QUARTERLY
ECONOMIC
REVIEW


SEPTEMBER 2022

CONTENTS

List of Figures

List of Tables

1.
OVERVIEW


During the third quarter of 2022, the global
economy was characterised by heightened
inflationary pressures, tightening global financial
conditions, geo-political tensions emanating
from the Russia-Ukraine crisis and lingering
Covid-19 related uncertainties. Resultantly,
prospects for global economic growth in the short
to medium term remain subdued, with real GDP
growth of 3.2% expected in 2022 and 2.7% in
2023.
On the domestic front, significant gains were
made in reigning-in inflation during the quarter
under review as monthly inflation fell from a
peak of 30.7% in June 2022 to 3.47% in
September 2022. The successful disinflation
derives from the Bank’s tight monetary policy
stance, coupled with the value for money
principle adopted by government, to curb
speculative pricing by its suppliers of goods and
services.

The quarter under review saw total merchandise
trade increase by 3.8% to US$3,845.4 million,
from US$3,706.0 million recorded in the
comparable quarter in 2021. On a quarter-onquarter basis, total merchandise trade grew by
2.8%, from US$3,742.2 million in the preceding
quarter. The increase in total merchandise trade
was on account of a significant rise in imports.

Broad money stock stood at ZW$1 917.15 billion
in September 2022, up from ZW$1 119.70 billion
in June 2022. This was driven by valuation
effects on foreign currency deposits, on account
of nominal exchange rate depreciation. The local
currency eased against the US dollar, from
ZW$370.96 per US$1 in June 2022 to
ZW$621.89 per US$1 in September 2022.
On the capital market, the Zimbabwe Stock
Exchange was characterised by negative trading,
during the quarter under review. As a result, all
the major indices declined, with the All Share,
Top 10, Top 15, Medium Cap and Small Cap
Indices shedding 25.37%, 25.53%, 26.75%,
26.69% and 5.84% to close at 14 771.65 points,
9 140.55 points, 10 051.47 points, 29 051.67
points and 483 615.64 points, respectively.

The country’s National Payment Systems (NPS)
were buoyant, with the value of transactions
processed through them increasing by 78% to
ZW$10.43 trillion, from ZW$5.86 trillion
recorded in the previous quarter. NPS transaction
volumes, however, decreased by 2% to 287.80
million, during the third quarter of 2022 from
293.93 million in the second quarter.

Government revenue inflows amounted to
ZW$652.76 billion, during the quarter under
review against expenditures of ZW$657.38
billion, culminating in a budget deficit of
ZW$4.62 billion. The budget deficit was largely
financed from domestic sources.

2.
INTERNATIONAL
ECONOMIC
DEVELOPMENTS
The global economy continued to be adversely
affected
by
elevated
inflation
pressures,
tightening global financial conditions, associated
with expectations of interest rate hikes by major
central banks, and the negative spill-over effects
from the Russia-Ukraine crisis. Furthermore,
lingering waves of the Covid-19 pandemic
continued to disrupt economic activity in most
regions,
during
the
quarter
ending
30th
September 2022.
Table 1 summarizes global economic growth
developments and prospects for selected regions
and countries.
Table 1: World Economic Growth Rates
(2021 -2023)
Country/Group

Est (%)
Proj (%)
World Output
6.1
3.2
2.7
Advanced Economies
5.2
2.4
1.1
o/w: United States
5.7
1.6
1.0
Euro-Area
5.2
3.1
0.5
Emerging Market &
Developing Economies
6.6
3.7
3.7
o/w: China
8.1
3.2
4.4
India
8.7
6.8
6.1
Sub Saharan Africa
4.7
3.6
3.7
o/w: Nigeria
3.6
3.2

