QUARTERLY
ECONOMIC
REVIEW


June 2020

CONTENTS

List of Figures
Figure 12: Quarterly Trends in Gold output (kg) and average international prices (US$/ounce) 18

List of Tables


1.
OVERVIEW

The global economy is reeling from the negative
impact of strict and relatively lengthy lockdowns,
implemented to contain the spread of the COVID19 pandemic. In this regard, the International
Monetary Fund (IMF), in its June 2020 World
Economic Outlook (WEO), projected the global
economy to contract by 4.9% in 2020, before
recovering to a growth of 5.4% in 2021. On the
domestic front, the containment measures put in
place by Government to limit the spread of the
COVID-19 pandemic, coupled with other
economic challenges, slowed down economic
activity. As a result, the domestic economy is now
expected to contract by 4.5% in 2020.
The quarter under review saw annual headline
inflation accelerate from 676.39% in March 2020
to 737.26% in June 2020. This, notwithstanding,
the Bank continued to put in place measures to
stabilise the exchange rate and anchor inflation
expectations.

As a consequence of the negative impact of
COVID-19 restrictions, total merchandise trade
declined by 16.2% to US$1,822.6 million in the
second quarter of 2020, from US$2,175.4 million
recorded in the corresponding quarter in 2019.
Merchandise exports stood at US$829.2 million,
against merchandise imports of US$993.4
million, culminating in a trade deficit of
US$164.2 million, for the second quarter of 2020.

1 From November 2017, broad money was adjusted by a
reclassification of “lines of credit” that were incorrectly
classified as deposits included in broad money. This
Developments in the monetary sector culminated
in a 106.2% growth in broad money1, from
ZW$48.40 billion in March 2020 to ZW$99.82
billion in June 2020. The increase largely
reflected valuation changes owing to the
depreciation of the exchange rate, from ZW$25
per US$1 as at end March 2020 to ZW$ 57.4 per
US$1 by end June 2020.
During the second quarter of 2020, the Zimbabwe
Stock Exchange (ZSE) was characterised by
bullish sentiments, as investors sought a safe
haven for their wealth, in light of limited
investments options. The All Share and Top 10
indices grew by 773.63% and 232.52%, to close
at
1,788.75
points
and
1,232.79
points,
respectively, in June 2020. As a result, ZSE
market capitalisation surged by 289.98%, from
ZW$58.61
billion
in
March

to
ZW$228.57 billion in June 2020.

Activity on the National Payment system (NPS)
was buoyant, with the value of transactions
processed through the NPS amounting to
ZW$353.2 billion in the second quarter of 2020,
up from ZW$278.13 billion in the first quarter.
NPS transaction volumes, however, registered a
decrease of 14% to 465.5 million in the second
quarter. Transactions processed through the Real
Time Gross Settlement (RTGS) system increased
by 32.0% to close at ZW$198.1 billion, during the
quarter under review.

reduced the stock of money and at the same time reduced
the net foreign assets of Other Depository Corporations.

2. INTERNATIONAL
ECONOMIC
DEVELOPMENTS

Prospects for global economic activity for 2020
remain considerably weak, mainly on account of
the coronavirus (COVID-19) pandemic, which
rapidly intensified in a number of emerging
market and developing economies. Stringent
lockdown measures put in place resulted in larger
disruptions to economic activity than forecast.
The pandemic negatively impacted on economic
activity in the first half of 2020 at a more than
expected scale, with economic recovery now
expected to be more gradual than previously
anticipated. The IMF indicated that consumption
growth, in particular, has been revised downwards
for most economies, reflecting heightened risks
posed by disruptions to economic activity.

Accordingly, in its June 2020 update of the World
Economic Outlook Report, the IMF projects the
global economy to sharply contract by -4.9% in
2020, much worse than the earlier projection in
the April 2020 update. The global economy is,
however, expected to grow by 5.4% in 2021. The
rebound in 2021 will depend critically on the
prospects of a reduction in the rates of infection
by the pandemic in the second half of 2020;
allowing containment efforts to be gradually
scaled back, and restoring consumer and investor
confidence. Table 1 shows the Fund’s revised
global growth prospects for 2020 and projections
for 2021.

2 Growth rates projections for Zimbabwe are from
Treasury, Reserve Bank & actuals from Zimstat
Table
1:
Global
Economic Growth &
Outlook(%)

(Projection)

(Projection)
World Output
2.9
-4.9
5.4
Advanced
Economies
1.7
-8.0
4.8
US
2.3
-8.0
4.5
Euro Area
1.3
-10.2
6.0
Japan
0.7
-5.8
2.4
Emerging
Market
&
Developing
Economies
3.7
-3.0
5.9
China
6.1
1.0
8.2
India
4.2
-4.5
6.0
Sub-Saharan
3.1
-3.2
3.4
Zimbabwe2
-6.0
-4.5
7.4
Nigeria
2.2
-5.4
2.6
South Africa
0.2
-8.0
3.5
Source: IMF World Economic Outlook: June 2020
The IMF projects advanced economies as a group
to contract by 8.0% in 2020, with the United
States economy also projected to decline by 8.0%,
more than twice the rate of decline experienced,
during the 2008 financial crisis. The rate of
economic growth in the Euro area is projected to
decline by 10.2%, while developing and emerging
economies are projected to decline by 3.0%,
reflecting tightening global financial conditions
and falling global trade and commodity prices.

In contrast, China is projected to experience a
small but positive rate of economic growth of 1%
in 2020. The IMF also argued that recovery of the
global economy could be weaker than projected,
as a result of lingering uncertainty about possible
contagion, lack of confidence, and permanent
closure of businesses and shifts in the behaviour
of firms and households, due to the COVID 19
pandemic.
The Sub-Saharan African region (SSA) is also
facing similar challenges and according to the
June 2020 World Economic Outlook, the region’s
growth forecast was revised from an initial growth
of -1.6% in the April 2020 update to -3.2% in the
June 2020 update. In particular, South Africa’s
economy is projected to slow down by -8.0% in
2020, due to the adverse effects of the COVID-19
pandemic
and
the
lockdown
measures
implemented by government to curb the spread of
the virus.
INTERNATIONAL COMMODITY PRICE
DEVELOPMENTS

During the second quarter of 2020, international
prices for precious metals exhibited a mixed
trend, as the safe-haven demand for gold was
robust, while the demand for platinum was
weaker. Copper and nickel prices remained
depressed mainly due to the effects of COVID-19
pandemic, which dampened the demand outlook
for base metals. Similarly, Brent crude oil also
recorded huge losses during the second quarter of
2020, amid a collapse in global demand.
Table 2 shows the evolution of international
prices for selected commodities, during the
second quarter of 2020.
Table 2: International Commodity Prices:
Q1 2020

Gold
Platinum
Copper
Nickel
Brent
Crude Oil

US$/oz
US$/oz
US$/tonne
US$/tonne
US$/Barrel
2020 Q1
Average

Apr-20

May-20

Jun-20

2020 Q2
Average

2020 Q1Q2
Changes

Source: Bloomberg, BBC, 2020
Precious Metals
During the second quarter of 2020, precious metal
prices exhibited a mixed trend, with gold
quarterly average prices increasing, whilst
platinum prices decreased. Gold prices were
bolstered by safe-haven demand, as investors
shifted from riskier assets. Muted industrial
demand negatively impacted platinum prices.

Quarterly average prices of gold increased by 8%
to US$ 1,710.50 per ounce in the second quarter,
from US$ 1,584.19 per ounce recorded in the first
quarter of 2020. On the other hand, quarterly
average prices for platinum declined by 12.6%,
from US$904.70 per ounce recorded in the
previous quarter, to US$790.83 per ounce
recorded in the second quarter of 2020. Figure 1
shows the evolution of gold and platinum prices
for the period from March 2019 to June 2020.

Figure
1:
Precious
Mineral
Prices
(US$/ounce): Mar 2019 – June

Source: Bloomberg, 2020
Base Metals
Base metal prices somewhat recovered during the
period under review, owing to improved demand
from China, the world’s top consumer. Prices
were also supported by tight supply conditions in
key
source
countries.
Expectations
of
infrastructure-led recovery in China and the UK
and the announcement of a new green deal3 in
Europe improved investor confidence. Signs of
rising demand was evidenced in declining
inventories of scrap metal. The outbreak of
coronavirus in Chilean and Peruvian mines, the
world’s top two copper producers, supported
prices from the supply-side.

