i


DECEMBER 2016

Table of Contents


November

December
Month-on-
Month
Change
Z.S.E. Mining Index1
57.4
58.5
1.92%
Z.S.E. Industrial Index1
137.1
144.5
5.40%
National Payment System Transactions
(US$ millions)
6 900.0
7 326.0
6.17%
Money Supply (US$ millions)2
5 466.2
5 680.5
3.92%
Money Supply (M3) Annual Growth2 (%)
15.2
19.2

Yearly Inflation3 (%)
-1.09%
-0.93%

Monthly Inflation3 (%)
0.02%
0.06%

Nominal Lending Rate2 (% per annum)
4.0-18.0
4.0-18.0

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

During
the
month
of
December
2016,
international commodity prices of precious
metals were generally subdued, owing to weak
investment demand. Prices of base metals,
however, firmed during the same period.
Oil prices closed firmer in December 2016,
following a production cut deal reached by the
Oil
and
Petroleum
Exporting
Countries
(OPEC), in a bid to shore up prices.

Precious Metals
Gold and platinum prices retreated by 6.9% and
3.5% to close the month of December 2016, at
US$1,152.35/oz
and
US$919.47/oz,
respectively. This was on the back of a
strengthening US dollar which depressed safe
haven buying and investment demand for the
precious metals. In addition, investors shifted to
interest bearing assets, following an interest rate
hike by the US Federal Reserve on the 14th of
December, 2016.

Source: Bloomberg, 2016
Brent Crude Oil
During the month under review, crude oil prices
surged. This followed a decision by OPEC to
curb oil production, in order to rebalance the
glut on the world market. Consequently, prices
firmed by 14.7% to a monthly average of
US$55.48/barrel in December 2016, from
US$48.39/barrel recorded in the previous
month.

Source: Bloomberg, 2016
The World Bank projects oil prices to average
$55/barrel
in
2017,
largely
reflecting
compliance to the recent agreement between
OPEC and non-OPEC producers, to reduce
output during the first half of 2017.

Base Metals
Monthly average prices for copper and nickel
increased by 5.8% and 0.1% to US$5,693.16/ton
and
US$11,082.63/tonne,
respectively,
in
December 2016. The base metal prices were
buoyed by signs of a stabilizing Chinese
economy, which is the world’s largest base
metal consumer. This was coupled with
expectations of increased global demand,


Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Sep-16
Oct-16
Nov-16
Dec-16
US$\OUNCE
Figure 1: Precious Minerals Prices
Figure 1: Precious Minerals Prices
Gold
Platinum

Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Sep-16
Oct-16
Nov-16
Dec-16
US$\Barrel
Figure 2:Brent crude oil prices

particularly
in
the
USA,
following
announcements of stimulus plans by the
country.


Source: Bloomberg, 2016
Other commodities

The average monthly non-energy commodity
price index rose in December 2016, for the third
consecutive month. This was largely due to
strong growth in the prices of industrial metals.
On the other hand, the average food commodity
index softened slightly, after two months of
growth.

The price of wheat remained close to its ten-year
low of US$142.0 per metric tonne, though its
outlook is on a positive trajectory. A similar
pattern can be observed for prices of corn and
rice. The price of sugar closed the month under
review at US0.64 cents per kilogram, up from
US0.63 cents per kilogram in November 2016.
Over the outlook period, the price of sugar is
expected to decrease albeit at a more moderate
pace.

MERCHANDISE TRADE
DEVELOPMENTS

Total merchandise trade for the month of
December 2016 amounted to US$781.2 million,
a 16.5% decline from the US$936.1 million
recorded in the previous month. This, however,
represented an 11.1% increase from the
US$703.1 million recorded over the comparable
period in 2015.

Merchandise export developments
Merchandise exports for December 2016 stood
at US$291.9 million, representing a 36.7%
decline from the US$460.7 million realised in
November 2016.

