i


SEPTEMBER 2017

TABLE OF CONTENTS


August

September
Month-on-
Month
Change
Z.S.E. Mining Index1
73.47
122.57
66.83%
Z.S.E. Industrial Index1
235.03
418.39
78.02%
National Payment System Transactions
(US$ millions)
9 013.62
10 447.67
16.0%
Money Supply (US$ millions)2
7 075.54
7 460.20
5.44%
Money Supply (M3) Annual Growth2 (%)
36.57
41.37

Yearly Inflation3 (%)
0.14
0.78

Monthly Inflation3 (%)
-0.13
0.38

Nominal Lending Rate2 (% per annum)
4.00-18.00
4.45-18.00

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

INTERNATIONAL COMMODITY PRICE
DEVELOPMENTS

The international commodity prices of gold,
copper, nickel and crude oil firmed, while
platinum prices retreated, during the month of
September 2017.

Precious Metals

Average monthly gold prices increased by 2.6%,
from US$1 282.69/oz in August 2017 to
US$1 316.01/oz in September 2017. This was
occasioned by geopolitical tensions over North
Korea’s nuclear tests and the implementation of
new US economic sanctions. Furthermore, the
precious metal prices rose as the Federal
Reserve is expected to slow down on additional
interest
rate
hikes.
These
developments
bolstered the yellow metal’s safe haven demand
outlook.
Platinum prices declined by 0.6%, from a
monthly average of US$973.36/ounce in August
2017 to US$ 967.71/ounce in September 2017.
This was largely attributable to emerging signs
of weak industrial demand for the metal.
Figure 1: Precious metal prices

Source: Bloomberg, 2017

Base Metals
Base metals prices firmed during the month
under review, on account of the improved
demand outlook in China, the world’s largest
user of base metals. Copper prices increased by
1.3%, to close the month of September 2017 at
US$6 583.19/tonne. Similarly, nickel prices
also registered a 2.9% increase, to close the
same month at US$ 11 233.57/tonne,
respectively.
Figure 2: Base metal prices

Source: Bloomberg, 2017
Brent Crude Oil
Crude oil prices registered a 6.4% increase,
from a monthly average of US$51.94/barrel in
August 2017 to US$55.29/barrel in September
2017. This was on the back of the projeceted
increase in demand, coupled with cuts in oil
shipments by Saudi Arabia, OPEC’s biggest oil
producer.

Jul-16
Aug-16
Sep-16
Oct-16
Nov-16
Dec-16
Jan-17
Feb-17
Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Gold
Platinum


May-16
Jul-16
Sep-16
Nov-16
Jan-17
Mar-17
May-17
Jul-17
Sep-17
Copper
Nickel

Figure 3: International crude oil prices
Source: Bloomberg, 2017
MERCHANDISE TRADE
DEVELOPMENTS

Total
merchandise trade

amounted to
US$766.1 million in September 2017, down
from US$806.2 million in August 2017. This
was on account of declines in both merchandise
imports and exports, during the month under
analysis.


Merchandise Export Developments
Merchandise exports declined by 8.4%, from
US$356.6
million
in
August

to
US$326.5 million in September 2017. Declines
in exports of flue-cured tobacco, chromium ore
& concentrates and cane sugar underpinned the
fall in exports. Diamond and gold exports,
however, recorded marginal increases during
the month under review. Gold, flue-cured
tobacco and nickel were the country’s major
export commodities, accounting for about 67%
of total export revenues.