South Africa
4.9
2.1
1.1
Sources: IMF World Economic Outlook Update (October 2022)
The
International
Monetary
Fund
(IMF)
projected global economic activity to slow down
to 3.2 % in 2022, from 6.0% in 2021. Global
economic growth was projected to moderate
further to 2.7% in 2023, marking the weakest
growth profile since 2001, except for the 2009
global financial crisis and the acute phase of the
Covid-19 pandemic.
Growth in advanced economies is projected to
decelerate from 5.2% in 2021 to 2.4% and 1.1%
in 2022 and 2023 respectively, on account of
contractions in the US and European economies.
Growth in the United States is projected to
decline from 5.7% in 2021 to 1.6% and 1.0% in
2022 and 2023, respectively.
In emerging market and developing economies,
growth is projected at 3.7% for both 2022 and
2023. The projected slowdown in China’s GDP
growth in 2022 is attributed to Covid-19
outbreaks and lockdowns, as well as the
worsening property market crisis.
In emerging and developing Europe, growth is
projected to be stagnant in 2022 and expected to
rise marginally to 0.6% in 2023. The weak
economic performance in the region is largely
attributable to the expected 3.4% contraction in
the Russian economy in 2022 and 2.3% in 2023,
due to disturbances emanating from its war with
Ukraine. The contraction in the Russian
economy, however, is expected to be moderated
by the resilience of its crude oil exports and
strong domestic demand.
The growth outlook for the Sub-Saharan Africa
group is slightly weaker than what was forecast
in July 2022, with a decline from 4.7% in 2021
to 3.6% and 3.7% in 2022 and 2023, respectively.
The projected weaker outlook reflects lower real
GDP growth in trading partner economies, tight

financial and monetary conditions, and a
negative shift in commodity terms of trade.
Notably, the region’s biggest economies of
Nigeria and South Africa are projected to grow
by 3.2% and 2.1%, respectively, in 2022.
Risks to the global economic outlook continue to
be elevated as the world grapples with the
adverse impact of the Russia-Ukraine crisis, a
slowdown in global economic activity and
lingering effects of the Covid-19 pandemic.
INTERNATIONAL COMMODITY PRICE
DEVELOPMENTS
On the global markets, prices for selected
precious metals, base metals, and crude oil,
sharply declined on account of a stronger US
dollar. The US dollar strengthened due to the US
Federal Reserve’s hawkish monetary policy
stance. The developments in selected commodity
prices for the third quarter of 2022 are as shown
in Table 2.


Table 2: International Commodity Prices:
July -Sept 2022
Source: World Bank and Bloomberg, 2022

Precious Metals
Gold prices suffered heavy losses during the third
quarter of 2022, as geopolitical instability and
soaring global inflation were overshadowed by a
stronger US dollar and the hawkish tone from the
US Federal Reserve. Prices retreated from an
average of US$1,873.37 per ounce in the second
quarter of 2022 to US$1,728.00 per ounce, during
the quarter under analysis.
Platinum prices were largely subdued on the back of
the strengthening US dollar, which dampened the
investment demand outlook for the metal. The US
dollar continued to be boosted by investor
expectations of further interest rate hikes by major
Central Banks as they battle to tame inflation.
Furthermore, the slowdown in global demand from
the automotive industries, particularly in China, also
exerted downward pressure on prices of the metal.

Gold
Platinum
Copper
Nickel
Brent Crude
Oil

US$/oz
US$/oz
US$/tonn
e
US$/tonne
US$/Barrel

Q2
Average

July-22

Aug-22

Sept-22


Q3
Average

2022 Q21-
2022Q3
Changes


Palladium prices also marginally declined on
account of a stronger US dollar, coupled with
investor concerns over slackening demand in
China, owing to stringent Covid-19 lockdowns.
The decline was, however, moderated by
dwindling stockpiles in major source markets.
Prices eased by 0.8%, from an average of
US$2,096.44 per ounce in the second quarter of
2022 to US$2,079.06 per ounce, during the
reporting quarter.
The developments in precious metal prices for
the period from January 2021 to September 2022
are as shown in Figure 1.
Figure
1:
Precious
Mineral
Prices
(US$/ounce)

Source: Bloomberg, 2022
Base Metals
Copper prices retreated further, shedding 18.7%,
from US$9,547.74 per tonne in the second
quarter of 2022 to US$7,765.34 per tonne in the
third quarter. Prices declined due to the
strengthening US dollar as well as signs of
slowing demand in China.

Nickel prices declined by 23.7% during the
quarter ending September 2022, from an average
of US$28,952.58 per tonne in the second quarter
of 2022 to US$ 22,098.00 per ounce. Prices were
adversely affected by a stronger US dollar,
coupled
with
weak
demand
in
China.
Developments in copper and nickel prices are as
shown in Figure 2.

