i


MARCH 2018

TABLE OF CONTENTS


February

March
Month-on-
Month
Change (%)
Z.S.E. Mining Index1
124.91
125.09
0.14
Z.S.E. Industrial Index1
294.55
291.00
1.21
National Payment System Transactions
(US$ millions)
8 962.11
11 413.99
27.4
Money Supply (US$ millions)2
7 825.33
7 987.53
2.07
Money Supply (M3) Annual Growth2 (%)
35.58
35.84

Yearly Inflation3 (%)
2.98
2.68

Monthly Inflation3 (%)
0.08
-0.25

Nominal Lending Rate2 (% per annum)
4.45-18.00
4.45-18.00

Sources:
1. Zimbabwe Stock Exchange (ZSE)
2. Reserve Bank of Zimbabwe (RBZ)
3. Zimbabwe National Statistics Agency (ZIMSTAT)
SELECTED ECONOMIC INDICATORS

INTERNATIONAL COMMODITY PRICE
DEVELOPMENTS

The international commodity prices of precious
and base metals retreated during the month of
March 2018. Crude oil prices, however,
increased during the same month.

Precious Metals

Precious metals eased during the month under
review, due to a stronger US dollar, which
dampened the safe haven demand for the metals.
In addition, speculation over the possibility of
another U.S. interest rate hike in 2018, also
exerted downward pressure on the precious
metal prices.
Consequently, gold prices declined by 0.5%,
from US$1,333.04/oz in February 2018 to
US$1,326.01/oz in March 2018. Likewise,
platinum
prices
decreased
by
4.3%
to
US$953.93/oz,
during
the
same
month.
Platinum prices were further weighed down by
slowing global demand for the metal.
Figure 1: Precious metal prices
Source: Bloomberg, 2018


Base Metals
Copper prices declined by 5.8%, from
US$7,266.78/tonne
in February 2018 to
US$6,845.81/tonne in March 2018. Nickel
prices closed the month of March 2018 at an
average of US$ 13,247.48/tonne, 1.3% down
from the US$13,608.75/tonne recorded in
February 2018.
Base metal prices eased on account of a stronger
US dollar, following announcements by the Fed
of the possibility of gradual interest rate hikes in
2018. The tension between the US and China
also partly contributed to the decline in base
metal prices.
Figure 2:Base metal prices
Source: Bloomberg, 2018
Brent Crude Oil
Crude oil prices rose by 1.5%,
from
US$65.60/barrel
in
February

to
US$66.59/barrel in March 2018. This was on
the back of signs of success in curbing the global
glut by OPEC and its partners. The prices were
also supported by heightened political tensions
between the U.S. and Iran, a development which
increased the risk premium for oil.

Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Gold
Platinum

10000
12000
14000

Mar-17
May-17
Jul-17
Sep-17
Nov-17
Jan-18
Mar-18
NICKEL US/TON
COPPER US$/TON
Copper
Nickel

Figure 3: International crude oil prices
Source: Bloomberg, 2018
MERCHANDISE TRADE
DEVELOPMENTS
Total merchandise trade stood at US$894.3
million in March 2018, representing a 3.0%
decline from the US$922.0 million recorded in
February 2018. This was underpinned by a
decline in merchandise exports during the
month under review.
Merchandise Export Developments
Merchandise exports declined by 16.9%, from
US$347.2 million realised in February 2018 to
US$288.6 million in March 2018. Declines in
export receipts for gold and flue-cured tobacco,
largely accounted for the fall in exports.


Figure 4: Merchandise Exports (US$ m)


Source: Zimstat, 2018

Table 1: Exports Classified by HS Code
Product
Feb-18
US$m
Mar-18
US$m
Share of
total
Exports
(%)
Semimanufactured
gold
100.6
85.4
29.6
Nickel mattes
46.1
47.5
16.5
Nickel ores
and
concentrates
36.9
35.9
12.4
Ferrochrome
18.9
28.4
9.8
Flue-cured
tobacco
75.8
16.4
5.7
Chromium
ores and
concentrates
7.2
9.5
3.3
Unwrought
Platinum
3.9
4.9
1.7
Black tea
3.5
2.9
1.0
Black
Granite
2.2
2.6
0.9
Other
52.2
55.0

