
ATM
MOBILE
INTERNET

Jan

Feb

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, 2023
TABLE 12.1 : ZETSS AND RETAIL PAYMENTS
Values of Transactions (ZWL$ millions)

END OF
ZETSS
CHEQUE
POS
ATM
MOBILE
INTERNET

Jan

Feb

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, 2023
TABLE 12.2 : ZETSS AND RETAIL PAYMENTS
Volumes of Transactions (000's)