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

Source: Bloomberg, 2022

Brent Crude Oil
Brent crude oil prices reversed gains recorded in
the second quarter of 2022 as concerns about
sluggish global demand, rising stockpiles as well
as interest rate hikes by major central banks
impacted negatively on prices. These factors
jointly dampened the demand outlook for the
commodity. Prices registered a 12.3%, decline
from a quarterly average of US$111.26 per barrel
in the second quarter of 2022, to close the quarter
under review at an average of US$97.62 per
barrel.


Jan-21
Mar-21
May-21
Jul-21
Sep-21
Nov-21
Jan-22
Mar-22
May-22
Jul-22
Sep-22
Gold
Palladium
Platinum (RHS)

Mar-21
May-21
Jul-21
Sep-21
Nov-21
Jan-22
Mar-22
May-22
Jul-22
Sep-22
Copper
Nickel (RHS)

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

Source: Bloomberg, 2022

MERCHANDISE TRADE
DEVELOPMENTS
Total merchandise trade stood at US$3,845.4
million in the third quarter of 2022, a 3.8%
increase from US$3,706.0 million recorded in
the comparable quarter in 2021. Compared to the
preceding quarter, total merchandise trade grew
by 2.8%, from US$3,742.2 million. The increase
was on the back of the substantial growth in
imports, during the quarter under review.

Figure 4 shows total merchandise trade
developments during the second quarter of 2022
and the third quarters of 2021 and 2022.

Figure 4: Quarterly Merchandise Total Trade
(US$ m)

Source: Zimstat, 2022

Merchandise Export Developments
During the third quarter of 2022, the country
exported merchandise to the tune of US$1,594.3
million, a 2.9% decline from US$1,641.4 million
recorded in the comparable quarter in 2021. This
outturn was also 8.5% lower, compared to
US$1,741.6 million realized in the second
quarter of 2022, as shown in Figure 5.
The decline in export earnings was mainly
attributed to the tapering prices for gold, chrome,
and the platinum group of metals (PGMs).
Precious metals were negatively affected by the
strengthening of the US dollar, accentuated by
the hawkish tone from the US Federal Reserve.
In addition, the slowdown in economic activity
and resurgence of Covid-19 infections with
attendant stringent lockdown measures in China,
dampened demand prospects for industrial
metals.
The country’s export basket in the third quarter
of 2022 was dominated by primary commodities,
with gold, PGMs and tobacco exports, jointly
accounting for 78.6% of total exports, as shown
in Table 3.

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

2021Q3
2022Q2
2022Q3

Table 3: Quarterly Merchandise Exports (US$ m)

2022Q2

2022Q3

2021Q22022Q3
Changes
(%)
Share of
Exports
(%) 2022
Q3
Total Exports
1,641.4 1,594.3
-2.9
100.0
Of Which:
Gold

PGMs

Tobacco (inc.
cigarettes)

Ferrochromium

Coal

Other mineral
substances

Industrial
diamonds

Cane sugar

Granite

Ginned cotton

Source: Zimstat & RBZ Calculations 2022
Major Merchandise Export Destinations
The country’s exports for the quarter under
review were mainly destined for South Africa
(40.1%), the United Arab Emirates (34.2%) and
other jurisdictions, as shown in Figure 5.


Figure
5:
Zimbabwe’s
major
export
destinations (Q3 2022)


Source: ZIMSTAT & RBZ Computations

Merchandise Import Developments

The country’s import bill grew to US$2,251.1
million during the third quarter of 2022, an
increase of about 14.6% from US$1,964.4
million, recorded in the corresponding quarter in
2021. Compared to the second quarter of 2022,
imports for the reporting quarter were 7.2%
higher. Figure 6 depicts developments on
quarterly merchandise imports.

Figure 6: Quarterly Merchandise Imports
(US$m)

Source: Zimstat, 2022

South Africa
United Arab Emirates
Belgium
China
Mozambique
Zambia
Italy
1,964.4
2,100.9
2,251.1
2021Q3
2022Q2
2022Q3

The country’s import basket was largely
dominated by fuel, food, and electricity imports,
as shown in Table 4.