Total
347.2
288.6
100.0
Source: Zimstat, 2018 & RBZ Calculations, 2018
The country’s exports for the month of
March 2018 were mainly destined for South
Africa, 41.9%; United Arab Emirates (UAE),
20.6%; Mozambique, 13.4%; Zambia, 2.5%;
Botswana, 1.0%; Malawi, 0.6%; Netherlands,
0.4%; Namibia, 0.2%; Germany, 0.2% and

Mar-16
May-16
Jul-16
Sep-16
Nov-16
Jan-17
Mar-17
May-17
Jul-17
Sep-17
Nov-17
Jan-18
Mar-18

Feb
Mar

Hong Kong, 0.2%. Figure 5 shows the country’s
major export markets during the month under
analysis.
Figure
5:
Major
Merchandise Export
Destination

Source: Zimstat, 2018 & RBZ Calculations, 2018
Merchandise Import Developments
Total merchandise imports registered a 5.4%
increase, from US$574.8 million in February
2018 to US$605.8 million in March 2018. The
import bill was largely driven by energy imports
(diesel, petrol, aviation spirit and electricity);
food; medicine and fertilizer imports.


Table 2:Imports Classified by HS Code

Feb-18
US$m
Mar-18
US$m
Share of
Total
Imports(%)
Diesel
69.9
84.5
13.9
Unleaded
petrol
35.7
47.4
7.8
Electrical
energy
14.7
14.7
2.4
Crude soya
bean oil
9.9
10.8
1.8
Aviation
Spirit
0.1
9.9
1.6
Wheat
11.5
9.4
1.6
Medicines
0.3
8.9
1.5
Rice
12.6
8.6
1.4
Fertilisers
(Urea)
13.7
8.2
1.3
Insecticides
7.2
7.1
1.2
Other
399.2
396.4
65.4
Total
574.8
605.8
100.0
Source: Zimstat, 2018 & RBZ Calculations, 2018
The country sourced imports mainly from South
Africa (44.8%); Singapore (22.7%); China
(4.7%); Japan (4.6%); India, (2.1%); Mauritius
(2.0%); Zambia (1.9%); U.A.E (1.6%) and
United Kingdom (1.3%), during the month of
March 2018.


South
Africa
41.9%
Mozambique
13.4%
UAE
20.6%
Zambia
2.5%
Namibia
0.2%
Botswana
1.0%
Malawi
0.6%
Germany
0.2%
Hongkong
0.2%
Other
19.4%
Figure 5:Major Merchandise
Export Destinations

Figure 6: Major Merchandise Import
Sources (% Share)

Source: Zimstat, 2018 & RBZ Calculations, 2018
Merchandise Trade Balance
The country’s monthly trade balance worsened
by 39.4%, from a deficit of US$227.6 million in
February 2018 to US$317.2 million in March
2018.
Figure 7: Merchandise Exports, Imports and
Trade Balance (US$m)

Source: Zimstat, 2018 & RBZ Computations, 2018

1 Provisional figures
2 Beginning January 2017, broad money is redefined using
IMF’s Monetary and Financial Statistics Manual of 2000.
MONETARY DEVELOPMENTS1

Broad money2 registered an annual growth of
35.85%, from US$5 879.93 million in March
2017, to US$7 987.53 million in March 2018.
This followed increases in transferable deposits,
46.55% and negotiable certificates of deposits3,
28.51%. Time deposits, continued on a
downward trend, registering a 2.54% decrease
during the month under analysis. Bond notes
and coins in circulation stood at US$340.60
million in March 2018, up from US$142.17
million in March 2017.

On a monthly basis, broad money increased
from US$7 825.33 in February 2018, to
US$7 987.53 million in March 2018.
Figure 8: Money Supply


Source: Reserve Bank of Zimbabwe, 2018
Broad money was made up of transferable or
transitory deposits, 76.10%; time deposits,
18.67%; currency in circulation, 4.26%; and
The major change is the exclusion of Government deposits
held by banks from broad money.
3 NCDs are also referred to as securities included in broad
money.
South Africa
Singapore
China
India
Mauritius
Japan
Zambia
UAE
UK
other


