QUARTERLY
ECONOMIC
REVIEW


MARCH 2022

CONTENTS

List of Figures

List of Tables


1.
OVERVIEW


Global economic growth is projected at 3.6 % for
2022, from an estimated growth of 6.1% in 2021.
The projected lower global growth is premised
on the negative effects of the ongoing war in
Ukraine, which have resulted in rising energy
costs and global commodity supply disruptions.
Additionally, sanctions imposed on Russia by the
West as well as the emergence of the Covid-19
omicron variant, particularly in China, have also
slowed down global growth.
On the domestic front, economic activities
picked up, particularly in the mining and
manufacturing sectors, despite the adverse
movements in inflation and the exchange rate,
witnessed during the first quarter of 2022. The
domestic economy is projected to grow by 4.6%
in 2022.
Headline inflation accelerated to 72.70% in
March 2022, from 60.74% in December 2021.
The resurgence of inflationary pressures during
the first quarter of 2022 was partly a result of the
steep depreciation of the parallel market
exchange rate, as pricing remained indexed to
parallel market exchange rates. Rising global
inflation, induced by the residual negative
impact of the Covid-19 pandemic on supply
chains, as well as the rise in international oil and
food prices in the wake of the Russia-Ukraine
conflict also fueled the build -up of inflationary
pressures
The country’s total merchandise trade amounted
to US$3,516.6 million, during the first quarter of
2022, representing a 27.9% increase from
US$2,749.3
million,
recorded
in
the
corresponding quarter in 2021. On a quarterly
basis, merchandise trade declined by 10.8%,
from US$3,943.4 million realized in the fourth
quarter of 2021.

Reserve money stock stood at ZW$28.89 billion
in March 2022, compared to ZW$27.81 billion
recorded in December 2021. This represented a
quarter-on-quarter increase of 7.48%, which was
within the target of 7.50% for the quarter.

Broad money stock amounted to ZW$589.09
billion in March 2022, up from ZW$475.36
billion as at the end of the fourth quarter of 2021.
The growth in broad money reflected quarterly
expansions in foreign currency deposits, 30.59%;
currency in circulation, 39.55%; and local
currency deposits, 18.43%.

During the first quarter of 2022 trading on the
Zimbabwe
Stock
Exchange
(ZSE)
was
characterized by bullish sentiments. This resulted
in increases in all the major indices, with the Top
10, Top 15, All Share, and Medium Cap indices
gaining 53.81%, 53.16%, 46.54%, and 28.30%,
to close at 10 476.38 points, 11 532.19 points,
15 858.92 points, and 26 183.01 points,
respectively.

The National Payment Systems (NPS) processed
transactions valued at ZWL$3.58 trillion, during
the quarter ending 31st March 2022. This was a
21% increase, from the ZWL$2.96 trillion worth
of transactions processed in the previous quarter.
NPS transaction volumes, however, registered a
19% decline, from 380.86 million in the fourth
quarter of 2021 to 310.09 million, during the
quarter under review.

On the fiscal front, government revenue
collections stood at ZW$181.2 billion in the first
quarter of 2022, against expenditures of
ZW$174.69 billion. This resulted in a budget
surplus of ZW$6.52 billion.

2.
INTERNATIONAL
ECONOMIC
DEVELOPMENTS
The global economy is projected to grow by
3.6% in 2022, significantly weaker than in 2021,
owing to the anticipated adverse impacts from
the ongoing war in Ukraine, sanctions imposed
on Russia by the West as well as the emergence
of the Covid-19 Omicron variant, particularly in
China. Slackening growth in China’s economy
has wider implications for emerging markets and
developing economies as well as for commodity
exporters.
Table

summarizes
global
economic
developments and prospects for selected regions
and countries.
Table 1: World Economic Growth Rates: 2021
-2023
Country/Group

Est (%)
Proj (%)
World Output
6.1
3.6
3.6
Advanced Economies
5.2
3.3
2.4
o/w: United States
5.7
3.7
2.3
Euro-Area
5.3
2.8
2.3
Emerging Market &
Developing Economies
6.8
3.8
4.4
o/w: China
8.1
4.4
5.1
India
8.9
8.2
6.9
Sub Saharan Africa
4.5
3.8
4.0
o/w: Nigeria
3.6
3.4
3.1
South Africa
4.9
1.9
1.4
Sources: IMF World Economic Outlook Update (April 2022)
The ongoing conflict in Ukraine has resulted in
rising energy costs and supply chain disruptions,
which in turn are fuelling global inflation,
particularly in the United States and many
emerging markets and developing economies.
Growth in advanced economies is anticipated to
decline from 5.2% in 2021 to 3.3% in 2022,
reflecting the impact of dented growth in trading
partners due to economic disruptions triggered
by the conflict in Ukraine. Notably, growth in the
United States is projected to slow down to 3.7%
in 2022, on account of faster withdrawal of
monetary support as policy tightens to rein- in
inflation.
The IMF projects economic growth in the Euro
area at 2.8% in 2022 from 5.8% in 2021, with the
biggest downgrades in countries, such as
Germany and Italy, with large manufacturing
sectors and greater dependence on energy
imports from Russia. Emerging and developing
Europe, including Russia and Ukraine, will see
GDP contract by approximately 2.9% in 2022.
The economic slowdown reflects in the main, the
impact of higher energy prices on domestic
demand as well as the disruption of trade.
In the Sub-Sahara African region, overall
economic activity is projected to grow by 3.8%
and 4.0% in 2022 and 2023, respectively. The
region’s recovery will be buoyed by elevated
commodity prices and gradual recovery in
tourism, with vaccinations in some tourismreliant economies already proceeding at a much
faster pace than in the rest of the region. The war
in Ukraine is, however, likely to impact
negatively on the region’s growth prospects.
Higher food prices will undoubtedly hurt
consumers’ purchasing power, particularly
among low-income households, weighing down
on domestic demand.

INTERNATIONAL COMMODITY PRICE
DEVELOPMENTS
During the quarter under review, prices for gold,
platinum, palladium, copper, nickel and crude oil
were higher than in the preceding quarter. The
evolution in selected commodity prices for the
first quarter of 2022 is as shown in Table 2.
Table 2: International Commodity Prices:
January – March 2022

Gold
Platinum
Copper
Nickel
Brent
Crude Oil

US$/oz
US$/oz
US$/tonne
US$/tonne
US$/Barrel
2021Q4
Average

Jan-22

Feb-22

Mar-22

2022 Q1
Average

2021Q42022Q1
Changes

Source: World Bank and Bloomberg, 2022

Precious Metals
Gold prices rose by 4.4%, from an average of
US$1,795.52 per ounce in the fourth quarter of
2021 to US$1,873.82 per ounce, during the
quarter
under
review.
Prices
firmed
as
uncertainties around the ongoing conflict in
Eastern Europe and subsequent sanctions
imposed on Russia, boosted the yellow metal’s
safe haven appeal.
Furthermore, growing concerns over high
inflation also prompted investors to shift from
riskier assets to precious metals for a safe-haven
purposes. The gains were, however, moderated
by investor expectations that the U.S Federal
Reserve Bank would tighten monetary policy.
Platinum prices averaged US$1,029.18 per
ounce during the first quarter of 2021, 3.0%
higher than US$999.67 per ounce in the previous
quarter. The rally in prices was underpinned by
fears of tight platinum supplies, due to escalating
geopolitical tensions between Russia and
Ukraine, as the former is one of the world’s
major platinum producers. Prices were also
boosted by a weaker US dollar and prospects of
global economic recovery, amid easing concerns
over the Omicron variant of the Covid-19 virus.
The developments in precious metal prices for
the period from January 2021 to March 2022 are
as shown in Figure 1.
Figure
1:
Precious
Minerals
Prices
(US$/ounce): Jan 2021 – March 2022

Source: Bloomberg, 2022


Jan-21
Feb-21
Mar-21
Apr-21
May-21
Jun-21
Jul-21
Aug-21
Sep-21
Oct-21
Nov-21
Dec-21
Jan-22
Feb-22
Mar-22
Gold
Platinum (RHS)

Base Metals
Copper prices were 2.9% up from an average of
US$9,691.49 per tonne in the fourth quarter of
2021 to US$9,976.80 per tonne, in the quarter
under analysis. Prices rose on account of
concerns over falling copper inventories and
worries over tight supplies, amid supply-side
bottlenecks in some key source markets. The
price of the red metal was also boosted by
increasing demand, amid global economic
recovery from the Covid-19 pandemic.

Nickel prices remained bullish, aided by
concerns over supply disruptions stemming from
the Russia-Ukraine war, at a time demand from
stainless
steel
producers
and
battery
manufacturers is growing. Prices also spiked in
March 2022, triggered by a market short squeeze
as short-sellers, particularly China’s Tsingshan
Holding Group, executed larger purchases to
cover their short positions. Against this
backdrop, prices surged by 40.2%, from a
quarterly average of US$19,765.47 per tonne in
the previous quarter to US$27,706.83 per tonne,
in the quarter under review as shown in Figure 2.

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

Source: Bloomberg, 2022

Brent Crude Oil
Brent crude oil prices were upbeat during the
quarter under review, as an already tight global
oil market was aggravated by disruptions caused
by Russia’s invasion of Ukraine, as it is a crucial
transit hub for crude oil to the European Union.
Furthermore, an unexpected drop in US crude oil
inventories and the imposition of sanctions
targeted on Russian oil exports by the United
States also exerted upward pressure on oil prices.

Prices firmed by 22.4%, from a quarterly average
of US$79.70 per barrel in the quarter ending
December 2021, to US$97.52 per barrel in the
first quarter of 2022.

Figure 3: Brent Crude Oil Prices (US$/barrel)

Source: Bloomberg, 2022

MERCHANDISE TRADE
DEVELOPMENTS
Total merchandise trade for the first quarter of
2022 increased by 27.9% to US$3,516.6 million,
from US$2,749.3 million, recorded in the

Jan-21
Feb-21
Mar-21
Apr-21
May-21
Jun-21
Jul-21
Aug-21
Sep-21
Oct-21
Nov-21
Dec-21
Jan-22
Feb-22
Mar-22
Copper
Nickel (RHS)

Jan-21
Mar-21
May-21
Jul-21
Sep-21
Nov-21
Jan-22
Mar-22
Crude Oil

corresponding quarter in 2021, as shown in
Figure 4.
Figure 4: Quarterly Merchandise Total Trade
(US$m)

Source: Zimstat, 2022

On a quarterly basis, merchandise trade slowed
by 10.8%, from US$3,943.4 million realized in
the fourth quarter of 2021 to US$3,516.6 million
in the first quarter of 2022. The quarterly decline
in total merchandise trade largely follows a
seasonal cycle, where both exports and imports
usually rise in the last quarter and slowdown in
the first quarter of the following year.