Table 4: Quarterly Merchandise Imports
(US$ m)

2022Q2
2022Q3
Changes
(%)
Share
of
Imports
(%)
Q3

Total Imports

Of Which:


Diesel

Unleaded petrol

Crude soya bean
oil

Electricity

Rice

Chemicals

Wheat

Medicaments

Jet A1 Fuel

LPG Gas

Source: ZIMSTAT & RBZ Computations 2022
Major Import Sources
The country’s imports for the third quarter of
2022 were mainly sourced from South Africa
(37.7%), China (14.0%), Singapore (13.6%),
Mozambique, 3.8%, Zambia, 3.6% and other
markets, as shown in Figure 7.


Figure 7: Major Merchandise Import Sources
(% Share)

Source: ZIMSTAT & RBZ Computations 2022
TRADE BALANCE
The country’s trade balance widened from a
deficit of US$459.5 million in the second quarter
of 2022, to a deficit of US$656.8 million in the
third quarter, as shown in Figure 8.
Figure
8:
Merchandise
Trade
Balance
(US$ m)
Source: Zimstat & RBZ Computations-2022

South Africa
China
Singapore
United Arab Emirates
Zambia
Mozambique
Mauritius
India
Argentina
Belarus
-1000
-500

2021Q3
2022Q2
2022Q3
Exports
Imports
Trade Balance

On a year-on-year basis, the country’s trade
balance worsened from a deficit of US$222.8
million in the comparable quarter in 2021 to a
deficit of US$656.8 million in the reporting
quarter
EXCHANGE RATE DEVELOPMENTS
The end period interbank exchange rate
depreciated by about 68.0% against the US
dollar, from ZW$370.96 per US$1 in the second
quarter of 2022 to ZW$621.89 per US$1 in the
third quarter. However, parallel market exchange
rates were largely stable during the third quarter
of 2022, following the implementation of tight
monetary policy measures by the Bank, coupled
with the implementation of the value for money
principle by Government.
Foreign exchange rate premiums significantly
declined, from elevated levels of above 140% in
the second quarter of 2022, to levels of between
5% and 15% in the reporting quarter. The
stability of the parallel market exchange rate has
gone a long way in eliminating arbitrage
opportunities, which were fuelling forward
pricing by economic agents and, hence
fomenting adverse inflation expectations. Figure
9 shows developments on the official and parallel
market exchange rates and the premium.


Figure 9: Exchange Rate Developments:
January 2021 to June 2022
Source: RBZ and Market Surveys
On the back of the tight monetary policy stance
pursued by the Bank, coupled with the value for
money principle adopted by Government, the
official and parallel market foreign exchange
rates are expected to converge in the outlook
period, thereby fostering price stability and
anchoring inflation expectations.

3.
DOMESTIC
ECONOMIC
DEVELOPMENTS

REAL SECTOR DEVELOPMENTS

AGRICULTURE

Crops
Tobacco
Cumulative tobacco sales as at 30th September
2022 stood at 208,279,247 kilograms sold at an
average price of US$3.06 per kilogram. This was
slightly lower than 210,725,122 kilograms which

2-Jan
2-Mar
2-May
2-Jul
2-Sep
2-Nov
2-Jan
2-Mar
2-May
2-Jul
2-Sep
PREMIUM (%)
OFFICIAL RATES
PARALLEL RATES (Transfer)

were sold at an average price of US$2.79/kg by
the same time last year. The total value of the
golden leaf sold during the selling season stood
at US$636.98 million, up from US$588.86
million realised in the same period in 2021.

Table 5 summarises the tobacco sales statistics
as at end of September 2022.

Table 5: Cumulative Tobacco Sales in 2021
and 2022

Variance
(%)
Total quantity
sold (million
kgs)

-1.16
Total value
(US$ million)

8.17
Average price
(US$)/kg
3.06
2.79
9.44
Source: TIMB, 2022.
Wheat
Wheat production increased in 2022, with the
estimated planted area rising to 80 883 hectares,
from 66 976 hectares in the previous season.
Resultantly, wheat output is expected at around
375 000 tonnes, a significant increase from
337 212 tonnes produced in 2021. Wheat
production benefited from adequate water
availability as well as dedicated supply of
electricity for irrigation of the crop.