Figure 4: Merchandise Exports (US$ m)


Source: Zimstat, 2017

Table 1: Exports Classified by HS Code
Product
August-17
US$m
September-17
US$m
Share of
total
Exports
(%)
Gold
104.8
106.9
32.7
Flue-cured
tobacco
62.4
59.9
18.3
Nickel ores
and
concentrates
33.2
47.3
14.5

Ferrochrome
26.6
26.7
8.2
Industrial
diamonds
8.3
13.8
4.2
Chromium
ores and
concentrates
6.6
5.2
1.6
Ginned
cotton
7.4
4.5
1.4
Unwrought
platinum
5.8
4.1
1.3
Cane sugar
8.4
3.8
1.2
Other
93.1
54.3
16.6
Total
356.6
326.5
100.0
Source: Zimstat, 2017 & RBZ Calculations, 2017
The country’s merchandise exports were
destined to South Africa, 58.6%; the United
Arab Emirates, 14.2%, Mozambique, 12.1%;

Apr-16
May-16
Jun-16
Jul-16
Aug-16
Sep-16
Oct-16
Nov-16
Dec-16
Jan-17
Feb-17
Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17

30.5

91.5

152.5

213.5

274.5

335.5

Aug-17
Sep-17

Zambia,1.3%; Botswana, 0.5%; Namibia, 0.2%;
and Germany, 0.2%.

Source: Zimstat, 2017 & RBZ Calculations, 2017
Merchandise Import Developments
Merchandise imports declined by 1.9%, to
US$439.6 million during the month of
September 2017. The decline was on account of
decreases in imports of electricity, crude soya
bean oil and wheat. Energy imports (diesel,
petrol and electricity) accounted for the highest
proportion of total merchandise imports at
29.0%.
The country sourced imports from South Africa
(39.7%); Singapore (23.1%); China (5.5%);
United
Kingdom
(6.0%),
Japan
(3.0%);
Mozambique (2.3%); Mauritius (2.0%); Zambia
(1.9%); and India (1.6%).


Figure 6: Major Merchandise Import
Sources (% Share)

Source: Zimstat, 2017 & RBZ Calculations, 2017
Merchandise Trade Balance
The merchandise trade developments resulted in
a trade deficit of US$113.1 million in
September 2017, up from the US$91.4 million
deficit recorded in August 2017. This was
largely driven by the decline in exports during
the month under analysis.
Figure 7: Merchandise Exports, Imports and
Trade Balance (US$m)

Source: Zimstat, 2017 & RBZ Computations, 2017
South
Africa
58.6%
Mozambique
12.1%
United
Arab
Emirates
14.2%
Zambia
1.3%
Germany
0.2%
Botswana
0.5%
Namibia
0.2%
Other
12.9%Figure 4:Major Merchandise
Figure 4:Major Merchandise Export Destinations
Export Destinations
South Africa
Singapore
China
Zambia
Mozambique
Japan
India
Mauritius
India
U.K
Other

Jan-17
Feb-17
Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Exports
Imports
Trade balance

MONETARY DEVELOPMENTS


The annual broad money1 growth rate rose from
36.57% in August 2017, to 41.37% in
September 2017. The growth was driven by
annual expansions of 52.78% and 2.38% in
transferable2 deposits and time deposits3,
respectively. Partially offsetting the increases,
was a decline of 24.67% in negotiable
certificates of deposits (NCDs)4.
On a monthly basis, broad money increased by
5.44%, from US$7 075.5 million in August
2017 to U$7 460.2 million in September 2017.


Source: Reserve Bank of Zimbabwe, 2017
During the month under review, broad money
consisted of transferable or transitory deposits,
74.92%; time deposits, 21.06%; currency in

1 Beginning January 2017, broad money is redefined using
IMF’s Monetary and Financial Statistics Manual of 2000. The
major change is the exclusion of Government deposits held by
banks from broad money.
circulation, 3.26%; and negotiable certificates
of deposit, 0.75%.

Source: Reserve Bank of Zimbabwe, 2017
Total banking sector credit to the domestic
economy registered an annual increase of
39.1%, from U$7 059.1 million in September
2016 to U$9 819.6 million in September 2017.
The growth was largely due to a 69.13% annual
expansion in net credit to Government.
The surge in net credit to government reflected
the fiscus’ continued reliance on the banking
sector to finance its operations. In addition, the
increase in banks’ holdings of Treasury bills,
bought at a discount on the secondary market
also explained the growth in net credit to
government.
2 Transferable deposits are made up of demand and savings
deposits.
3All classes of time deposits, short and long term, are classified
as time deposits, which are also termed other deposits.
4 NCDs are also referred to as securities included in broad
money.
-10