Merchandise Export Developments
Merchandise exports for the first quarter of 2022
amounted to US$1,539.5 million, 41.8% higher
than
US$1,085.7
million
recorded
in
corresponding quarter in 2021. The outturn for
the first quarter of 2022 was, however, 13.2%
lower than US$1,774.3 million realized in the
fourth quarter of 2021, as shown in Figure 5.


Figure 5: Quarterly Merchandise Total Trade
(US$m)

Source: Zimstat, 2022
The marked decline in merchandise exports in
the first quarter in 2022 was, in large part, due to
declines in exports of tobacco which traditionally
reach a peak in the fourth quarter of the year.
Similarly, most of the country’s major export
commodities also fell in the quarter under
review, with export revenues for PGMs and gold
falling by 1.6% and 22.6%, respectively.
Notably, gold and PGMs continued to dominate
the country’s export basket as the two
commodities accounted for more than 50 percent
of the total value of goods exported by the
country in the first quarter. Table 3 shows the
country’s major exports during the fourth quarter
of 2021 and the first quarter of 2022.


2021Q1
2021Q4
2022Q1
1,085.7
1,774.3
1,539.5

1,000
1,500
2,000
2021Q1
2021Q4
2022Q1

Table 3: Quarterly Merchandise Exports (US$m)

2021Q4

2022Q1

2021Q42022Q1
Changes
(%)
Share of
Exports
(%) 2022
Q1
Total
Exports

Of Which:
PGMs

Gold

Tobacco
(Inc.
cigarettes)

Ferrochromium

Industrial
diamonds

Coal

Ginned
Cotton

Chromium
ores
and
concentrates

Granite

Black tea

Source: Zimstat & RBZ Calculations 2022
Major Merchandise Export Destinations
South Africa continues to be Zimbabwe’s major
trading partner, accounting for 38.1% of the
country’s total exports during the first quarter of
2022, while the United Arab Emirates and China
accounted for 33.1% and 11.1%, respectively.
Figure 6 depicts the country’s major export
destinations during the first quarter of 2022.
Figure
6:
Zimbabwe’s
major
export
destinations, 2022Q1

Source: ZIMSTAT & RBZ Computations

Merchandise Import Developments

The country’s total merchandise imports surged
by 18.8% to US$1,977.2 million, during the first
quarter of 2022, from US$1,663.6 million
recorded in the corresponding quarter in 2021, as
shown Figure 7.

Figure 7: Quarterly Merchandise Imports (US$m)

Source: Zimstat, 2022


South Africa
United Arab Emirates
China
Mozambique
Belgium
Italy
Zambia
1,663.6
2,169.1
1,977.2
2021Q1
2021Q4
2022Q1

Compared to the 2021 fourth quarter imports
amounting to US$ 2,169.1 million, imports in the
first quarter of 2022 were 8.8% lower. The
country’s import bill is, however, set to increase
significantly, following the decision by the
Government to relax restrictions on importation
of some basic commodities to improve their
availability. Fuel imports are also likely to
increase on account of the soaring international
oil prices, due to tight supplies, following the
imposition of sanctions by the West on crude oil
imports from Russia.

Diesel, chemicals, unleaded petrol and crude
soya beans accounted for 7.6%, 6.1%, 4.9% and
3% of total imports, respectively, during the first
quarter of 2022. Table 4 shows the merchandise
imports for the fourth quarter of 2021 and first
quarter of 2022.

Table 4: Quarterly Merchandise Imports
(US$m)

2021Q4
2022Q1
Changes
(%)
Share
of
Imports
(%)
Q1

Total Imports

Of Which:


Diesel

Chemicals

Unleaded petrol

Crude soya bean oil

Vaccines

Medicines

Rice

Electricity

LP Gas

Source: ZIMSTAT & RBZ Computations 2022


Major Import Sources
The country’s imports for the first quarter of
2022 were mainly sourced from South Africa
(42.3%), China (13.2%), Singapore (12.3%),
Mauritius (5.9%), as shown in Figure 8.
Figure 8: Major Merchandise Import Sources (%
Share)

Source: ZIMSTAT & RBZ Computations 2022
TRADE BALANCE
The country’s trade balance, deteriorated from a
deficit of US$394.8 million in the fourth quarter
of 2021, to a deficit of US$437.9 million in the
first quarter of 2022, as shown in in Figure 9.


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

Figure 9: Merchandise Trade Balance (US$m)
Source: Zimstat & RBZ Computations-2022
EXCHANGE RATE DEVELOPMENTS
In the quarter under review, the Zimbabwe dollar
(Z$) depreciated by about 21.1% against the US
dollar, from an average of ZW$100.41 per US$1
in the fourth quarter of 2021 to ZW$121.58 per
US$1 by end of March 2022. The parallel market
exchange rate premium further widened to an
average of 97.6% for the quarter ending March
2022, from an average of 84.4% in the quarter
ending 31 December 2021. Recent trends in the
official exchange rate together with the parallel
market rates and the attendant premiums are
presented in Figure 10.


Figure 10: Exchange Rate Developments:
January 2021 to March 2022
Source: RBZ and Market Surveys

3.
DOMESTIC
ECONOMIC
DEVELOPMENTS

REAL SECTOR DEVELOPMENTS

Economic activities across the key sectors of the
economy, namely mining, manufacturing picked
up, despite the build-up of inflationary pressures
and the steep depreciation of the parallel market
exchange rate, witnessed during the first quarter
of 2022.

AGRICULTURE
The first half of the 2021/2022 season, was
characterised by late onset of the rains, with
most parts of the country receiving rains in late
November and early December 2021. Other
areas suffered false starts during the season,
followed by a prolonged dry spell. This poor
rainfall outturn in the first half of the season
resulted in a general decline in area planted for
major crops, as shown in the Table 5.
-1000
-500

2021Q1
2021Q4
2022Q1
Exports
Imports
Trade Balance

2-Jan
1-Apr
30-Jun
28-Sep
27-Dec
27-Mar
25-Jun
23-Sep
22-Dec
22-Mar
PREMIUM (%)
OFFICIAL RATES
PARALLEL RATES (Transfer)

Table 5: Area planted to selected key crops
(Ha)
Crop
2021/2022
2020/2021
%
Change
Maize
1 903 669
1 920 541
-1
Sorghum
344 842
350 468
-2
Pearl millet
157 635
209 754
-25
Finger millet
23 938
24 962
-4
Rice
2 568
1 302

Tobacco
110 794
125 177
-11
Soyabean
61 961
46 159

Cotton
182 559
239 619
-23
Groundnut
321 825
249 190

Sesame
17 318
21 210
-18
Sunflower
45 586
26 965

Bambara nut
125 084
97 144

African peas
85 648
83 149

Edible beans
57 454
38 350

Sweet
potatoes
27 861
41 436
-33
Cassava

-44
Paprika

Total
3 468 119
3 476 438
-0.23
Source: Ministry of Lands, Agriculture, Fisheries,
Water and Rural Development, 2022
The occurrence of a prolonged dry spell in
February and March 2022 also caused moderate
to severe moisture stress to crops, negatively
affecting the output of the agriculture sector in
the 2021/ 2022 agricultural season.


Maize
Land planted under the maize crop in the
2021/22 season declined marginally, owing to
the mid-season dry spell, especially in February,
which resulted in poor crop establishment,
forcing some farmers to replant. Challenges in
input distribution under the various government
input support programmes, in some areas, also
contributed to delays in planting.

About 342 860 hectares of maize were
supported under the Pfumvudza/ Intwasa
programme, accounting for 18% of total area of
1 903 669 hectares planted under the crop.

Traditional Grains
The total area under traditional grains namely
sorghum, pearl and finger millet declined by
about 10%, from 585 184 hectares in the
2020/21 season to 526 415 in the current season.
Excessive moisture stress during the mid-season
dry spell also affected the production of the
small grains, despite their high drought
tolerance.

Cotton
Despite
the
continued
support
from
Government’s free input scheme, the area
planted under cotton decreased by 23%, from
239 619 hectares in the 2020/21 season to
182 559 hectares in the current season. The
decline was attributed to farmers switching to
more lucrative export crops such as sesame
seed, among others, following perennial delays
in payment for delivered seed cotton by
Government.

Oilseeds
The area under oilseeds, including groundnuts,
soya beans and sunflower increased by 33.2%
to a combined 429 372 hectares, from 322 154

hectares in the previous season. Sunflower and
soya bean production continued to benefit from
inclusion
in
the
Pfumvudza/
Intwasa
programme.

Livestock
The 2022 First Round Crop and Livestock
Report indicated a general increase in the
national population of the various livestock
classes over the last year. The national cattle
herd increased by a marginal 0.6%, weighed
down by tick-borne disease induced mortality.
Sheep and goats increased by 2% and 7%,
respectively, benefitting from programmes
promoting production of the small ruminant
classes.

The body condition of livestock was assessed as
fair to good owing to good availability of water
and grazing, following the widespread rains.
Figure 11 summarises changes in the national
herd of the main livestock classes.

Figure 11:Number of Livestock

Source: Ministry of Lands, Agriculture, Fisheries,
Water, and Rural Development, 2022
Beef
Cattle slaughters in the first quarter of 2022
surged to 81 249 head, a 29.11% increase from
the 62 929 head in the corresponding period last
year. The increase in slaughters was attributed
to higher demand for meat post Covid-19
lockdown. Table 6 shows the total number of
cattle slaughters at formal abattoirs in the first
and fourth quarters of 2021 and the first quarter
of 2022.
Table 6: Cattle slaughters
Slaughters
Q1:2021
62 929
Q4:2021
78 618
Q1:2022
81 249
Source: Ministry of Lands, Agriculture, Fisheries,
Water, and Rural Development, 2022
Pigs
Pig slaughters increased by 22.5% to 55 440 in
the first quarter of 2022, compared to 45 246
head during the same period in 2021. Figure 12
shows the sustained increase in quarterly pig
slaughters over the period 2020 to first quarter
of 2022.
Figure 12: Quarterly Pig Slaughters

Source: Ministry of Lands, Agriculture, Water, Climate
and Rural Development, 2022
Dairy
Total fresh milk output at 21.5 million litres
in the first quarter of 2022, reflected an
increase of 20.3% from the same period in

Cattle
Sheep
Goats
Pigs

Thousands

2021. The surge in milk output was largely
attributed to an increase in the milking herd,
following the importation of in-calf heifers,
through the Transforming the Zimbabwe
Dairy Value Chain (TranZDVC) program and
support from dairy processors in 2021. Table
7 shows the first quarter performance of the
dairy industry in 2021 and 2022.
Table 7: First Quarter Milk Output (million
litres) in 2021 and 2022.
Month

Variance
%
Jan
6.47
7.39
14.22
Feb
5.42
6.73
24.13
Mar
5.94
7.34
23.53
Q1
17.83
21.46
20.33
Source: Ministry of Lands, Agriculture, Fisheries,
Water, and Rural Development, 2022

MINING
The mining sector registered mixed performance,
during the first quarter of 2022. Mining
performed better than in the same period in 2021
for all key minerals, except for phosphate, as
shown in Table 8.