Cotton
Seed cotton deliveries at the end of September
2022 stood at 54 267 596.1 kilograms, up from
29,085,589 kg delivered during the comparable
quarter in 2021. The crop benefited from support
through the Government funded free input
scheme.


Livestock
The increase in livestock slaughters in the third
quarter of 2022 pointed to an improvement in the
performance of the livestock subsector in 2022.

Cattle
During the third quarter of 2022, cattle slaughters
in the formal sector stood at 90 820 head, up by
14.32% from the 79 446 head slaughtered in the
same quarter in 2021. This was also 10.32%
higher than the 82 323 head slaughtered in the
second quarter of 2022.

The higher output marked the progressive
recovery of the beef industry owing to increased
demand, better disease control, supported by
ready availability of feeds, grazing and water.
Table 6 shows quarterly cattle slaughters in 2021
and 2022.

Table 6: Cattle Slaughters

% Change
Q1
62 929
81 249
29.11
Q2
72 699
82 323
13.24
Q3
79 446
90 820
14.32
Total
215 074
254 392
18.28
Source: Ministry of Lands, Agriculture, Fisheries, Water,
and Rural Development, 2022
Pigs
Pig slaughters stood at 57 992 head in the third
quarter of 2022, up from 50 434 head in the
comparable quarter in 2021 and 54 647 head in
the preceding quarter of 2022. Table 7 gives
statistical information on pig slaughters for the
first, second and third quarters of 2021 and 2022.

Table 7: Quarterly Pig Slaughters

% Change
Q1
45 246
55 440
22.53
Q2
47 325
54 647
15.47
Q3
50 434
57 992
14.99
Total
143 005
168 079
17.53
Source: Ministry of Lands, Agriculture, Fisheries, Water
and Rural Development, 2022.
Dairy
Fresh milk output increased to 23.50 million
litres in the third quarter of 2022, from 20.81
million litres recorded in the same quarter in
2021. Compared to the second quarter of 2022,
milk output in the third quarter was 6.9% higher.
Figure 10 shows the trend in quarterly fresh milk
production since 2020.

Figure 10: Quarterly Fresh Milk Output
(litres)

Source: Ministry of Lands, Agriculture, Water and Rural
Development, 2022
The progressive increase in milk output was
partly attributed to the investment in herd size
and
equipment
under
the
TranZ
DVC
programme as well as government support under
the Presidential silage programme.


MINING

The mining sector registered strong growth
during the third quarter of 2022, largely on
account of key minerals including gold, PGMs,
diamond and nickel. The underperformance of
chrome, however, weighed down mining sector
output, during the quarter under analysis, as
shown in Table 8.

Table 8: Quarterly Mineral Output Statistics

Q3

Q3

Change
(%)
Gold (kg)
10,222.9
9,422.7
8.49
Platinum (kg)
4,485.2
3,597.5
24.68
Palladium (kg)
3,780.6
3,106.8
21.69
Rhodium (kg)
396.8
327.3
21.23
Iridium (kg)
168.7
143.1
17.89
Ruthenium(kg)
377.4
304.9
23.78
Diamonds (cts)
1,329,806.7
1,243,079.7
6.98
Chrome (MT)
373,968.2
481,287.6
-22.30
Nickel (MT)
4,837.0
4,022.1
20.26
Copper (MT)
3,056.7
2,196.5
39.16
Cobalt (MT)
52.8
88.5
-40.34
Coal (MT)
1,018,507.0
1,153,391.2
-11.69
Lithium (MT)
35,866.0
3,521.0
918.63
Phosphate (T)
6,956.0
12,087
-42.45
Granite (MT)
121,351.7
49,996.9
142.72
Source: Ministry of Mines and Mining Development, 2022

Gold
Gold output stood at 10 222.9 tonnes in the third
quarter of 2022, surpassing the output in the
comparable quarter in 2021 by 8.5%. This was
largely driven by increased throughput from all
players.