Sep-16
Oct-16
Nov-16
Dec-16
Jan-17
Feb-17
Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
%
US$ BILLIONS
Figure 8: Money Supply
Figure 8: Money Supply
M3
M3 Annual Growth rate
Transferable
Deposits
74.92%
Other
Deposits
(Time)
21.06%
NCDs
0.75%
Bond
Notes and
Coins
3.26%Figure 9:
Figure 9: Composition of Money Supply Se
Supply September2017

On a month-on-month basis, domestic credit
increased by 4.46%, from US$9 400.01 million
recorded in August 2017. This was on the back
of a 5.96% expansion in net credit to
government.
Credit to the private sector recorded an annual
growth of 8.95% in September 2017, up from
8.48% in August 2017. Month-on month credit
to the private sector also increased, from
US$3 596.7 million in August 2017 to
US$3 648.9 million during the month under
review.
Source: Reserve Bank of Zimbabwe, 2017
During the month under analysis, outstanding
credit to the private sector was distributed as
follows: households, 23.2%; agriculture, 17.1%;
services,
14.7%;
distribution,
12.7%,
manufacturing, 12.4%; financial organisations
and
investments,
10.7%;
mining,
4.7%;
transport and communications, 2.1%; and
construction, 1.8%.
Private sector credit was utilised for inventory
build-up, 29.2%; consumer durables, 16.9%;
fixed capital investment, 12.5%; and pre and
post shipment financing, 1.2%. The amount
channelled towards other recurrent expenditures
constituted 40.2% of the total outstanding loans
and advances to the private sector.
STOCK MARKET DEVELOPMENTS

During the month of September 2017, trading
activity on the Zimbabwe Stock Exchange
(ZSE) was largely speculative, leading to a bullrun. Trading was largely skewed towards wealth
preserving blue-chip counters, in light of the
limited investment options available in the
country. Consequently, the industrial and
mining indices registered increases of 78.02%
and 66.83% to close the month under review at
418.39 points and 122.57 points, respectively.

Source: Zimbabwe Stock Exchange, 2017

The volume of shares traded on the ZSE
registered a 111.58% increase, to close the
month of September 2017 at 245.28 million
shares. The increase in the volume of shares
traded, coupled with soaring share prices
resulted in a 557.71% increase in market
turnover to US$89.45 million.
Households
23.2%
Agriculture,
17.1%
Manufacturing,
12.4%
Services,
14.7%
Distribution,
12.7%
Financial
Organisati
ons,
10.7%
Mining,
4.7%
Transport and
Communication,
2.1%
Construction,
1.8%
Other, 0.6%
Figure 10 : Sectoral Distribution of
Credit

30-Sep-16
31-Oct-16
30-Nov-16
31-Dec-16
31-Jan-17
28-Feb-17
31-Mar-17
30-Apr-17
31-May-17
30-Jun-17
31-Jul-17
31-Aug-17
30-Sep-17
Figure 11: ZSE Indices
Industrial
Mining

Foreign investor interest continued on a
downward trend, as reflected by net outflows,
which stood at US$24.6 million in September
2017, up from US$1.70 million in August 2017.

INFLATION OUTTURN

Annual Inflation

Annual headline inflation rose from 0.14% in
August 2017 to 0.78% in September 2017, on
account of increases in both food and non-food
inflation. Non-food inflation surged from
-0.60% in August 2017 to -0.01% in September
2017. Like wise, food inflation accelerated from
1.76% to 2.49% during the period of analysis.

The increase in inflation reflected, in large part,
a build up of adverse inflation expectations,
coupled with rent seeking behaviour on the
parallel market. Parallel market premiums
increased siginificantly during the month of
September 2017.


Source: ZIMSTAT, 2017
Monthly Inflation

Month-on-month inflation increased from
-0.13% August 2017 to 0.38% in September
2017 . This was largely on account of increases
in both food and non-food prices.