Likewise, the price of nickel got support from
Indonesia’s on-going ban on nickel ore exports to

3 The European Green Deal aims to transform the 27country bloc from a high- to a low-carbon economy,
without reducing prosperity and while improving
China. Notwithstanding the signs of recovery,
subdued global economic activity continued to
weigh down prices. Record low prices levels were
registered in April 2020 due to lockdowns across
the globe, with the price of copper at US$5 039
per tonne and nickel at US$11 741 per tonne.

On a quarterly basis, the price of copper increased
by 11.01%, from US$5 168 per tonne in the first
quarter of 2020, to an average of US$5 742 per
tonne recorded in the second quarter. Similarly,
nickel prices rose by 7.2%, from US$11 848 per
tonne in first quarter to US$12 702 per tonne,
during the second quarter.

Figure 2 shows the monthly trends for base metal
prices for the period from March 2018 to June
2020.


people's quality of life, through cleaner air and water,
better health and a thriving natural world

Mar-19
Jun-19
Sep-19
Dec-19
Mar-20
Jun-20
Gold
Platinum (RHS)

Figure 2: Base Metal Prices (US$/ton):
Mar 2018 – June 2020
Source: Bloomberg, 2020
Brent Crude Oil
The international price of Brent crude oil slumped
by 35.0%, from US$50.96 per barrel in the first
quarter of 2020 to US$33.13 per barrel in the
second quarter. The marked slowdown was
underpinned by a dearth in demand and excess
global supply, particularly in April 2020, when
most
economies
implemented
COVID-19
containment and lockdown measures. Oil prices
have, however, exhibited signs of recovery on the
back of record production cuts by OPEC and nonOPEC members, that took effect in May 2020.

Figure 3 shows the monthly evolution of crude oil
prices for the period from March 2018 to June
2020.


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

Source: Bloomberg, 2020

EXCHANGE RATE DEVELOPMENTS

On the 23rd of June 2020, the Bank introduced the
Foreign Exchange Auction System, replacing the
fixed exchange rate regime that was introduced
during the first quarter of 2020. Auctions are held
weekly on Tuesdays to determine the exchange
rate for the week. The inaugural auction saw the
value of the Zimbabwe dollar (ZW$) depreciate
from ZW$25.00 per US$1 to ZW$57.36 per
US$1. The exchange rate premium which had
peaked at 320%, collapsed to 74.3%. Figure 4
illustrates exchange rate developments since the
introduction of the interbank market in February

Mar-18
Jun-18
Sep-18
Dec-18
Mar-19
Jun-19
Sep-19
Dec-19
Mar-20
Jun-20
Copper
Nickel (RHS)

Mar-18
Jun-18
Sep-18
Dec-18
Mar-19
Jun-19
Sep-19
Dec-19
Mar-20
Jun-20

Figure 4: Exchange Rate Developments:


(February 2019 – June 2020)

Source: RBZ & Bank Market Intelligent Surveys, 2020

MERCHANDISE
TRADE
DEVELOPMENTS
Total merchandise trade amounted to US$1,822.6
million in the second quarter of 2020, a 21.6%
decline from US$2,324.7 million recorded in the
first quarter, as shown in Figure 5
Figure 5: Quarterly Merchandise Total Trade
(US$ m)
Source: Zimstat, 2020
The slowdown in total merchandise trade was
attributable to declines in both exports and
imports, particularly in April 2020. This was on
the back of the corona virus induced containment
measures implemented by the country’s major
trading partners such as South Africa and China.
Similarly, on a quarter - on - quarter basis, total
merchandise trade declined by 16.2%, from
US$2,175.4 million in the second quarter of 2019
to US$1,822.6 million in the second quarter of
2020.
Merchandise Export Developments
Merchandise exports amounted to US$829.2
million in the second quarter of 2020,
representing a 19.9% decline from US$1,035.3
million recorded in the previous quarter.

28-Feb
30-Apr
30-Jun
31-Aug
31-Oct
31-Dec
29-Feb
30-Apr
30-Jun
2020Q2
INTERBANK RATE
PARALLEL RATES
2,324.7
1,822.6


2020Q1
2020Q2

Compared to the corresponding quarter in 2019,
merchandise exports recorded a decline of 3.6%,
from US$860.0 million to US$829.2 million, as
shown in Figure 6.
Figure 6: Quarterly Merchandise Exports
(US$ m)

Source: Zimstat, 2020
The general downward trajectory in merchandise
exports was largely underpinned by disruptions in
supply chains as a result of the COVID-19
pandemic.
Table 3 shows developments on quarterly
merchandise exports by commodity.


4 Including flue-cured tobacco, stemmed tobacco and
cigarettes)
Table 3: Quarterly Merchandise Exports
(US$ m)
Commodity
2020Q1
(US$ m)
2020Q2
(US$ m)
2020Q1Q2
Changes
(%)
2020Q2
Share
of
Total
(%)
Total Exports

Of Which:


Gold

Nickel mattes

Nickel
ores
and
concentrates

Industrial
diamonds

Tobacco 4

Ferrochromium

Unwrought
Platinum

Chromium
ores
and
concentrates

Cane

Coal (Coke and
semi-coke
of
coal)

Source: Zimstat, 2019 & RBZ Calculations, 2020


1,035.3
829.2
2020Q1
2020Q2

Major Merchandise Export Destinations
During the second quarter of 2020, the country’s
exports were mainly destined for the United Arab
Emirates
(27.1%);
South
Africa
(20.6%);
Mozambique (10.4%); Belgium (3.6%); Uganda
(1.6%) and Zambia (1.4%), respectively, as
shown in Figure 7.
Figure
7:
Major
Export
Destinations
second quarter 2020.

Source: Zimstat, 2020

Merchandise Import Developments

Total merchandise imports for the second quarter
of 2020 amounted to US$993.4 million, a 24.5%
decline from US$1,315.4 million recorded in the
corresponding period in 2019.
Figure 8 shows quarterly merchandise imports for
the second quarters of 2019 and 2020.
Figure 8: Quarterly Merchandise Imports
(US$ m)
Source: Zimstat, 2020
On a quarter-on-quarter basis, merchandise
imports for the second quarter of 2020 were
22.9% lower, compared to US$1,288.8 million
recorded in the previous quarter. The decline in
imports was also attributed to the COVID-19
induced
lockdowns,
which
disrupted
the
transportation of goods. During the period under
review, diesel and petrol imports slowed down
markedly, reflecting waning demand and supply.

Table 4 shows the merchandise imports for the
first and second quarters of 2020.


UAE
South Africa
Mozambique
Belgium
Uganda
Zambia
Hong Kong
Kenya
1,315.4
993.4
2019Q2
2020Q2

Table 4: Quarterly Merchandise Imports
(US$m)

Q1
(US$m)

Q2
(US$m)

Q12
Changes
(%)
2020Q2
Share
of Total
(%)
Total
Imports

Of
Which:


Diesel

Maize
(Excludin
g Seed)

Unleaded
petrol

Electrical
energy

Crude
soya bean
oil

Rice


Medicines

Wheat

Vaccines
(for
human
medicine)

Surgical
Instrumen
ts


Source: ZIMSTAT & RBZ Computations

Major Import Sources

The country’s imports in the second quarter of
2020 were mainly sourced from South Africa
(45.65%); Singapore (15.50%); China (9.46%);
India
(4.44%);
Mauritius
(3.35%);
and
Mozambique (2.50%), as shown in Figure 9.


Figure 9: Major Merchandise Import
Sources (% of Share)
Source: ZIMSTAT & RBZ Computations, 2020

TRADE BALANCE
The merchandise trade developments in the
second quarter of 2020 resulted in a trade deficit
of US$164.2 million. This was a significant
improvement from the deficit of US$253.4
million which was recorded in the first quarter of
2020, as shown in Figure 10.


South Africa
Singapore
China
India
Mauritius
Mozambique
United Kingdom
Zambia
Pakistan
UAE

Figure 10: Merchandise Trade Balance
(US$ m)

Source: Zimstat, 2020 & RBZ Computations, 2020


3.
DOMESTIC
ECONOMIC
DEVELOPMENTS

REAL SECTOR DEVELOPMENTS

Gross Domestic Product

The real GDP growth projection for 2020 was
revised downwards from 3.0% to -4.5%, largely
on
account
of
subdued
performance
in
agriculture, mining and manufacturing, and the
adverse impact of the COVID-19 pandemic.
Drought, in particular, affected agriculture, water
and energy sectors, with spill-over effects to the
rest of the economy.