Gold largely benefitted from the incentive
system introduced during the second quarter of
2021, which spurred deliveries to Fidelity Gold
Refiners (FGR), as well as investments in mine
development, plant and machinery and new
projects.

Q1:2020
Q2:2020
Q3:2020
Q4:2020
Q1:2021
Q2:2021
Q3:2021
Q4:2021
Q1:2022
Q2:2022
Q3:2022
Millions

Figure 11 shows quarterly developments in gold
output by category.

Figure 11: Quarterly Developments in Gold
Output

Source: Ministry of Mines and Mining Development, 2022

PGMS
During the quarter ended 30th September 2022,
platinum output stood at 4 485.2 kg, representing
a 24.7% increase compared to the same quarter
in 2021. Similarly, palladium output at 3 780.6
was 21.7% above the same quarter in 2021.
Figure 12 and 13 shows the platinum and
palladium production trends.

Figure 12: Quarterly Trends in Platinum
Output (kg)

Source: Ministry of Mines and Mining Development, 2022

Figure 13: Quarterly Trends in Palladium
Output (kg)

Source: Ministry of Mines and Mining Development, 2022


Nickel
Nickel output at 4 837 tonnes in the third quarter
of 2022, surpassed output in both the comparable
quarter and previous quarter by 20.3% and
53.8%, respectively. Nickel production was, in
large part, boosted by investments in the PGMs.
Trends in nickel output during the reporting
quarter are shown in Figure 14.


Q3 2021
Q2 2022
Q3 2022
Kg
Secondary Producers (Kg)
Small Scale Producers (kg)
Large Scale Producers (kg)

Q3 2021
Q2 2022
Q3 2022
Kg

Q3 2021
Q2 2022
Q3 2022
Kg

Figure 14: Quarterly trends in Nickel Output

Source: Ministry of Mines and Mining Development, 2022

Chrome
Chrome production was subdued during the third
quarter of 2022, largely due to the Covid-19
induced
economic
slowdown
in
China’s
ferrochrome industry, the major consumer of the
country’s output. In addition, power outages also
negatively impacted the local smelting industry,
reducing intake of ore from the mines.
Consequently, chrome output in the third quarter
of 2022 stood at 373 968.20 tonnes, 22.3%, lower
than in the comparable quarter in 2021, as shown
in Figure 15.

Figure 15: Quarterly trends in Chrome Ore
Output

Source: Ministry of Mines and Mining Development, 2022
Coal
Coal output stood at 1.018 million tonnes in the
third quarter of 2022, down by 11.7% from the
output in the comparable quarter in 2021. The
output in the quarter under review, however,
surpassed the output in the second quarter by
12.4%. Figure 16 shows the quarterly coal
production trends.

Figure 16: Quarterly Trends in Coal Output
Source: Ministry of Mines and Mining Development, 2022

Coal output was adversely affected by capital
challenges that resulted in some players failing to
produce for significant periods, during the third
quarter of 2022.

Diamond
Diamond output amounted to 1.329 million
carats in the third quarter of 2022. This was 7%
and 40% more than in the comparable quarter in
2021 and the second quarter of 2022,
respectively. The ramping up of production
across the three key producers, due to increased
investments in processing plant and machinery,
drove diamond output.

Q3 2021
Q1 2022
Q2 2022
Q3 2022
tonne
481287.68
396990.74
373968.20


Q3 2021
Q2 2022
Q3 2022
tonnes


Q3 2021
Q2 2022
Q3 2022

ELECTRICITY

Total power generated during the third quarter of
2022 amounted to 2,354.80 GWh, up by 6.0
percent from the 2,221.52 GWh produced in the
third quarter of 2021. The increase was largely
due to Kariba Power Station whose output
increased by about 1.64 percent, more than
offsetting declines in generation at thermal
power stations. The third quarter output was,
however, 2.57 percent lower than the 2 416.87
GWh produced in the second quarter of 2022.
The fall in the quarterly generation was attributed
to the marginal decline at Kariba and low
throughput from the thermal stations.
Kariba Power Station accounted for about 69%
of total production during the third quarter of
2022, while Independent Power Producers (IPPs)
contributed about 4.08% to total power output.
Table 9 shows power output statistics from the
major power stations and independent power
producers.