Feb-18
Mar-18
Imports
Exports
Trade Balance
-10


US$ BILLIONS
M3
M3 Annual Growth rate

negotiable certificates of deposits, 0.97%,
during the month under review.
Figure 9: Composition of Money Supply
(February 2018)
Source: Reserve Bank of Zimbabwe, 2018
On a year–to-year basis, growth in credit to the
private sector was 5.89% in March 2018, down
from 6.17% in February 2018. Monthly growth
of credit to the private sector, however,
increased
by
3.06%,
from
US$3 587.17 million in February 2018 to
U$3 696.77 million in March 2018.
On a sectoral basis, households absorbed
23.99% of the total domestic credit, followed by
agriculture,
18.16%;
services,
13.62%;
distribution, 12.91%; manufacturing, 11.38%;
financial
organisations
and
investments,
10.84%; mining, 4.29%; construction, 2.43%;
transport; and communications, 1.64%.


Figure 10: Sectoral Distribution of Credit
(March 2018)
Source: Reserve Bank of Zimbabwe, 2018
Credit to the private sector was mainly utilised
for inventory build-up, 27.56%; consumer
durables, 17.91%; fixed capital investment,
12.86%; and pre and post shipment financing,
1.11%. Other recurrent expenditures accounted
for 40.56% of the total outstanding loans and
advances, during the month under review.

STOCK MARKET DEVELOPMENTS

During the month of March 2018, bearish
sentiment persisted on the local bourse, for the
fifth consecutive month. Consequently, the All
Share Index (ASI) declined by 1.19% to close
the month at 86.98 points. The Top 10 Index,
which tracks share price developments of
heavily capitalized counters, also shed 1.56%,
from 87.07 points in February 2018 to 85.71
points, during the month under review.


Transferable Deposits
76.10%
Other Deposits
(Time)
18.67%
NCDs
0.97%
Bond
Notes and
Coins
4.26%
Households
23.99%
Agriculture,
18.16%
Manufacturing, 11.38%
Services,
13.62%
Distribution, 12.91%
Financial
Organisations
, 10.84%
Mining,
4.29%
Transport and
Communication,
1.64%
Construction, 2.43%
Other, 0.74%

Figure 11: Zimbabwe Stock Exchange All
share and top 10 Indices

Source: Zimbabwe Stock Exchange, 2018

The industrial and mining indices closed the
month under review at 291.0 points and
125.09 points, down from 294.55 points and
124.91 points recorded in February 2018,
respectively.

Figure 12: Zimbabwe Stock Exchange
Indices
Source: Zimbabwe Stock Exchange, 2018
During the month under review, the volume of
shares traded stood at 109.0 million shares,
down from 138.14 million shares in February
2018. The value of shares traded also declined
by 36.73%, to US$40.33 million in March 2018
from US$63.74 million in February 2018.

Foreign investors contributed 64.19% of the
total value of shares traded, compared to
32.14% registered in the previous month. This
in large part, could be attributed to the review of
the
Indigenization
and
Economic
Empowerment
Regulations
(IEER)
and
renewed economic growth prospects under the
New Dispensation.

Figure 13: ZSE Monthly Volumes and Values
Traded

Source: Zimbabwe Stock Exchange, 2018
The ZSE market capitalisation registered a
1.14% decrease, from US$8.39 billion in
February 2018, to close the month under
analysis at US$8.29 billion.


2-Jan-18
7-Jan-18
12-Jan-18
17-Jan-18
22-Jan-18
27-Jan-18
1-Feb-18
6-Feb-18
11-Feb-18
16-Feb-18
21-Feb-18
26-Feb-18
3-Mar-18
8-Mar-18
13-Mar-18
18-Mar-18
23-Mar-18
28-Mar-18
Figure 1: ZSEAll Share and Top
10 Indices
All Share Index
Top 10 Index

27-Feb-17
27-Mar-17
27-Apr-17
27-May-17
27-Jun-17
27-Jul-17
27-Aug-17
27-Sep-17
27-Oct-17
27-Nov-17
27-Dec-17
27-Jan-18
27-Feb-18
27-Mar-18
Industrial
Mining

1,000
Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Values Traded (US$ Millions)
Volumes Traded (Millions)
Volume
Turnover

INFLATION OUTTURN

Annual Inflation

Annual headline inflation decelerated to 2.68%
in March 2018, from 2.98% in February 2018.
This was on the back of the slowdown in nonfood inflation.
Annual non-food inflation decelerated to 1.81%
in March 2018, from 2.33% in February 2018.
Food inflation, however, accelerated from
4.35% in February 2018, to close the month
under review at 4.54%.
Figure 9 shows annual inflation developments
from January 2016 to March 2018.