The COVID-19 pandemic lockdown measures
had a debilitating effect on sectors such as
tourism,
non-food
manufacturing,
mining,
financial services, transport and distribution and
education. On the other hand, health services and
communications experienced some gains. Table 5
summarises the revisions to the sectoral growth
projections for 2020.


2 0 2 0 Q1
2 0 2 0 Q2
Exports
Imports
Trade Balance

Table 5: Revised Growth projections

Rev

Rev
Overall GDP growth
-6.0
-4.5
Agriculture and forestry
-17.8
-0.2
Mining and quarrying
-12.4
-4.1
Manufacturing
-8.7
-10.8
Electricity and water
-19.2
-7.9
Construction
-13.9
-11.4
Distribution, Hotels and restaurants
-8.2
-7.4
Supportive services
5.3
-0.5
Transportation and communication
12.9
3.2
Financial, banking and insurance
activities
-6.1
-7.1
Administrative and support service
activities
1.5
-0.5
Education and training
0.9
-7.2
Human health and social work
activities
2.7
7.8
Private’s education and health
1.3
-3.5
Households-related services
-2.6
-2.1
Real estate activities
-1.6
-1.8
Other service activities
-3.7
-2.0
Source: Ministry of Finance and Economic Development,
RBZ, Zimstat, 2020
AGRICULTURE
The agriculture sector is expected to contract by
0.2% in 2020, on account of the poor rainfall
outturn as well as increasing costs and low
availability of inputs. Tobacco, beef, poultry,
milk and soyabean outputs, are expected to
decline significantly in 2020.

Though remaining low, output for other key
summer crops increased in 2020, with combined
cereal output increasing significantly to 1 060 143
tonnes, from 851 844 tonnes in the previous
season. This culminated in a cereal deficit of 1
167 639 tonnes, given the national requirement of
2 227 782 tonnes. Table 6 compares output of
major food crops in 2019 and 2020.

Table 6: Estimated field crop output (tons)
Crop
2019/20
2018/19 Variance %
Maize
907 629
776 635

Sorghum
103 684
40 215

Pearl Millet
39 032
28 047

Finger Millet
9 799
6 947

Groundnut
87 479
70 902

Round Nut
23 832
29 396
-19
Sweet Potato
114 558
88 248

Sugar Beans
12 650
9 528

Cowpeas
18 430
12 655

Source: Ministry of Lands, Agriculture, Water, and Rural
Resettlement, 2020

Tobacco
Tobacco was adversely affected by excessive
moisture stress experienced during the cropping
season, resulting in lower output.

As at 30th June 2020 about 112.5 million
kilogrammes of tobacco, worth US$265.44
million, had been sold. This was 3.4% lower than
the 116.46 million kilogrammes, valued at
US$211.07 million, sold in the comparable period
in 2019. The prices offered for the crop improved
from an average of US$1.81 to US$2.36, due to
better leaf quality, compared to the previous
season. Table 7 shows the tobacco sales outturn
as at end June 2020.

Table 7: Cumulative Tobacco Sales in 2019
and 2020

Variance
(%)
Total Quantity
Sold (million Kgs)

-3.40
Total Value
(US$ million)

25.76
Average
Price
(US$)/Kg

-3.40
Source: Tobacco Industry and Marketing Board, 2019.
Wheat
Wheat output is expected at around 100 000
tonnes in 2020, marginally higher than the 94 700
tonnes produced in 2019. The command
agriculture programme accounted for about 80%
of the area planted, up from about 75% in the
previous season. The production of wheat
benefitted
from
the
command
agriculture
program and the generally stable power supply
for irrigation.

Maize
Maize output increased by 17% to 907 629 tonnes
in 2020, from 776 635 tonnes produced in 2019
attributable to an improvement in yield in the
2019/20 season. This followed a slightly better
rainfall outturn during the second half of the
season, which offset the decline in hectarage.

Table 8 summarises the performance of the maize
crop over the past two seasons.


Table 8: Maize production trends
Season
Area
(ha)
Output
(ton)
Yield
(t/ha)

Source: Ministry of Lands, Agriculture Water, and Rural
resettlement, 2020.
Cotton
Seed cotton output is expected to surge by 32%,
from 76 687 tonnes in 2019 to 101 000 tonnes in
2020, boosted by crop yield gains resulting from
the use of a high yield hybrid seed variety.

National seed cotton sales at end of June 2020
stood at 22.35 million kilogrammes, 20% lower
than the 27.87 million kilogrammes sold during
the same period in 2019. The Cotton Company of
Zimbabwe (Cottco) continued to dominate the
industry, accounting for 99.2% of purchases by
virtue of being the implementing arm of
Government’s input scheme.

Livestock
According to the Second Round Crop and
Livestock Assessment Report of 2020, the
condition of all livestock classes was observed as
fair to good. While grazing and water were
generally available at the time of the assessments
there is a high likelihood of shortages occurring
as the year progresses in the traditionally drier
parts of the country.

Of note is the drought and disease induced
increase in cattle mortality rate, which rose from
5% in the previous season to 9% in the 2019/2020
season. The high mortality rates contributed to the
reduction of the national herd from 5 774 525

head in 2019 to 5 443 770 head in 2020.

The second quarter of 2020 saw a decline in
livestock slaughters, due to the impact of
COVID-19 lockdown restrictions on abattoir
operations, and livestock movement.

Cattle
Cattle slaughters in the formal sector stood at 42
446 head, about 21.5% lower than the 54 073
recorded in the previous quarter. The slaughters
were also 34.6% lower than the 64 946 head in the
same period in 2019. This was partly due to the
COVID-19 induced restrictions, which adversely
affected effective demand for beef, during the
period under review.

Cumulatively, 96 519 cattle were slaughtered
during the first half of 2020, down from 122 620
cattle slaughtered during the same period in 2019.
Table 9 shows quarterly cattle slaughters in 2019
and 2020.

Table 9: Cattle Slaughters

% Change
Q1
57 674
54 073
-6.24
Q2
64 946
42 446
-34.64
Total
122 620
96 519
-21.29
Source: Ministry of Lands, Agriculture, Water, and Rural
Resettlement, 2019
Pigs
Quarterly pig slaughters declined by 16.5% in the
second quarter of 2020, due to low demand. The
high cost of stock- feeds continued to negatively
affect pig production during the quarter. The
decline in slaughters in the second quarter
resulted in a 7.7% fall in cumulative slaughter
statistics compared to 2019.

Table 10: Quarterly Pig Slaughters
Pigs

% Change
Q1
46 128
47 198
2.32
Q2
52 598
43 918
-16.5
Total
98 726
91116
-7.71
Source: Ministry of Lands, Agriculture, Water and Rural
Resettlement, 2019.

Dairy
Milk output fell to 18.34 million litres in the
second quarter of 2020, down from 19.22 million
litres in the preceding quarter and 19.61 million
litres in the same period last year. Figure 11
shows quarterly milk output in 2020.

Figure 11: Quarterly Fresh Milk Output
(litres)

Source: Ministry of Lands, Agriculture, Water and Rural
Resettlement, 2020
MINING
The mining sector recorded mixed performance
during the period under review. PGMs, diamond
and coal registered strong positive growth
compared to the same period in 2019, whilst gold

Millions

and nickel underperformed during the same
period, as shown in Table 11.

Table 11: Quarterly Mineral Output Statistics:
Q2 2019, Q1 2020 and Q2 2020

q2 2019
q1 2020
q2 2020
Gold (kg)
6261.4
6,151.67
5,408.09
Platinum (kg)
3695.3
3,543.74
4,460.93
Palladium (kg)
3085.3
2,956.96
3,779.63
Rhodium (kg)
326.7
316.70
399.07
Iridium (kg)
228.1
215.79
298.60
Ruthenium (kg)
211.3
205.01
224.11
Diamonds
(‘000carat)*
617.04
540.94
634.61
Chrome (MT)**
366978.3
292,672.52
179,243.28
Nickel (MT)

3,935.99
3,818.33
Coal (MT)
620435
417,675
970,483.50
Source: Ministry of Mines, 2020
* Figures are only for April & May 2020
** Figures are only for April 2020.