Source: Zimstat, 2016
The significant decline in merchandise exports
during the period under review, was mainly
attributed to a 51.9% slump in flue-cured
tobacco exports in December 2016. Gold, fluecured
tobacco,
nickel
and
ferro-chrome
dominated the country’s exports, contributing

Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Sep-16
Oct-16
Nov-16
Dec-16
Figure 3: Base Metals Prices
Figure 3: Base Metals Prices US$/tonne
US$/tonne
Copper
Nickel (RHS)

Nov-16
Dec-16Figure 4: Merchand
Figure 4: Merchandise Exports (US$m)
(US$m)

about 82% of total export earnings for the month
of December 2016.
Table 1: Exports Classified by HS Code:
Product
November

(US$m)
December

(US$m)
December
2016 Share
of Total (%)
Flue-cured
248.2
119.3
40.9
Gold
108.8
67.8
23.2
Nickel ores &
concentrates
26.3
29.9
10.2
Ferro-chrome
16.7
22.5
7.7
Chromium ores &
concentrates
4.7
5.9
2.0
Unwrought &
platinum
5.5
4.9
1.7
Cane sugar
6.5
2.7
0.9
Industrial
diamonds
7.7
0.1
0.1
Other
36.4
38.6
13.2
Total
460.7
291.9
100.0
Source: Zimstat, 2016 & RBZ Calculations, 2016
Major Merchandise Export Destinations
The country’s major merchandise export
markets
consisted
of
South
Africa,
Mozambique, the United Arab Emirates,
France, Zambia, Belgium and Kenya. These
countries together absorbed about 98% of the
country’s
total
merchandise
exports
in
December 2016.

Notably, Zimbabwe’s merchandise exports to
South Africa were 81.6% of the country’s total
merchandise exports during the month under
review.
The
proportion
of
exports
to
Mozambique, United Arabs Emirates, France,
Zambia and Belgium were 7.0%, 3.4%, 2.3%,
1.6% and 1.6%, respectively.

Source: Zimstat, 2016 & RBZ Calculations, 2016
Merchandise exports to other destinations in the
world constituted 1.6% of the total merchandise
exports during the month under analysis.

Merchandise Import Developments
The country’s total merchandise imports for
December 2016 stood at US$489.4 million,
3.0% higher than the US$475.3 million recorded
in November 2016. This was mainly driven by
an upsurge in the importation of unleaded petrol
and diesel.

Energy demand continued to exert pressure on
imports with diesel, unleaded petrol and
electricity accounting for about 37.0% of the
total import bill in December 2016. The
country’s other major imports during the month
under review comprised of cereals (maize, rice,
and wheat), soya beans and medicines.
South
Africa
81.6%
Mozambique
7.0%
United
Arab
Emirates
3.4%
France
2.3%
Zambia
1.6%
Belgium
1.6%
Kenya
0.9%
Other
1.6%Figure 5: Major
Figure 5: Major Merchandise Export destinati
Export destinations

Major Import Sources
During the month under analysis, the country
sourced its imports mainly from South Africa
(42.3%); Singapore (20.5%); China (8.0%);
Mozambique (3.6%) and Zambia (3.2%).

Source: Zimstat, 2016 & RBZ Calculations, 2016

The country’s merchandise imports from South
Africa
mainly
comprised
of
capital,
intermediate and consumer goods, while
imports from Singapore were dominated by
liquid fuel (diesel and petrol).

Merchandise Trade Balance
The developments in merchandise trade resulted
in the worsening of the country’s trade balance.
The trade balance declined from a deficit of
US$14.6 million in November 2016, to a deficit
of US$197.5 million in December 2016.

Source: Zimstat, 2016 & RBZ Computations, 2016
The trade deficit reflected the country’s
continued absorption of imports of finished
goods, on the back of domestic supply-side
constraints. In addition, the country’s export
volumes and revenues were subdued due to low
domestic production, lack of competitiveness
and the general downturn in international
commodity prices.

STOCK MARKET DEVELOPMENTS

Trading on the Zimbabwe Stock Exchange
(ZSE) continued to be characterised by a bullish
trend, owing to improved demand for mid-cap
and heavy weight counters. Resultantly, the
mainstream index increased by 7.45 points to
close the month of December 2016 at 144.53
points. The resources index also increased by
1.13 points, to close at 58.51 points.
The growth in the mainstream index was
underpinned by investor flight from cash and
cash equivalent assets into equities.
South Africa
Singapore
China
Zambia
India
Mozambique
Japan
United Kingdom
Mauritius
United States
United Arab Emirates

Figure 6: Major Mechandise Import
sources (% Share)
-250
-150
-50

Nov-16
Dec-16Figure 7: Mercha
Figure 7: Merchandise Trade Balance(US$m)
Balance(US$m)
Exports
Imports
Trade Balance

Share trading volumes increased by 25.15% to
292.5 million in December 2016, compared to
233.7 million registered in November 2016.
This was largely due to notable block trades in
Barclays bank and CBZ holdings shares. The
block trades were as follows; Barclays bank, 14
978 250 shares traded at 2.55 cents and CBZ
Holdings, 4 502 968 shares traded at 10.5 cents.

