QUARTERLY
ECONOMIC
REVIEW


MARCH 2024

CONTENTS

List of Figures


List of Tables

1.
OVERVIEW
Global growth for 2024 and 2025 is projected to
remain at 3.2%, the same as the estimated growth
for 2023, reflecting tight monetary policies and
low underlying productivity growth. However,
global inflation is expected to be on a downward
trend due to the continued restrictive monetary
policy stance in most countries.

On the domestic front, economic activity was
constrained by the El-Nino-induced drought
conditions,
which
negatively
affected
the
agriculture sector, during the first quarter of 2024.
Headline inflation increased from 26.52% in
December 2023 to 55.34% in March 2024.

During the quarter under analysis, merchandise
exports increased by 24.8%, from US$1,378.9
million recorded in the comparable quarter in
2023 to US$1,720.6 million, during the first
quarter of 2024. Similarly, the country’s
merchandise imports rose by 6.8% to US$2,140.1
million, from US$2,003.7 million recorded in the
corresponding period in 2023. Consequently, the
country’s trade deficit narrowed from US$624.8
million in the first quarter of 2023 to US$419.5
million in the first quarter of 2024.

Broad money stock (M3) stood at ZW$59 171.49
billion
in
March
2024,
compared
to
ZW$18 914.59 billion recorded in December
2023. The growth reflected quarterly expansions
of
ZW$3
171.21
billion
(68.37%)
and
ZW$37 085.69 billion (259.77%) in local
currency and foreign currency components of
broad money, respectively. Foreign currency
deposits accounted for 86.80% of broad money,
local currency deposits, 13.17%, and currency in
circulation, 0.03%.

The Zimbabwe Stock Exchange (ZSE) traded
positively during the first quarter of 2024, with all
indices registering gains. Similarly, the Victoria
Falls Stock Exchange (VFEX) also exhibited
positive sentiments in the same quarter, with the
All-Share index gaining 43.06%, closing at
101.06 points as at end of March 2024, from
70.64 points recorded as at end of December
2023.

The value of electronic transactions processed
through the National Payment Systems (NPS)
increased by 122.23% to ZW$249.23 trillion
during the first quarter of 2024, from ZW$112.15
trillion recorded in the fourth quarter of 2023.

2.
INTERNATIONAL DEVELOPMENTS
Global growth in 2024 and 2025 is projected to
remain steady at 3.2%, the same as was in 2023.
The projection for global growth for 2024 and
2025 remains below the historical (2000–19)
annual average of 3.8%, reflecting restrictive
monetary policies.

Growth in advanced economies is expected to rise
slightly, with the increase mainly reflecting
recovery in the Euro area. The growth is projected
to increase from 1.6% in 2023 to 1.7% in 2024
and 1.8% in 2025. In the United States, growth is
projected to increase from 2.5% in 2025 to 2.7%
in 2024, before slowing to 1.9% in 2023, as
gradual fiscal tightening and softening labour
markets slow aggregate demand.

Growth in the Euro area is projected to recover
from 0.4% in 2023, to 0.8% in 2024 and 1.5% in
2025, reflecting the reduced impact of the RussiaUkraine war. The anticipated recovery is
expected to be driven by increased household
consumption, as the impact of energy price
shocks diminishes and the decline in inflation
bolsters real income growth.

Overall, emerging market and developing
economies are expected to experience stable
growth in 2024 and 2025, though the growth
would be heterogenous across regions. China's
economic growth is forecasted to decelerate from
5.2% in 2023 to 4.6% in 2024 and further to 4.1%
in 2025. The deceleration is attributed to the
waning positive effects of the post-pandemic
consumption boost and fiscal stimulus, alongside
ongoing weakness in the property sector.
Real growth in Sub-Saharan Africa is projected to
rise from 3.4% in 2023 to 3.8% in 2024 and 4.0%
in 2025, as the negative effects of earlier weather
shocks subside, and supply gradually improves.

Table 1 shows the global and regional economic
growth rates and outlook.

Table 1: Global Growth Projections (%)

Est.

Est.

Proj.

Proj.
World Output

Advanced
Economies

USA

Euro Area

Emerging
Markets and
Development
Economies

China

SubSaharan Africa

South Africa

Source: IMF, World Economic Outlook Update, April 2024
Global Inflation
Global inflation is falling faster than expected in
most regions, amid unwinding supply-side
challenges and restrictive monetary policy.
Headline inflation is expected to fall from 6.8%
in 2023 to 5.9% in 2024 and 4.5% in 2025, due to
tight monetary policy, coupled with anticipated
stable international commodity prices.

Risks
Downside risks include the possibility of new
price spikes stemming from geopolitical tensions,
such as the war in Ukraine and the conflict in
Gaza and Israel. In addition, persistent core

inflation in areas with tight labour markets could
lead to higher interest rate expectations and a
decline
in
asset
prices.
Geoeconomic
fragmentation could intensify, with higher
barriers to the flow of goods, capital, and people,
implying a supply-side slowdown.

INTERNATIONAL COMMODITY PRICE
DEVELOPMENTS
International commodity prices for gold and
copper firmed, while those for platinum,
palladium, nickel, lithium, and crude oil retreated
during the first quarter of 2024. Table 2 shows the
developments in prices of selected commodities
during the first quarter of 2024.

Table 2: International Commodity Prices:
January to March 2024
Commodity
Unit Price
2023 Q4
Average
2024 Q1
Average
Quarterly
Changes
(%)
Gold
US$/oz
1,974.33
2,071.77
4,9
Platinum
US$/oz
913.32
910.61
-0,3
Palladium
US$/oz
1,064.41
977.97
-8,1
Nickel
US$/tonne
17,457.10
16,859.86
-3,4
Lithium
US$/tonne
20,702.31
13,724.43
-33,7
Crude Oil
US$/barrel
82.81
81.72
-1,3
Source: World Bank and Bloomberg, 2024
Precious Metals
Gold prices rose by 4.9%, from an average of
US$1,974.33 per ounce recorded in the fourth
quarter of 2023, to close the first quarter of 2024
at US$2,071.77 per ounce. The increase was
driven by the strong safe-haven demand for the
yellow metal, amid elevated geopolitical tensions
and policy uncertainty.

Platinum and palladium prices remained subdued
amid a slowdown in industrial activities and
concerns over weak demand for the metal,
especially in China. As such, prices of platinum
declined by 0.3% to US$910.61 per ounce during
the quarter under review, from US$913.32 per
ounce recorded in the previous quarter.

Similalrly, palladium prices declined by 8.1%,
from US$1,064.41 per ounce in the quarter
ending December 2023 to US$977.97 per ounce
during the first quarter of 2024.

The developments in precious metal prices for the
period from March 2023 to March 2024 are
shown in Figure 1.

Figure
1:
Precious
Minerals
Prices
(US$/ounce: March 2023 – March 2024

Source: Bloomberg, 2023
Base Metals
During the quarter under analysis, average copper
prices gained by 3.7%, from US$8,251.34 per
tonne recorded during the fourth quarter of 2023
to US$8,555.51 per tonne. Prices surged as
Chinese economic data indicated tight supply
conditions of copper.

1,000
1,050
1,100


Mar-23
Apr-23
May-23
Jun-23
Jul-23
Aug-23
Sep-23
Oct-23
Nov-23
Dec-23
Jan-24
Feb-24
Mar-24
Gold
Palladium
Platinum (RHS)

Nickel prices retreated following waning demand,
coupled with loss-making conditions from the
stainless-steel sector that led to wider production
cuts. Quarterly average prices of copper declined
from US$17,457.1 per tonne to US$16,859.86 per
tonne during the quarter under analysis. Figure 2
shows developments in base metal prices for the
period from March 2023 to March 2024.
Figure 2: Base Metal Prices (US$/tonne):
March 2023 – March 2024

Source: Bloomberg, 2024
Lithium
Quarterly average lithium prices continued on a
declining path, decreasing by 33.7%, from
US$20,702.31 per ounce recorded in the previous
quarter to US$13,724.43 per ounce during the first
quarter of 2023. This was driven by the decline in
electric vehicle sales in China. Figure 3 shows
developments in lithium prices for the period from
March 2023 to March 2024.


Figure 3: Lithium Prices (US$/tonne): March
2023 – March 2024

Source: Bloomberg, 2024
Brent Crude Oil
Brent crude oil prices declined by 1.3%, from
US$82.81 per barrel in the previous quarter to
US$81.72 per barrel in the first quarter of 2024.
underpinned by an unexpected increase in
inventories.