Table 8: Quarterly Mineral Output Statistics
q1 2022
q4 2021
q1 2021
Gold (kg)
8,165.7
11,178.2
4,405.2
Platinum (kg)
3,530.5
3,486.2
3,369.3
Palladium
(kg)
3,100.2
2,872.8
2,848.6
Rhodium (kg)
328.7
309.2
305.3
Iridium (kg)
127.0
137.1
161.9
Ruthenium
(kg)
284.2
294.6
285.8
Diamonds
(cts)
1,057,710.0
1,338,500.0
702,639.1
Chrome
(MT)
533,553.6
288,671.0
300925.7
Nickel (MT)
4,127.6
4,075.7
3,666.3
Copper (MT)
2,381.8
1,541.1
2,196.4
Cobalt (MT)
40.6
52.8
57.5
Coal (MT)
813,608.4
708,124.9
672,862.0
HCFC (MT)
116,871.4
64,709.87
74.441.66
Phosphate
(T)
7306.2
6,298.0
8,392.0
Granite (MT)
70,590.0
40,146.7
61,713.0
Source: Ministry of Mines & Mining Development,
Chamber of Mines, FGR, 2022
Gold
Gold output at 8 165.72 kg in the first quarter of
2022, surpassed the 2021 first quarter output by
89.4%. Gold largely benefitted from the
incentive system introduced during the second
quarter of 2021, which spurred deliveries to
FGR.

Figure 13: Quarterly trends in Gold Output
by Sector

Source: Ministry of Mines & Mining Development,
FGR, 2022

Gold output was largely driven by increased
activities in the artisanal and small scale (ASGM)
sector, which contributed about 61%, whilst the
large-scale producers contributed about 34% to
total quarterly output.

Diamond
Diamond output stood at 1.058 million carats in
the first quarter of 2022, up by 50.5% from the
comparable period in 2021, as shown in Figure
14.
Figure 14: Quarterly Trends in Diamond
Output

Source: Ministry of Mines & Mining Development,

The output of diamond was largely driven by
increased throughput at one of the mining
houses, following investment in more efficient
plant and machinery.

PGMs
Platinum, palladium and rhodium output was
higher in the first quarter of 2022, compared to
the same quarter in 2021, as shown in Figures 15
and 16.
Figure 15: Quarterly Trends in Platinum &
Palladium Output (kg)


Source: Ministry of Mines & Mining Development,

Another key PGM, rhodium also registered
higher performance in the first quarter of 2022,
compared to both the previous quarter and the
same quarter in the previous year, as shown in
Figure 16.

10000
12000
Q1 2021 Q2 2021 Q3 2021 Q4 2021 q1 2022
Large Scale Producers(kg)
ASGM (kg)
Secondary Producers (Kg)
Total Gold (kg)


Q1 2021
Q4 2021
q1 2022
carat
Diamond (Carats)


Q1 2021
Q4 2021
Q1 2022
Kg
Platinum (Kg)
Palladium (kg)

Figure 16: Quarterly Trends in Rhodium
Output (kg)

Source:
Ministry
of
Mines
&
Mining
Development,2022

PGM production was boosted by improvements
in operational efficiency, ongoing investments in
mine development and exploration across all the
producers.

Nickel
Nickel output at 4,127.58 tonnes in the first
quarter of 2022, surpassed output in both the
comparable and previous quarter by 12.6% and
1.3%, respectively, as shown in Figure 17.

Figure 17: Quarterly Trends in Nickel Output

Source:
Ministry
of
Mines
&
Mining
Development, 2022
The increase in nickel output was due to
increased production from both secondary and
primary
producers,
backed
by
increased
investments in mine development.
Chrome
Total chrome ore stood at 0.5 million tonnes in
the first quarter of 2022, exceeding both the
previous and comparable quarter output by
84.8% and 77.3%, respectively, as in Figure 18.
Figure 18: Quarterly Trends in Chrome Ore
Output

Source:
Ministry
of
Mines
&
Mining
Development, 2022

Chrome output was driven by the huge demand
for ferro-chrome in China and Europe, during the
period under review, with prices of the metal
largely remaining above US$1000 per tonne.

Coal
Coal output stood at 0.8 million tonnes in the first
quarter of 2022, surpassing the output in the
previous quarter by 14.9% and that in the
comparable quarter of 2021 by 20.9%, as shown
Figure 19.

Q1 2021
Q4 2021
Q1 2022
kg
3666.252
4075.65
4127.58

Q1 2021
Q4 2021
Q1 2022
tonne
300925.69
288643.68
533553.63


Q1 2021
Q4 2021
Q1 2022
tonne

Figure 19: Quarterly Trends in Coal Output

Source:
Ministry
of
Mines
&
Mining
Development, 2022

Only one coal producer operated consistently
during the quarter. The late payments for
deliveries, flooding of shafts and high cost of
diesel, weighed down the potential of the
mineral, during the period under review.

ELECTRICITY
Electricity output stood at 2 267.29 GWh in the
first quarter of 2022, about 2.02% higher than
performance in the fourth quarter of 2021.
The marginal improvement relative to the
previous quarter was attributable to Hwange and
Independent Power Producers, whose increase in
output more than offset declines at Kariba. Table
9 show the quarterly breakdown of output by
power station.
Table 9: Total Electricity Output (GWh)

Q1 2021
Q4 2021
Q1 2022
Kariba
1 283.57
1 608.17
1 510.14
Hwange
414.42
559.18
632.48
Bulawayo
5.75
6.31
2.58
Munyati
22.15
17.30
12.06
Harare
22.79
16.68
11.52
IPPS
66.32
14.65
98.51
Total
1 815.00
2 222.29
2 267.29
Source: ZERA, ZPC, 2022
Kariba
Power
Station
dominated
power
generation, contributing 66.6% in the first
quarter of 2022. The contribution of Independent
Power Producers (IPP) rose to 4.3%, from 0.66%
in the preceding quarter.

INFLATION DEVELOPMENTS
Annual headline inflation increased to 72.70% in
March 2022, from 60.74% in December 2021.
The resurgence of inflationary pressures during
the first quarter of 2022 was largely due to
widening foreign exchange premiums. Pressure
from rising global inflation, induced by the
residual impact of the Covid-19 pandemic on
global supply chains, as well as the rise in
international oil and food prices in the wake of
the Russia-Ukraine conflict also heightened
inflationary pressures.
Annual food inflation rose from 64.9% in
December 2021 to 75.1% in March 2022, largely
on account of increases in bread and cereals,
vegetables, and meat prices.
Year-on-year non-food inflation also increased
from 57.7% in December 2021, to end the first
quarter of 2022 at 70.9%. Non-food inflation was
driven by miscellaneous goods and services;
transport; and housing, water, electricity, gas and
other fuels subcategories. Figure 20 depicts the
annual inflation developments since September
2020.


Q1 2021
Q4 2021
Q1 20222
Tonne
Coal (tonnes)

Figure 20: Quarterly Inflation Profile (%)

Source: Zimstat 2022

Monthly inflation remained elevated in the first
quarter of 2022, under pressure from the
depreciation of the Zimbabwe dollar against
major trading partner currencies. Month-onmonth inflation ended the first quarter at 6.3%,
after peaking at 7.0% in February 2022.
Figure 21: Monthly Inflation Profile (%)

Source: Zimstat 2022

4.
MONETARY DEVELOPMENTS

Reserve money stock stood `at ZW$28.89 billion
in March 2022, compared to ZW$27.81 billion
recorded in December 2021. This represented a
quarter-on-quarter increase of 7.48%, which was
within the target of 7.50% for the quarter. On an
annual basis, reserve money grew by 44.87% in
March 2022, compared to 64.44% 38.26%
recorded in December 2021, as shown in Figure
22. The increase in reserve money was mainly
attributable to the growth in broad money as a
result of a corresponding increase in statutory
reserves.

Figure 22: Reserve Money Developments
(ZW$ Billions)

Source: Reserve Bank of Zimbabwe, 2022

Resurging inflationary pressures in the economy,
largely owing to exchange rate depreciation on
the parallel market, among other factors,
prompted the tightening of the monetary policy
by the central bank in April 2022. In this regard,
the reserve money quarter-on-quarter growth
target was revised downwards, from 7.5% to 5%
for the second quarter of 2022, while interest
rates were further increased.

Food
Non-Food
All Items

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

Mar-21
Apr-21
May-21
Jun-21
Jul-21
Aug-21
Sep-21
Oct-21
Nov-21
Dec-21
Jan-22
Feb-22
Mar-22
Reserve Money Actual Outturn
Q1 Target
Q2 Target
Q3 Target
Q4 Target
Q1 2022 Target

Figure 23 shows reserve money and inflation
developments for the period March 2021 to
March 2022.

Figure 23: Reserve Money Growth and
Annual Inflation (%)
Source: Reserve Bank of Zimbabwe, March 2022

Broad money stock stood at ZW$589.09 billion
in March 2022, compared to ZW$475.36 billion
as at the quarter ended December 2021. The
growth reflected quarterly expansions in foreign
currency
deposits,
30.59%;
currency
in
circulation, 39.55%; and local currency deposits,
18.43%.

Local currency deposits accounted for 52.74% of
broad money, followed by foreign currency
deposits,
at
46.71%;
while
currency
in
circulation accounted for the remaining 0.55%.
Figure 24 shows the components of broad money
and annual growth rates.

Figure 24: Broad Money Developments

Source: Reserve Bank of Zimbabwe

Domestic Credit
Domestic credit registered a quarter-on-quarter
growth of 25.16%, from ZW$340.29 billion in
December 2021 to ZW$425.9 billion in March
2022. The growth was largely driven by
increases in claims on general and local
government, 49.10%; and credit to private sector,
40.10%. Net credit to government declined by
5.39% to ZW$ 79.1 billion during the quarter
under review.

Credit to the private sector amounted to
ZW$312.33 billion in the first quarter of 2022, an
increase of 40.10%, from ZW$222.93 billion in
the fourth quarter of 2021. Credit to the private
sector mainly benefited the agriculture and
household sectors, which received 25.48% and
22.40% of the total credit, respectively. The
manufacturing and distribution sectors also
received 12.49% and 11.37%, respectively,
while credit shares for the rest of the economic
sectors are shown in Figure 25.

Mar-21
Apr-21
May-21
Jun-21
Jul-21
Aug-21
Sep-21
Oct-21
Nov-21
Dec-21
Jan-22
Feb-22
Mar-22
Inflation
Money Supply Growth
Annual Reserve Money Growth
Year on Year Inflation

Mar-20
Jun-20
Sep-20
Dec-20
Mar-21
Jun-21
Sep-21
Dec-21
Mar-22
%
ZW$ Billions
NCDs
Currency in Circulation
Time Deposits
Foreign Currency Deposits
Local Currency Transferable Deposits
Annual Growth

Figure 25: Distribution of Private Sector
Credit

Source: Reserve Bank of Zimbabwe

Credit to the private sector was largely channeled
towards inventory build-up, 32.64%; other
recurrent expenditures, 30.38%; and fixed capital
investments, 16.15%.