Figure 14:Annual Inflation (%)

Source: ZIMSTAT, 2018
Monthly Inflation

Monthly inflation declined from 0.08% in
February 2018, to -0.25% in March 2018,
following decreases in both food and non-food
inflation.


Figure 15: Month On Month Inflation


Source: ZIMSTAT, 2018
Month-on-month food inflation remained in the
negative at -0.03% in the month under analysis,
an
increase
from
-0.18%
registered
in
February 2018. This followed increases in
prices of fruit and vegetables.
Monthly non-food inflation fell to -0.36% in
March 2018, from 0.21% in February 2018.
Declines in transport; communication, clothing
and footwear, and housing, water and energy
services, weighed down non-food inflation.

NATIONAL PAYMENTS SYSTEM

During the month of March 2018, the total value
of transactions processed through the National
Payment
System
(NPS)
stood
at
US$11.41 billion, up from US$8.96 billion in
February 2018. The volume of NPS transactions
also increased by 26.9%, from 111.37 million
in February 2018 to 141.3 million in March


1.5

4.5

Mar-16
Jun-16
Sep-16
Dec-16
Mar-17
Jun-17
Sep-17
Dec-17
Mar-18
Headline Inflation
Food
Non Food

Mar-16
Jun-16
Sep-16
Dec-16
Mar-17
Jun-17
Sep-17
Dec-17
Mar-18

Zimbabwe Electronic Transfer Settlement
System (ZETSS)

The value of transactions processed through the
RTGS system increased from US$4.71 billion in
February 2018, to US$6.30 billion in March
2018. Similarly, RTGS volumes also registered
a 19.2% increase, from 457 188 transactions
recorded in the previous month to 545 179
transactions during the month under review.

Figure 16: ZETTS Volumes and Values
Source: Reserve Bank of Zimbabwe, 2018

Cash transactions
Cash based transactions increased by 9.3%,
from US$204.78 million in February 2018 to
US$223.78 million in March 2018.
Mobile and Internet Based Transactions
Mobile and internet based transactions stood at
US$3.52 billion during the month under review,
up from US$2.85 billion recorded in the
previous month.

Card Based Transactions
The total value of card based transactions
registered
a
9.67%
increase,
from
US$607.93 million in February 2018 to
US$666.73 million in March 2018.
Cheque Transactions
The value of cheque transactions closed the
month under review largely unchanged from the
previous month level of US$4.47 million.

JUNE 2018
RESERVE BANK OF ZIMBABWE


VALUE IN US$ 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. Total External Debt Outstanding by Debtor

11. Exchange Rates

12. Zimbabwe Stock Exchange Statistics

13. National Payments System Statistics


13.1 Values of Transactions

13.2 Volumes of Transactions

14. Merchandise Trade Statistics

Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Net Foreign Assets

Central Bank(net)

Foreign Assets

Foreign Liabilities

Other Depository Corporations(net)

Foreign Assets

Foreign Liabilities

Net Domestic Assets (NDA)

Domestic Claims

Claims on Central Government(net)

Claims on Central Government

Central Bank

ODCs

Less Liabilities to Central Government

Central Bank

ODCs

Claims on Other Sectors

Other Financial Corporations

State and Local Government

Public Non Financial Corporations

Private Sector

Central Bank

ODCs

Other Items(Net)

Shares and Other Equity

Liabilities to Other Financial Corporations

Restricted Deposits

Deposits and Securities Excluded from Base Mone

Other Items(net)