Figure
4:
Brent
Crude
Oil
Prices
(US$/barrel): March 2023 – March 2024
Source: Bloomberg, 2024


Mar-23
Apr-23
May-23
Jun-23
Jul-23
Aug-23
Sep-23
Oct-23
Nov-23
Dec-23
Jan-24
Feb-24
Mar-24
Copper
Nickel


Mar-23
Apr-23
May-23
Jun-23
Jul-23
Aug-23
Sep-23
Oct-23
Nov-23
Dec-23
Jan-24
Feb-24
Mar-24

Mar-23
Apr-23
May-23
Jun-23
Jul-23
Aug-23
Sep-23
Oct-23
Nov-23
Dec-23
Jan-24
Feb-24
Mar-24

MERCHANDISE TRADE DEVELOPMENTS
The country’s total merchandise trade for the
period from January 2024 to March 2024
amounted to US$3,860.7 million, an increase of
14.1% from US$3,382.6 million recorded in the
comparable period in 2023. This was on account
of the marked increase in the country’s
merchandise exports and imports, during the
reporting quarter.

Figure

shows
merchandise
total
trade
developments during the first quarters of 2023
and 2024 and the fourth quarter of 2023.

Figure 5: Quarterly Merchandise Total Trade
(US$ m)
Source: Zimstat, 2024

Merchandise Export Developments
The country’s exports amounted to US$1,720.6
million during the first quarter of 2024, up by
24.8% from US$1,378.9 million recorded in the
comparable quarter in 2023. The increase was
supported by strong performance in tobacco,
industrial diamonds, cane sugar, cotton lint and
crocodile skin exports. The first quarter outturn
was 16.6% lower than the US$2,063.8 million
realized in the preceding quarter, as shown in
Figure 6.

Figure 6: Quarterly Merchandise Exports in
US$ million
Source: Zimstat, 2024
Table 3 shows developments in the country’s
exports by commodity for the fourth quarter of
2023 and the first quarter of 2024.

Table 3: Quarterly Merchandise Exports (US$
million)

2023Q4
(US m)
2024Q1
(US m)
Changes
(%)
Share of
Exports
(%)
Total
2,063.80
1,720.60
-16.6

Of Which


Tobacco (Incl.
cigarettes)

PGMs*

Gold

Industrial diamonds

Ferro-Chromium

Coal

Chromium ores and
concentrates

Cane sugar

Cotton Lint

Crocodile Skins

-40
0.5
*PGMs Include Nickel mattes, nickel ores & concentrates and
platinum
Source: Zimstat & RBZ Calculations 2024


2023Q1
2023Q4
2024Q1
1,378.9
2,063.8
1,720.6
2023Q1
2023Q4
2024Q1

During the first quarter of 2024, tobacco, PGMs
and gold accounted for 24.8%, 24.0% and 22.4%
of the country's total exports, respectively.

Major Merchandise Export Destinations
During the quarter under review, the country’s
exports were mainly destined for South Africa and
the United Arab Emirates which absorbed 31.0%
and 26.9% of the country’s exports, respectively.
Other top export destinations were China and
Mozambique which accounted for 18.6% and
7.9% of the country’s exports respectively.
Figure 7 depicts the country’s top export
destinations for the first quarter of 2024.
Figure
7:
Major
Merchandise
Export
Destinations (% Share)
Source: ZIMSTAT & RBZ Computation 2024

Merchandise Import Developments
The first quarter of 2024 saw the country’s
import bill amount to US$2,140.1 million, up by
6.8% from US$2,003.7 million recorded in the
corresponding quarter in 2023, as shown in
Figure 8.
Figure 8: Quarterly Merchandise Imports
(US$ million)
Source: ZIMSTAT, 2024
On a quarter-on-quarter basis, merchandise
imports for the reporting quarter were 16.1%
lower than US$2,550.1 million recorded in the
preceding quarter, as shown in Figure 8. The
country’s imports were largely dominated by
energy and food imports, as shown in Table 4.
Table 4: Quarterly Merchandise Imports (US$
million)

2023Q4
2024Q1
2023Q42024Q1
Share of

(US$M)
(US$M)
Changes
(%)
Imports
(%)
Total
2,540.70
2,140.10
-15.8

0f Which


Diesel

Maize
88.3
128.1
45.1

Petrol

Fertilizers

Electricity

Crude
Soya Bean
Oil
49.5
42.7
-13.7

Rice

Butanes

22.5
2.3
1.1
Machinery
19.7

1.5
0.9
Source: ZIMSTAT & RBZ Computations 2024

Compared to the corresponding quarter in 2023,
total merchandise imports increased by 6.81% to
US$2,140.10 in the first quarter of 2024.

South Africa
United Arab Emirates
China
Mozambique
Zambia
Hong Kong
Viet Nam
Indonesia
Belgium
India
2,003.7
2,550.1
2,140.1
2023Q1
2023Q4
2024Q1

Major Import Sources
The country’s imports for the first quarter of 2024
were mainly sourced from South Africa (37.8%),
China (15.4%), Bahamas (7.5%), and other
markets as shown in Figure 9.

Figure 9: Major Merchandise Import Sources
(% Share)

Source: ZIMSTAT & RBZ Computations 2024

TRADE BALANCE
The country’s trade position narrowed to
US$419.5 million, during the first quarter of
2024, compared to a deficit of US$624.8 million
recorded in the corresponding quarter in 2023.
Figure 10 depicts the country’s trade balances
for the first and fourth quarter of 2023 as well as
the first quarter of 2024.


Figure 10: Merchandise Trade Balance
(US$ million)

Source: Zimstat & RBZ Computations-2024

3.
DOMESTIC ECONOMIC
DEVELOPMENTS

REAL SECTOR DEVELOPMENTS
During the quarter under review, economic
activities particularly agriculture were mainly
affected by the El Nino induced drought.

AGRICULTURE
Growth in agriculture activity was severely
affected by the El-Nino induced poor rainfall
outturn in the 2023/24 summer cropping season.

The late onset and unreliable rains during the first
half of the season impacted negatively on planting
activity resulting in a decline in the area planted.
Furthermore, the long dry spells across the
country during the mid-season, caused severe
moisture stress, wilting of crop and significant
crop failure in most areas.


South Africa
China
Bahamas
Mozambique
United Arab Emirates
Bahrain
Zambia
Mauritius
Singapore
India

2023Q1
2023Q4
2024Q1
Exports
Imports
Trade Balance

Table 5 shows the planted area of selected key
crops during the 2022/23 and the 2023/24
seasons.

Table 5: Area under selected key crops (Ha)
Crop
2023/24
2022/23
% Change
Maize
1,728,873
1,962,576
-12
Sorghum
405,116
319,759

Pearl Millet
194,232
180,666

Finger Millet
21,700
33,208
-35
Groundnuts
369,772
331,262

Soyabean
55,944
61,961
-10
Sugar bean
34,488
61,718
-44
Sunflower
87,295
140,940
-38
Bambara nuts
121,211
131,421
-8
African peas
93,732
83,410

Sesame
71,990
27,537

Cotton
145,256
178,864
-19
Tobacco
136,126
131,656

Total
3,465,735
3,644,978
-5
Source: Ministry of Lands, Agriculture, Fisheries, Water and
Rural Development, 2024
Maize
The area under maize decreased by 12%, from
the 1,962,576 hectares planted in 2022/23
season to 1,728,873 hectares in the 2023/24
season. Communal area and A1 resettlement
farmers accounted for 79% of the maize
cropping area. Due to the late onset of rains,
however, about 17% of the maize crop was
planted in January 2024, which may have
compromised maize yields.

Traditional Grains
The total area under traditional grains, namely;
sorghum, pearl, and finger millet increased by
16% largely due to farmers heeding advice by
Government to shift to the drought resistant
cereals, in the face of the adverse rainfall
forecast.
Cotton
Despite the provision of free inputs by
Government, the area under cotton declined by
19% to 145,256 hectares in the 2023/24 season,
from 172,854 hectares that was planted in the
2022/23 season. Persistent delays in payments
for deliveries lowered the appeal of the crop
which is also under competition from other
more lucrative crops such as sesame seeds.