The performance of the mining sector was
adversely affected by the COVID-19 pandemic
induced lockdown measures in source and transit
markets; shortages of foreign currency, unstable
power supply; and high operational costs.

Gold
During the second quarter of 2020, gold output
stood at 5 408.09 kg, about 13.6% less than in the
comparable period in 2019 and 12.1% lower than
in the previous quarter. This was despite the fact
that international average prices in Q2 2020 were
30.6% above those recorded in same period last
year and, 8.1% more than in the previous quarter.

Figures 12 and 13 shows quarterly trends in gold
output by sector, and sectoral contribution to Q2
2020 gold output, respectively.

Figure 12: Quarterly Trends in Gold output
(kg) and average international
prices (US$/ounce)


Source: Ministry of Mines, Chamber of Mines, FPR, 2020

Figure 13: Sectoral Contribution to Gold
Output

Source: Ministry of Mines, Chamber of Mines, FPR, 2020

Q1 2020
Q2 2020
q2 2019
US$
Output Kg
Primary producers (kg)
ASM (Kg)
Secondary Producers (Kg)
Average international Prices (US$/ ounce)
Q2

Q1

Q2

Primary
producers (kg)
43.1
35.0
44.6
ASM producers
(kg)
49.3
58.1
45.8
Secondary
Producers (Kg)

% Contribution

PGMs
The output of key PGMs in Q2 2020 exceeded
both the output that was produced in same period
in 2019 and in the first quarter of 2020, as shown
in Figure 14 and 15.

Figure 14: Quarterly output of Platinum and
average
international
prices
(US$/ounce)


Source: Ministry of Mines, 2020
Figure 15: Quarterly output of Palladium and
average
international
prices
(US$/ounce)


Source: Ministry of Mines, 2020
Platinum prices, were, however, 8.9% and 14.9%
lower than those recorded in the same period in
2019 and the previous quarter, respectively.
Palladium prices were 14.2% below those
obtaining in Q1, 2020, although 41.6% higher
than in the comparable period in 2019.

Nickel
Nickel output in Q2, 2020 was 15.6% and 3.0%
lower than output registered in the comparable
period in 2019 and in the previous quarter of
2020,
respectively.
Similarly,
average
international prices of nickel were 2.5% and 5.9%
lower than in Q2, 2019 and Q1, 2020,
respectively.

q2 2019
q1 2020
q2 2020
US$/ounce
Output (kg)
Platinum (kgs)
Average International prices (US$/ ounce)

q2 2019 q1 2020 q2 2020
US$/ ounce
Output (kg)
Palladium (kgs)
Average International prices (US$/
ounce)2

Figure 16: Quarterly output of Nickel and
average
international
prices
(US$/tonne)


Source: Ministry of Mines, 2020
Nickel was adversely affected by the COVID-19
induced demand cuts in industrialized countries,
among them, China.

Diamonds
Diamond output in Q2, 2020 was 2.8% more than
output recorded in the same period in 2019 and
17.4% above Q1, 2020 output. This was largely
driven by increased throughput from the
Zimbabwe Consolidated Diamond Company
(ZCDC).

The persistence of COVID-19 induced travel
restrictions, border closures and quarantine
measures across the major consumers of diamond
related products worldwide led to a fall in demand
for diamond. There are hopes that demand will
pick up as major markets start recovering,
following the relaxation of lockdown measures.

Chrome
Chrome ore output stood at 275 301 tonnes in Q2,
2020, about 25% lower than in the comparative
period in 2019, and 6% below production levels
registered in the first quarter of 2020. The Covid19 pandemic induced lockdown in the major
consumers of chrome and related products;
namely Spain and Italy, and China, weighed down
demand for these commodities, pulling prices to
shut-down levels.
In addition, supply disruptions forced most
smelters to scale down operations as most of them
utilize
Chinese
technology.
Consequently,
majority of key players have been under care and
maintenance since the first quarter of 2020.
Figures 17 and 18 shows chrome ore and high
carbon ferro-chrome sales volumes and prices.
Figure 17: Quarterly Chrome Ore Sales
Volume and Average Prices

Source: Ministry of Mines, 2020


Q2 2019
Q1 2020
Q2 2020
US$/ tonne
Output in Tonnes
Nickel Output (MT)
Average International Price (US$/ tonne)


Q2

Q3

Q4

Q1

Q2

US$/tonne
tonnes
Chrome ore
Average Price (US$/tonne)

Figure 18: Quarterly HCF sales volumes and
average Prices


Source: Ministry of Mines, 2020

ELECTRICITY

Total power generated during the second quarter
of 2020 amounted to 1,412.15 GWhs, 6% up from
the 1,331.90 GWhs produced in the preceding
quarter. This was, however, 39% below the
performance in the comparable period in 2019.
The increase in electricity output for the second
quarter of 2020 was largely due to a 14% increase
in output from Kariba Hydro, which more than
offset declines in all the other power stations,
including independent power producers (IPPs).
Table 12 shows the quarterly power output from
the various plants in 2020 and the second quarter
of 2019.


Table 12: Total Electricity Output (GWh)

Q2 2019
Q1 2020
Q2 2020
Kariba
1388.13
654.56
747.69
Hwange
801.56
627.63
618.44
Bulawayo
19.26
6.21
5.95
Munyati
27.86
3.97
2.60
Harare
19.6
2.06
10.20
IPPS
64.51
37.49
27.27
Total
2 320.92
1 331.90
1 412.16
Source: ZERA, ZPC, 2020
Cumulatively, energy sent out amounted to
2 679.3 GWh in the first half of 2020, comparing
unfavourably to the 4 714.21 produced in the first
half of 2019. All power producers recorded
declines, with Kariba being the most affected due
to the stringent water rationing by the Zambezi
River Authority.

The poor performance of thermal power stations
was attributable to the frequent machinery
breakdowns and shortage of spares. Low
throughput from IPPs was largely due to zero
production at Triangle and Hippo Valley in 2020.
Similarly, low water levels on the Pungwe River
affected production at the small hydros along the
water course. Table 13 compares the performance
of the power producers in the first half of 2019
and 2020.


Q2

Q3

Q4

q1

q2

US$/tonne
tonnes
HCF
Average Price (US$/tonne)2

Table 13: Electricity Output: Jan-June 2020
Power
Station
H1:2019
H1:2020
Variance
%
Kariba
2 987.19
1 402.25
-53.06
Hwange
1 603.85
1 246.07
-22.31
Bulawayo
28.15
12.16
-56.81
Munyati
54.89
6.57
-88.03
Harare
40.13
12.26
-69.46
IPPs
106.45
64.76
-39.17
Total
(GWhs)
4 714.21
2 679.31
-43.17
Source: ZERA, ZPC, 2020
INFLATION DEVELOPMENTS

Annual headline inflation accelerated from
676.39% in March 2020 to 737.26% in June 2020,
attributable to increases in both food and nonfood inflation. Inflationary pressures were also
stoked by the transitory short supply of goods and
services, due to the effects of the COVID-19
containment measures.

Annual food inflation rose from 807.35% in
March 2020 to 835.56% in June 2020, largely
driven by increases in prices of meat; vegetables;
fish and sea food. Bread and cereal prices,
however, recorded a decline of 13.14%, during
the period under analysis.

Year-on-year non-food inflation also accelerated
from 616.11% at the end of the first quarter of
2020 to 678.29% in June 2020. Housing, water,
electricity, gas and other fuels had the largest
contributions to annual non-food inflation during
the quarter, following upward adjustments of
administered prices of municipal charges and
fuels.
Figure

depicts
the
inflation
developments since March 2019.
Figure 19: Quarterly Inflation Profile (%)

Source: Zimstat 2020
Month-on-month inflation rose to 31.66% in June
2020, from the 26.59% recorded in March 2020.
This was driven by increases in both food and
non-food components. Figure 20 shows the
monthly inflation profile.

Figure 20: Monthly Inflation Profile (%)

Source: Zimstat 2020

ALL ITEMS
FOOD INFLATION
NON-FOOD INFLATION

Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
FOOD INFLATION
NON-FOOD INFLATION
ALL ITEMS

Blended Consumer Price Inflation

The Zimbabwe National Statistical Agency
(ZIMSTAT) commenced publication of the blended
CPI inflation in June 2020. The blended CPI
inflation combines the average changes in price of
goods and services sold in the two main currencies
in circulation, namely; the ZW$ and the US$.