Interest Rates
During the quarter ending March 2022, nominal
lending rates quoted by banks ranged between
6% and 85%. Deposit rates on time deposits of
60-day and 90-day tenures averaged 17.95% and
18.53%,
respectively.
Average
maximum
savings rate was quoted at 5.94% during the
quarter under review.

5.
STOCK MARKET DEVELOPMENTS

The Zimbabwe Stock Exchange (ZSE) was
characterised by bullish sentiments, with trading
activity being highly skewed towards heavy
counters, albeit at low trading volumes, during
the quarter under review. This resulted in
increases in all the major indices, with the Top
10, Top 15, All Share, and Medium Cap indices
gaining 53.81%, 53.16%, 46.54%, and 28.30%
respectively, to close at 10 476.38 points,
11 532.19 points, 15 858.92 points, and 26
183.01 points, respectively, as shown in Table
10.

Table 10: Key Stock Market Indicators.
Source: Zimbabwe Stock Exchange, 2022
The resources index also rose by 44.45%, during
the same quarter to close at 11 289.34 points,
compared to 7 815.37 points recorded in the
previous quarter.
On a year-on-year basis, the Top 10, Top 15, All
Share and Medium Cap indices increased by
303.75%, 287.93%, 253.25% and 143.47%, from
2 594.75 points, 2 972.78 points, 4 489.47 points
and 10 754.32 points recorded in March 2021,
respectively.

Figure 26 shows the trends for the ZSE All Share,
Top 10 and Mining Indices for the period from
March 2021 to March 2022.
Households
22.40%
Agriculture
25.48%
Mining
6.01%
Manufacturing...
Distribution
11.37%
Construction
0.97%
Transport &
Communicati
ons...
Services
14.58%
Financial Org.
& Investments
4.43%
Other
0.31%
ZSE Indicator

Dec-21

Mar-22

Change
(%)
All
Share
Index (points)
10,822.36
15,858.9

46.54
Top 10 Index
(points)
6,811.43
10,476.3

53.81
Medium
Cap
Index (points)
20,407.26
26,183.0

28.30
Small
Cap
Index (points)
402,753.21
417,308.

3.61
Mining Index
(points)
7,815.37
11,289.3

44.45
Volume
of
shares traded
(m)
1 128.72
356.55
-68.41
Market
Turnover ($m)
33 122.25

869.58
-40.01
ZSE
Capitalization
($m)

Net
Foreign
Position ($m)
-4 307.87
-325.07
92.45

Figure 26: ZSE All Share and Top 10 Indices

Source: Zimbabwe Stock Exchange 2022

Market Capitalisation and Turnover
The trading developments on the local bourse, in
the first quarter of 2022, resulted in the ZSE
gaining ZW$647.53 billion or 49.16% worth of
capitalization to close at ZW$1 964.74 billion.
On a year-on-year basis, market capitalization
increased by 269.49%, from ZW$531.74 billion
recorded in the quarter ending March 2021.

Figure 27 shows ZSE market capitalization
developments for the period from 31st March
2021 to 31st March 2022.

Figure 27: Market Capitalization

Source: Zimbabwe Stock Exchange, 2022
The cumulative volume and value of shares
traded declined by 68.41% and 40.01% to 356.55
million
shares
and
ZW$19.87
billion,
respectively.

Figure 28 shows developments in market
turnover volumes and values for the period from
31st March 2021 to 31st March 2022.


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

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

Figure 28: ZSE Market Turnover


Source: Zimbabwe Stock Exchange, 2022

Foreign investor participation, as measured by its
contribution to the value of shares traded on the
ZSE, increased to 7.51%, compared to 4.05%
recorded in the fourth quarter of 2021.
Concomitantly,
the
net
foreign
position
improved
to
-ZW$325.07
million,
from
-ZW$4 307.87 million recorded during the
quarter ended 31st December 2021.

6.
PAYMENT,
CLEARING
AND
SETTLEMENT ACTIVITIES

The value of electronic transactions processed
through
the
National
Payment
Systems
amounted to ZWL$3.58 trillion, during the
quarter ending 31st March 2022. This represented
an increase of 21%, from ZWL$2.96 trillion
recorded in the quarter ending 31st December
2021. The volume of transactions, however,
decreased by 19%, from 380.86 million in the
fourth quarter of 2021 to 310.09 million, during
the quarter under review.

Table 11 provides the statistical information on
various payment streams for the fourth quarter of
2021 and the first quarter of 2022, respectively.

Table
11:
Consolidated
Transactional
Activities
Values in ZW$ Million

Q4
Q1
Change
Proportion

RTGS

POS

ATMS

MOBILE

INTERNET

TOTAL

Volumes

RTGS


POS


ATMs


MOBILE


INTERNET


TOTAL


Source: Reserve Bank of Zimbabwe

LARGE VALUE PAYMENTS
Zimbabwe
Electronic
Transfer
and
Settlement System
The value of transactions processed through the
Real Time Gross Settlement (RTGS) system

31-Mar-21
30-Apr-21
31-May-21
30-Jun-21
31-Jul-21
31-Aug-21
30-Sep-21
31-Oct-21
30-Nov-21
31-Dec-21
31-Jan-22
28-Feb-22
31-Mar-22
Billions
Block Trade:
Meikles Ltd
(122.90 million

increased by 32%, from ZWL$1.85 trillion in the
previous quarter to ZWL$2.44 trillion, during the
quarter
ending
31st
March
2022.
RTGS
transaction volumes, however, decreased by 9%
to 3.18 million, from 3.48 million in the same
quarter in 2021, as shown in Figure 29.

Figure 29: Values and Volumes of RTGS
Transactions

Source: Reserve Bank of Zimbabwe, 2022

Retail Payments

The aggregate values of retail transactions
increased by 20.9% to ZW$3,578.9 billion in the
quarter under review, from ZW$2,961.0 billion
recorded in the quarter ended 31 December 2021.
Retail volumes decreased by 18.6% to 310.1
million in the reporting quarter, from 380.9 million,
during the same quarter in the previous year.

Figures 29 and 30 show the trend in aggregate
values and volumes of retail transactions, for the
respective payment streams, from the quarter
ending 31st December 2021 to the quarter ending
31st March 2022.

Figure 30: Retail Transaction Values

Source: Reserve Bank of Zimbabwe, 2022

Figure 31: Retail Transaction Volumes

Source: Reserve Bank of Zimbabwe, 2022


Q1

Q2

Q3

Q4

Q1
RTGS Volumes Thousands
RTGS Values Billions
Volumes
Values

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


Q4

Q1

Q2

Q3

Q4

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

Collateral1
The value of collateral for Cheque, retail payments
and the central securities depository settlement
systems increased to ZW$5.21 billion in the quarter
ending 31st March 2022, from ZW$4.93 billion
recorded in the same quarter in 2021, as shown in
Figure 32.

Figure 32: Collateral: December 2020 to
March 2022

Source: Reserve Bank of Zimbabwe, 2022
The Victoria Falls Exchange collateral declined to
US$49,806.9 in the first quarter of 2022, from
US$49,830.62 recorded in the fourth quarter of
2021.
Access Points and Devices
The ordinary POS population decreased to 130,492
in the first quarter of 2022, from 138,210 recorded
in the fourth quarter of 2021.

1 The local collateral figure comprises of Cheque, Zimswitch,
Chengetedzai Deposit Corporation settlement system
The number of active mobile financial services
subscribers stood at 7.12 million, during the quarter
under review, up from 4.13 million recorded in the
previous quarter.

Table 12 shows payment access points and devices
for the third and fourth quarters of 2021 and the
first quarter of 2022.

Table 12: Payment Systems Access Points and
Devices

Quarter
ending
Sept 2021
Quarter
ending
Dec2021
Quarter
ending
Mar 2022
Mobile
Banking
agents

ATMs

POS
136,669
138,210
130,492
PAYMENT SYSTEM ACCESS DEVICES
Debit Cards
6,323,462
6,352,240 5,955,874
Credit Cards
13,229
13,812
13,309
Prepaid
Cards
142,157
145,614
141,635
Mobile
Banking
subscribers
4,052,994
4,129,470 7,122,895
Internet
Banking
subscribers
615,139
607,246
595,939
Source: Reserve Bank of Zimbabwe, 2022


Q4

Q1

Q2

Q3

Q4

Q1

MILLIONS

7.
FISCAL DEVELOPMENTS
During the first quarter of 2022, Government
revenue amounted to ZW$181.21 billion, against
expenditures of ZW$174.69 billion, resulting in
a budget surplus of ZW$6.52 billion. Table 13
shows the summarised fiscal positions, during
the fourth quarter of 2021 and the first quarter of
2022.

Table 13: Fourth Quarter 2021 and First
Quarter 2022 Fiscal Positions
(ZW$ billion)
Q4 2021
Q1 2022
Revenue
160.35
181.21
Tax revenue
151.46
165.80
Non-Tax Revenue
8.88
15.40
Expenditure
196.39
174.69
Current expenditure
142.24
139.69
Capital Expenditure
54.14
35.00
Overall Balance
-36.04
6.52
Source: Ministry of Finance and Economic Development,

Government Revenue
Government
revenue
collections
totalled
ZW$181.2 billion in the first quarter of 2022,
about 6.9% above the target of ZW$169.5
billion. Tax revenues accounted for 95% of total
revenue, with the remaining 5% being non-tax
revenues.
Figure 33: Government Revenue Structure

Source: Ministry of Finance and Economic Development,

Tax on income and profits amounted to
ZW$62.30 billion, accounting for 36% of total
revenue. Value added tax collections accounted
for 25.0%; tax on financial and capital transfers,
9.7%; excise duty collections; 9.0%; tax on gross
revenue, 5.9%; customs duties, 5.9%; and nontax revenue, 5.0% of total fiscal revenue.
Government Expenditure
Government spending stood at ZW$174.69
billion, in the first quarter of 2022. Of the total
government expenditures, ZW$139.69 billion
(80%) was deployed towards current spending,
and
ZW$35.0
billion
(20%)
for
capital
expenditures.
Table 14 shows Government expenditure in the
fourth quarter 2021 and first quarter of 2022.