Broad Money-M3

Securities Other than Shares Included in Broad M

Broad Money-M2

Other Deposits

Narrow Money-M1

Transferable Deposits

Currency Outside Depository Corporations

Source: Reserve Bank of Zimbabwe,2018
Notes:
(i) Depository corporations survey - formerly Monetary Survey.
(ii) Broad money redefined using IMF's Monetary and Financial Statistics Manual of 2000. Major changes include exclusion of Government deposits held by banks from broad money.
(iii) Transferable deposits made up of demand and savings deposits.
(iv) NCDs are also referred to as securities included in broad money.
(v) All classes of time deposits, short and long term are classified as time deposits, which are also termed other deposits.
(vi) Credit to the private sector now excludes claims on other financial corporations, as well as claims on state and local government (local authorities)
(vii) Depository corporations made up of the Central Bank and other depository corporations
(viii) Other depository corporations (ODCs) - Commercial banks, merchant banks, building societies and POSB.
(ix) In December 2017, the statistics were adjusted in restrospect by reclassifying Securities issued under Aftrades from claims on government to claims on central bank
(x) In December 2017, the statistics were adjusted in restrospect by reclassifying amounts accessed by banks under the Aftrades from liabilities to Other Depository corporations and Other Financial Corporations to liabilities to Central Ban
TABLE 1: DEPOSITORY CORPORATIONS SURVEY (US$ '000)

Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Net Foreign Assets

Claims on Non Residents

Official Reserves Assets

Other Foreign Assets

Less Liabilities to Non Residents

Short Term Liabilities

Other Foreign Liabilities

Net Domestic Assets (NDA)

Domestic Claims

Net Claims on Central Government

Claims on Central Government

Of which: Securities Other than Shares

Loans

Loans and Advances

Legacy Debt

Less Liabilities to Central Government

Of which: Deposits

Other

Claims on Other Sectors

Other Financial Corporations

State and Local Government

Public Non Financial Corporations

Private Sector

Claims on Other Depository Corporations

Of which: Loans

Other Liabilities to ODCs

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 M

Monetary Base Incl. foreign currency clearing balances
Monetary Base
1,604,425.179 1,659,746.254 1,725,348.049 1,948,879.104 2,064,204.942 2,364,937.964 2,461,275.759 2,520,592.752 2,709,468.388 2,668,160.697 2,475,793.573
2,305,522.304
2,321,695.569
Bond Coins

Bond Notes

Liabilities to ODCs

Reserve Deposits

Other
1,446,635.592 1,492,786.162 1,520,837.740 1,728,301.189 1,838,460.100 2,135,122.534 2,166,837.091 2,181,116.178 2,331,782.192 2,286,227.877 2,071,823.239
1,908,121.603
1,920,236.389
Private Deposits

Source: Reserve Bank of Zimbabwe,2018
TABLE 2: CENTRAL BANK SURVEY (US$'000)

Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
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)
5,709,300.08