Over the same period, market turnover
increased by 10.81% to US$26 million, owing
to improved activity.

Source: Zimbabwe Stock Exchange, 2016
Reflecting the bullish conditions that prevailed
during the month of December 2016, market
capitalisation closed at US$4.01 billion, up from
US$3.80 billion in November 2016.

MONETARY DEVELOPMENTS

Annual broad money growth increased by 4
percentage points from 15.20% in November
2016 to 19.20% in December 2016. This
reflected annual growth in demand deposits,
36.83%; savings, 14.55%; and over 30-day
deposits, 3.53%. Partially offsetting these
increases, was a decline of 20.04% in under 30day deposits.

30-Dec-15
30-Jan-16
29-Feb-16
31-Mar-16
30-Apr-16
31-May-16
30-Jun-16
31-Jul-16
31-Aug-16
30-Sep-16
31-Oct-16
30-Nov-16
31-Dec-16
Figure 8: ZSE Indices
Industrial
Mining

Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Sep-16
Oct-16
Nov-16
Dec-16
VALUES TRADED (US$ MILLIONS)
VOLUMES TRADED (MILLIONS)
Figure 9: ZSE: Monthly Volumes
Figure 9: ZSE: Monthly Volumes and Values Tr
and Values Traded
Volume
Turnover
Source: Zimbabwe Stock Exchange, 2016

Source: Reserve Bank of Zimbabwe, 2016
On a monthly basis, money supply stood at
US$5 680.5 million in December 2016,
representing
a
3.92%
increase,
from
US$5 466.2 million in November 2016. Over
the year to December 2016, broad money was
dominated by transitory deposits, a reflection of
economic agents’ preference to hold highly
liquid financial assets.

Source: Reserve Bank of Zimbabwe, 2016
During the month under review, deposits were
distributed as follows: demand deposits,
59.06%; over 30-days deposits, 16.35%;
savings deposits, 12.96%; and under 30-days
deposits, 11.62%.

Domestic credit registered an increase of
15.30%, on an annual basis, from US$5 535.4
million in December 2015 to US$6 382.3
million
in
December
2016.

On
a
month-on-month basis, domestic credit rose by
2.77%, from US$6 210.3 million in November
2016.

Credit to the productive sectors of the economy
increased from US3 622.7 million in November
2016, to US$3 648.2 million in December 2016.
On an annual basis, however, credit to the
private sector recorded a 4.75% decline from
US$3 830.1 million in December 2015.
The month under analysis saw loans and
advances constitute 79.66% of the total credit to
the private sector, followed by mortgages,
10.28%; other investments, 9.92%; bills
discounted, 0.12%; and bankers’ acceptances,
0.01%.
-5


Mar-14
Jun-14
Sep-14
Dec-14
Mar-15
Jun-15
Sep-15
Dec-15
Mar-16
Jun-16
Sep-16
Dec-16
%
US$ BILLIONS
Figure 10: Money Supply
Figure 10: Money Supply
M3
M3 Annual Growth rate
Under 30
Days
11.62%
over 30 days
16.35%
Demand
59.06%
Savings
12.96%Figure 11: Banking Sector Deposits
Figure 11: Banking Sector Deposits December 2016
December 2016

Source: Reserve Bank of Zimbabwe, 2016
Private sector credit was channelled to
households, 22.40%; agriculture, 15.95%;
services, 15.19%; manufacturing, 13.81%;
distribution, 11.38%; financial organisations
and investments, 11.97%; mining, 4.92%;
transport and communications, 2.06%; and
construction, 1.51%.

The credit advanced to the private sector was
mainly utilized for inventory build-up, 26.19%;
consumer durables, 15.39%; fixed capital
investment, 13.16%; and pre and post shipment
financing, 1.48%. The amount channelled
towards other recurrent expenditures constituted
43.78% of the total outstanding loans and
advances.