Source: ZIMSTAT, 2017
Monthly non-food inflation rose to 0.25% in
September 2017, from 0.03% in August 2017.
Increases in prices of furniture, household
equipment and maintenance; recreation and
culture; and clothing and footwear largely
explained the increase.

Month-on-month food inflation increased by
0.19 percentage points from -0.47% in August
2017, to 0.66% in September 2017. This
followed increases in prices of oils and fats;
fruits; vegetables and milk and cheese and eggs.


Figure 12: Annual Inflation
(%)
Headline Inflation
Food
Non Food

0.8Figure 13: M
Figure 13: M-
-O
O-
-M Inflation
M Inflation

NATIONAL PAYMENTS SYSTEM

The value of transactions processed through the
National Payment System (NPS) increased by
16% to US$10.45 billion in September 2017,
from US$9.01 billion in August 2017. NPS
transaction volumes also registered a 14%
increase, to close at 107.5 million transactions
during the same month.

Zimbabwe Electronic Transfer Settlement
System (ZETSS)

The value of transactions processed through the
RTGS system stood at US$ 6.03 billion in
September 2017, up from US$5.33 billion in
August 2017. RTGS transaction volumes also
increased from 541 521 in August 2017 to
619 700 in September 2017.
Source: Reserve Bank of Zimbabwe, 2017
Cash transactions
The total value of cash based transactions
increased by 26.3%, from US$205.33 million in
August 2017, to US$259.27 million in
September 2017.

Mobile and Internet Based Transactions
Mobile and internet based transactions stood at
US$2.89 billion in Septemebr 2017, up from
US$2.36 billion during the previous month.
Card Based Transactions
Card
based
transactions
amounted
to
US$667.22 million in September 2017, from
US$614.74
million
in
August
2017.

Cheque Transactions
The total value of cheque transactions increased
by 0.20%, to close the month under analysis at
US$5.19 million.

RESERVE BANK OF ZIMBABWE


VALUE IN US$ BILLIONS
VOLUME IN THOUSANDS
Figure 14: ZETSS Volumes and
Figure 14: ZETSS Volumes and Values
Values
Volume
Value

Statistical Tables

Monetary Statistics
1. Depository Corporations Survey

2. Central Bank Survey

3. Other Depository Corporations Survey

Other Depository Corporations

4.1 Assets

4.2 Liabilities

Commercial Banks
5.1 Assets

5.2 Liabilities

Building Societies
6.1 Assets

6.2 Liabilities

Sectoral Analysis of Bank Loans and Advances and Deposits

7.1 Sectoral Analysis of Commercial Banks Loans and Advances

7.2 Sectoral Analysis of Commercial Banks Deposits

Interest Rates

8.1 Lending Rates

8.2 Banks Deposit Rates

Inflation

9.1 Monthly Inflation

9.2 Yearly Inflation

External Statistics

10. Total External Debt Outstanding by Debtor

11. Exchange Rates

12. Zimbabwe Stock Exchange Statistics

13. National Payments System Statistics


13.1 Values of Transactions

13.2 Volumes of Transactions

14. Merchandise Trade Statistics

Sep-16
Oct-16
Nov-16
Dec-16
Jan-17
Feb-17
Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
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

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

Other Items(net)

Broad Money-M3

Securities Other than Shares Included in Broad Mon

Broad Money-M2

Other Deposits

Narrow Money-M1

Transferable Deposits

Currency Outside Depository Corporations

Source:Reserve Bank of Zimbabwe,2017
Note:
(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.
TABLE 1: DEPOSITORY CORPORATIONS SURVEY (US$ '000)

Sep-16
Oct-16
Nov-16
Dec-16
Jan-17
Feb-17
Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
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

Less Liabilities to Central Government

Of which: Deposits

Claims on Other Sectors

Other Financial Corporations

State and Local Government

Public Non Financial Corporations

Private Sector

Claims on Other Depository Corporations

Other Liabilities to ODCs

Other Items(Net)