Tax on Income
and Profits
36%
Customs
duties
6%
Excise duties
9%
Taxes on
Specific
Services
3%
Value Added
Tax (VAT)
25%
tax on gross
Revenue
6%
Taxes on
financial and
capital
transactions
10%
Other Indirect
taxes
0%
Non-tax
Revenue
5%

Table 14: Government Expenditure: 4th
Quarter 2021 and 1st Quarter
2022 (ZW$ billion)

Q4

Q1 2022
Total Expenditure
196.38
174.69
Current Expenditure
142.24
139.69
Of which Compensation of
Employees
60.25
47.49
Capital Expenditure
54.14
35.00
Source: Ministry of Finance and Economic Development,

Current Expenditure
Current government expenditure stood at
ZW$139.69 billion in the first quarter of 2022,
constituting 78% of total expenditure. The
current
expenditure
was
dominated
by
employment costs at 29% of the total and use of
goods and services, 26%.
Capital Expenditure
Government capital expenditure was ZW$35.00
billion and accounted for 22% of total
expenditure, during the quarter under review.
The bulk of capital expenditure were allocated
towards capital grants and construction projects,
such as the rehabilitation of the HarareBeitbridge Road, and the construction of the
Mbudzi interchange.
Figure 34 shows the composition of Government
expenditure in the first quarter of 2022.
Figure 34: Composition of Government
Expenditure, 1st Quarter 2022
Source:
Ministry
of
Finance
and
Economic
Development, 2022
Overall Budget Balance
The fiscal developments in the first quarter of
2022 culminated in a budget surplus of ZW$6.52
billion.
Figure

shows
the
quarterly
developments in the government budget balance
in 2021 and 2022.

Use of
Goods and
Services
26%
Subsidies
3%
Social
Benefits
9%
Other Expenses
0%
Grants
10%
Compensation
of Employees
29%
Capital
Expenditure
22%

Figure 35: Quarterly Budget balance, 2021 &
2022 (ZW$ billion)

Source: Ministry of Finance and Economic Development,

RESERVE BANK OF ZIMBABWE
JUNE 2022


-100
-50

Q2
Q3
Q4
Q1
Revenue
Expenditure
Overall Balance

STATISTICAL TABLES

1. Depository Corporation Survey S1
2. Central Bank Survey S2
3. Other Depository Corporation Survey S3

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


S4

4.2.Reserve Bank: liabilities S5


5. Other Depository Corporation
5.1.Other Depository Asset S6
5.2.Other Depository Liabilities S7

6. Commercial Banks
6.1.Commercial Banks: Assets

S8
6.2.Commercial Banks: Liabilities
S9
7. Building Societies


7.1.Building Societies: Assets

S10

7.2.Building Societies: Liabilities S11


8. Sectoral Analysis of Commercial Banks
8.1.Sectoral Analysis of Commercial Banks’ Loans and Advances S12
8.2.Sectoral Analysis of Commercial Bank’s Deposits

S13


9. National Payment Systems


9.1.Values of Transactions


S14
9.2.Volumes of Transactions


S14

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


S15
10.2. Deposit Rates S15


11. Stock Exchange Indices


S16

12. Inflation


12.1. Monthly Inflation


S17
12.2. Quarterly Inflation


S18
12.3. Annual Inflation


S19

13. Balance of Payments
13.1. Cross Border Payments


S20
13.2. Cross Border Receipts


S21

Dec-20
Jan-21
Feb-21
Mar-21
Apr-21
May-21
Jun-21
Jul-21
Aug-21
Sep-21
Oct-21
Nov-21
Dec-21
Jan-22
Feb-22
Mar-22
Net Foreign Assets

Central Bank(net)

Foreign Assets

Foreign Liabilities

Other Depository Corporations(net)

Foreign Assets

Foreign Liabilities

Net Domestic Assets (NDA)

Domestic Claims

Claims on Central Government(net)

Claims on Central Government

Central Bank

ODCs

Less Liabilities to Central Government

Central Bank

ODCs

Claims on Other Sectors

Other Financial Corporations

State and Local Government

Public Non Financial Corporations

Private Sector

Central Bank

ODCs

Other Items(Net)

Shares and Other Equity

Liabilities to Other Financial Corporations

Restricted Deposits

Deposits and Securities Excluded from Base Money

Other Items(net)

Broad Money-M3

Securities Other than Shares Included in Broad Money

Broad Money-M2

Other Deposits

Narrow Money-M1

Transferable Deposits

Of which Foreign Currency Accounts

Currency Outside Depository Corporations

Memorandum Items
Reserve Money

FCAs as a Percentage of Deposits in M3

End Period Exchange Rate

Source: Reserve Bank of Zimbabwe, 2022
Notes:
(i) Depository corporations survey - formerly Monetary Survey.
(ii) Broad money redefined using IMF's Monetary and Financial Statistics Manual of 2000. Major changes include exclusion of Government deposits held by banks from broad money.
(iii) Transferable deposits made up of demand and savings deposits.
(iv) NCDs are also referred to as securities included in broad money.
(v) All classes of time deposits, short and long term are classified as time deposits, which are also termed other deposits.
(vi) Credit to the private sector now excludes claims on other financial corporations, as well as claims on state and local government (local authorities)
(vii) Depository corporations made up of the Central Bank and other depository corporations
(viii) Other depository corporations (ODCs) - Commercial banks, merchant banks, building societies and POSB.
(ix) In December 2017, the statistics were adjusted in restrospect by reclassifying Securities issued under Aftrades from claims on government to claims on central bank
(x) In December 2017, the statistics were adjusted in restrospect by reclassifying amounts accessed by banks under the Aftrades from liabilities to Other Depository corporations and Other Financial Corporations to liabilities to 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 CORPORATIONS SURVEY (ZWL$ '000)

TABLE 2: CENTRAL BANK SURVEY (ZWL$'000)
Dec-20
Jan-21
Feb-21
Mar-21
Apr-21
May-21
Jun-21
Jul-21
Aug-21
Sep-21
Oct-21
Nov-21
Dec-21
Jan-22
Feb-22
Mar-22
Net Foreign Assets

Claims on Non Residents

Official Reserves Assets

Other Foreign Assets

Less Liabilities to Non Residents

Short Term Liabilities

Other Foreign Liabilities*

of which blocked funds

Net Domestic Assets (NDA)

Domestic Claims

Net Claims on Central Government

Claims on Central Government

Of which: Securities Other than Shares

Loans

Loans and Advances

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)

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

Reserve Deposits

Exess reserves

Private Deposits

Source: Reserve Bank of Zimbabwe 2022
NB: * Other Foreign Liabilities include blocked funds amounting to USD2.2 billion assumed by the Central Bank on behalf of Government.

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

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Source: Reserve Bank of Zimbabwe, 2022
TABLE 4.1: RESERVE BANK - ASSETS
Foreign Assets
Loans and advances
Investments

Foreign
TOTAL
End of
Notes
Bond
&
Balances
Balances with
Balances
Other Claims
Local
Other
Notes &
Coin
with
Other Depository
with
on
Government1
oca
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
23.4

66.9

2,528.5

291.2

111.9


Feb
20.0

46.8

2,516.8

347.6

114.2


Mar
16.7

57.9

2,457.7

312.8

139.2


Apr
14.9

61.9

2,423.5

337.0

120.8


May
14.2

71.7

2,543.0

477.8

138.6


Jun
9.0

58.5

3,081.0

509.8

120.0


Jul
20.6

61.9

3,450.6

466.4

111.6


Aug
23.1

72.3

3,475.7

377.8

105.3


Sep
18.2

61.5

3,781.6

398.1

159.1


Oct
39.9

70.4

3,771.3

368.3

185.5


Nov
30.6

84.6

3,696.3

300.6

209.8


Dec
20.5

94.5

3,949.5

439.6

235.5


Jan
49.0

113.4

3,901.0

401.9

261.6


Feb
59.7

256.8

3,764.8

357.1

570.4


Mar
62.5

263.2

3,891.0

432.9

739.3


Apr
45.2

363.5

4,153.9

578.9

1,031.9


May
98.7

484.2

4,089.2

694.1

1,890.1


Jun
126.3

882.2

4,518.6

560.2

2,383.0


Jul
232.4

968.8

5,605.6

370.4

3,738.0


Aug
184.4

1,150.4

7,956.5

527.8

3,904.2


Sep
124.5

2,108.5

9,128.1

874.0

5,678.3


Oct
144.3

1,906.0

11,613.0

2,511.0

7,644.9


Nov
128.8

2,243.1

11,417.7

2,236.3

8,417.4


Dec
169.8

2,526.2

13,994.1

1,254.7

8,415.7


Jan
183.4

3,176.6

13,217.3

1,073.2

8,142.0


Feb
267.1

3,136.4

13,817.0

1,504.5

8,642.5


Mar
263.6

3,607.6

16,167.1

2,214.4

12,681.9


Apr
298.5

3,642.9

17,926.4

1,523.3

13,697.1


May
330.0

3,581.8

21,376.4

1,749.6

15,757.4


Jun
606.6

9,584.7

29,457.9

3,974.7

35,786.5


Jul
690.8

18,357.0

54,139.7

5,578.7

42,159.7


Aug
975.1

28,776.0

54,868.5

4,623.1

41,100.2


Sep
1,084.2

30,217.6

56,679.6

4,426.6

39,530.8


Oct
1,064.2

32,235.0

66,948.5

4,457.3

40,092.7


Nov
1,063.6

34,673.9

73,237.2

4,211.3

41,173.6


Dec
1,177.8

39,886.8

76,076.5

5,771.7

38,623.2


Jan
1,483.3

42,733.9

77,994.4

13,109.2

40,071.8


Feb
1,735.4

41,180.7

76,140.3

17,748.1

39,141.4


Mar
1,457.1

40,953.3

83,032.1

6,945.5

42,516.8


Apr
1,699.7

40,964.4

85,330.2

6,844.8

49,733.4


May
1,906.1

30,579.1

94,330.9

7,907.2

63,644.8


Jun
1,702.8

30,255.6

75,795.2

25,605.9

72,780.6


Jul
2,139.9

30,509.1

104,983.5

17,817.9

82,032.9


Aug
2,551.1

33,323.4

93,806.9

11,919.2

72,753.9


Sep
2,853.7

38,500.1

100,996.0

8,626.8

68,707.9


Oct
2,611.1

50,074.7

108,009.2

9,575.8

89,822.4


Nov
2,721.5

53,424.3

107,781.7

15,560.6

74,072.3


Dec
2,838.3

50,031.0

118,451.3

13,654.0

91,352.6


Jan
2,891.2

53,378.3

116,654.8

13,232.3

69,668.2


Feb
2,577.7

62,064.5

122,479.8

17,480.5

76,802.2


Mar
2,111.5

76,544.2

142,962.5

19,239.6

87,884.5


Source:Reserve Bank of Zimbabwe, 2022
Notes
1.Government securities includes treasuary bills and bonds
2.Includes bankers acceptances, discounted bills and negotiable certificates of deposits.
3.Includes households and other financial corporations.
Debt Securities
Loans and Advances
Public
Enterprises
TABLE 5.1: OTHER DEPOSITORY CORPORATIONS -ASSETS
ZWL$ millions