INFLATION OUTTURN

Annual Inflation

The annual headline inflation increased to
-0.93% in December 2016, from -1.09% in
November 2016. This was largely driven by
increases in both food and non-food inflation.


Source: ZIMSTAT, 2016
The year-on -year food inflation stood at -0.95%
in December 2016, shedding 0.59 percentage
points from -1.54% in November 2016. The
acceleration in annual food inflation was
attributed to increases in prices of bread and
cereals, fish and sea food as well as oils and fats.
Partially offsetting the increases were declines
in prices of meat, vegetables, fruits, milk, cheese
and eggs.

Annual non-food inflation decelerated to
-0.92% in December 2016, from -0.89% in
November 2016. This was largely driven by
declines in clothing and footwear, housing,
water, electricity, gas and other fuels, furniture
Loans
&Advances
79.66%
Mortgages
10.28%
Bills
Discounted
0.12%
Bankers
Acceptance
s
0.01%
other
investments
9.92%Figure 12: Composition of Private
Figure 12: Composition of Private Sector Credit
Sector Credit


Figure 13: Annual Inflation
(%)
Headline Inflation
Food
Non Food

and equipment as well as communication
services.

Monthly Inflation


The month-on-month inflation rate increased
from 0.02% in November 2016, to 0.06% in
December 2016. This was underpinned by an
increase in non-food inflation.

Source: ZIMSTAT, 2016
Monthly non-food inflation increased from
-0.22% in November 2016, to -0.09% in
December 2016, driven by increases in furniture
and
equipment,
recreation
and
culture,
restaurants and hotels as well as clothing and
footwear.

Month-on-month food inflation decelerated to
0.38%, from 0.54% recorded in the previous
month. This followed declines in meat and
fruits. Partially offsetting the declines were
increases in the prices of bread and cereals, oils
and fats, vegetables, milk, cheese and eggs.

NATIONAL PAYMENTS SYSTEM

The total value of transactions processed
through the National Payment System increased
by 6% to US$7 326.00 million in December
2016, from US$6 900.03 million in November
2016.

Zimbabwe Electronic Transfer Settlement
System (ZETSS)

The value of transactions processed through the
RTGS system stood at US$4 882.61 million, in
December 2016, up from US$4 624.66 million
in November 2016. In volume terms, total
transactions registered an increase of 15% to
close the period under analysis at 405 380
transactions.

Source: Reserve Bank of Zimbabwe, 2016


Cash transactions
Cash transactions were 8% higher at US$397.50
million during the month under analysis,
compared to US$ 369.43 million recorded in
November 2016.


0.6Figure 14: M
Figure 14: M-
-O
O-
-M Inflation
M Inflation


VALUE IN US$ BILLIONS
VOLUME IN THOUSANDS
Figure 15:
Figure 15: ZETSS Volumes and Values
Values
Volume
Value

Mobile and Internet Based Transactions

The total value of mobile and internet based
transactions
also
increased
to
US$891.20 million in December 2016, from
US$767.07 million in November 2016.

Card Based Transactions

The total value of card based transactions
stood at US$ 551.78 million in December 2016,
up from US$ 447.88 million in November 2016.

Cheque Transactions
In value terms, cheque transactions decreased
by 19%, from US$ 6.92 million in November
2016 to US$5.62 million in December 2016.


RESERVE BANK OF ZIMBABWE
FEBRUARY 2017

Statistical Tables

1. Monetary Statistics

1.1 Monetary Aggregates

1.2 Broad Money Survey

1.3 Analysis of Monthly Changes in Money Supply

1.4 Analysis of Yearly Changes in Money Supply

2. Sectoral Analysis of Bank Loans and Advances and Deposits

2.1 Sectoral Analysis of Commercial Banks Loans and Advances 18

2.2 Sectoral Analysis of Commercial Banks Deposits

3. External Statistics

3.1 Total External Debt Outstanding by Debtor

4. Interest Rates

4.1 Lending Rates

4.2 Banks Deposit Rates

5. Inflation

5.1 Monthly Inflation

5.2 Yearly Inflation

6. Exchange Rates

7. Commercial Banks

7.1 Assets

7.2 Liabilities

8. Merchant Banks

8.1 Assets

8.2 Liabilities

9. Building Societies

9.1 Assets

9.2 Liabilities

10. Zimbabwe Stock Exchange Statistics

11. Savings with Financial Institutions

12. Analysis of Liquid Assets of Monetary Banks

13. ZETSS, Cheques and Cards Activity


13.1 Values of Transactions

13.2 Volumes of Transactions

14. Merchandise Trade Statistics

December
January
February
March
April
May
June
November
December
Bond Notes and Coins