Livestock
According to the Crops, Livestock and Fisheries
Report (CLAFA-2), the livestock condition was
still generally fair to good for all cattle, sheep,
and goats in the first quarter of 2024. Grazing
and water were readily available, but the
situation was expected to deteriorate given the
low rainfall received during the 2023/24 season.

Cattle
Cattle slaughters at formal abattoirs increased
significantly in the first quarter of 2024,
compared to the same period in 2023, as farmers
destocked to hedge against possible losses due
to drought, a trend that began in the last quarter
of 2023. The viability of the cattle industry is
expected to be affected by low availability of
grazing and increase in the cost of stock feeds.

Table 6 shows the total number of cattle
slaughters at formal abattoirs in the first and
fourth quarters of 2023 and the first quarter of
2024.

Table 6: Cattle Slaughters
Cattle Slaughters
Q1:2023
87,352
Q4:2023
95,170
Q1:2024
94,062
Source: Ministry of Lands, Agriculture, Fisheries, Water, and
Rural Development, 2024

Pigs
Pig slaughters declined to 59,026 head in the first
quarter of 2024, from 61,384 head in the same
period in 2023. The static performance resulted
from legacy viability challenges emanating from
persistently high stock feed prices. Figure 11
shows the trend in quarterly pig slaughters since
the second quarter of 2022.
Figure 11: Quarterly Pig Slaughters
Source: Ministry of Lands, Agriculture, Water, Climate and
Rural Development, 2024
Dairy
Total fresh milk output increased by 20.7% to
27.30 million litres in the first quarter of 2024
from the 22.61 million litres, produced in the
same quarter in 2023. The considerable growth
in milk output was attributable to the increase in
the milking herd, following years of investment
in herd improvement through the Transforming
Zimbabwe Dairy Value Chain program. Table 7
shows the fresh milk production statistics for
2023 and 2024.
Table 7: First Quarter Milk Output (million
litres) in 2023 and 2024

Variance%
Jan
8.14
9.53
17.04
Feb
6.96
8.81
26.63
Mar
7.52
8.96
19.28
Q1
22.61
27.30
20.73
Source: Ministry of Lands, Agriculture, Fisheries, Water, and
Rural Development, 2024

MINING
The mining sector recorded mixed performance
during the first quarter of 2024, compared to
both the preceding quarter and the comparable
quarter in 2023. Key minerals such as PGMS
(platinum, palladium, rhodium, and iridium),
diamonds chrome, copper and lithium showed
strong performance compared to the previous
quarter. Gold, nickel, and coal underperformed
in the first quarter of 2024, compared to the
preceding period in 2023.

Table 8 shows mineral performances for 2023 and
2024 by quarters.

Q2:2022
Q3:2022
Q4:2022
Q1:2023
Q2:2023
Q3:2023
Q4:2023
Q1:2024
Thousands

Table 8: Quarterly Mineral Output Statistics

Q1 2023
Q4 2023
Q1 2024
Gold (kgs)
7,708.93
8,197.50
6,638.05
Platinum
(kgs)
4,752.84
4,847.85
4,987.45
Palladium
(kgs)
3,957.46
3,936.07
4,136.07
Rhodium
(kgs)
414.68
421.56
436.58
Iridium (kgs)
184.04
318.26
218.79
Ruthenium
(kgs)
398.89
293.58
367.62
Diamonds
(cts)
1,637,553.70
1,229,677.15
1,417,150.28
Chrome (MT)
206,354.34
344,941.71
438,462.63
Nickel (MT)
3,471.02
1,857.44
4,046.07
Copper (MT)
3,110.69
1,436.78
3,689.82
Cobalt (MT)
103.84
58.42
85.25
Coal (MT)
1,585,335.00
277,948.00
1,047,278.80
HCFC (MT)
29,174.00
114,980.57
90,997.94
Lithium (MT)

1,400,844.04
940,138.29
Phosphate (T)

3,512.00
-
Granite (MT)
80,587.35
553,189.94
446,217.57
Vermiculite
(MT)
4,818.60
7,701.20
4,222.30
Source: Ministry of Mines and Mining Development, 2024

Gold
Total gold output decreased by 19% to 6,638.05
kgs in the first quarter of 2024, from 8,197.50 kgs
produced during the 4th quarter of 2023.

Gold deliveries to Fidelity Gold Refinery
(FGR), which excludes gold from PGMs
amounted to 6,044.87 kilograms in the first
quarter of 2024 from 7,640.81 kilograms
delivered in the fourth quarter 2023. Deliveries
to FGR by quarter in 2023 and 2024 are shown
in Table 9.


Table 9: Quarterly Gold Deliveries to FPR
for 2023 and 2024 (kgs)


Q1 2023
Q2 2023
Q3 2023
Q4 2023
Q1 2024
Primary
producers/kg

2,514.44

3,005.54

3,109.74

2,815.49

3,143.07
Small Scale
producers/kg

3,679.64

4,981.40

5,175.13

4,825.32

2,901.80

Total

6,194.08

7,986.94

8,284.87

7,640.81

6,044.87
Source: FPR, 2024

During the quarter under review, primary
producers accounted for 52% of the total
deliveries,
while
small
scale
producers
accounted for 48%, a significant shift from
previous quarters where small scale producers
used to dominate.

Platinum Group of Metals (PGMs)
The major platinum group of metals (PGMs)
namely, platinum, palladium, and rhodium
registered gains of 4.9%, 4.5% and 5.3%,
respectively during the first quarter of 2024,
compared to the comparable quarter of 2023,
despite subdued international prices.

On a quarter-on-quarter basis, platinum,
palladium, and rhodium registered gains of 3%,
5% and 4%, respectively during the first quarter
of 2024, compared to the fourth quarter of 2023
despite subdued international prices.

Figure 12 shows trends in platinum and
palladium output from 2021 to 2024.

Figure 12: Quarterly Trends in Platinum and
Palladium Output
Source: Ministry of Mines and Mining Development, 2024
Rhodium output increased by 4.9% to 436.58 kgs
in the first quarter of 2024, compared to 414.68
kgs recorded in the first quarter of 2023, despite
the softening of prices of the commodity.

Figure 13: Quarterly Trends in Rhodium
Output in Kgs
Source: Ministry of Mines and Mining Development, 2024

Diamond
During the first quarter of 2024, diamond output
increased by 15% to 1.42 million carats, from
1.23 million carats produced in the last quarter of
2024. It was, however, 13% down from 1.64
million carats produced in the first quarter of 2023
as shown in Figure 14.
Figure 14: Quarterly Trends in Diamond
Output, measured in Carats: Q1 2023- Q1

Source: Ministry of Mines and Mining Development, 2024
Chrome
Chrome ore output, increased by 34% to
465,762 tonnes in the first quarter of 2024,
largely driven by higher demand of the mineral,
which commenced in the fourth quarter of 2023.

Figure 15 shows development in the chrome ore
output performance.

Figure 15: Quarterly Trends in Chrome Ore
Output (tonnes) for 2023 and 2024
Source: Ministry of Mines, MMCZ, 2024


Q4 21
Q1 22
Q2 22
Q3 22
Q4 22
Q1 23
Q2 23
Q3 23
Q4 23
Q1 24
Platinum
Palladium

Q1 22
Q2 22
Q3 22
Q4 22
Q1 23
Q2 23
Q3 23
Q4 23
Q1 24


Q1 23
Q2 23
Q3 23
Q4 23
Q1 24


Q1 23
Q2 23
Q3 23
Q4 23
Q1 24

ELECTRICITY
During the first quarter of 2024, power generation
was 67.57% above the performance in the
comparable period in 2023, largely attributable to
the introduction of HESCO production into the
grid.

On a quarter-on- quarter basis, total power
generated
increased
by
1.60%,
from
2,222.65GWh generated during the 4th quarter of
2023 quarter to 2,258.13 GWh in the first quarter
of 2024. The increase was attributed to improved
generation at Hwange Units 7 and 8, where
production rose from 858.94 GWh in the fourth
quarter of 2023 to 1,300.39GWh in the quarter
under review.

Hwange Power Station, inclusive of the newly
commissioned units, contributed 75.43% of total
electricity production during the first quarter of
2024, while Kariba Hydro Power Station
accounted for 19.76%.