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

Jan

Feb

Mar

Apr

May

June

July

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

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

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

TOTAL
End of
Foreign
Bond
Notes
Balances
Balances with
Balances
Other Claims
Local
Public
Other
Contigent
Non Financial
Notes &
&
with
Other Depository
with
on
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
22.4

64.1

2,294.5

192.1

103.4

81.9

2,143.2

-

23.5

65.9

26.3

20.6

154.8

2,451.1

28.7

501.0

294.2

538.9

9,006.6

Feb
18.3

44.0

2,296.8

223.7

108.3

96.2

2,109.3

-

23.5

66.1

24.3

21.1

145.0

2,461.5

28.7

507.8

290.6

536.3

9,001.5

Mar
14.8

53.6

2,238.8

240.7

124.5

99.5

2,164.0

-

23.5

66.7

19.2

15.9

127.1

2,535.8

30.4

504.1

325.8

552.3

9,136.6

Apr
13.5

56.7

2,207.9

275.0

116.7

78.5

2,314.9

-

24.7

67.0

13.4

20.9

120.8

2,519.8

28.3

532.0

299.0

554.9

9,244.0

May
12.9

62.8

2,309.0

339.5

130.1

85.7

2,562.4

-

25.0

66.9

8.4

20.9

134.0

2,556.2

23.9

458.9

307.9

555.3

9,659.8

June
7.5

52.6

2,848.5

331.8

117.3

84.1

2,538.3

-

26.2

66.5

7.4

19.4

196.0

2,662.2

25.5

551.4

302.9

563.4

10,401.0

July
17.9

54.3

3,189.6

281.1

109.3

95.4

2,949.2

-

-

67.5

4.5

21.0

182.0

2,414.6

26.0

611.4

322.5

565.1

10,911.4

Aug
21.0

67.8

3,196.7

232.3

102.5

66.3

3,014.9

-

-

67.3

7.1

20.6

186.7

2,491.0

29.8

647.7

329.4

566.3

11,047.4

Sep
16.3

58.2

3,487.9

305.3

137.8

78.0

2,789.8

-

45.2

68.1

5.4

20.4

212.2

2,577.1

36.7

637.4

357.4

571.8

11,405.0

Oct
33.1

68.0

3,505.8

272.1

173.1

51.4

2,728.8

-

45.2

68.4

4.6

9.4

188.8

2,697.4

38.7

647.5

353.2

569.2

11,454.9

Nov
25.8

81.4

3,384.4

264.6

198.2

63.9

2,793.9

-

45.2

68.7

7.0

8.1

217.7

2,672.3

46.1

633.2

406.6

569.8

11,486.9

Dec
18.2

89.9

3,737.0

317.3

224.4

74.8

2,633.7

-

43.4

69.2

6.2

9.2

204.3

2,707.6

53.7

573.8

406.2

633.9

11,802.7

Jan
42.05

106.91

3,766.70

338.09

249.77

46.14

2,621.20

-

61.02

68.66

4.41

8.06

189.15

2,594.53

33.84

517.24

428.82

649.94

11,726.5

Feb
52.63

238.67

3,601.94

293.36

549.59

205.65

2,675.29

-

60.52

2.00

5.84

7.71

208.31

2,784.17

31.04

490.74

472.78

696.82

12,377.1

Mar
59.17

244.62

3,729.81

393.22

712.08

55.05

2,635.68

-

61.52

4.53

4.27

9.53

340.66

2,660.90

25.33

523.72

755.57

971.53

13,187.2

Apr
40.82

331.97

3,876.83

492.10

981.80

91.75

2,590.97

-

61.79

3.95

3.98

9.62

407.85

2,721.57

24.55

620.52

935.27

1,002.47

14,197.8

May
94.59

444.70

3,886.07

571.50

1,747.69

154.08

2,508.43

-

62.12

4.20

3.93

9.43

636.78

3,056.86

34.46

910.14

1,832.95

1,142.77

17,100.7

Jun
119.69

810.71

4,104.17

413.18

2,244.98

538.88

2,596.97

-

63.09

6.62

3.89

8.73

929.36

3,667.45

37.02

1,606.53

1,374.23

1,621.33

20,146.8

Jul
224.75

791.31

5,081.19

275.44

3,602.89

801.93

2,640.55

-

103.36

5.49

2.18

9.00

164.58

4,043.75

32.65

1,587.68

1,873.44

1,722.66

22,962.9

Aug
178.74

1,054.06

7,123.10

461.83

3,778.75

1,050.74

3,106.90

-

103.86

6.78

1.04

9.21

212.50

4,430.78

37.42

2,614.64

1,744.16

1,989.27

27,903.8

Sep
108.51

1,915.41

8,246.09

676.17

5,563.16

1,575.75

3,240.85

-

26.96

6.47

1.37

9.40

187.53

4,993.71

42.30

3,707.80

3,074.10

2,440.63

35,816.2

Oct
138.01

1,702.35

10,537.81

2,437.08

7,376.80

906.98

3,416.23

-

27.05

5.29

1.15

7.94

254.84

5,859.32

41.94

4,081.09

1,658.19

2,434.21

40,886.3

Nov
113.92

2,078.54

10,430.55

2,073.35

7,977.27

940.70

3,737.72

-

27.15

11.83

1.37

8.74

248.79

7,670.96

42.07

3,148.28

1,627.27

3,059.40

43,197.9

Dec
158.44

2,300.01

12,821.54

934.73

7,898.48

1,984.08

3,716.31

-

24.75

20.65

1.33

8.11

268.61

8,976.00

61.84

4,867.67

2,740.16

6,935.56

53,718.3

Jan
165.80

2,845.62

12,018.43

708.00

7,706.57

1,811.38

4,029.43

-

125.52

14.97

5.11

12.17

326.11

10,766.91

77.59

2,965.93

3,395.90

8,058.15

55,033.6

Feb
251.70

2,756.57

12,731.97

889.16

8,264.76

1,532.87

3,877.19

-

117.45

13.99

5.15

11.56

329.47

11,656.91

88.37

5,441.70

11,907.90

8,653.69

68,530.4

Mar
242.41

3,063.92

14,545.58

1,948.14

12,381.17

2,497.47

4,373.76

-

0.08

20.23

4.39

11.39

765.82

14,041.67

127.46

7,917.31

5,718.53

9,244.62

76,904.0

Apr
263.29

3,147.75

16,673.44

1,287.51

13,285.14

3,056.32

4,235.96

-

0.08

18.39

4.47

9.75

834.72

14,864.30

129.90

7,642.80

6,534.14

9,703.93

81,691.9

May
284.33

3,144.57

19,827.46

1,553.68

15,003.29

3,130.38

4,160.50

-

0.12

45.79

4.53

9.61

768.01

17,762.27

143.44

7,042.04

6,012.40

9,845.09

88,737.5

Jun
515.11

8,372.39

26,368.55

3,570.85

34,550.44

7,527.46

5,841.98

-

0.12

90.14

4.29

9.41

2,010.79

26,638.87

215.56

24,299.33

14,590.26

18,983.05

173,588.6

Jul
577.99

16,536.53

49,470.13

4,219.81

40,259.84

11,399.93

6,357.84

-

-

74.57

4.33

12.61

1,025.78

33,054.99

229.06

28,551.07

10,247.64

19,646.49

221,668.6

Aug
821.16

26,519.73

49,165.59

4,265.44

38,763.72

14,219.24

6,484.68

-

-

39.07

14.05

14.74

1,046.29

38,741.31

231.00

25,354.64

9,460.49

19,961.16

235,102.3

Sep
891.26

27,646.41

51,169.67

3,898.65

38,420.20

14,126.83

6,354.19

-

-

107.40

9.61

22.30

1,050.38

41,088.91

228.95

28,289.36

17,608.70

19,375.08

250,287.9

Oct
896.48

29,309.79

60,589.19

3,602.58

38,877.31

13,530.74

7,763.97

-

20.06

109.83

17.57

22.18

1,019.00

48,440.92

268.07

29,764.70

15,978.22

19,616.63

269,827.2

Nov
919.42

31,596.89

67,899.10

3,494.87

39,693.38

14,134.74

7,098.29

-

0.02

110.37

20.00

16.81

1,269.94

54,496.74

259.90

29,821.16

16,683.48

19,526.70

287,041.8

Dec
1,019.76

36,507.59

70,392.07

4,949.48

37,346.17

10,803.58

9,985.57

-

-

1.18

23.30

26.76

1,269.01

62,953.03

718.16

29,608.01

12,793.91

28,230.82

306,628.4

Jan
1,237.43

39,565.64

71,463.64

12,288.89

39,092.85

10,921.99

8,281.80

-

-

1.18

16.67

18.01

1,264.28

71,090.96

718.83

25,036.22

12,333.21

32,123.11

325,454.7

Feb
1,320.27

38,100.03

69,341.48

16,867.76

38,108.83

6,341.39

12,518.15

-

-

1.26

24.15

22.69

1,493.66

77,324.34

774.89

28,339.17

15,953.14

33,612.14

340,143.4

Mar
1,244.16

38,369.53

76,479.44

5,317.61

41,401.24

8,733.65

15,889.61

-

19.21

34.56

15.17

21.67

1,309.75

80,607.03

878.97

32,908.13

19,302.34

30,861.86

353,393.9

Apr
1,430.83

38,008.89

79,592.64

5,639.40

48,564.03

7,679.05

18,267.01

-

19.23

62.89

19.86

12.71

1,336.70

91,062.16

956.75

34,537.88

21,214.88

32,383.77

380,788.7

May
1,648.09

28,677.21

87,611.51

6,479.66

59,745.10

11,582.44

18,846.75

-

152.75

93.37

21.77

16.58

1,263.75

94,790.46

990.41

35,592.28

21,398.95

31,307.45

400,218.5

Jun
1,419.27

28,452.53

69,413.26

24,215.35

70,835.98

17,601.31

17,152.75

-

19.46

92.91

17.91

77.79

1,511.86

106,954.15

1,247.08

26,856.45

26,444.57

33,288.94

425,601.6

Jul
1,794.72

29,100.73

97,429.50

15,901.02

79,937.02

25,314.30

21,665.10

-

290.76

47.39

17.32

67.80

1,351.13

117,348.16

1,301.18

26,869.18

29,079.64

33,587.68

481,102.6

Aug
2,137.72

31,734.84

85,441.98

9,099.10

70,391.64

25,194.95

31,434.20

-

339.72

51.28

22.49

63.94

1,583.28

132,522.63

1,337.19

32,281.12

30,022.43

37,697.05

491,355.6

Sep
2,417.81

36,259.54

93,032.71

6,164.78

66,640.78

25,023.38

31,460.81

-

366.88

57.60

21.07

62.45

1,531.08

134,780.92

1,342.62

31,980.97

30,439.34

34,630.85

496,213.6