5,875,774.29

5,952,966.10

6,280,977.27

6,298,478.80

6,804,652.82

7,083,536.41

7,220,331.96

7,501,636.53

7,576,382.51

7,277,787.26

7,268,207.34

7,406,393.02

Domestic Claims
5,146,513.06

5,166,270.84

5,256,547.58

5,399,799.92

5,318,218.47

5,539,090.73

5,732,954.31

5,889,257.98

6,058,686.31

6,286,090.74

6,093,709.37

6,083,253.81

6,276,203.84

Net Claims on Central Government
1,527,497.74

1,596,904.80

1,611,970.31

1,688,140.84

1,647,948.26

1,750,215.27

1,916,341.54

2,041,284.38

2,194,286.98

2,331,967.01

2,255,580.79

2,236,617.24

2,339,300.34

Claims on Central Government
1,614,398.84

1,673,138.81

1,687,074.29

1,761,855.63

1,726,007.68

1,838,546.24

1,971,537.77

2,084,380.00

2,229,035.44

2,426,572.26

2,362,910.40

2,337,855.00

2,453,993.46

Securities
1,598,695.64

1,657,317.09

1,670,327.43

1,713,932.99

1,680,825.17

1,797,227.42

1,930,046.62

2,049,535.06

2,196,782.06

2,397,156.98

2,336,591.08

2,313,568.98

2,434,830.12

Loans
15,703.20

15,821.72

16,746.86

47,922.65

45,182.51

41,318.82

41,491.15

34,844.95

32,253.38

29,415.28

26,319.33

24,286.02

19,163.34

Other
-

-

-

-

-

-

-

-

-

-

-

-

-

Less Liabilities to Central Government
86,901.10

76,234.01

75,103.98

73,714.80

78,059.42

88,330.97

55,196.23

43,095.62

34,748.45

94,605.25

107,329.61

101,237.76

114,693.11

Of which: Deposits
86,901.10

76,234.01

75,103.98

73,714.80

78,059.42

88,330.97

55,196.23

43,095.62

34,748.45

94,605.25

107,329.61

101,237.76

114,693.11

Other

Claims on Other Sectors
3,619,015.32

3,569,366.04

3,644,577.26

3,711,659.09

3,670,270.21

3,788,875.46

3,816,612.76

3,847,973.60

3,864,399.32

3,954,123.73

3,838,128.58

3,846,636.57

3,936,903.50

Other Financial Corporations
28,798.81

30,480.82

33,050.68

87,624.43

35,875.21

29,252.04

30,507.19

29,078.55

31,791.66

45,379.41

41,523.69

50,193.58

56,371.67

State and Local Government
34,312.18

34,732.93

36,595.52

35,573.02

34,059.17

34,223.63

31,707.35

33,198.40

38,416.75

46,177.22

55,046.17

54,613.41

48,750.40

Public Non Financial Corporations
86,380.62

90,267.74

88,656.44

98,878.45

142,891.35

171,759.70

142,254.70

124,030.93

130,803.39

168,917.77

178,716.82

168,887.22

150,967.31

Private Sector
3,469,523.72

3,413,884.55

3,486,274.63

3,489,583.19

3,457,444.48

3,553,640.10

3,612,143.52

3,661,665.72

3,663,387.53

3,693,649.33

3,562,841.90

3,572,942.36

3,680,814.12

Claims on the Central Bank
1,734,347.30

1,843,336.43

1,856,234.16

2,034,646.02

2,168,966.56

2,440,107.43

2,495,688.75

2,525,633.85

2,671,576.69

2,604,575.55

2,552,269.94

2,536,746.52

2,474,283.08

Currency
12,559.660

10,691.409

13,438.609

7,361.926

7,148.374

12,310.361

11,999.682

8,696.697

9,788.767

12,577.130

23,415.822

19,969.614

16,635.710

Other Claims including Reserves
1,721,787.64

1,832,645.02

1,842,795.55

2,027,284.09

2,161,818.18

2,427,797.07

2,483,689.07

2,516,937.16

2,661,787.92

2,591,998.42

2,528,854.12

2,516,776.90

2,457,647.37

Liabilities to the Central Bank
43,486.92

42,006.71

42,321.73

44,233.20

32,516.41

20,544.52

20,550.87

32,863.80

51,156.39

113,727.10

115,100.80

111,232.81

140,468.21

Other Items(Net)
1,128,073.36

1,091,826.28

1,117,493.91

1,109,235.47

1,156,189.82

1,154,000.82

1,124,555.78

1,161,696.08

1,177,470.09

1,200,556.69

1,253,091.25

1,240,560.18

1,203,625.70

Shares and Other Equity
1,301,867.36

1,295,023.50

1,310,286.87

1,325,276.01

1,330,874.62

1,342,135.53

1,356,314.17

1,398,886.31

1,422,958.60

1,530,397.97

1,506,334.56

1,528,541.79

1,556,019.80

Liabilities to other ressident sectors
151.35

(115.98)

(77.72)

2,369.41

3,063.52

2,286.29

11,565.72

9,175.78

9,031.56

6,152.75

2,600.12

2,920.26

6,906.82

Other Items(Net)
(173,945.36)

(203,081.24)

(192,715.24)

(218,409.95)

(177,748.32)

(190,420.99)

(243,324.12)

(246,366.01)

(254,520.08)

(335,994.03)

(255,843.43)

(290,901.87)

(359,300.93)

Deposits and Securities Included in Broad Mon
5,734,703.72

5,960,513.96

6,009,210.65

6,278,455.63

6,345,429.42

6,858,037.73

7,177,759.33

7,356,243.13

7,652,130.15

7,738,868.88

7,457,013.27

7,447,898.18

7,602,707.56

Deposits Included in Broad Money
5,674,542.57

5,897,221.76

5,947,817.72

6,212,788.17

6,279,146.84

6,786,983.35

7,121,929.07

7,293,267.77

7,585,647.37

7,670,230.41

7,391,957.08

7,372,543.91

7,525,395.75

Transferable Deposits

Money Market Instruments
60,161.15

63,292.20

61,392.93

65,667.46

66,282.58

71,054.38

55,830.26

62,975.36

66,482.78

68,638.47

65,056.19

75,354.27

77,311.81

Source:Reserve Bank of Zimbabwe,2018
TABLE 2 : OTHER DEPOSITORY CORPORATIONS SURVEY ( US '000)