Monetary Base

Bond Coins

Bond Notes

Liabilities to ODCs

Reserve Deposits

Other

Private Deposits

Source:Reserve Bank of Zimbabwe,2017
TABLE 2: CENTRAL BANK SURVEY (US$'000)

Sep-16
Oct-16
Nov-16
Dec-16
Jan-17
Feb-17
Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Net Foreign Assets

Claims on Non Residents

Of Which: Foreign Currency

Deposits

Other

Less Liabilities to Non Residents

Of Which: Deposits

Loans

Other

Net Domestic Assets (NDA)
5,245,432.00

5,321,500.90

5,442,974.41

5,549,018.98

5,580,169.12

5,639,870.63

5,709,300.08

5,875,774.29

5,952,966.10

6,280,977.27

6,298,478.80

6,804,652.82

7,083,536.41

Domestic Claims
5,022,442.51

5,110,022.06

5,157,302.61

5,249,484.24

5,193,549.03

5,210,748.62

5,374,818.07

5,496,061.61

5,599,314.81

5,744,480.55

5,664,876.26

5,897,249.35

6,106,204.09

Net Claims on Central Government
1,446,944.29

1,503,220.41

1,472,146.07

1,528,867.51

1,617,356.78

1,673,670.22

1,722,915.15

1,893,632.91

1,910,530.23

1,988,366.03

1,949,894.23

2,053,882.03

2,235,169.19

Claims on Central Government
1,490,684.3763

1,546,271.8214

1,518,299.1187

1,571,032.9250

1,670,420.5050

1,728,929.8577

1,809,816.2513

1,969,866.9249

1,985,634.2076

2,062,080.8211

2,027,953.6484

2,142,212.9900

2,290,365.4156

Securities
1,463,404.5297

1,517,535.6764

1,500,671.4257

1,553,239.1020

1,654,534.6290

1,713,961.3077

1,794,113.0553

1,954,045.2049

1,968,887.3446

2,014,158.1741

1,982,771.1424

2,100,894.1800

2,248,874.2676

Loans
27,279.8466

28,736.1450

17,627.6930

17,793.8230

15,885.8760

14,968.5500

15,703.1960

15,821.7200

16,746.8630

47,922.6470

45,182.5060

41,318.8200

41,491.1480

Other
(0.0000)

-

(0.0000)

0.0000

(0.0000)

0.0000

-

(0.00)

(0.00)

(0.00)

-

-

-

Less Liabilities to Central Government
(43,740.0913)

(43,051.4118)

(46,153.0502)

(42,165.4109)

(53,063.7244)

(55,259.6416)

(86,901.1009)

(76,234.0149)

(75,103.9806)

(73,714.7955)

(78,059.4171)

(88,330.9700)

(55,196.2259)