Oct
1,993.06

47,379.62

99,470.02

7,339.71

86,302.62

26,924.18

37,639.16

-

188.07

121.59

21.20

75.41

1,683.89

149,477.36

1,523.34

49,580.96

40,853.06

36,664.31

587,237.6

Nov
2,168.80

49,327.15

100,125.90

12,723.73

71,667.33

29,748.47

41,015.56

-

187.03

999.12

21.24

74.76

1,882.53

168,661.25

1,484.24

52,327.68

40,073.22

43,878.52

616,366.5

Dec
2,315.32

46,412.99

109,803.84

10,942.92

87,347.07

33,690.93

38,610.29

-

185.99

4,146.13

21.09

167.53

2,798.61

184,836.87

3,368.75

60,916.98

41,811.67

59,011.63

686,388.6

Jan
2,359.27

49,206.02

108,119.97

10,419.90

66,808.45

30,774.31

38,636.84

-

186.80

801.50

20.33

163.02

3,628.73

199,495.34

2,997.94

53,627.76

47,405.91

69,989.80

684,641.9

Feb
1,971.78

57,553.54

112,522.99

14,300.66

70,750.63

28,703.53

44,705.21

-

-

976.55

20.34

158.06

5,367.16

215,520.37

3,055.50

55,099.61

53,459.12

70,832.47

734,997.5

Mar
1,541.49

70,856.33

130,423.48

15,503.46

82,662.70

43,284.13

44,874.23

-

-

1,380.20

19.40

253.42

6,240.94

258,715.05

3,092.69

65,660.61

58,874.69

76,938.87

860,321.7

Source:Reserve Bank of Zimbabwe,2022
TABLE 6.1: COMMERCIAL BANKS -ASSETS
ZWL$ millions
Debt Securities
Loans and Advances

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
0.9

2.3

197.4

98.7

7.8

-

129.8

34.5

-

-

413.2

-

508.7

144.9

136.1

1,674.3

Feb
1.5

1.8

172.4

123.5

5.5

-

141.3

33.5

-

-

414.8

-

507.9

125.7

135.7

1,663.6

Mar
1.4

3.4

175.9

72.1

14.1

-

212.6

32.8

-

-

411.4

-

539.4

142.8

132.3

1,738.2

Apr
1.1

4.3

185.5

61.9

3.6

-

184.4

32.0

-

-

413.3

-

582.7

141.6

135.2

1,745.7

May
1.0

7.6

196.3

138.2

8.1

-

191.0

30.9

-

-

415.0

-

608.4

128.1

137.4

1,862.0

June
1.2

4.9

188.6

177.8

1.9

-

266.2

30.1

-

-

413.9

-

614.3

124.0

141.5

1,964.5

July
1.8

6.6

207.1

185.1

1.7

-

283.2

33.3

-

-

423.5

-

636.1

128.2

141.1

2,047.7

Aug
1.6

3.7

224.7

145.3

2.4

-

288.9

32.2

-

-

428.2

-

579.4

139.1

143.7

1,989.2

Sep
1.9

2.9

245.6

92.6

20.8

-

291.1

31.2

-

-

430.3

-

650.2

148.1

144.4

2,059.1

Oct
4.9

2.1

220.0

95.8

11.9

-

318.9

30.2

-

-

427.7

-

639.8

154.2

147.0

2,052.5

Nov
3.6

2.9

243.3

35.7

10.4

-

320.7

28.9

-

-

433.5

-

635.7

148.0

145.8

2,008.5

Dec
2.3

4.3

157.4

121.3

10.4

-

339.4

28.0

-

-

444.8

-

645.9

179.7

151.9

2,085.6

Jan
6.3

4.6
108.2

63.5
10.9

-

343.8

27.3
33.6

-

438.0

-

649.3

136.7
151.2

1,973.3

Feb
5.4

17.6
120.6

62.8
18.1

-

339.6

26.5
-

-

416.1

-

696.1

171.1
156.7

2,030.8

Mar
2.6

18.0
126.3

38.6
23.9

-

331.7

25.5
-

-

415.1

-

710.1

172.1
207.4

2,071.2

Apr
3.7

30.6
220.3

85.0
47.6

-

271.6

25.0
-

-

414.1

-

705.0

169.0
276.2

2,247.8

May
3.9

38.4
162.2

115.4
139.0

-

345.5

23.9
-

-

406.2

-

776.6

165.7
363.4

2,540.1

Jun
6.3

69.8
361.6

144.5
132.4

-

265.8

22.6
-

-

421.7

-

873.6

210.5
473.0

2,981.8

Jul
6.5

174.7
473.9

89.7
131.1

-

258.3

22.2
-

-

416.0

-

934.6

203.1
565.6

3,275.8

Aug
5.5

94.5
758.0

60.6
115.5

-

247.4

21.5
-

-

418.1

-

970.6

345.1
567.6

3,604.2

Sep
15.8

180.3
831.8

195.4
104.2

-

267.6

20.9
-

-

499.1

-

1,137.6

528.8
1,042.2

4,823.6

Oct
6.2

198.7
997.2

72.2
243.7

-

268.8

20.2
-

-

429.8

-

1,286.7

503.4
1,069.3

5,096.2

Nov
11.9

156.1
872.3

159.7
426.0

-

338.6

19.6
-

-

443.5

-

1,357.4

575.8
1,068.7

5,429.6

Dec
9.2

223.9
1,016.9

317.4
492.3

-

308.3

18.2
-

-

454.5

-

1,413.5

700.6
1,470.0

6,424.9

Jan
16.3

322.3
1,106.8

361.8
421.8

-

283.0

20.1
-

-

478.2

-

1,498.8

717.5
1,552.8

6,779.5

Feb
14.5

368.2
977.2

612.5
370.5

-

357.1

20.1
-

1.5

503.6

-

2,097.7

735.9
1,538.8

7,597.4

Mar
20.1

529.4
1,423.7

261.8
282.6

-

341.6

19.2
-

0.6

526.4

-

2,406.4

1165.6
1,914.1

8,891.5

Apr
33.1

493.1
914.2

232.1
384.9

-

424.3

18.1
-

-

525.9

-

2,568.2

1528.5
2,134.4

9,256.8

May
39.7

434.7
1,248.4

192.3
725.0

-

382.4

17.0
-

-

517.6

-

2,793.4

2669.6
2,146.1

11,166.3

Jun
88.7

1167.9
2,857.8

395.9
1,222.0

-

385.4

13.8
-

-

653.4

-

4,663.9

2688.0
4,712.1

18,848.8

Jul
109.1

1780.7
3,878.9

1342.9
1,879.4

-

346.6

13.4
-

-

585.7

-

5,648.0

3879.5
4,927.7

24,391.8

Aug
142.9

2175.5
4,799.3

341.7
2,310.6

-

294.6

13.1
-

-

688.7

-

6,552.1

4480.3
6,104.6

27,903.4

Sep
179.8

2469.9
4,547.1

504.6
1,027.7

-

218.3

12.9
-

0.4

741.5

-

6,518.3

2774.9
6,503.8

25,499.1

Oct
149.1

2787.0
5,056.1

778.9
1,182.4

-

206.5

12.3
-

112.2

772.3

-

6,874.4

2795.4
6,537.1

27,263.4

Nov
104.3

2935.7
4,448.9

691.0
1,412.8

-

1,666.7

11.6
-

157.8

930.4

-

7,498.6

2571.1
6,712.9

29,141.9

Dec
116.2

3210.3
5,085.9

802.0
1,183.4

-

1,830.2

11.2
-

251.1

1,008.4

-

8,562.3

2559.4
7,352.9

31,973.2

Jan
188.7

2943.3
5,986.5

793.8
843.5

-

1,783.8

10.2
-

211.3

1,091.3

0.0

9,329.1

2980.3
7,685.1

33,846.9

Feb
345.7

2762.9
6,004.8

811.1
984.2

-

2,731.0

9.2
-

236.8

2,089.3

-

8,950.2

2949.2
7,790.6

35,665.0

Mar
168.3

2278.9
6,313.1

1594.4
1,028.2

-

1,341.7

8.4
-

415.1

1,242.4

-

10,867.7

3027.5
7,841.0

36,126.8

Apr
206.9

2702.1
5,302.6

1156.7
1,085.4

-

871.7

7.7
-

508.9

1,581.5

-

14,233.6

3431.1
7,237.9

38,326.2

May
210.3

1687.6
5,962.2

1250.9
3,847.1

-

116.9

7.0
-

517.7

1,568.8

-

17,154.9

2927.9
7,532.9

42,784.2

Jun
249.6

1649.7
6,202.6

1163.8
1,866.7

-

204.6

6.5
-

588.0

1,851.9

-

18,795.4

2580.9
7,701.1

42,860.7

Jul
283.7

1212.2
7,193.4

1892.7
1,875.4

-

1,143.4

6.0
-

447.3

1,963.2

-

18,280.3

3923.5
7,695.6

45,916.5

Aug
352.8

1408.8
7,869.3

2537.6
2,316.2

-

3,535.6

5.4
-

399.5

2,101.3

-

19,422.2

3837.6
7,666.6

51,453.0

Sep
349.8

1926.6
7,608.5

2430.2
1,941.4

-

4,314.6

5.1
-

205.2

2,231.7

-

20,461.1

4013.2
9,460.7

54,948.1

Oct
411.5

2396.2
8,221.0

2162.4
3,421.5

-

5,627.7

4.3
-

271.1

2,539.5

-

22,881.3

5432.3
9,501.3

62,870.1

Nov
339.8

3578.4
7,561.6

2568.8
2,299.5

-

5,882.7

3.7
-

566.4

2,788.5

-

27,326.1

4400.3
9,614.3

66,930.0

Dec
351.1

3217.3
8,557.8

2619.2
3,620.2

-

2,353.6

3.0
-

1,189.0

2,786.9

-

33,115.3

5610.8
11,334.1

74,758.3

Jan
324.6

3504.3
8,506.5

2680.3
2,631.0

-

1,110.8

2.4
-

1,487.3

2,967.6

-

35,913.5

6693.8
14,008.7

79,830.9

Feb
411.5

4021.5
9,763.6

3069.7
5,678.0

-

4,048.9

1.6
-

1,465.4

3,241.1

-

39,977.5

4511.5
13,964.4

90,154.6

Mar
354.3

4413.6
11,882.6

3691.3
4,932.3

-

5,235.0

0.9
-

1,590.0

3,888.3

-

42,741.3

9086.6
15,421.2

103,237.4

Source:Reserve Bank of Zimbabwe,2022
Notes
1.Government securities include treasuary bills and bonds
2.Includes bankers acceptances, discounted bills and negotiable certificates of deposits.
3.Includes households and other financial corporations,
TABLE 7.1: BUILDING SOCIETIES -ASSETS
ZWL$ millions
Debt Securities
Loans and Advances

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

Mar

Apr

May

June

July

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

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source:Reserve Bank of Zimbabwe, 2022
Amounts Owing to
TABLE 7.2: BUILDING SOCIETIES -LIABILITIES
ZWL$ millions

TABLE 8.1: SECTORAL ANALYSIS OF COMMERCIAL BANKS LOANS AND ADVANCES
$ ('000)

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


INVESTMENTS
ORGANISATIONS

Jan

Feb

Mar

Apr

May

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

Apr

May

June

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source:Reserve Bank of Zimbabwe,2022
/1 Including the only merchant bank still in operation.