RBZ Demand Deposits

Comm. Banks Dem. Deposits

Merchant Banks Dem. Deposits

M1

Comm. Banks Savings Deposits

Building Soc. Savings Deposits

P O S B Savings Deposits

Comm. Banks U-30 Day Deposits

Merchant Banks U-30 Day Deposit

Building Soc. U- 30 Day Deposits

M2

Comm. Banks O-30 Day Deposits

Merchant Banks O-30 Day Deposits

Building Soc. O- 30 Day Deposits

Building Soc. Other Share Deposits

P O S B Time Deposits

M3

Source:Reserve Bank of Zimbabwe, 2016
TABLE 1.1 : MONETARY AGGREGATES
US$ thousands

DEC
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
NET FOREIGN ASSETS

Assets

Reserve Bank (RBZ)

Deposit Money Banks (DMBs)

Other Banking Institutions (OBIs) \1

Liabilities \2

RBZ

DMBs

OBIs

NET DOMESTIC ASSETS

DOMESTIC CREDIT

Claims on Government (net)

RBZ

DMBs

OBIs

Claims on Public Enterprises

RBZ

DMBs

Agri-PEs

Other

OBIs

Claims on Private Sector

RBZ

DMBs

OBIs

OTHER ITEMS (NET)

BROAD MONEY (M3)

Source:Reserve Bank of Zimbabwe, 2016
1. Building societies and P. O. S. B.
2. Sign reversal.

TABLE 1.2 : BROAD MONEY SURVEY
US$ thousands

DEC
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
NET FOREIGN ASSETS

Assets

Reserve Bank (RBZ)

Deposit Money Banks (DMBs)

Other Banking Institutions (OBIs) \1

Liabilities \2

RBZ

DMBs

OBIs

NET DOMESTIC ASSETS \3

DOMESTIC CREDIT

Claims on Government (net)

RBZ

DMBs

OBIs

Claims on Public Enterprises

RBZ

DMBs

Agri-PEs

Other

OBIs

Claims on Private Sector

RBZ

DMBs

OBIs

OTHER ITEMS (NET)

BROAD MONEY (M3)

Broad Money (M3)

Domestic Credit

Claims on Private Sector

Source:Reserve Bank of Zimbabwe, 2016
1. Finance houses, building societies and P. O. S. B.
2. Sign reversal.
3. Net Domestic Assets consist of domestic credit and other items net.

TABLE 1.3 : ANALYSIS OF MONTHLY CHANGES IN MONEY SUPPLY (M3)
US$ thousands

NOV
DEC
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
NET FOREIGN ASSETS

Assets

Reserve Bank (RBZ)

Deposit Money Banks (DMBs)

Other Banking Institutions (OBIs) \1

Liabilities \2

RBZ

DMBs

OBIs

NET DOMESTIC ASSETS \3

DOMESTIC CREDIT

Claims on Government (net)

RBZ

DMBs

OBIs

Claims on Public Enterprises

RBZ

DMBs

Agri-PEs

Other

OBIs

Claims on Private Sector

RBZ

DMBs

OBIs

OTHER ITEMS (NET)

BROAD MONEY (M3)

GROWTH RATES
Broad Money (M3)

Domestic Credit

Claims on Private Sector

Source:Reserve Bank of Zimbabwe, 2016
1. Finance houses, building societies and P. O. S. B.
2. Sign reversal.
3. Net Domestic Assets consist of domestic credit and other items net.
TABLE 1.4 : ANALYSIS OF YEARLY CHANGES IN MONEY SUPPLY (M3)
US$ thousands

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


INVESTMENTS
ORGANISATIONS

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Source:Reserve Bank of Zimbabwe,2016
/1 Including the only merchant bank still in operation.
TABLE 2.1 : SECTORAL ANALYSIS OF COMMERCIAL BANKS LOANS AND ADVANCES/1
US$ thousands