The annual blended CPI inflation stood at 457.19%
in June 2020, while the monthly blended CPI
inflation rate was measured at 29.44%.


4. MONETARY DEVELOPMENTS5

Broad money (M3) stood at ZW$99.82 billion as
at 30th June 2020, compared to ZW$48.40 billion
at the end of March 2020 The growth largely
reflected an increase in the foreign currency
component of broad money, from ZW$20.91
billion in March 2020 to ZW$57.70 billion as at
end June 2020. The expansion in the foreign
currency component largely reflected valuation
changes, owing to the depreciation of the
exchange rate during the quarter under review.
Time deposits and currency in circulation also
recorded quarterly increases of 70.82% and
15.78%, respectively, over the same period.
Foreign currency deposits accounted for 57.81%
of the total money stock, while local currency
transferable deposits constituted 36.09%. Time

5 All monetary numbers are in ZW$ since the adoption of
the inter-bank foreign exchange market in February 2019.
deposits, currency in circulation and NCDs
accounted for the remainder.
Figure 21 shows annual broad money supply
components in nominal terms as well as growth
rates.

Figure 21: Broad Money Developments

Source: RBZ, 2020

Domestic Credit
Domestic credit stood at ZW$50.11 billion as at
end June 2020, reflecting a quarter-on- quarter
growth of 47.16%. The growth was largely driven
by an increase of 145.34% in credit to other
financial corporations, credit to the private sector,


Mar-18
Jun-18
Sep-18
Dec-18
Mar-19
Jun-19
Sep-19
Dec-19
Mar-20
Jun-20
Growth (%)
Z$ Million
NCDs
Time Deposits
LCY Transferable Deposits
FCAs
Currency in Circulation
Annual Growth

84.29%; and credit to the public non-financial
corporations, 77.58%.
Net claims on Government, however, declined by
12.84% to close the period under review at
ZW$11.29 billion. This was largely on the back
of a 147.29% growth in Government deposits held
by depository corporations, from Z$4.59 billion
as at end of first quarter to ZW$11.36 billion as at
end of June 2020. This reduced Government’s net
borrowing from the banking system.

Credit to the private sector, which increased from
ZW$17.46 billion in May 2020 to ZW$32.19
billion in June 2020, was largely utilised by
agriculture,
26.16%;
households,
11.65%;
financial organisations, 17.59%; manufacturing,
12.07%; mining, 13.91%; and distribution,
10.32%, as shown in Figure 22.

Figure 22:Distribution of Private Sector Credit

Source: Reserve Bank of Zimbabwe, 2020
Private sector credit was mainly channelled
towards inventory build-up, 35.74%; other
recurrent expenditures, 32.51%; fixed capital
investment, 19.34%; consumer durables, 9.46%;
and pre and post shipment financing, 2.96%.
Interest Rates
Nominal lending rates quoted by banks, ranged
between 5% and 65%, during the quarter under
review.
Interest rates on time deposit of 60-day and 90day tenors registered maximum averages of
7.12% and 7.70%, compared to 5.89%, and
6.16%, respectively, in the previous quarter.
Average maximum savings rates, also increased
from 4.74% in the first quarter to 5.19% in the
second quarter.

5. STOCK MARKET DEVELOPMENTS

The larger part of the second quarter of 2020 saw
the Zimbabwe Stock Exchange (ZSE) exhibit
bullish sentiments, as investors sought a safe
haven for their wealth, in light of limited
investments options. This culminated in the All
Share Index registering a new high of 1 794.25
points on 24th June 2020, reflecting a year to date
growth of 679.84%.

On an annual basis, the All Share index went up
by 773.63%, from 204.75 points recorded in June
2019. As a result, ZSE market capitalisation
surged by 289.98%, from Z$58.61 billion
recorded in the quarter ended March 2020, to
close at Z$228.58 billion in the quarter under
review.
Households
11.65%
Agriculture
26.16%
Mining
13.91%
Manufacturing
12.07%
Distribution
10.32%
Construction
0.57%
Transport &
Communicat
ions
1.29%
Services
6.30%
Financial
Org. &
Investments
17.59%
Other
0.15%

Table 14: Key Stock Market Developments

Source: Zimbabwe Stock Exchange, 2020

During the same period, all the other indices
recorded positive growths, with the Top 10,
Medium Cap and Small Cap indices gaining
232.52%, 394.35% and 329.60% to close at 1
232.79 points, 3 302.89 points and 5 558.15
points, respectively.

The quarter under review
witnessed
the
mainstream
and
resource
indices
gaining
288.13% and 454.57%, to close at 5 870.36 points
and 3 995.48 points, respectively. On a year-on-
year basis, the industrial and mining indices grew
by 758.86% and 1 465.26%, from 683.51 points
and 255.26 points recorded in June 2019,
respectively.
Figure 23 shows the developments of the ZSE All
Share and Top 10 Indices for the period June 2019
to June 2020.
Figure 23: ZSE All Share and Top 10 Indices
Source: Zimbabwe Stock Exchange 2020
Figure 24 shows industrial and mining indices
developments for the period June 2019 to June
2020.

Figure 24: Industrial and Mining Indices
Source: Zimbabwe Stock Exchange, 2020

All Share Index
Top 10 Index


26-Jun-19
26-Jul-19
26-Aug-19
26-Sep-19
26-Oct-19
26-Nov-19
26-Dec-19
26-Jan-20
26-Feb-20
26-Mar-20
26-Apr-20
26-May-20
26-Jun-20
Mining Index
Industrial Index
Industrial Index
Mining Index
ZSE Indicator

Mar-20

Jun-20

Change
(%)
All Share Index (points)
456.21
1,788.75
292.09
Top 10 Index (points)
370.74
1,232.79
232.52
Medium
Cap
Index
(points)
668.13
3,302.89
394.35
Small
Cap
Index
(points)
1,293.80
5,558.15
329.60
Industrial Index (points)
1 512.46
5 870.36
288.13
Mining Index (points)
720.47
3 995.48
454.57
Volume of shares traded
(m)
589.91
706.07
19.69
Market Turnover ($m)
1 090.23
2 745.81
151.86
ZSE Capitalization ($m)
58 612.10
228 577.11
289.98
Net Foreign Position
($m)
-160.65
-404,75
-151.94

Market Capitalisation and Turnover
Following heightened speculative behavior, the
local bourse gained ZW$169.96 billion, or
289.98% worth of capitalization to ZW$228.58
billion during the quarter under review, from
ZW$58.61 billion recorded in March 2020. The
cumulative turnover volume and value rose by
19.69% and 151.86% to 706.07 million shares and
ZW$2.75 billion, respectively, during the quarter
under analysis.

Figure

shows
market
capitalization
developments for the period 26 June 2019 to 26
June 2020.

Figure 25: Market Capitalisation

Source: Zimbabwe Stock Exchange, 2020

Figure 26 shows developments in market turnover
volumes and values for the period from June 2019
to June 2020.

Figure 26: ZSE Market Turnover


Foreign investor sentiments were bullish as
evidenced by the contribution to value of shares
traded, which increased by 10.35%, compared to
9.54% recorded in the first quarter of 2020. The
net foreign position, however, worsened by
ZW$404.75 million during the quarter under
review. This partly reflected exchange rate
depreciation, as well as the impact of COVID-19
on foreign investor sentiment.

6. PAYMENT,
CLEARING
AND
SETTLEMENT ACTIVITIES

The value of transactions processed through the
National Payment Systems increased by 27% to
US$353.2 billion in the quarter ending June 2020,
from US$278.14 billion recorded in the quarter
ending March 2020. Transaction volumes,
however, decreased by 14% to 465.5 million from
541.7 million, during the same period.

$ Billions
-100


Jun-19
Aug-19
Oct-19
Dec-19
Feb-20
Apr-20
Jun-20
Value ($Millions)
Volume (Millions)
Volume

Table 15 provides the statistical information on
various payment streams for the quarters ending
March 2020 and June 2020.

Table
15:
Consolidated
Transactional
Activities
Values in ZWL$ Million

Q1
Q2
Change
Proporti
on

RTGS

CASH

CHEQUE

POS

ATMS

MOBILE

INTERNET

TOTAL

Volumes
RTGS

CASH

CHEQUE
25,064

-100%

POS

ATMs

MOBILE

INTERNET

TOTAL

Source: Reserve Bank of Zimbabwe, 2020


LARGE VALUE PAYMENTS

Zimbabwe
Electronic
Transfer
and
Settlement System
The value of transactions processed through the
RTGS system increased by 32% to ZW$198.11
billion in the second quarter of 2020, from
ZW$150.28 billion recorded in first quarter. The
volume of transactions, however, registered a
decrease of 28% to 2.1 million transactions from
2.9 million transactions, during the same period,
as shown in as shown in Figure 27.