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

Jan
20.21


Feb
19.30


Mar
12.56


Apr
10.69


May
13.44


Jun
7.36


Jul
7.15


Aug
12.31


Sep
12.00


Oct
8.70


Nov
9.79


Dec
12.58


Jan
23.42


Feb
19.97


Mar
16.64


Source:Reserve Bank of Zimbabwe,2018
Notes
1.Government securities includes treasuary bills and bonds
2.Includes bankers acceptances, discounted bills and negotiable certificates of deposits.
3.Includes households, other financial corporations.
TABLE 4.1: OTHER DEPOSITORY CORPORATIONS -ASSETS
US$ 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


Source:Reserve Bank of Zimbabwe,2018
TABLE 4.2 : OTHER DEPOSITORY CORPORATIONS - LIABILITIES
Deposits
Amounts Owing to
US$ 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
17.72


Feb
16.29


Mar
10.74


Apr
9.82


May
12.36


Jun
7.01


Jul
6.71


Aug
11.80


Sep
11.43


Oct
8.10


Nov
9.04


Dec
11.43


Jan
22.40


Feb
18.34


Mar
14.81


Source:Reserve Bank of Zimbabwe,2018
Notes
1.Government securities include treasuary bills and bonds
2.Includes bankers acceptances, discounted bills and negotiable certificates of deposits.
3.Includes households, other financial corporations,
TABLE 5.1: COMMERCIAL BANKS -ASSETS
US$ millions
Debt Securities
Loans and Advances

US$ 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


Source:Reserve Bank of Zimbabwe,2018
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
2.35


Feb
1.19


Mar
1.65


Apr
0.74


May
0.92


Jun
0.34


Jul
0.39


Aug
0.44


Sep
0.56


Oct
0.57


Nov
0.75


Dec
1.05


Jan
0.90


Feb
1.52


Mar
1.42


Source:Reserve Bank of Zimbabwe,2018
Notes
1.Government securities include treasuary bills and bonds
2.Includes bankers acceptances, discounted bills and negotiable certificates of deposits.
3.Includes households, other financial corporations,
TABLE 6.1: BUILDING SOCIETIES -ASSETS
US$ 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


Source:Reserve Bank of Zimbabwe,2018
Amounts Owing to
TABLE 6.2: BUILDING SOCIETIES -LIABILITIES
US$ 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

Source:Reserve Bank of Zimbabwe,2018
/1 Including the only merchant bank still in operation.
TABLE 7.1 : SECTORAL ANALYSIS OF COMMERCIAL BANKS LOANS AND ADVANCES/1
US$ ('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

Source: Reserve Bank of Zimbabwe,2018
TABLE 7.2: SECTORAL ANALYSIS OF COMMERCIAL BANKS DEPOSITS
US$ ('000)

End Period
Nominal Lending
Rates 1
Individuals
Corporate

Jan
4.00-18.00
10.61
6.68
Feb
4.00-18.00
10.06
6.52
Mar
4.00-18.00
9.12
7.02
Apr
4.00-18.00
9.25
7.02
May
4.00-18.00
9.17
7.03
Jun
4.00-18.00
9.01
7.05
Jul
4.00-18.00
8.94
7.05
Aug
4.00-18.00
8.88
6.95
Sep
4.45-18.00
8.86
7.01
Oct
4.45-18.00
9.66
7.06
Nov
4.45-18.00
9.66
7.03
Dec
4.45-18.00
9.39
7.00

Jan
4.45-18.00
9.33
6.99
Feb
4.45-18.00
9.57
6.93
Mar
4.45-18.00
9.64
6.98
Source:Reserve Bank of Zimbabwe, 2018
Notes
TABLE 8.1: LENDING RATES (percent per annum)
1. Nominal lending rates depict the range of rates quoted by banks.
Commercial Banks
Rates