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Source: Reserve Bank of Zimbabwe,2016
TABLE 2.2: SECTORAL ANALYSIS OF COMMERCIAL BANKS DEPOSITS
US$ thousands

(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

1,002
2,261
1,913
Short-Term External Debt

1,198
1,382
1,289

1,564
2,394
2,258
Supplier's Credits

Reserve Bank

Private

1,807
1,671
Total External Debt

Source: Ministry of Finance & Economic Development, 2016; & Reserve Bank of Zimbabwe, 2016
TABLE 3.1: ZIMBABWE: EXTERNAL DEBT OUTSTANDING BY DEBTOR (INCLUDING ALL ARREARS)

End Period
Nominal Lending Rates 1
Individuals
Corporate

Jan
6.00-35.00
14.16
9.66
Feb
4.30-33.50
14.00
9.73
Mar
4.30-33.50
13.24
8.75
Apr
4.30-31.00
12.71
8.84
May
5.00-31.00
12.74
8.79
Jun
5.00-31.00
11.94
8.42
Jul
5.00-31.00
11.86
8.56
Aug
4.30-26.00
11.96
8.51
Sep
4.30-25.00
11.81
8.47
Oct
4.00-18.00
10.98
7.28
Nov
4.00-16.25
12.20
7.67
Dec
6.00-16.00
11.99
7.57

Jan
6.00-22.00
12.08
7.38
Feb
4.00-22.00
11.48
7.29
Mar
4.00-22.00
11.44
7.16
Apr
4.00-22.00
11.50
7.20
May
4.00-18.00
11.43
7.35
Jun
4.00-18.00
11.40
7.48
Jul
4.00-18.00
10.69
6.79
Aug
4.00-18.00
10.67
6.84
Sep
4.00-18.00
10.66
6.95
Oct
4.00-18.00
10.70
6.93
Nov
4.00-18.00
10.69
6.99
Dec
4.00-18.00
10.59
6.87
Source:Reserve Bank of Zimbabwe, 2016
Notes
TABLE 4.1 LENDING RATES (percent per annum)
1. Nominal Lending Rates depict the range of rates quoted by banks.
Commercial Banks
Weighted Average Lending Rates

END OF
SAVINGS
3 MONTHS

Jan
0.15-8.00
3.00-17.00
Feb
0.50-12.00
1.00-17.00
Mar
0.50-12.00
1.00-17.00
Apr
0.30-8.00
1.00-17.00
May
0.30-8.00
1.00-17.00
Jun
0.30-8.00
1.00-17.00
Jul
0.30-8.00
1.00-15.00
Aug
0.30-8.00
1.00-15.00
Sep
0.30-8.00
1.00-16.00
Oct
0.50-8.00
1.00-17.00
Nov
0.75-8.00
1.00-17.00
Dec
0.50-8.00
0.75-17.00

Jan
0.50-8.00
0.75-17.00
Feb
0.50-8.00
0.75-17.00
Mar
0.50-8.00
0.75-17.00
Apr
0.50-8.00
0.75-17.00
May
0.50-8.00
0.75-17.00
Jun
0.50-6.00
0.75-17.00
Jul
0.50-6.00
0.75-17.00
Aug
0.50-6.00
1.00-17.00
Sep
0.50-6.00
1.00-17.00
Oct
0.50-6.00
1.00-17.00
Nov
0.50-6.00
1.00-17.00
Dec
0.50-6.00
1.00-17.00
Source:Reserve Bank of Zimbabwe, 2016
* The range of rates qouted by banks during the period.
TABLE 4.2 : BANKS 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

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Source:Zimstat, 2016
NON-FOOD INFLATION
TABLE 5.1 : MONTHLY INFLATION -- PERCENTAGE 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

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Source: Zimstat, 2016
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 5.2 : YEARLY INFLATION -- PERCENTAGE CHANGE IN CONSUMER PRICE INDEX
(DECEMBER 2012 = 100)

SA
BW
JAPANESE
EUROPEAN
POUND
END OF
RAND/1
PULA/1
YEN/1
CURRENCY/2
STERLING/2

JAN

FEB

MAR

APR

MAY

JUNE

JULY

AUG

SEPT

OCT

NOV

DEC


JAN

FEB

MAR

APR

MAY

JUN

JUL

AUG

SEP

OCT

NOV

DEC

Source: Reserve Bank of Zimbabwe, 2016
TABLE 6 : SELECTED INTERNATIONAL EXCHANGE RATES
1. Foreign currency per US dollar.
2. US dollars per unit of foreign currency.