Table 9: Quarterly Power Output

Q3
Q2
Q3
Kariba
1,423.72
1 647.49
1,575.25
Hwange
720.70
621.73
642.02
Bulawayo
13.47
2.13
9.92
Munyati
23.90
18.85
18.88
Harare
21.17
10.08
12.67
IPPs
18.56
116.60
96.07
Total
(GWh)
2,221.52
2 416.87
2,258.79
Source: ZERA ZPC, 2022
During the third quarter of 2022 IPPs produced
96.07 GWh of electric energy, up from 18.56
GWh produced in the same period in 2021. The
increase in IPP’s output was due to the additional
capacity, following the commissioning of the
Zimbabwe ZhongXin Electrical Energy (ZZEE)
and Solgas Energy, which came on board in
2022.
Figure 17 shows the trend of quarterly electricity
production by IPP’s from Q1 2021 to Q3 2022.
Figure 17: Quarterly Power Output by IPPs.

Source: ZERA, ZPC 2022

INFLATION DEVELOPMENTS
Annual headline inflation stood at 280.4% in the
third quarter of 2022, up from 191.6% in June
2022. This followed increases in both annual
food and non-food inflation.

Annual food inflation rose from 224.8% in June
2022 to 339.7% in September 2022, contributing
142.4 percentage points to the September 2022
inflation rate. The major drivers of food inflation
were bread and cereals; meat; oils and fats; milk,
cheese, and eggs; and vegetables. Increases in
international prices of wheat and rice, pushed up
food prices, during the quarter under review.

Q1

Q2

Q3

Q4

Q1

Q2

Q3
GWhs

Year-on-year non-food inflation also increased
from 167.2% at the end of the second quarter of
2022 to 237.6% in September 2022. Housing,
water,
electricity,
gas
and
other
fuels;
communication; recreation and culture; and
education drove non-food inflation, during the
quarter under analysis. Figure 18 shows the
annual inflation developments since December
2020.

Figure 18: Quarterly Inflation Profile (%)
Source: Zimstat 2022

Month-on-month inflation declined in the third
quarter of 2022, following the hiking of the Bank
policy rate, coupled with the value money
principle adopted by government. Monthly
inflation ended the third quarter of 2022 at 3.5%,
down from 30.7% in the previous quarter. The
fall in monthly inflation was reflected in declines
in both food and non-food inflation

Monthly food inflation ended the quarter under
review at 1.8%, driven by fruits, meat,
vegetables, milk, cheese, and eggs subcategories,
among others.

Month on month non-food inflation stood at
5.2% in September 2022, mainly driven by
housing, water, electricity, gas and other fuels,
communication, and education.

Figure 19: Monthly Inflation Profile (%)
Source: Zimstat 2022
Blended Consumer Price Inflation
Annual blended CPI inflation increased from
70.0% in the previous quarter to 107.5% in the
quarter under review. Monthly blended CPI
inflation, however, fell from 18.0% in June 2022
to 2.5% in September 2022.

4.
MONETARY DEVELOPMENTS

Broad money stock stood at ZW$1 917.15 billion
as at end September 2022, compared to
ZW$1 119.70 billion in June 2022. This largely
reflected quarterly expansion of 81.82% in the
Zimbabwe dollar equivalent of foreign currency
accounts (FCA) deposits in money supply. The
increase in foreign currency deposits largely
reflected the movement in the exchange rate,
from ZW$370.96 per US$1 in June 2022 to
ZW$621.89 per US$1 in September 2022.

As at end September 2022, foreign currency
deposits accounted for 62.39% of broad money,
followed by local currency deposits, at 37.40%;

Food
Non-Food
All Items

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

while currency in circulation constituted the
balance of 0.20%. The local currency component
of deposits also rose by 56.44% over the quarter
to September 2022, reflecting the impact of
credit creation and intermediation activities by
banks. Figure 20 shows the components of broad
money and annual growth rates.