Figure 27: Values and Volumes of RTGS
Transactions

Source: Reserve Bank of Zimbabwe, 2020


Q1

Q2

Q3

Q4

Q1

Q2
RTGS Values in Billions
RTGS Volumes in Thousamds
Values
Volumes

SWIFT Foreign Currency Transactions

SWIFT foreign currency payments increased by
10% to $935 million for the quarter ending June
2020, from $853 million in the quarter ending
March 2020. During the same period, SWIFT
foreign currency receipts increased by 20% to
$909 million, from $758 million, as shown in
Figure 28.
The net foreign currency position in the quarter
under review was an outflow of $27 million, from
a net outflow of $96 million recorded in the
second quarter, as shown in Figure 28.

Figure
28:
SWIFT
Quarterly
Foreign
Currency Transactions

Source: Reserve Bank of Zimbabwe, 2020


CASH
Over the Counter Cash Withdrawals
The value of cash withdrawals increased by 60%,
from ZW$3.80 billion in the first quarter of 2020
to US$6.08 billion recorded in second quarter.
Corresponding volumes also decreased by 60%,
from 4.81 million transactions in the first quarter
of 2020 to 1.93 million transactions in the second
quarter, as shown in Figure 29.

Figure
29:
Over
the
Counter
Cash
Withdrawals

Source: Reserve Bank of Zimbabwe, 2020

Retail Payments
The aggregate values of retail transactions
increased by 21% to ZW$155.09 billion in the
quarter under review, from ZW$127.85 billion
recorded in the quarter ended March 2020. Retail
volumes decreased by 14% to 463.40 million


Q1

Q2

Q3

Q4

Q1

Q2

Volumes in Thousands
Value in US$B
Value of Receipts
Value of Payments
Volumes of Payments
Volumes of Receipts


Q1

Q2

Q3

Q4

Q1

Q2

US$ BILLIONS
VOLUMES IN MILLIONS
Volumes
Values

transactions in the quarter ended June 2020, from
538.81 million transactions reported in the quarter
ended March 2020.

Figures 30 and 31 show the trend in the values and
volumes of retail transactions for the period from
the first quarter of 2019 to the second quarter of
2020.

Figure 30: Retail Transaction Values

Source: Reserve Bank of Zimbabwe, 2020

6 The local collateral figure comprises of Cheque, Zimswitch,
Chengetedzai Deposit Corporation settlement systems.
Figure 31: Retail Transaction Volumes

Source: Reserve Bank of Zimbabwe, 2020

Collateral6
The
value
of
collateral
increased
to
ZW$1, 053.35 million in the first quarter of 2020,
from ZW$446.26 million recorded in the second
quarter ending, as shown in Figure 32.

Q1

Q2

Q3

Q4

Q1

Q2
Mobile in Billions
Other Retail Values in Billions
CHEQUE
POS
ATMS
INTERNET
CASH
MOBILE

Q1

Q2

Q3

Q4

Q1

Q2
Mobile Volumes in Millions
Other Retai Volumes in Millions
CHEQUE
POS
ATMs
INTERNET
CASH
MOBILE

Figure 32: Collateral Amounts from December
2018 to June 2020
Source: Reserve Bank of Zimbabwe, 2020

Access Points and Devices
Mobile banking agents increased to 73,281 in the
second quarter of 2020, from 71,054 reported in
the first quarter.

The point of sale (POS) population increased to
126,696 in the second quarter of 2020, from
122,138 recorded in the first quarter.

The number of active mobile financial subscribers
registered in the quarter under review stood at
5.31 million, down from 5.39 million subscribers
registered in the previous quarter.

Table 16 shows payment access points and
devices for the last quarter of 2019 and the first
and second quarters of 2020.
Table 16: Payment Systems Access Points and
Devices

Quarter
ending
Dec 2019
Quarter
ending
Mar

Quarter
ending
Jun

Mobile
Banking agents
59,219
71,054
73,281
ATMs

POS
121,413
122,138
126,696
PAYMENT SYSTEM ACCESS DEVICES
Debit Cards
5,625,031
5,358,746
5,837,878
Credit Cards
18,089
18,060
17,431
Prepaid Cards
99,278
116,143
120,433
Mobile
Banking
subscribers
6,543,758
5,394,816
5,307,515

Internet
Banking
subscribers
415,901
360,850

410,724

Source: Reserve Bank of Zimbabwe, 2020

7.
FISCAL DEVELOPMENTS

During the second quarter of 2020, Government
revenue amounted to ZW$19.6 billion, against
expenditures of ZW$15.2 billion, culminating in
a budget surplus of ZW$4.4 billion. Table 17
shows the summarised fiscal positions during the
first and second quarters of 2020.

Q4

Q1

Q2

Q3

Q4

Q1

ZW$ MILLIONS

Table 17: Fiscal Position: Q1 and Q2 2020
(ZWL$ millions)

Q1
Q2
Revenue
14 181.91
19 631.45
Tax revenue
13 859.09
19 094.72
Non-Tax Revenue
322 82
536.74
Expenditure
13 750.89
15 214.60
Current
expenditure
8 762.29
10 917.55
o/w employment
costs
3 818.24
5 059.75
Capital
Expenditure
4 988.59
4 297.05
Overall Balance
430.62
4 416.85
Source: Ministry of Finance and Economic Development,

Government Revenue
Government revenue collections during the
second quarter of 2020 amounted to ZW$19.63
billion, surpassing the target by 36.9%. Tax
revenue amounted to ZW$19.09 billion of total
revenue, whilst non-tax revenues at ZW$536.7
million accounted for the remaining 2.7%.
The high inflationary environment experienced
during the period under review, accounted for the
increase in nominal revenues. In addition, upward
adjustment in employee remuneration; higher
nominal
company
profits;
and
improved
compliance due to measures instituted by
Zimbabwe Revenue Authority (ZIMRA) also
contributed to the improvement in revenue
collections, during the second quarter of 2020.
Structure of Government Revenue
Tax on income and profits continued to dominate
Government revenues, with the tax revenue head
contributing ZW$7.84 billion, about 39.9% of
total revenue. Value added tax (VAT) accounted
for 19.4%; followed by excise duty, 13.5%;
financial and capital transfers, 11%; tax on gross
revenue, 7%; and custom duties, 6%.
Figure 33: Structure of Government Revenue

Source: Ministry of Finance and Economic Development,

Expenditure Developments
Cumulative government spending amounted to
ZW$15.2 billion in the second quarter of 2020. It
comprised of recurrent expenditure, ZW$10.9
billion; interest on debt, ZW$0.10 million; and
capital expenditure including net lending,
ZW$4.2 billion.
Table 18 shows a comparison of Government
expenditure in the first and second quarters of
2020.

Tax on Income
and Profits
40%
Customs duties
6%
Excise duties
14%
Taxes on
Specific
Services
0%
Value Added
Tax (VAT)
19%
tax on gross
Revenue
7%
Taxes on
financial and
capital
transactions
11%
Other Indirect
taxes
0%
Non-tax
Revenue
3%

Table 18: Government Expenditure: Q1 and
Q2 2020 (ZW$ billion)

Q1

% of
Total
Q2

% of
Total
Employment cost

Operations

Interest On debt

Capital
Expenditure

Source: Ministry of Finance and Economic Development,

Fiscal Budget Balance
The fiscal developments in the second quarter of
2020 culminated in a budget surplus of ZW$4.4
billion, up from ZW$0.4 billion in the first
quarter. Figure 34 shows monthly developments
in the fiscal budget balance in 2020.