Foreign
Loans &
Contigent
Other
Non Financial
TOTAL
End of
Notes
Total
Other Balances
Advnces
Assets
Assets
Assets
Bond
&
Balances
Balances
Balances
with RBZ
Notes &
Coin
with
with Other
at
Trade
Treasury
Agric PEs
Coins
at Banks
RBZ
Banks
Foreign Banks
Bills
Bills

Jan


21.4
2,796.76


Feb


17.9
2,792.50


Mar


15.5
2,925.46


Apr


18.2
2,967.13


May


18.2
2,922.70


Jun


28.8
2,872.55


Jul


28.8
2,815.04


Aug


28.8
2,810.06


Sep


28.0
2,844.13


Oct


26.7
2,884.16


Nov


26.6
2,931.49


Dec


20.8
2,820.54


Jan


20.6
2,763.7


Feb


20.1
2,680.9


Mar


20.3
2,690.6


Apr


20.4
2,653.4


May


19.8
2,681.8


Jun


19.7
2,669.3


Jul


20.5
2,567.9


Aug


20.5
2,565.9


Sep


18.5
2,547.7


Oct


20.8
2,614.8


Nov


20.8
2,644.9


Dec


20.9
2,645.8


Source:Reserve Bank of Zimbabwe, 2016
Liquid Assets
TABLE 7.1: COMMERCIAL BANKS - ASSETS
Securities
US$ millions

Deposits
Capital
Contigent
Other
Total
Of which
and
Liablities
Liablities
Liabilities to the
End of
Demand
Savings and Short-term
Long-term
Total
Foreign Liabilities
RBZ
Other Banks
Reserves
Public

Jan
2,056.2

996.2
561.7
3,614.0


3,614.0

Feb
2,079.6

876.1
611.6
3,567.3


3,567.3

Mar
2,139.3

940.4
513.3
3,593.0


3,593.0

Apr
2,098.7

943.5
629.8
3,672.0


3,672.0

May
2,131.8

1015.3
615.3
3,762.4


3,762.4

Jun
2,213.2

1021.9
593.5
3,828.7


3,828.7

Jul
2,166.4

889.7
732.5
3,788.6


3,788.6

Aug
2,266.7

790.9
723.1
3,780.7


3,780.7

Sep
2,276.7

967.6
648.7
3,892.9


3,892.9

Oct
2,259.9

909.3
667.8
3,837.0


3,837.0

Nov
2,475.9

919.4
580.1
3,975.4


3,975.4

Dec
2,512.2

999.0
543.0
4,054.2


4,054.2

Jan
2,562.6

952.2
558.7
4,073.5


4,073.5

Feb
2,545.7

959.3
572.0
4,077.1


4,077.1

Mar
2,653.7

893.4
680.0
4,227.1


4,227.1

Apr
2,675.3

1008.1
591.9
4,275.3


4,275.3

May
2,764.6

1100.0
449.7
4,314.3


4,314.3

Jun
2,865.3

907.1
673.1
4,445.5


4,445.5

Jul
2,826.1

993.3
654.3
4,473.7


4,473.7

Aug
2,979.0

1002.4
587.6
4,569.0


4,569.0

Sep
3,093.4

965.0
662.8
4,721.2


4,721.2

Oct
3,207.8

917.4
568.7
4,693.9


4,693.9

Nov
3,377.7

929.4
470.9
4,777.9


4,777.9

Dec
3,493.1

937.3
507.6
4,938.0


4,938.0

Source:Reserve Bank of Zimbabwe, 2016
TABLE 7.2: COMMERCIAL BANKS - LIABILITIES
US$ millions
Amounts Owing to