Table 10 shows power output statistics from the
major power stations and independent power
producers.
Table 10: 2023 Quarterly Power Output
(GWh)

Q1:2023
Q4:2023
Q1:2024
Kariba
615.82
682.58
446.27
Hwange
616.70
588.96
402.88
Hesco
(Hwange 7& 8)

858.94
1 300.39
IPPs
98.29
92.84
108.59
Total (GWh)
1 347.60
2 222.65
2 258.13
Source: ZPC, ZERA, 2024
The Kariba South Power Station recorded
subdued performance as the Zambezi River
Authority reduced water allocation to 16 billion
cubic meters from the 20 billion cubic meters
allocated in 2023. This was done to manage lake
levels,
following
the
lower-than-expected
inflows of water. The small thermal stations
namely: Bulawayo, Harare and Munyati were
decommissioned due to rising operating costs.

Electricity production by Independent Power
Producers (IPPs) rose to 108.59 GWh in the first
quarter of 2024, from 92.84GWh in the
preceding quarter. IPPs contributed about 4.81%
to total power output in the first quarter of 2024.

Figure 16 shows the trend of quarterly electricity
production by IPP’s since the first quarter of
2023.

Figure 16: Quarterly Electricity Production
by IPPs
Source: ZERA, 2024

INFLATION DEVELOPMENTS
Annual inflation accelerated from 26.52% in
December 2023 to end the first quarter of 2024 at
55.34%. Inflationary pressures during the first

2023Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1
GWhs

quarter of 2024 were largely attributed to the
depreciation of the ZW$.
Annual food inflation surged from 38.26% in the
fourth quarter of 2023, to 100.68% in the first
quarter of 2024. The rise in food prices was
partially attributed to the short supply of grain
during the first quarter of 2024.

Annual non-food inflation also increased from
21.52% in December 2023 to end the first quarter
of 2024 at 36.58%. Housing, water, electricity,
gas, and other fuels, transport and miscellaneous
goods and services drove non-food inflation
during the quarter of analysis. Figure 17 shows
the developments in annual inflation since July
2022.

Figure 17: Annual Inflation Profile (%)

Source: ZIMSTAT, 2024
Monthly inflation increased from 4.70% in
December 2023 to 5.39% in March 2024. This
was largely driven by the increase in food and
non-alcoholic beverages inflation, which rose
from 8.64% in December 2023 to 9.83% in
March 2024.

Month on month non-food inflation marginally
increased from 2.90% in December 2023 to
2.98% in March 2024. Figure 18 shows monthly
inflation developments since December 2022.

Figure 18: Monthly inflation Profile (%)

Source: ZIMSTAT, 2024

4.
MONETARY DEVELOPMENTS

Broad money stock (M3) stood at ZW$59
171.49 billion in March 2024, compared to
ZW$18 914.59 billion recorded in December
2023. The growth reflected a quarterly
expansion of ZW$3 171.21 billion (68.37%) and
ZW$37 085.69 billion (259.77%) in local
currency and foreign currency components of
broad money, respectively.

Foreign currency deposits accounted for 86.80%
of broad money, followed by local currency
deposits, at 13.17%; while currency in circulation
constituted the balance of 0.03%. Figure 19
shows the components of broad money and
annual growth rates.

Jul-22
Sep-22
Nov-22
Jan-23
Mar-23
May-23
Jul-23
Sep-23
Nov-23
Jan-24
Mar-24
Food
Non food
All Items

Dec-22
Mar-23
Jun-23
Sep-23
Dec-23
Mar-24
Food
Non Food
All Items

Figure 19: Broad Money Developments
Source: Reserve Bank of Zimbabwe, 2024
Domestic Credit
Domestic credit registered a quarter-on-quarter
growth of 248.43%, from ZW$16 814.57 billion
in December 2023 to ZW$58 052.80 in March
2024. The growth was driven by both Net Claims
on Government which rose from ZW$4 786.98
billion in December 2023 to ZW$16 182.77
billion and credit to the other sectors of the
economy which increased from ZW$12 027.59
billion to ZW$41 870.03 billion, during the
quarter under review.

Households and agriculture accounted for
24.89% and 14.88% of the total outstanding
private
sector
credit,
respectively.
The
manufacturing and distribution sectors received
16.20% and 10.95% of the credit, respectively.
Private sector credit shares by economic sectors
are shown in Figure 20.


Figure 20: Distribution of Private Sector
Credit
Source: Reserve Bank of Zimbabwe. 2024
Credit to the private sector was largely utilized
for recurrent expenditures, 36.66%; inventory
build-up, 26.59%; and fixed capital investments,
12.84%.

Interest Rates
During the first quarter of 2024, nominal
lending rates quoted by banks on local currencydenominated loans ranged between 75% and
155%. Time deposit rates for 90-days, 360-days,
and over a year tenure ranged between 50% and
110%. The savings rates, however, were quoted
between 30% and 50%, during the period under
review. Developments in the interest rates are
shown in Figure 21.


Mar-22
Jun-22
Sep-22
Dec-22
Mar-23
Jun-23
Sep-23
Dec-23
Mar-24
%
ZW$ Billion
Currency in Circulation
Foreign currency deposits
Local currency deposits
Annual Growth
Households
24.89%
Agriculture
14.88%
Mining
12.00%
Manufacturing
16.20%
Distribution
10.95%
Construction
1.93%
Transport &
Communications
3.00%
Services
9.55%
Financial Org. &
Investments
6.60%
Other
0.01%

Figure 21: Interest Rates on Local Currency
Financial Assets (%)


Source: Reserve Bank of Zimbabwe, 2024

Lending rates for foreign currency-denominated
loans advanced to individuals ranged between
7.00% and 18.00% per annum, as of the end of
March 2024. Foreign currency lending interest
rates for corporate clients ranged from a
minimum of 5.00% to a maximum of 20.00%.

5.
STOCK MARKET DEVELOPMENTS

ZIMBABWE STOCK EXCHANGE (ZSE)

During the quarter ending March 2024, the
Zimbabwe
Stock
Exchange
(ZSE)
traded
positively. However, investor participation was
largely concentrated in some selected blue-chip
counters. All indices registered gains, with the All
Share, Top 10, Top 15, Medium Cap and Small
Cap indices adding 314.19%, 341.83%, 330.48%,
245.09% and 132.24%, respectively.
The resource index also added 50.00% to close at
218 308.09 points during the quarter under
analysis, compared to 145 542.27 points recorded
in the fourth quarter of 2023.

Figure 22 shows the developments of the ZSE
All Share, Top 10 and Mining indices for the
period from March 2023 to March 2024.

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

Source: Zimbabwe Stock Exchange, 2024

Market Turnover
Reflecting investor interest in some wealthpreserving counters on the local bourse during
the first quarter of 2024, the ZSE turnover value
increased by 72.65% to ZW$339.03 billion,
despite a 56.82% decline in the volume of shares
traded.


Mar-22
May-22
Jul-22
Sep-22
Nov-22
Jan-23
Mar-23
May-23
Jul-23
Sep-23
Nov-23
Jan-24
Mar-24
90 Deposit Rates
Max Weighted Lending - Individuals
Max Weighted Lending - Corporates
Policy Rate


31-Mar-23
30-Apr-23
31-May-23
30-Jun-23
31-Jul-23
31-Aug-23
30-Sep-23
31-Oct-23
30-Nov-23
31-Dec-23
31-Jan-24
29-Feb-24
31-Mar-24
All Share Index
Top 10 Index
Mining Index

Figure 23: ZSE Market Turnover
Source: Zimbabwe Stock Exchange, 2024
Foreign investor participation, as measured by the
contribution to the value of shares traded
improved to 4.82%, compared to 1.15% recorded
in the last quarter of 2023. The net foreign
position, however, worsened to -ZW$21.51
billion, from -ZW$3.65 billion registered during
the fourth quarter of 2023.

Market Capitalisation
As a result of improved trading activity on the
ZSE during the first quarter of 2024, market
capitalization increased from ZW$16 812.91
billion recorded in the previous quarter to close at
ZW$70 645.46 billion, during the quarter under
review.

Figure 24 shows development of market
capitalization for the period from 31 March 2023
to 31 March 2024.


Figure 24: ZSE Market Capitalisation (ZW$
billion)
Source: Zimbabwe Stock Exchange, 2024

VICTORIA FALLS STOCK EXCHANGE
(VFEX)

The VFEX was dominated by positive
sentiments in the first quarter of 2024. As such,
the VFEX All Share index gained 43.06%,
closing at 101.06 points, from 70.64 points
recorded in December 2023.