Claims on Other Sectors
3,575,498.2216

3,606,801.6478

3,685,156.5434

3,720,616.7211

3,576,192.2507

3,537,078.4083

3,651,902.92

3,602,428.70

3,688,784.58

3,756,114.52

3,714,982.03

3,843,367.33

3,871,034.90

Other Financial Corporations
117,440.18

106,745.29

109,892.67

102,641.44

100,223.50

60,600.81

61,686.40

63,543.47

77,258.00

132,079.86

80,587.02

83,743.90

84,929.32

State and Local Government
43,554.41

41,728.47

37,784.82

34,237.41

35,909.11

35,006.53

34,312.18

34,732.93

36,595.52

35,573.02

34,059.17

34,223.63

31,707.35

Public Non Financial Corporations
93,825.28

103,499.64

101,612.03

86,631.35

84,675.48

84,417.84

86,380.62

90,267.74

88,656.44

98,878.45

142,891.35

171,759.70

142,254.70

Private Sector
3,320,678.35

3,354,828.25

3,435,867.03

3,497,106.53

3,355,384.15

3,357,053.23

3,469,523.72

3,413,884.55

3,486,274.63

3,489,583.19

3,457,444.48

3,553,640.10

3,612,143.52

Claims on the Central Bank
1,209,909.110

1,156,606.119

1,323,120.314

1,435,556.219

1,475,197.651

1,507,778.322

1,498,477.568

1,505,940.672

1,505,814.461

1,682,269.779

1,814,568.562

2,074,164.010

2,122,438.965

Bond Notes and Coins
1,627.106

1,420.818

4,565.027

16,563.071

20,206.055

19,301.209

12,559.660

10,691.409

13,438.609

7,361.926

7,148.374

12,310.360

11,999.682

Reserves
1,208,282.003

1,155,185.301

1,318,555.287

1,418,993.147

1,454,991.597

1,488,477.113

1,485,917.908

1,495,249.263

1,492,375.852

1,674,907.853

1,807,420.188

2,061,853.650

2,110,439.283

Liabilities to the Central Bank


1.79
3.386
Other Items(Net)
986,918.90

945,127.17

1,037,448.30

1,134,271.35

1,088,577.32

1,078,654.52

1,162,242.90

1,126,224.85

1,152,162.40

1,145,772.36

1,180,966.02

1,166,758.76

1,145,103.26

Shares and Other Equity
1,194,352.25

1,211,644.10

1,228,902.77

1,271,826.05

1,272,987.21

1,279,285.69

1,301,867.36

1,295,023.50

1,310,286.87

1,325,276.01

1,330,874.62

1,342,135.53

1,356,314.17

Liabilities to other financial corporations
36,195.23

28,299.00

28,777.63

48,770.44

41,105.95

43,353.63

41,885.62

41,887.59

42,243.24

46,601.91

35,579.93

22,829.02

32,113.21

Other Items(Net)
(243,628.59)

(294,815.93)

(220,232.10)

(186,325.14)

(225,515.85)

(243,984.80)

(181,510.08)

(210,686.24)

(200,367.71)

(226,105.56)

(185,488.52)

(198,205.79)

(243,324.12)

Deposits and Securities Included in Broad Mo
5,263,571.88

5,302,500.30

5,397,590.93

5,567,120.14

5,579,371.63

5,654,297.27

5,734,703.72

5,960,513.96

6,009,210.65

6,278,455.63

6,345,429.42

6,858,037.73

7,177,759.33

Deposits Included in Broad Money
5,189,453.59

5,229,143.63

5,353,728.76

5,504,225.78

5,528,809.61

5,594,968.03

5,674,542.57

5,897,221.76

5,947,817.72

6,212,788.17

6,279,146.84

6,786,983.35

7,121,929.07

Transferable Deposits
3,654,543.14

3,720,200.45

3,886,146.76

4,032,568.59

3,983,863.96

4,042,323.47

4,144,685.59

4,366,516.18

4,389,399.64

4,673,922.65

4,679,042.08

5,182,081.91

5,550,494.39

Other Deposits
1,534,910.45

1,508,943.19

1,467,582.00

1,471,657.19

1,544,945.66

1,552,644.56

1,529,856.98

1,530,705.58

1,558,418.08

1,538,865.52

1,600,104.76

1,604,901.44

1,571,434.68

74,118.29

73,356.67

43,862.17

62,894.35

50,562.02

59,329.24

60,161.15

63,292.20

61,392.93

65,667.46

66,282.58

71,054.38

55,830.26

Source:Reserve Bank of Zimbabwe,2017
TABLE 3: OTHER DEPOSITORY CORPORATIONS SURVEY (US '000)

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

Jan
1.22


Feb
1.44


Mar
1.53


Apr
1.55


May
1.53


Jun
1.61


Jul
1.62


Aug
1.58


Sep
1.63


Oct
1.42


Nov
4.57


Dec
16.56


Jan
20.21


Feb
19.30


Mar
12.56


Apr
10.69


May
13.44


Jun
7.36


Jul
7.15


Aug
12.31


Sep
12.00


Source:Reserve Bank of Zimbabwe,2017
Notes
1.Government securities includes treasuary bills and bonds
2.Includes bankers acceptances, discounted bills and negotiable certificates of deposits.
3.Includes households, other financial corporations.
TABLE 4.1: OTHER DEPOSITORY CORPORATIONS -ASSETS
US$ millions
Debt Securities
Loans and Advances