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source:Reserve Bank of Zimbabwe, 2022
TABLE 8.2: SECTORAL ANALYSIS OF COMMERCIAL BANKS DEPOSITS
$ ('000)

End of
ZETSS
CHEQUE
POS
ATM
MOBILE
INTERNET
End of
ZETSS
CHEQUE
POS
ATM
MOBILE
INTERNET

Jan
6,903.02 2.89
1,294.05
16.92 3,608.83 1,056.16
Jan
401.51 12.20
40,613.79
232.61 135,481.07 413.39
Feb
8,336.98 4.04
1,330.58
17.21 3,594.51 1,093.64
Feb
456.54 16.35
27,811.17
226.77 119,081.12 463.62
Mar
9,881.49 3.90
1,399.50
18.27 4,080.65 1,250.55
Mar
525.91 15.42
30,417.55
248.88 142,597.83 441.02
Apr
10,321.38 3.14
1,590.10
13.97 4,949.34 1,408.53
Apr
535.02 13.65
32,092.53
168.79 157,348.28 390.08
May
14,670.32 4.19
1,397.48
11.83 6,692.55 1,897.82
May
642.59 14.66
15,542.62
121.44 166,491.56 494.29
Jun
17,881.21 3.73
1,464.66
30.14 7,130.02 2,539.84
Jun
705.96 13.34
18,012.05
79.60 160,873.03 486.81
Jul
23,309.86 3.70
1,806.45
36.55 9,137.36 3,295.81
Jul
983.53 13.59
20,465.37
99.56 170,823.27 638.17
Aug
23,596.62 2.37
2,181.56
38.47 11,077.65 3,493.56
Aug
872.91 8.99
21,919.77
85.24 179,281.20 542.28
Sep
30,328.13 3.80
3,029.87
51.94 15,112.00 5,337.71
Sep
1,010.70 11.88
22,749.60
62.44 200,441.85 679.42
Oct
39,413.72 3.87
3,621.64
67.08 16,588.28 6,237.03
Oct
1,079.40 12.66
23,191.58
65.00 206,621.48 1,099.30
Nov
40,871.80 3.53
4,199.30
67.41 13,537.77 7,200.30
Nov
982.10 10.32
25,737.50
225.22 152,919.89 2,044.08
Dec
49,579.82 2.76
5,695.39
97.22 19,356.74 8,724.02
Dec
1,003.81 7.64
27,800.46
385.47 146,316.57 1,273.62

Jan
47,841.35 1.85
5,236.31
115.20 21,247.93 9,646.84
Jan
943.30 4.56
23,649.03
199.88 139,278.20 671.73
Feb
41,637.65 4.66
5,431.81
136.93 22,589.66 9,633.79
Feb
916.12 8.87
21,652.22
196.62 149,671.48 647.84
Mar
60,804.08 4.06
7,252.88
267.95 27,993.61 14,411.35
Mar
1,068.45 7.35
22,588.12
234.27 173,042.15 661.19
Apr

Apr
515.07 -
11,036.39
36.36 131,189.97 998.03
May

May
674.11 -
14,711.60
231.19 150,936.13 705.32
Jun

Jun
907.77 -
14,420.93
286.06 135,524.31 1,390.39
Jul

Jul
918.35 -
15,786.53
251.44 121,072.40 791.91
Aug

Aug
789.41 -
13,536.22
248.17 127,308.59 702.05
Sep
203,172.05 0.77
18,252.25
1,962.96 26,440.98 41,958.39
Sep
911.91 0.00
15,524.14
309.78 125,059.25 783.16
Oct

Oct
990.15 -
19,138.59
398.81 191,148.78 735.77
Nov

Nov
971.30 -
17,584.90
430.00 101,305.80 755.60
Dec

Dec
1,100.04 -
19,404.04
453.03 115,290.18 820.13

Jan

Jan

Feb

Feb

Mar

Mar

Apr

Apr

May

May

Jun

Jun

Jul

Jul

Aug

Aug

Sep

Sep

Oct

Oct

Nov

Nov

Dec

Dec


Jan

Jan

Feb

Feb

Mar

Mar

Apr

Apr
1,073.00
-
15,906.24 457.99 82,673.39 1,937.64
Source:Reserve Bank of Zimbabwe, 2022
TABLE 9.1 : ZETSS AND RETAIL PAYMENTS TRANSACTIONAL ACTIVITY
Values of Transactions (ZWL$ in millions)
TABLE 9.2 : ZETSS AND RETAIL PAYMENTS TRANSACTIONAL ACTIVITY
Volumes of Transactions (in thousands)

End of
Nominal Lending
Rates2
Individuals
Corporate
Savings
3 Months2

Jan
5.00-65.00
16.56
17.2
Jan
0.22-12.00
1.00-8.00
Feb
5.00-65.00
16.92
16.68
Feb
0.22-12.00
1.00-8.00
Mar
5.00-65.00
19.65
17.21
Mar
0.22-12.00
1.00-8.00
Apr
5.00-65.00
18.57
18.69
Apr
0.22-12.00
1.00-8.00
May
5.00-65.00
18.06
18.07
May
0.22-12.00
1.00-8.00
Jun
5.00-65.00
20.04
17.38
Jun
0.22-12.00
1.00-8.00
July
5.00-65.00
18.87
20.11
Jul
0.22-12.00
1.33-14.00
Aug
6.00-65.00
19.14
18.99
Aug
0.50-15.00
1.00-20.28
Sep
6.00-65.00
20.65
25.09
Sep
0.50-15.00
1.00-20.28
Oct
6.00-65.00
26.04
26.68
Oct
0.22-12.00
0.75-8.00
Nov
6.00-65.00
30.32
27.67
Nov
0.22-12.00
1.00-8.00
Dec
6.00-65.00
32.11
26.91
Dec
0.22-12.00
1.00-6.75

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
Source:Reserve Bank of Zimbabwe, 2022
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
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
Nov-20
Dec-20
Jan-21
Feb-21
Mar-21
Apr-21
May-21
Jun-21
Jul-21
Aug-21
Sep-21
Oct-21
Nov-21
Dec-21
Jan-22
Feb-22
Mar-22
Total
(Q1 2022)
Merchandise Imports (excl. energy)
224.7

263.1

241.7

255.4

291.2

276.4

256.6

237.5

372.9

344.1

248.9

303.4

342.5

367.9

318.2

413.4

390.2

385.9

364.4

363.0

292.8

330.2

986.0

- Consumption Goods
119.6

115.7

99.7

103.5

143.2

110.8

92.4

130.8

176.4

171.7

125.6

144.8

146.2

185.1

123.7

156.0

135.8

108.8

106.9

90.1

101.3

104.2

295.6

- Capital Goods
72.5

89.9

94.9

99.7

103.9

112.6

114.6

71.5

122.6

111.2

80.0

98.9

141.6

106.1

125.0

150.5

151.3

157.4

156.4

135.6

108.3

138.7

382.6

- Intermediate Goods
32.6

57.4

47.1

52.1

44.1

53.1

49.7

35.2

73.9

61.2

43.4

59.8

54.7

76.7

69.5

107.0

103.1

119.8

101.1

137.3

83.2

87.3

307.8

Energy (Fuel & Electricity)
34.8

41.8

49.5

58.4

90.7

58.0

58.7

64.9

72.3

69.3

64.7

62.5

77.0

80.6

81.5

86.1

109.3

118.6

95.4

165.9

99.2

105.8

370.9

Service Payments
52.9

36.7

50.2

37.9

34.9

40.6

25.3

31.0

44.2

41.8

37.4

48.2

51.4

60.7

62.9

57.3

63.5

72.9

64.0

62.8

51.6

59.7

174.1

- Technical, Professional & consult
33.0

19.4

34.7

18.2

17.4

21.8

11.5

13.4

13.9

15.3

12.9

19.1

21.1

33.4

26.4

24.9

25.1

38.1

37.6

38.0

17.6

32.0

87.6

- Software
9.0

4.2

4.2

4.8

5.5

6.9

3.7

3.2

5.9

5.1

5.2

7.2

7.2

8.4

7.9

5.3

8.0

5.4

6.4

3.6

10.0

6.6

20.2

- Other (tourism, edu, freight etc)
10.9

13.2

11.2

14.9

12.0

12.0

10.2

14.5

24.4

21.5

19.3

21.9

23.1

18.9

28.5

27.1

30.5

29.4

20.1

21.2

24.0

21.1

66.3

Income Payments (Profits, Dividends)
14.8

19.9

18.2

48.2

32.9

61.1

25.7

67.7

89.3

39.2

9.0

26.2

32.2

16.5

60.0

59.7

14.8

24.0

23.4

113.3

12.3

18.5

144.1

Capital Remittances (outward)
20.3

22.2

22.4

37.3

38.7

41.9

45.8

19.6

59.3

89.0

34.3

34.3

81.0

48.5

64.9

49.1

44.0

69.6

44.3

42.4

32.9

41.7

117.0

- External Loan Repayments
17.5

15.9

19.2

29.0

30.2

35.5

37.7

18.5

51.8

79.3

28.7

26.2

63.7

43.3

61.1

45.1

40.4

62.0

36.2

29.2

19.1

40.1

88.4

- Disinvestments
1.7

3.9

1.0

3.7

3.7

3.5

6.5

0.8

3.7

7.7

3.3

4.5

11.1

3.4

1.9

3.8

3.1

4.8

7.5

2.7

3.4

0.4

6.5

- Cross Border Investment
1.2

2.5

2.1

4.6

4.9

2.8

1.6

0.2

3.8

2.0

2.2

3.6

6.3

1.8

1.9

0.2

0.5

2.8

0.5

10.5

10.4

1.2

22.1

Other Payments
6.0

7.4

7.3

9.2

9.3

9.4

4.3

13.3

27.9

15.8

5.5

16.1

17.4

15.6

10.2

12.8

15.2

18.1

13.4

12.0

9.9

11.5

33.4

TOTAL
353.5

391.1

389.2

446.4

497.7

487.4

416.4

433.9

665.9

599.2

399.8

490.7

601.4

589.8

597.7

678.5

637.0

689.1

604.9

759.4

498.6

567.6

1,825.6

Source:Reserve Bank of Zimbabwe, 2022
Table 13.1: Monthly Cross Border Payments (US$ Millions)

Agriculture
Horticulture
Manufacturing
Mining
Tobacco
Tourism
Transport &
Other Services
Total
End of
Telecom

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

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