Figure 25: Victoria Falls Stock Exchange All
Share Index
Source: Victoria Falls Stock Exchange, 2024


Mar-23
May-23
Jul-23
Sep-23
Nov-23
Jan-24
Mar-24
VALUE TRADED ($ MILLIONS)
VOLUME TRADED (MILIONS)
Volume
Value


31-Mar-23
30-Apr-23
31-May-23
30-Jun-23
31-Jul-23
31-Aug-23
30-Sep-23
31-Oct-23
30-Nov-23
31-Dec-23
31-Jan-24
29-Feb-24
31-Mar-24

31-Mar-23
30-Apr-23
31-May-23
30-Jun-23
31-Jul-23
31-Aug-23
30-Sep-23
31-Oct-23
30-Nov-23
31-Dec-23
31-Jan-24
29-Feb-24
31-Mar-24

VFEX Capitalization
During the first quarter of 2024, VFEX market
capitalization increased by 1.06% to US$1.22
billion, compared to US$1.21 billion recorded in
the fourth quarter of 2023.

Figure 26: VFEX Market Capitalization in
billions of US$
Source: Victoria Falls Stock Exchange, 2024

6.
PAYMENT,
CLEARING
AND
SETTLEMENT ACTIVITIES

The value of electronic transactions processed
through the National Payment Systems (NPS)
during the quarter ended 31 March 2024
increased by 122.2% to ZW$249.23 trillion, from
ZW$112.15 trillion recorded in the previous
quarter. Notably, NPS volumes decreased by
1.48% to 195 million, from 198 million in the
preceding quarter.

Table 11 provides the statistical information on
various payment streams for the quarters ending
December 2023 and March 2024.

Table
11:
Consolidated
Transactional
Activities
Values in ZW Trillions
Payment
Stream
Q4

Q1

Change
Proportion
RTGS

POS

ATMS

Mobile

Internet

TOTAL

Volumes in millions
RTGS

POS

ATMs

Mobile

Internet

TOTAL

Source: Reserve Bank of Zimbabwe, 2024

LARGE VALUE PAYMENTS
Zimbabwe
Electronic
Transfer
and
Settlement System
The value of transactions processed through the
RTGS system increased by 81.74% from
ZW$69.89 trillion to ZW$127.02 trillion,
during the quarter ended 31 March 2024. The
volume of transactions, however, decreased by
1.86% to 2.75 million during the same quarter
of 2024 as shown in Figure 27.

31-Mar-23
30-Apr-23
31-May-23
30-Jun-23
31-Jul-23
31-Aug-23
30-Sep-23
31-Oct-23
30-Nov-23
31-Dec-23
31-Jan-24
29-Feb-24
31-Mar-24

Figure 27: Values and Volumes of RTGS
Transactions
Source: Reserve Bank of Zimbabwe, 2024
Retail Payments
Figures 28 and 29 show the trend in the values
and volumes of retail transactions from the first
quarter of 2022 to the first quarter of 2024.

The aggregate values of retail transactions
increased by 189.21%, from ZW$42.26 trillion in
December 2023 to ZW$122.21 trillion, during the
quarter ended 31 March 2024. Retail volumes
decreased by 1.47% to 192.49 million during the
reporting quarter.


1 The local collateral figure comprises of Cheque,
Zimswitch, Chengetedzai Deposit Corporation settlement
system.
Figure 28: Retail Transaction Values
Source: Reserve Bank of Zimbabwe, 2024
Figure 29: Retail Transaction Volumes
Source: Reserve Bank of Zimbabwe, 2024

Collateral1
The value of collateral for Cheque Clearing,
Zimswitch and Central Securities Depository

Q1

Q2

Q3

Q4

Q1
Trillions
Millions
Values
Volumes

2022 Q1
2022 Q2
2022 Q3
2022 Q4
2023 Q1
2023 Q2
2023 Q3
2023 Q4
2024 Q1
Mobile vaules in Trillions
Other Retail Values in Trillions
CHEQUE
POS
ATMS
INTERNET

Q1

Q2

Q3

Q4

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

(CSD)
settlement
systems
increased
to
ZW$178.95 billion in the quarter ended 31
March 2024, from ZW$139.84 billion recorded
in the previous quarter. The increase was due to
a 33% rise in Zimswitch collateral, following the
growth in the value of transactions. Figure 30
shows the balances for the individual collateral
accounts.

Figure 30: Collateral Amounts (ZW$) from
Mar 2023 to March 2024
Source: Reserve Bank of Zimbabwe, 2024
The Victoria Falls Stock Exchange Limited
(VFEX) foreign currency collateral for the quarter
ending 31 March 2024 stood at US$72,608.67. It
remained stable and adequately covered the risk
levels associated with the platform’s transactional
activities.

ACCESS POINTS AND DEVICES
Table 12 shows the access points and devices,
from the third quarter of 2023 to the first quarter
of 2024.


Table 12: Payment Systems Access Points and
Devices
Payment System Access Points

Q3 2023
Q4 2023
Q1 2024
Mobile Banking
Merchants
54,320
54,592
54,865
ATMs

POS
137,380
137,988
133,021
Payment Systems Access Devices
Debit Cards
5,400,225
5,728,857
6,009,483
Credit Cards
17,150
18,056
18,574
Prepaid Cards
213,983
172,992
108,913
Mobile Banking
Subscribers
8,146,645
8,798,809
10,226,072
Internet Banking
Subscribers
453,998
430,819
519,779
Source: Reserve Bank of Zimbabwe, 2024
The ordinary POS population decreased to
133,021, from 137,988 during the quarter under
review.

There were 10.23 million active mobile financial
services subscribers registered in the period
under review, an increase of 16.22% from 8.80
million recorded in the quarter ending December
2023.

FISCAL DEVELOPMENTS
Revenue inflows for the first quarter of 2024
amounted
to
ZW$17.16
trillion,
whilst
Government
expenditures
amounted
to
ZW$17.18 trillion.
Table 13 shows the summary of fiscal
developments during the first quarter of 2024.

Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024
BILLIONS
Clearing
Zimswitch
CDC

Table 13: Summary of 1st Quarter 2024 Fiscal
Position

ZW$ Billions
Revenue
17,157.38
Tax revenue
16,360.28
Non-Tax Revenue
797.10
Expenditure
17,176.31
Current expenditure
11,786.62
o/w employment costs
5,839.11
Capital Expenditure
5,389.69
Overall Balance
(18.93)
Source: Ministry of Finance, Economic Development, and
Investment Promotion, 2024
Government Revenue
During the quarter under review, fiscal revenues
stood at ZW17.18 trillion and of this amount,
29.39%; 28.03%; and 12.29%. were taxes on
income and profits, value added tax, and excise
duties, respectively. Non-tax revenue made up
4.65% of total revenue collections during the
reporting quarter as shown in Figure 31.
Figure 31: Government Revenue Structure
Source: Ministry of Finance and Economic Development, 2024
Government Expenditure
Cumulative Government spending in the first
quarter of 2024 amounted to ZW$17.18 trillion.
Current and capital expenditures amounted to
ZW$11.79 trillion and ZW$5.39 trillion,
respectively, during the quarter under review.

Table 14 shows the summarised Government
spending for the fourth quarter of 2023 and first
quarter 2024.

Table
14:
Summarised
Government
Expenditure (ZW$ billions)

Q1 2024
Total Expenditure
17 176.31
Current Expenditure
11 786.62
Employment Costs
5 839.11
Operations and Maintenance
6 423.50
Interest On debt
250.41
Transfers to Provincial and
Local Authorities
109.49
Capital Expenditure
5 389.69
Source: Ministry of Finance Economic Development, and
Investment Promotion
Employment costs amounted to ZW$5.84
trillion during the first quarter of 2024,
equivalent to 35.3% of total expenditure. Figure
32 shows the composition of Government
expenditure in the first quarter of 2024.