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

Jan


Feb


Mar


Apr


May


Jun


Jul


Aug


Sep


Oct


Nov


Dec


Jan


Feb


Mar


Apr


May


Jun


Jul


Aug


Sep


Source:Reserve Bank of Zimbabwe,2017
TABLE 4.2 : OTHER DEPOSITORY CORPORATIONS - LIABILITIES
Deposits
Amounts Owing to
US$ millions

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

Local Governemt
Public Enterprises
Other

Government
Government
Enterprises
Institutional Units

Other claims
Assets
Other Assets
Assets
Coins
Coin
RBZ
Corporations
Foreign Banks
Non-residents
Securities
securities

Jan
1.05


Feb
1.21


Mar
1.31


Apr
1.35


May
1.38


Jun
1.42


Jul
1.45


Aug
1.36


Sep
1.40


Oct
1.27


Nov
4.24


Dec
14.07


Jan
17.72


Feb
16.29


Mar
10.74


Apr
9.82


May
12.36


Jun
7.01


Jul
6.71


Aug
11.80


Sep
11.43


Source:Reserve Bank of Zimbabwe,2017
Notes
1.Government securities include treasuary bills and bonds
2.Includes bankers acceptances, discounted bills and negotiable certificates of deposits.
3.Includes households, other financial corporations,
TABLE 5.1: COMMERCIAL BANKS -ASSETS
US$ millions
Debt Securities
Loans and Advances

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

Jan


Feb


Mar


Apr


May


Jun


Jul


Aug


Sep


Oct


Nov


Dec


Jan


Feb


Mar


Apr


May


Jun


Jul


Aug


Sep


Source:Reserve Bank of Zimbabwe,2017
TABLE 5.2 : COMMERCIAL BANKS - LIABILITIES
Deposits
Amounts Owing to

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

Jan
0.13


Feb
0.20


Mar
0.19


Apr
0.19


May
0.14


Jun
0.18


Jul
0.16


Aug
0.20


Sep
0.21


Oct
0.12


Nov
0.14


Dec
1.72


Jan
2.35


Feb
1.19


Mar
1.65


Apr
0.74


May
0.92


Jun
0.34


Jul
0.39


Aug
0.44


Sep
0.56


Source:Reserve Bank of Zimbabwe,2017
Notes
1.Government securities include treasuary bills and bonds
2.Includes bankers acceptances, discounted bills and negotiable certificates of deposits.
3.Includes households, other financial corporations,
TABLE 6.1: BUILDING SOCIETIES -ASSETS
US$ millions
Debt Securities
Loans and Advances

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

Jan


Feb


Mar


Apr


May


Jun


Jul


Aug


Sep


Oct


Nov


Dec


Jan


Feb


Mar


Apr


May


Jun


Jul


Aug


Sep


Source:Reserve Bank of Zimbabwe,2017
Amounts Owing to
TABLE 6.2: BUILDING SOCIETIES -LIABILITIES
US$ millions

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


INVESTMENTS
ORGANISATIONS

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Source:Reserve Bank of Zimbabwe,2017
/1 Including the only merchant bank still in operation.
TABLE 7.1 : SECTORAL ANALYSIS OF COMMERCIAL BANKS LOANS AND ADVANCES/1
US$ ('000)

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Source: Reserve Bank of Zimbabwe,2017
TABLE 7.2: SECTORAL ANALYSIS OF COMMERCIAL BANKS DEPOSITS
US$ ('000)

End Period
Nominal Lending Rates 1
Individuals
Corporate

Jan
6.00-22.00
12.08
7.38
Feb
4.00-22.00
11.48
7.29
Mar
4.00-22.00
11.44
7.16
Apr
4.00-22.00
11.50
7.20
May
4.00-18.00
11.43
7.35
Jun
4.00-18.00
11.40
7.48
Jul
4.00-18.00
10.69
6.79
Aug
4.00-18.00
10.67
6.84
Sep
4.00-18.00
10.66
6.95
Oct
4.00-18.00
10.70
6.93
Nov
4.00-18.00
10.69
6.99
Dec
4.00-18.00
10.59
6.87