Figure 34: Fiscal budget balance: Q2 2020
(ZW$ billions)


Source:
Ministry
of
Finance
and
Economic
Development, 2020


RESERVE BANK OF ZIMBABWE
SEPTEMBER 2020


-2

January
February
March
April
May
June
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

14. External Sector
14.1. External Debt Outstanding By Debtor


S22
14.2. External Debt Outstanding by Source


S23
14.3. External Debt Service and Service Ratios


S24

Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
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 2020
Notes:
Notes:
(i) Depository corporations survey - formerly Monetary Survey.
(ii) Broad money redefined using IMF's Monetary and Financial Statistics Manual of 2000. Major changes include exclusion of Government deposits held by banks from broad money.
(iii) Transferable deposits made up of demand and savings deposits.
(iv) NCDs are also referred to as securities included in broad money.
(v) All classes of time deposits, short and long term are classified as time deposits, which are also termed other deposits.
(vi) Credit to the private sector now excludes claims on other financial corporations, as well as claims on state and local government (local authorities)
(vii) Depository corporations made up of the Central Bank and other depository corporations
(viii) Other depository corporations (ODCs) - Commercial banks, merchant banks, building societies and POSB.
(ix) In December 2017, the statistics were adjusted in restrospect by reclassifying Securities issued under Aftrades from claims on government to claims on central bank
(x) In December 2017, the statistics were adjusted in restrospect by reclassifying amounts accessed by banks under the Aftrades from liabilities to Other Depository corporations and Other Financial Corporations to liabilities to Central Bank
(xi) In December 2018, statistics were revised from November 2017 due to reclassification of lines of credit (foreign liabilities) that were initially classified as deposits included in broad money
(xii) All monetary and financial statistics are valued in ZWL$ since the introduction of the interbank foreign exchange market in February 2019
TABLE 1: DEPOSITORY CORPORATIONS SURVEY (ZWL$ '000)


S2


Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Net Foreign Assets

Claims on Non Residents

Official Reserves Assets

Other Foreign Assets

Less Liabilities to Non Residents

Short Term Liabilities

Other Foreign Liabilities

Net Domestic Assets (NDA)

Domestic Claims

Net Claims on Central Government

Claims on Central Government

Of which: Securities Other than Shares

Loans

Loans and Advances

Legacy Debt

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 Incl. foreign currency clearing balances
Monetary Base
Bond Coins

Bond Notes

Liabilities to ODCs

Reserve Deposits

Exess reserves

Of which USD RTGS Revaluations

Private Deposits

Source: Reserve Bank of Zimbabwe,2020
TABLE 2: CENTRAL BANK SURVEY (ZWL$'000)


S3


Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Net Foreign Assets

Claims on Non Residents

Of Which: Foreign Currency

Deposits

Other

Less Liabilities to Non Residents

Of Which: Deposits

Loans

Other

Net Domestic Assets (NDA)

Domestic Claims

Net Claims on Central Government

Claims on Central Government

Securities

Loans

Other
-

-

-

-


-


Less Liabilities to Central Government

Of which: Deposits

Other

Claims on Other Sectors

Other Financial Corporations

State and Local Government

Public Non Financial Corporations

Private Sector

Claims on the Central Bank
4,644,902.11


Currency
126,257.461


Reserves
4,518,644.646


Securities
-


Other Claims
-


Liabilities to the Central Bank
150,275.70


Other Items(Net)
1,269,584.10


Shares and Other Equity
3,130,496.35


Liabilities to other ressident sectors
43,639.00


Other Items(Net)
(1,904,551.24)


Deposits and Securities Included in Broad Money
14,195,821.68


Deposits Included in Broad Money
14,024,153.85

16,316,355.79

18,607,561.81

22,546,030.38

27,593,648.82

29,819,025.32

32,968,794.78

34,202,472.63

36,052,337.44

45,274,086.77

49,685,009.94

57,713,065.69

97,187,347.86

Transferable Deposits
12,595,266.96
14,675,509.25

16,987,786.03

20,883,074.13

25,739,354.63

27,983,294.46

31,080,869.95

32,175,873.35

33,858,024.37

42,922,095.92

47,162,154.77

54,870,283.47

93,169,652.47

of which FCAs
3,887,787.41
4,049,120.88

5,737,719.98

9,859,484.27

11,155,597.09

11,472,035.58

11,938,732.84

12,458,349.93

12,476,934.91

20,909,726.92

19,463,088.16

24,984,322.48

57,701,775.14

Other Deposits
1,428,886.89


Money Market Instruments
171,667.83

168,169.20

202,928.98

219,889.50

205,671.08

235,117.26

243,976.57

255,563.69

260,055.92

476,793.67

337,556.97

359,194.93

863,206.40

Source:Reserve Bank of Zimbabwe,2020
TABLE 3 : OTHER DEPOSITORY CORPORATIONS


S4


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

Source: Reserve Bank of Zimbabwe, 2020
TABLE 4.1: RESERVE BANK - ASSETS
Foreign Assets
Loans and advances
Investments


S5


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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Source: Reserve Bank of Zimbabwe, 2020
*Bond coins first issued in December 2014
* Bond Notes issued on 28 November 2016
ZWL$ Thousands
Deposits


S6


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


Source:Reserve Bank of Zimbabwe,2020
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


S7


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

Jan

Feb

Mar

Apr

May

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

Source:Reserve Bank of Zimbabwe,2020
TABLE 5.2 : OTHER DEPOSITORY CORPORATIONS - LIABILITIES
ZWL$ millions
Deposits
Amounts Owing to


S8


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

Source:Reserve Bank of Zimbabwe, 2020
TABLE 6.1: COMMERCIAL BANKS -ASSETS
ZWL$ millions
Debt Securities
Loans and Advances


S9


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

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

Source: Reserve Bank of Zimbabwe, 2020
TABLE 6.2 : COMMERCIAL BANKS - LIABILITIES
Deposits
Amounts Owing to


S10


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

Source: Reserve Bank of Zimbabwe, 2020
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


S11


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

Source: Reserve Bank of Zimbabwe, 2020
Amounts Owing to
TABLE 7.2: BUILDING SOCIETIES -LIABILITIES
ZWL$ millions


S12


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

Source:Reserve Bank of Zimbabwe, 2020
/1 Including the only merchant bank still in operation.


S13


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

Source: Reserve Bank of Zimbabwe,2020
TABLE 8.2: SECTORAL ANALYSIS OF COMMERCIAL BANKS DEPOSITS
$ ('000)


S14


End of
ZETSS
CHEQ UE
PO S
ATM
MO BILE
INTERNET
End of
ZETSS
CHEQ UE
PO S
ATM
MO BILE
INTERNET

Jan
5,548.05 4.89
663.45
21.29 2,318.80 1,006.05
Jan
548.13 22.73 20,981.21 449.60 100,593.90 501.80
Feb
4,706.60 4.50
594.00
13.90 2,015.11 831.05
Feb
457.19 22.48
18,869.05
292.22 89,584.32 463.78
Mar
6,300.40 4.50
654.20
12.50 2,657.10 864.83
Mar
545.18 23.68
21,996.85
268.41 116,119.95 510.51
Apr
5,786.75 3.28
640.94
11.46 3,002.63 822.58
Apr
505.50 17.38
21,170.05
253.60 117,616.79 456.96
May
7,298.41 4.25
819.74
10.51 3,550.07 968.58
May
611.14 21.22
23,278.20
213.17 137,422.97 496.62
Jun
7,997.28 4.70
779.37
8.29 3,724.31 1,135.49
Jun
553.60 22.46
23,790.00
175.19 156,609.78 502.22
Jul
8,290.00 3.96
790.00
9.39 4,446.68 1,262.53
Jul
560.15 20.07
25,075.47
223.13 169,416.76 559.58
Aug
7,762.86 2.88
811.19
13.98 4,558.54 1,254.96
Aug
553.01 15.15
25,249.87
317.35 164,917.97 518.70
Sep
7,155.04 3.97
842.48
17.01 4,462.40 1,393.08
Sep
542.96 19.37
24,918.01
300.81 161,289.50 511.27
Oct
8,230.50 4.20
821.30
17.90 4,607.38 1,428.20
Oct
571.60 20.40
21,025.40
345.50 161,427.40 495.99
Nov
7,922.50 3.70
657.50
19.90 3,964.78 1,026.70
Nov
477.40 16.70
17,845.40
334.90 133,862.10 430.60
Dec
8,355.20 2.80
917.20
14.60 4,833.80 1,102.90
Dec
478.60 13.00
27,419.10
236.20 161,540.70 409.10

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

May

May

Jun

Jun

Source:Reserve Bank of Zimbabwe,2020
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)