Figure 32: Government Expenditure, 1st
Quarter 2024
Source: Ministry of Finance Economic Development, and
Investment Promotion 2024
Tax on
Income and
Profits,
29.39%
Customs
duties, 8.20%
Excise duties,
12.29%
Taxes on
Specific
Services,
8.65%
Value Added
Tax (VAT),
28.03%
Tax on gross
Revenue,
4.98%
Taxes on
financial and
capital
transactions ,
3.67%
Other Indirect
taxes , 0.15%
Non-tax
Revenue,
4.65%
Operations and
Maintenance
37.8%
Transfers to Provincial Councils
and Local Authorities
0.6%
Employment
Costs
35.3%
Interest on debt
0.3%
Capital Expenditure
26.0%

Overall Budget Balance
The fiscal developments in the first quarter of
2024 resulted in total revenue collections of
ZW$17,157.38 billion against total expenditures
of ZW$17,176.31 billion, which culminated to a
budget deficit of ZW$18.93 billion. Figure 33
shows the overall budget balance in the fourth
quarter of 2023 and in the first quarter of 2024.

Figure 33: Budget Balance (ZW$ Billion)
Source: Ministry of Finance, Economic Development and
Investment Promotion, 2024

RESERVE BANK OF ZIMBABWE
MAY 2024


Revenue
Expenditure
Overall
Balance
ZWL BILLIONS
Q1 2024
Q4 2023
STATISTICAL TABLES
1. Depository Corporation Survey 27
2. Central Bank Survey 28
3. Other Depository Corporation Survey 29

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

4.2.Reserve Bank: liabilities 31


5. Other Depository Corporation
5.1.Other Depository Asset 32
5.2.Other Depository Liabilities 33

6. Commercial Banks
6.1.Commercial Banks: Assets

6.2.Commercial Banks: Liabilities

7. Building Societies


7.1.Building Societies: Assets

7.2.Building Societies: Liabilities 37


8. Sectoral Analysis of Commercial Banks
8.1.Sectoral Analysis of Commercial Banks’ Loans and Advances 38
8.2.Sectoral Analysis of Commercial Bank’s Deposits

9. National Payment Systems


9.1.Values of Transactions

9.2.Volumes of Transactions

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

10.2. Deposit Rates 41


11. Stock Exchange Indices

12. Inflation


12.1. Monthly Inflation

12.2. Quarterly Inflation

12.3. Annual Inflation

13. Balance of Payments
13.1. Cross Border Payments

13.2. Cross Border Receipts

Mar-23
Apr-23
May-23
Jun-23
Jul-23
Aug-23
Sep-23
Oct-23
Nov-23
Dec-23
Jan-24
Feb-24
Mar-24
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

of which Foreign Currency Accounts

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, 2024
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 $ 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 CORPORATIO

Mar-23
Apr-23
May-23
Jun-23
Jul-23
Aug-23
Sep-23
Oct-23
Nov-23
Dec-23
Jan-24
Feb-24
Mar-24
Net Foreign Assets
-3,750,737,078.21 -4,364,843,604.61 -10,488,101,584.18 -20,831,187,742.72 -17,851,691,225.27 -17,684,416,714.28 -20,303,911,826.15 -21,115,539,152.06 -21,850,985,894.27 -22,724,299,913.18 -37,204,315,094.00 -54,031,060,405.32
-77,865,030,279.36
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)
-4,130,691,813.85 -4,712,021,791.09 -11,012,753,620.73 -24,318,336,502.72 -19,609,306,255.01 -19,734,596,625.30 -22,488,218,425.97 -23,478,665,250.56 -24,801,814,491.19 -25,648,587,780.63 -41,376,660,539.47 -58,744,025,789.94
-85,448,769,379.78
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 2024
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)

Mar-23
Apr-23
May-23
Jun-23
Jul-23
Aug-23
Sep-23
Oct-23
Nov-23
Dec-23
Jan-24
Feb-24
Mar-24
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

Transferable Deposits

of which FCAs

Other Deposits

of which FCAs

Money Market Instruments

Source: Reserve Bankof Zimbabwe, 2024
TABLE 3: OTHER DEPOSITORY CORPORATIONS SURVEY (ZW$'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


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source: Reserve Bank of Zimbabwe, 2024
TABLE 4.1: RESERVE BANK - ASSETS
Foreign Assets
Loans and advances
Investments

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source: Reserve Bank of Zimbabwe, 2024
*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

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

Jan
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


Apr
1,844.7

462,081.4

972,122.7

161,740.7

620,095.0


May
1,107.2

1,048,116.4

2,049,066.1

309,234.1

1,554,969.0


Jun
1,984.5

2,249,201.6

4,424,350.0

471,360.3

3,050,984.1


Jul
1,489.0

1,584,403.3

4,137,377.2

380,493.0

3,132,849.9


Aug
2,292.1

1,505,916.2

4,651,358.8

448,025.8

3,179,274.3


Sep
2,465.6

2,015,621.6

5,263,338.5

560,033.8

3,210,332.7


Oct
2,425.4

2,312,575.1

5,910,277.9

751,077.6

2,663,186.5


Nov
2,705.3

2,558,589.3

6,324,144.1

730,377.0

2,788,783.6


Dec
3,398.4

2,868,505.6

5,973,706.9

918,524.5

2,631,445.7


Jan
2,947.9

5,196,670.6

9,096,074.6

1,414,527.9

3,957,664.6


Feb
3,143.6

7,309,077.0

12,595,037.9

2,395,225.7

5,340,576.7


Mar
2,831.0

9,785,505.6

16,734,744.0

3,185,636.7

7,548,560.1


Source:Reserve Bank of Zimbabwe, 2024
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


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source:Reserve Bank of Zimbabwe,2024
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
Government1 Local GovernemtPublic Enterprises
Other2
Government
Government
Enterprises
Institutional Units3
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

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

3,957,814.16

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

4,321,424.21

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

5,065,173.94

Apr
1,631.24

388,822.83

903,029.49

144,252.31

555,886.92

32,206.95

361,846.09

-

-

8,716.45

559.82

99.28

54,058.39

1,722,384.40

28,899.91

214,270.92

321,765.39

476,263.19

5,214,693.59

May
1,010.26

907,818.70

1,932,225.57

281,052.93

1,351,116.97

84,147.32

570,367.60

-

-

8,974.78

4,599.15

80.34

112,188.06

3,844,133.80

65,696.39

607,438.10

669,908.72

758,154.17

11,198,912.85

Jun
1,762.11

1,979,000.71

4,218,755.04

444,538.09

2,584,596.63

350,042.51

865,465.55

-

-

221.09

10,133.46

8,052.34

260,946.26

8,487,837.63

92,224.26

1,390,786.24

1,304,228.92

2,222,499.38

24,221,090.21

Jul
1,305.13

1,428,604.02

3,898,282.53

359,151.15

2,646,743.26

337,541.82

1,133,463.14

-

-

153.30

7,368.09

68.07

208,253.70

6,917,007.30

129,308.58

829,382.28

1,155,945.57

2,438,538.20

21,491,116.14

Aug
1,664.09

1,370,651.81

4,309,693.74

391,792.23

2,693,989.06

208,098.88

1,084,784.90

-

-

138.30

7,469.95

75.80

205,341.47

6,863,348.14

127,816.16

701,626.16

1,081,800.09

2,446,465.02

21,494,755.81

Sep
1,503.56

1,763,364.33

4,914,305.55

517,813.92

2,760,807.78

247,094.60

1,204,684.14

-

-

9.75

9,935.82

92.05

219,878.94

8,245,053.80

151,685.43

776,997.57

1,312,147.78

2,668,520.81

24,793,895.84

Oct
1,977.18

2,059,471.85

5,625,069.70

562,790.91

2,202,475.21

175,235.94

1,172,130.22

-

-

0.03

10,816.83

98.06

237,525.73

8,864,363.09

153,534.70

958,746.42

1,351,846.54

2,767,099.33

26,143,181.72

Nov
2,295.18

2,278,921.91

5,913,094.15

568,556.41

2,451,981.00

180,229.25

1,337,040.40

-

-

0.03

10,921.42

59.77

238,702.30

9,040,518.08

158,702.11

1,046,256.98

1,702,370.26

2,868,031.98

27,797,681.23

Dec
2,947.49

2,536,437.97

5,489,443.24

657,432.63

2,268,702.96

155,742.88

2,420,663.39

-

-

0.03

12,324.59

73.45

248,699.79

9,507,281.46

255,007.08

1,184,706.91

1,748,495.98

3,349,062.31

29,837,022.16

Jan
2,536.36

4,749,173.95

8,535,153.83

940,210.80

3,564,879.01

285,807.60

3,972,600.87

-

-

0.03

17,912.41

198.80

374,088.29

14,957,169.30

312,516.30

1,949,662.45

2,737,500.88

4,289,981.53

46,689,392.37

Feb
2,519.25

6,564,463.71

11,709,703.62

1,772,649.65

4,708,270.62

153,450.01

5,911,393.45

-

-

0.03

26,073.06

232.00

488,602.76

22,234,523.09

378,975.16

2,608,075.14

3,125,793.33

5,812,047.28

65,496,772.18

Mar
2,435.72

8,601,285.46

15,501,059.95

2,213,233.27

6,701,169.42

775,336.87

8,098,495.31

-

-

0.03

47,609.35

143.35

729,484.92

34,077,197.02

597,886.20

2,860,196.61

4,317,386.46

8,974,860.63

93,497,780.56

Source:Reserve Bank of Zimbabwe,2024
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