Jan
4.00-18.00
10.61
6.68
Feb
4.00-18.00
10.06
6.52
Mar
4.00-18.00
9.12
7.02
Apr
4.00-18.00
9.25
7.02
May
4.00-18.00
9.17
7.03
Jun
4.00-18.00
9.01
7.05
Jul
4.00-18.00
8.94
7.05
Aug
4.00-18.00
8.88
6.95
Sep
4.45-18.00
8.86
7.01
Source:Reserve Bank of Zimbabwe, 2017
Notes
TABLE 8.1: LENDING RATES (percent per annum)
1. Nominal lending rates depict the range of rates quoted by banks.
Commercial Banks
Weighted Average Lending Rates

END OF
SAVINGS
3 MONTHS

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

Jan
0.50-6.00
1.00-17.00
Feb
0.50-6.00
1.00-17.00
Mar
0.50-6.00
1.00-17.00
Apr
0.50-6.00
1.00-17.00
May
0.50-6.00
1.00-9.50**
Jun
0.50-6.00
1.00-12.00
Jul
0.5-6.00
1.00-12.00
Aug
0.5-6.00
1.00-12.00
Sep
0.50-12.00
0.75-8.00
Source:Reserve Bank of Zimbabwe, 2017
* Deposit rates depict the range of rates qouted by banks.
**Banks have adjusted their costs of holding deposits following the call by the RBZ to reduce lending rates.
TABLE 8.2 : BANK DEPOSIT RATES (percent per annum)
COMMERCIAL BANKS

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


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Source:Zimstat, 2017
NON-FOOD INFLATION
TABLE 9.1 : MONTHLY INFLATION - % CHANGE IN CONSUMER PRICE INDEX
( December 2012 = 100)

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Source: Zimstat, 2017
C OM M UN IC A TION
TR A N S P OR T
HEA LTH
ED UC A TION
N ON -F OOD IN F LA TION
TABLE 9.2 : YEARLY INFLATION - % CHANGE IN CONSUMER PRICE INDEX
(December 2012 = 100)

(US$ millions)
End Period

Long-Term External Debt

Government

Bilateral Creditors

Multilateral Creditors

Private Creditors

Public Enterprises


Bilateral Creditors

1,155

Multilateral Creditors

Private Creditors

Monetary Authorities

Multilateral Creditors - IMF

Private


Short-Term External Debt

1,198
1,382
1,289


Supplier's Credits

Reserve Bank

Private

1,807
1,671
1,731
Total External Debt

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

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

Jan

feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Source: Reserve Bank of Zimbabwe, 2017
TABLE 11 : SELECTED INTERNATIONAL EXCHANGE RATES
1. Foreign currency per US dollar.
2. US dollars per unit of foreign currency.

Market Capitalisation
END OF
US$ millions

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Source:Zimbabwe Stock Exchange ,2017
TABLE 12: ZIMBABWE STOCK MARKET STATISTICS
Industrial
Market Turnover
US$ million
Volume of Shares
Mining
Indices

END OF
ZETSS
CHEQUE
POS
ATM
MOBILE INTERNET

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Source:Reserve Bank of Zimbabwe, 2017
TABLE 13.1 : ZETSS AND RETAIL PAYMENTS
Values of Transactions (US$ millions)

END OF
ZETSS
CHEQUE
POS
ATM
MOBILE
INTERNET

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Annual Total


Jan

Feb

May

Apr

May

Jun

Jul

Aug

Sep

Source:Reserve Bank of Zimbabwe, 2017
TABLE 13.2 : ZETSS AND RETAIL PAYMENTS
Volumes of Transactions (000's)

END OF
EXPORTS
IMPORTS
TOTAL TRADE TRADE BALANCE

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Total


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

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