S15


End of
Nominal Lending
Rates 2
Individuals
Corporate
Savings
3 Months2

Jan
4.45-18.00
9.33
6.99
Jan
0.22-12.00
0.75-8.00
Feb
4.45-18.00
9.57
6.93
Feb
0.22-12.00
0.75-8.00
Mar
4.45-18.00
9.64
6.98
Mar
0.22-12.00
0.75-8.00
Apr
4.00-18.00
9.32
7.08
Apr
0.22-12.00
0.75-8.00
May
4.00-18.00
9.28
7.09
May
0.22-12.00
0.75-8.00
Jun
4.00-18.00
9.32
7.14
Jun
0.22-12.00
0.75-8.00
Jul
4.00-18.00
9.75
6.97
Jul
0.22-12.00
0.75-8.00
Aug
4.00-18.00
9.87
7.10
Aug
0.22-12.00
0.75-8.00
Sep
4.00-18.00
9.56
7.11
Sep
0.22-12.00
0.75-8.00
Oct
4.00-18.00
9.47
7.38
Oct
0.22-12.00
0.75-8.00
Nov
4.00-18.00
9.49
7.38
Nov
0.22-12.00
1.00-8.00
Dec
4.00-18.00
9.48
7.39
Dec
0.22-12.00
1.00-6.75

Jan
4.00-18.00
9.47
7.40
Jan
0.22-12.00
1.00-8.00
Feb
4.00-18.00
9.23
7.30
Feb
0.22-12.00
1.00-6.75
Mar
4.00-18.00
9.23
7.31
Mar
0.22-12.00
1.00-8.00
Apr
4.00-18.00
9.3
7.38
Apr
0.22-12.00
1.00-8.00
May
4.00-22.00
9.31
7.33
May
0.22-12.00
1.00-8.00
Jun
4.00-22.00
9.15
7.67
Jun
0.22-12.00
1.00-8.00
Jul
4.00-35.00
9.54
8.4
Jul
0.22-12.00
1.00-8.00
Aug
5.00-55.00
14.37
18.43
Aug
0.22-12.00
1.00-8.00
Sep
5.00-65.00
14.64
19.81
Sep
0.22-12.00
1.00-8.00
Oct
5.00-65.00
15.59
19.66
Oct
0.22-12.00
1.00-8.00
Nov
5.00-65.00
15.06
18.00
Nov
0.22-12.00
1.00-8.00
Dec
5.00-65.00
16.08
18.31
Dec
0.22-12.00
1.00-8.00

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
Source:Reserve Bank of Zimbabwe,2020
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 Rates 3
Commercial Banks
Commercial Banks
End of


S16


End of
All Share
Industrial
Mining
Volume of Shares
Market Turnover
Market Capitalisation

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

June*

**As at 26 June 2020
Source: Zimbabwe Stock Exchange (ZSE), 2020
$ Millions
TABLE 11: ZIMBABWE STOCK MARKET STATISTICS
Indices
*All Share index was introduced in


S17


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


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Source :ZIMSTATS, 2020
NON-FOOD INFLATION
TABLE 12.1 : MONTHLY INFLATION -- PERCENTAGE CHANGE IN CONSUMER PRICE INDEX
( FEBRUARY 2019 = 100)


S18


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


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun


Jan

Feb

Mar

Apr

May

Jun

Source :ZIMSTATS, 2020
TABLE 12.2 : QUARTERLY INFLATION -- PERCENTAGE CHANGE IN CONSUMER PRICE INDEX
(FEBRUARY 2019 = 100)
NON-FOOD INFLATION


S19


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 TY,
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
WEIGHTS


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun


Feb

Mar

Apr

May

Jun

Source:Zimstat, 2020
TABLE 12.3 : YEARLY INFLATION - % CHANGE IN CONSUMER PRICE INDEX
(February 2019 = 100)
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


S20


End of
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Total
(Q2 2020)
Merchandise Imports (excl. energy)
168.6

222.3

182.1

232.9

209.0

226.1

216.0

164.4

170.7

178.2

153.1

162.0

221.1

536.3

- Consumption Goods
62.6

97.3

73.3

85.4

87.8

97.3

94.4

75.1

90.2

82.2

76.6

86.3

116.4

279.3

- Capital Goods
70.6

87.4

73.4

118.4

91.1

89.0

90.8

64.9

60.3

61.5

52.8

47.5

72.4

172.7

- Intermediate Goods
35.5

37.6

35.4

29.0

30.2

39.9

30.8

24.4

20.1

34.5

23.7

28.3

32.3

84.3

Energy (Fuel & Electricity)
54.2

55.7

50.9

46.1

67.8

39.1

39.4

43.9

53.2

50.7

27.0

40.3

34.9

102.3

Service Payments
58.6

46.7

50.4

44.6

51.5

52.6

37.4

43.3

40.0

67.3

36.6

33.8

52.7

123.1

- Technical, Professional & consult
30.9

21.6

22.0

17.7

17.4

19.1

16.9

17.7

17.9

39.1

16.7

11.8

32.9

61.4

- Software
9.3

6.4

3.5

4.1

5.8

5.2

2.8

5.7

3.4

4.5

5.1

6.8

9.0

20.8

- Other (tourism, edu, freight etc)
18.4

18.7

24.9

22.8

28.4

28.3

17.7

20.0

18.7

23.7

14.8

15.2

10.9

40.9

Income Payments (Profits, Dividends)
14.7

38.3

14.3

24.4

6.8

14.7

15.4

18.7

28.1

17.4

26.4

11.1

14.8

52.4

Capital Remittances (outward)
36.2

44.9

49.7

55.6

74.5

39.9

73.3

38.7

30.1

62.1

34.8

16.1

20.3

71.3

- External Loan Repayments
31.9

39.3

46.8

53.2

70.7

38.5

71.5

35.3

27.2

60.9

34.2

16.0

17.5

67.7

- Disinvestments
2.2

4.0

0.8

2.4

3.8

1.5

1.6

1.0

1.7

1.2

0.6

0.1

1.7

2.4

- Cross Border Investment
2.0

1.7

2.1

-

0.0

0.0

0.2

2.5

1.2

0.0

-

0.0

1.2

1.2

Other Payments
4.6

11.9

6.3

15.4

11.0

24.3

15.7

13.7

13.3

10.3

4.6

3.4

6.0

13.9

TOTAL
336.9

419.9

353.8

418.9

420.6

396.8

397.3

322.8

335.3

386.0

282.5

266.7

349.9

899.2

Source: Reserve Bank of Zimbabwe, 2020
Table 13.1: Monthly Cross Border Payments (US$ Millions)


S21


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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Source: Reserve Bank of Zimbabwe, 2020
Table 13.2: Monthly Cross Border Receipts (US$Millions)


S22


End of

Est
Long-Term External Debt

Government

Bilateral Creditors

Multilateral Creditors

Private Creditors

Public Enterprises


Bilateral Creditors

1,155

Multilateral Creditors

Private Creditors

Monetary Authorities

Multilateral Creditors - IMF

Private


Short-Term External Debt
1,348
2,040
1,286


Supplier's Credits

Reserve Bank

1,300

2,463
Private


Total External Debt

Gross Domestic Product

External Debt / GDP

Source: Ministry of Finance & Economic Development, 2020; & Reserve Bank of Zimbabwe, 2020
TABLE 14.1: ZIMBABWE: EXTERNAL DEBT OUTSTANDING BY DEBTOR (INCLUDING ALL ARREARS)


S23


End of

2019 Est
(US$ millions)
Total Medium to Long-Term External Debt

Public and Publicly Guaranteed Debt

Bilateral Creditors

Multilateral Creditors

Private Creditors

Private Non-Guaranteed Long term


Short-Term External Debt

3,799
Public and Publicly Guaranteed Debt

Reserve Bank

2,463
Private

-37


Total External Debt

Gross Domestic Product

External Debt / GDP

Source: Ministry of Finance & Economic Development, 2020 ; Reserve Bank of Zimbabwe, 2020
TABLE 14.2: External Debt Outstanding by Source
(US$ millions)


S24


End of

Government

Capital

Interest

Parastatals

Capital

Interest

Private

Capital

Interest

Total

Capital

Interest

Exports of Goods
and Services

Debt Service ratio

Capital Service Ratio

Interest Service ratio

Note: Figures reflect scheduled debt service.

Source: Ministry of Finance & Economic Development, 2020 ; Reserve Bank of Zimbabwe, 2020
TABLE 14.3: EXTERNAL DEBT SERVICE AND DEBT SERVICE RATIOS
(US$ MILLIONS)