Foreign
Loans &
Contigent
Other
Non Financial
TOTAL
End of
Notes
Total
Other Balances
Advnces
Assets
Assets
Assets
Bond
&
Balances
Balances
Balances
Liquid
with RBZ
Coins
Coin
with
with Other
at
Trade
Treasury
Agris Pes
Assets
at Banks
RBZ
Banks
Foreign Banks
Bills
Bills

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Source:Reserve Bank of Zimbabwe, 2016
US$ millions
TABLE 8.1 : ACCEPTING HOUSES - ASSETS
Liquid Assets
Securities

Of which
Deposits
Capital
Contigent
Other
Total
Liabilities to the
and
Liablities
Liablities
Public
End of
Demand
Savings and Short-term
Long-term
Total
Foreign Liabilities
RBZ
Other Banks
Reserves

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Source:Reserve Bank of Zimbabwe, 2016
Amounts Owing to
TABLE 8.2 : ACCEPTING HOUSES - LIABILITIES
US$ millions

Foreign
Mortgage
Other
Other
Non Financial
TOTAL
End of
Notes
Total
Advances
Advances
Assets
Assets
&
Balances
Nostro
Bond
Coin
with Other
Balances
Trade
Treasury
Coins
at Banks
Banks
Bills

Jan


Feb


Mar


Apr


May


Jun


Jul


Aug


Sep


Oct


Nov


Dec


Jan


Feb


Mar


Apr


May


Jun


Jul


Aug


Sep


Oct


Nov


Dec


Source:Reserve Bank of Zimbabwe, 2016
Liquid Assets
Securities
TABLE 9.1 : BUILDING SOCIETIES - ASSETS
US$ millions

Of which
Capital
Other
Total
Liabilities to the
and
Liabilities
Public
End of
Savings and Short-term
Long-term
Total
Foreign Liabilities
Other Banks
Reserves

Jan


770.2
Feb


806.2
Mar


794.4
Apr


828.9
May


863.6
Jun


836.8
Jul


828.9
Aug


824.5
Sep


833.2
Oct


893.7
Nov


920.4
Dec


944.4

Jan


890.7
Feb


888.6
Mar


882.8
Apr


875.9
May


859.2
May


859.2
Jun


907.0
Jul


907.3
Aug


883.2
Sep


891.5
Oct


912.2
Nov


961.3
Dec


997.4
Source:Reserve Bank of Zimbabwe, 2016
Deposits
TABLE 9.2 : BUILDING SOCIETIES - LIABILITIES
US$ millions
Amounts Owing to

Market Capitalisation
US$ millions

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Source:Zimbabwe Stock Exchange (ZSE),2016
Indices
Table 10: ZIMBABWE STOCK MARKET STATISTICS
Industrial
Market Turnover
US$ million
Volume of Shares
Mining

Commercial
Building
End of
Banks
P.O.S.B.
Societies
TOTAL

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Source:Reserve Bank of Zimbabwe, 2016
1/ Comprises all deposits other than demand deposits.
TABLE 11 : SAVINGS /1 WITH FINANCIAL INSTITUTIONS
US$ millions

Liquid
Prescribed
Excess
Liquid
Prescribed
Excess
assets
liquid
liquid
assets
liquid
Liquid
End of
held
assets/1
assets
held
assets/1
assets

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Source:Reserve Bank of Zimbabwe, 2016
1/With effect from 1 August 2011, the prescribed liquid asset ratio was reviewed from 20% to 25% of liabilities to the public.
US$ millions
TABLE 12 : ANALYSIS OF LIQUID ASSETS OF COMMERCIAL BANKS & ACCEPTING HOUSES
Commercial Banks
Accepting Houses

MONTH
ZETSS
CHEQUE
POS
ATM
MOBILE INTERNET

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep
3,762.7


Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Source:Reserve Bank of Zimbabwe, 2016
TABLE 13.1 : ZETSS AND RETAIL PAYMENTS
Values of Transactions (US$ millions)

MONTH
ZETSS
CHEQUE
POS
ATM
MOBILE
INTERNET

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Annual Total


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Annual Total

Source:Reserve Bank of Zimbabwe, 2016
TABLE 13.2 : ZETSS AND RETAIL PAYMENTS
Volumes of Transactions (000's)

Month
Exports
Imports
Total Trade
Trade Balance

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Total

Source: Zimstat, 2016
TABLE 14 : MERCHANDISE TRADE STATISTICS
(US$ millions)