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar


Source: Reserve Bank of Zimbabwe, 2024
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

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

Apr
184.1

61341.6
63,129.5

16343.2
61,444.0

-

28,727.0

0.0
28,119.0

5,989.2

27,619.9

-

205,412.2

81442.9
86,571.2

666,323.9

May
78.1

125685.1
100,808.7

22707.0
195,646.6

-

81,344.3

0.0
69,908.9

6,246.8

53,180.7

-

440,462.4

103176.1
116,103.7

1,315,348.2

Jun
176.6

227001.8
172,666.5

25998.2
452,772.6

40,326.7

115,193.3

0.0
196,310.3

4,209.5

121,677.5

-

870,075.1

230604.4
544,587.8

3,001,600.3

Jul
162.7

132017.2
220,995.0

20797.2
459,668.2

32,010.8

105,308.6

0.0
154,472.7

13,777.8

153,638.5

-

697,177.8

209734.6
612,937.8

2,812,698.9

Aug
611.0

105296.6
309,821.7

55744.7
475,838.3

37,447.1

102,495.2

0.0
153,578.2

6,767.5

135,193.3

-

758,439.2

223114.4
564,622.1

2,928,969.2

Sep
949.3

193065.6
339,269.2

41680.1
437,996.0

58,554.5

110,351.3

0.0
161,346.6

4,522.1

153,113.7

-

880,148.8

290026.7
565,616.4

3,236,640.3

Oct
403.8

204713.4
254,684.1

187632.1
440,150.3

65,022.1

97,046.1

0.0
176,111.9

13,771.8

173,523.5

-

829,479.5

345029.3
586,015.6

3,373,583.5

Nov
370.5

222344.7
387,213.2

160896.0
326,510.1

50,688.3

159,225.4

0.0
173,990.9

28,127.2

187,363.3

-

926,663.7

395549.5
595,811.6

3,614,754.5

Dec
403.7

251968.8
457,034.9

261067.9
345,348.0

56,551.7

185,131.1

0.0
166902.0
27,875.9

222,503.1

0.7

973,788.6

507890.9
658,045.7

4,114,512.9

Jan
367.9

368046.7
524,020.9

471915.0
363,325.6

40,412.9

280,803.2

0.0
280441.0
45,935.9

339,610.7

-

1,563,405.5

649087.4
742,734.0

5,670,106.8

Feb
578.8

637645.2
797,581.2

618074.6
613,309.7

24,680.4

425,783.2

0.0
399313.5
67,900.2

519,513.4

-

2,188,186.8

904519.6
937,957.6

8,135,044.1

Mar
356.6

1026840.5
1,171,941.4

888362.3
829,470.4

-

440,943.8

0.0
528820.5
103,276.3

787,872.2

-

3,761,909.8

1403556.4
1,697,667.5

12,641,017.5

Source:Reserve Bank of Zimbabwe,2024
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

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source:Reserve Bank of Zimbabwe, 2024
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


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source:Reserve Bank of Zimbabwe,2024

END OF
AGRICULTURE
CONSTRUCTION
COMMUNICATIONS
DISTRIBUTION
FINANCIAL&INV
ESTMENT
FINANCIAL ORG
MANUFACTURING
MINING
SERVICES
TRANSPORT
INDIVIDUALS
CONGLOMERATES
TOTAL

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, 2024
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
255,551.32
-
21,042.23 2,300.31 35,349.13 66,624.38
Jan
720.03
-
9,849.33 228.95 94,691.39 872.24
Feb
226,335.83
-
22,882.64 2,288.90 36,434.44 63,598.24
Feb
805.99
-
12,309.28 527.83 90,078.04 754.86
Mar
320,422.14
-
28,569.92 3,316.59 44,523.99 86,463.87
Mar
1,112.80
-
15,178.81 751.04 105,271.97 1,003.73
Apr
288,958.76
-
30,071.50 2,807.02 44,131.56 90,580.45
Apr
951.67
-
15,184.98 605.53 97,253.26 1,040.08
May
361,427.10
-
36,765.06 3,193.67 49,745.80 89,471.34
May
1,029.79
-
16,511.28 664.43 103,708.73 994.81
Jun
388,757.52
-
38,540.10 3,200.04 51,437.41 115,145.66
Jun
1,076.92
-
14,797.88 581.86 99,349.63 982.07
Jul
379,659.93
-
45,808.07 2,489.07 57,565.84 145,026.95
Jul
1,028.17
-
15,217.56 550.97 102,587.60 980.77
Aug
397,539.02
-
52,853.87 4,086.04 60,908.40 159,206.60
Aug
1,045.02
-
14,624.45 475.41 105,269.73 955.77
Sep
477,933.57
-
52,262.68 4,179.52 64,139.24 181,194.82
Sep
1,193.13
-
15,397.64 492.21 104,141.94 2,092.60
Oct
481,180.88
-
53,165.93 3,839.95 65,329.02 197,972.49
Oct
1,114.18
-
18,207.42 434.49 107,294.58 2,342.61
Nov
621,896.69
-
56,025.31 4,877.03 63,017.52 252,407.92
Nov
1,144.91
-
17,435.88 477.03 98,386.51 2,322.92
Dec
747,035.61
-
67,903.92 4,705.45 76,511.57 264,749.24
Dec
1,220.28
-
20,029.57 519.50 106,428.62 2,580.64

Jan
802,677.72
-
55,961.62 5,074.74 53,456.29 218,545.32
Jan
957.90
-
15,480.23 439.87 83,661.76 1,902.89
Feb
672,722.97
-
59,581.58 5,607.02 66,811.97 238,910.83
Feb
981.01
-
15,190.39 433.68 78,916.08 1,895.33
Mar
961,452.00
-
75,050.75 7,882.23 82,886.94 342,168.72
Mar
1,242.33
-
16,967.63 519.12 87,501.09 2,128.58
Apr
976,617.19
-
89,192.57 8,391.54 89,671.98 293,204.61
Apr
1,073.00
-
15,906.24 457.99 82,673.39 1,937.64
May
1,205,990.00
-
110,807.30 13,712.78 106,881.76 469,185.15
May
1,213.50
-
16,069.94 477.80 78,385.20 2,001.20
Jun
1,601,225.31
134,550.97 18,810.59 123,721.28 618,347.53
Jun
1,190.30
-
15,304.67 474.16 75,631.66 1,705.09
Jul
1,754,111.97
-
170,480.64 20,413.15 172,562.48 713,401.10
Jul
1,115.80
-
16,063.84 517.03 88,030.56 1,866.70
Aug
2,334,295.00
-
152,343.37 31,418.59 178,188.87 826,377.12
Aug
1,028.04
-
13,686.77 489.08 76,957.81 1,623.75
Sep
2,793,056.56
-
177,701.71 35,144.35 202,368.06 872,807.43
Sep
1,084.61
-
13,818.44 455.52 71,362.13 2,225.19
Oct
2,728,731.30
-
186,478.90 50,202.30 209,758.00 622,412.80
Oct
969.30
-
12,986.80 510.90 67,641.70 1,825.40
Nov
3,370,779.90
-
202,876.20 61,086.70 213,295.30 734,610.60
Nov
1,001.40
-
12,324.10 499.90 59,151.50 2,430.20
Dec
3,310,814.90
-
246,783.60 76,872.00 249,516.40 1,106,346.50
Dec
1,013.60
-
14,316.90 616.70 60,584.50 2,469.80