END OF
SAVINGS
3 MONTHS

Jan
0.50-6.00
1.00-17.00
Feb
0.50-6.00
1.00-17.00
Mar
0.50-6.00
1.00-17.00
Apr
0.50-6.00
1.00-17.00
May
0.50-6.00
1.00-9.50**
Jun
0.50-6.00
1.00-12.00
Jul
0.50-6.00
1.00-12.00
Aug
0.50-6.00
1.00-12.00
Sep
0.50-12.00
0.75-8.00
Oct
0.50-12.00
0.75-8.00
Nov
0.50-12.00
0.75-8.00
Dec
0.50-12.00
0.75-8.00

Jan
0.22-12.00
0.75-8.00
Feb
0.22-12.00
0.75-8.00
Mar
0.22-12.00
0.75-8.00
Source:Reserve Bank of Zimbabwe, 2018
* Deposit rates depict the range of rates qouted by banks.
**Banks have adjusted their costs of holding deposits following the call by the RBZ to reduce lending rates.
TABLE 8.2 : BANK DEPOSIT RATES (percent per annum)
COMMERCIAL BANKS

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

Source:Zimstat, 2018
NON-FOOD INFLATION
TABLE 9.1 : MONTHLY INFLATION - % CHANGE IN CONSUMER PRICE INDEX
( December 2012 = 100)

F OOD
IN F LA TION
A LC OHOLIC
C LOTHIN G
HOUS IN G,
WA TER ,
F UR N ITUR E
M IS C .
F OOD &
B EVER A GES
&
ELEC TR IC T
Y, GA S
A N D
R EC R EA TION
&
R ES TA UR A N TS
&
GOOD S &
TOTA L N ON
N ON
A LC OHOLIC
A LL
& TOB A C C O
F OOTWEA R
& OTHER
EQUIP M EN T
C ULTUR E
HOTELS
S ER VIC ES
F OOD
B EVER A GES
ITEM S
F UELS

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source:Zimstat, 2018
C OM M UN IC A TION
TR A N S P OR T
HEA LTH
ED UC A TION
N ON -F OOD IN F LA TION
TABLE 9.2 : YEARLY INFLATION - % CHANGE IN CONSUMER PRICE INDEX
(December 2012 = 100)

(US$ millions)
End Period

Long-Term External Debt

Government

Bilateral Creditors

Multilateral Creditors

Private Creditors

Public Enterprises


Bilateral Creditors

1,155

Multilateral Creditors

Private Creditors

Monetary Authorities

Multilateral Creditors - IMF

Private


Short-Term External Debt

1,198
1,382
1,289


Supplier's Credits

Reserve Bank

Private


Total External Debt

Source: Ministry of Finance & Economic Development, 2017; & Reserve Bank of Zimbabwe, 2017
TABLE 10: ZIMBABWE: EXTERNAL DEBT OUTSTANDING BY DEBTOR (INCLUDING ALL ARREARS)

SOUTH ARFICAN
BOTSWANA
JAPANESE
EURO/2
POUND
END OF
RAND/1
PULA/1
YEN/1
STERLING/2

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source: Reserve Bank of Zimbabwe, 2018
TABLE 11 : SELECTED INTERNATIONAL EXCHANGE RATES
1. Foreign currency per US dollar.
2. US dollars per unit of foreign currency.

Market Capitalisation
END OF
US$ millions

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source:Zimbabwe Stock Exchange ,2018
TABLE 12: ZIMBABWE STOCK MARKET STATISTICS
Industrial
Market Turnover
US$ million
Volume of Shares
Mining
Indices

END OF
ZETSS
CHEQUE
POS
ATM
MOBILE

INTERNET

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source:Reserve Bank of Zimbabwe, 2018
TABLE 13.1 : ZETSS AND RETAIL PAYMENTS
Values of Transactions (US$ millions)

END OF
ZETSS
CHEQUE
POS
ATM
MOBILE
INTERNET

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Annual Total
5,903.4
320.1
214,857.4 8,099.0 754,742.1 4,248.84

Jan

Feb

Mar

Source:Reserve Bank of Zimbabwe, 2018
TABLE 13.2 : ZETSS AND RETAIL PAYMENTS
Volumes of Transactions (000's)

END OF
EXPORTS
IMPORTS
TOTAL TRADE TRADE BALANCE

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Total


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Source: Zimstat, 2017
TABLE 14 : MERCHANDISE TRADE STATISTICS
(US$ millions)