Jan
3,289,379.32
-
240,010.34 68,386.68 238,455.31 1,107,756.41
Jan
918.88
-
11,733.99 444.00 48,617.07 1,692.96
Feb
3,050,933.28
-
219,437.84 73,672.28 245,282.55 1,202,998.52
Feb
886.75
-
10,301.47 479.91 43,326.51 1,895.81
Mar
5,068,223.68
-
308,609.08 85,343.38 328,822.35 1,517,972.57
Mar
1,092.60
-
13,216.99 593.97 50,037.43 1,927.14
Apr
5,294,044.55
-
341,571.29 79,754.60 355,007.31 1,517,972.57
Apr
907.55
-
14,375.14 526.73 47,171.67 1,982.93
May
6,275,310.72
-
518,333.86 173,170.74 532,078.61 3,274,968.53
May
1,119.24
-
12,808.69 576.68 49,143.18 2,233.62
Jun
17,059,664.04
-
882,362.57 615,190.92 1,210,486.16 6,640,627.10
Jun
1,050.21
-
10,190.63 606.04 45,488.80 1,212.97
Jul
17,859,586.39
-
1,033,836.89 541,445.55 1,620,242.78 6,077,538.29
Jul
942.67
-
8,226.82 1,777.10 42,648.82 993.68
Aug
17,955,865.49
-
1,017,990.47 649,827.89 1,440,537.41 6,244,772.44
Aug
888.00
-
8,434.65 653.58 42,648.82 977.54
Sep
18,690,087.00
-
1,221,725.29 773,363.92 1,672,654.21 7,746,084.35
Sep
964.06
-
9,658.95 703.55 45,148.73 1,061.36
Oct
19,808,639.10
-
1,264,577.16 826,681.17 5,116,902.86 8,661,662.90
Oct
949.14
-
9,449.30 618.97 50,640.61 904.41
Nov
23,685,304.81
-
1,429,269.50 901,515.57 1,999,069.40 9,557,300.70
Nov
924.50
-
9,525.69 623.29 52,332.44 1,048.50
Dec
26,396,219.43
-
1,805,050.47 1,092,682.60 2,604,059.19 10,150,615.33
Dec
924.47
-
11,845.97 776.49 56,450.97 1,026.21

Jan
28,285,124.94
-
1,907,120.03 1,843,871.04 4,295,911.58 22,017,137.88
Jan
914.90
10,017.90 708.10 52,445.00 882.80
Feb
38,298,901.05
-
2,856,866.96 2,676,718.17 5,734,025.51 29,563,851.53
Feb
889.70
-
7,868.70 737.50 51,545.90 904.20
Mar
60,432,584.71
-
3,937,099.72 4,464,712.77 8,691,084.21 37,343,406.06
Mar
941.14
-
7,569.28 728.43 58,151.43 921.38
Source:Reserve Bank of Zimbabwe, 2024
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

Jan
100.00-240.00
90.05
116.03
Jan
40.00
80.00-110.00
Feb
65.00-230.00
60.12
80.88
Feb
30.00
50.00-110.00
Mar
65.00-230.00
74.35
81.46
Mar
30.00
50.00-110.00
Apr
70.00-230.00
74.48
86.96
Apr
30.00
50.00-110.00
May
70.00-230.00
77.86
83.61
May
30.00
50.00-110.00
Jun
70.00-155.00
76.33
92.64
Jun
30.00
50.00-110.00
Jul
64.00-155.00
77.82
94.80
Jul
30.00
50.00-110.00
Aug
64.00-155.00
77.63
93.18
Aug
30.00
50.00-110.00
Sep
64.00-160.00
76.49
92.69
Sep
30.00
50.00-110.00
Oct
64.00-160.00
71.72
92.43
Oct
30.00
50.00-110.00
Nov
64.00-160.00
70.15
93.15
Nov
30.00
50.00-110.00
Dec
64.00-155.00
69.02
93.77
Dec
30.00
50.00-110.00

Jan
70.00-230.00
70.18
95.24
Jan
33.75
50.00-110.00
Feb
70.00-230.00
76.05
93.76
Feb
33.75
50.00-110.00
Mar
70.00-230.00
73.43
91.40
Mar
33.75
50.00-110.00
Source:Reserve Bank of Zimbabwe, 2024
Notes
3. Lending rates exclude rates on staff loans.
TABLE 10.2 : BANKS DEPOSIT RATES (percent per annum)1
1. The range of rates qouted by banks during the period.
2. Three (3) months deposit rates revised to exclude rates on
inactive or dormant accounts.
TABLE 10.1: LENDING RATES (percent per annum)1
1. Table revised, to separate weighted lending rates for individuals and
corporate bodies.
2. Nominal Lending Rates depict the range of rates quoted by banks.
Weighted Average Lending Rates3
Commercial Banks
Commercial Banks
End of

End of
All Share
Mining
Market Turnover ZWL
$million
Volume of Shares
Market Capitalisation

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source:Zimbabwe Stock Exchange, 2024
**As at 30 September 2020
ZW$
TABLE 11: ZIMBABWE STOCK MARKET STATISTICS
Indices
*All Share index was

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


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source:Zimstat, 2024
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


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source: ZIMSTAT, 2024
TABLE 12.2 : QUARTERLY INFLATION -- PERCENTAGE CHANGE IN CONSUMER PRICE INDEX
(FEBRUARY 2019 = 100)
NON-FOOD INFLATION

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


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, 2024
TABLE 12.3 : YEARLY INFLATION - % CHANGE IN CONSUMER PRICE INDEX
(February 2019 = 100)
CO MMUNICAT IO N
T RANS P O RT
HE ALT H
E DUCAT IO N
NON-FOOD INFLATION

End of
Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23
Sep-23
Oct-23 Nov-23 Dec-23 Jan-24
Feb-24 Mar-24
Merchandise Imports (excl. energy)
427.4

349.4

426.9

369.0

461.7

463.3

462.1

411.0

367.3

344.4

397.2

378.8

346.3

- Consumption Goods
123.5

86.5

107.0

88.1

121.4

123.1

138.9

121.0

101.0

90.7

119.1

104.6

100.6

- Capital Goods
162.7

157.4

170.3

148.8

194.4

181.5

169.3

153.3

146.0

145.0

148.8

140.0

135.2

- Intermediate Goods
141.2

105.6

149.5

132.1

145.9

158.7

153.9

136.7

120.3

108.7

129.4

134.3

110.4

Energy (Fuel & Electricity)
173.4

160.1

181.8

145.9

166.8

165.0

141.5

188.8

161.4

160.0

142.5

133.9

131.4

Service Payments
81.1

73.6

74.1

81.9

89.0

101.1

85.7

84.2

70.0

90.1

72.3

88.4

77.5

- Technical, Professional & consult
33.3

31.5

32.8

38.8

39.5

49.6

42.7

39.9

30.4

51.0

32.8

40.0

34.1

- Software
15.7

11.2

15.0

10.1

11.7

13.9

13.6

11.5

12.2

8.8

98.0

11.3

12.9

- Other (tourism, edu, freight etc)
32.1

30.9

26.3

33.0

37.8

37.6

29.5

32.7

27.4

30.3

29.7

37.0

30.5

Income Payments (Profits, Dividends)
38.7

45.9

17.5

42.5

25.4

28.2

22.9

26.5

30.9

23.9

22.4

21.1

30.6

Capital Remittances (outward)
61.3

98.5

78.0

58.0

91.2

51.9

58.0

106.1

112.6

50.2

77.5

76.5

55.4

- External Loan Repayments
46.7

62.6

60.1

42.9

68.1

46.1

51.2

97.0

97.7

39.4

61.5

66.4

40.3

- Disinvestments
6.9

6.2

13.2

12.9

16.5

4.6

2.1

2.3

7.4

7.7

67.7

45.4

75.8

- Cross Border Investment
7.6

29.7

4.8

2.1

6.6

1.2

4.7

6.8

7.6

3.1

92.9

54.8

74.9

Other Payments
13.6

15.9

32.0

20.6

19.3

22.1

18.7

27.2

28.1

16.9

17.7

22.7

23.6

TOTAL
795.5

743.5

810.3

717.9

853.3

831.6

788.8

843.8

770.2

685.4

729.7

721.4

664.8

Source:Reserve Bank of Zimbabwe, 2024
13.1: Monthly Cross Border Payments (US$ Mi

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


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source:Reserve Bank of Zimbabwe, 2024
Table 13.2: Monthly Cross Border Receipts (US$Millions)