Figure 20: Broad Money Developments

Source: Reserve Bank of Zimbabwe,2022

Domestic Credit
Domestic credit registered a quarter-on-quarter
growth of 80.28%, from ZW$767.81 billion in
June 2022 to ZW$1 371.02 billion in September
2022. The growth was largely driven by
increases of ZW$360.14 billion (61.28%) in
credit to the private sector; net claims on
Government, ZW$165.42 billion (158.04%); and
public
non-financial
enterprises,
ZW$8.65
billion (106.00%). Net credit to Government
included the accounting treatment of drawdowns
on Special Drawing Rights (SDRs) reserves by
Government.

Credit to the private sector mainly benefited the
agriculture and household sectors, which
received 24.47% and 18.60% of the total credit,
respectively. The distribution and manufacturing
sectors
received
13.50%
and
12.38%,
respectively. Private sector credit shares for the
rest of the economic sectors are shown in Figure
21.

Figure 21: Distribution of Private Sector
Credit

Source: Reserve Bank of Zimbabwe

Credit to the private sector was largely channeled
towards inventory build-up, 35.49%; other
recurrent expenditures, 31.16%; and fixed capital
investments, 15.83%.

Interest Rates
During the quarter ending September 2022,
nominal lending rates quoted by banks ranged
between 7% and 200%, following the tightening
of monetary policy. Time deposit rates for 60day and 90-day tenures averaged 60.55% and
61.08%, respectively, while the average savings
rates were quoted at up to a maximum of 20.25%
during the quarter under review.


Mar-20
May-20
Jul-20
Sep-20
Nov-20
Jan-21
Mar-21
May-21
Jul-21
Sep-21
Nov-21
Jan-22
Mar-22
May-22
Jul-22
Sep-22
%
ZW$ Billions
NCDs
Currency in Circulation
Time Deposits
Foreign Currency Deposits
Local Currency Transferable Deposits
Households
18.60%
Agriculture
24.47%
Mining
11.28%
Manufacturing
12.38%
Distribution
13.50%
Construction
1.38%
Transport &
Communications
2.03%
Services
10.76%
Financial Org.
& Investments
5.57%
Other
0.04%

5.
STOCK MARKET DEVELOPMENTS
Notwithstanding the recovery of the stock market
indices from the losses in previous months, the
quarter-on-quarter changes to September 2022
showed that the Zimbabwe Stock Exchange
(ZSE) traded in a negative trajectory. As a result,
all the major indices declined, with the All Share,
Top 10, Top 15, Medium Cap and Small Cap
Indices shedding 25.37%, 25.53%, 26.75%,
26.69% and 5.84% to close at 14 771.65 points,
9 140.55 points, 10 051.47 points, 29 051.67
points and 483 615.64 points, respectively, as
shown in Table 10.
Table 10: Key Stock Market Indicators
Source: Zimbabwe Stock Exchange, 2022
The resources index also declined by 5.45% to
18 929.75 points, during the same quarter,
compared to 20 021.24 points recorded in the
prior quarter.
On a year-on-year basis, however, the All Share,
Top 10, Top 15, Medium Cap and Small Cap
indices increased by 72.16%, 88.19%, 80.18%,
90.23% and 41.03%, from 8 580.16 points 4
857.20 points, 5 578.65 points, 20 599.24 points
and 254 232.90 points recorded in September
2021, respectively.

Figure 22 shows the developments of the ZSE
All Share, Top 10 and Mining Indices for the
period from September 2021 to September 2022.
Figure 22: ZSE All Share and Top 10 and
Mining Indices

Source: Zimbabwe Stock Exchange 2022

Market Capitalisation and Turnover

Owing to the bearish sentiments exhibited on the
local bourse in the third quarter of 2022, the ZSE
shed ZW$620.01 billion, or 25.42% worth of
capitalization over the quarter, to close at
ZW$1 819.16 billion. On a year-on-year basis,
however, market capitalization added 76.19%
during the quarter ending September 2022, from
ZW$1 032.47 billion recorded in the quarter
ended September 2021.

Figure

shows
market
capitalization
developments for the period from 30th September
2021 to 30th September 2022.


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

June-22

Sept-22

Change (%)
All
Share
Index (points)
19,791.94
14 771.65
-25.37
Top 10 Index
(points)
12,273.75
9 140.55
-25.53
Top 15 Index
(points)
13 721.95
10 051.47
-26.75
Medium Cap
Index (points)
39,627.35
29 051.67
-26.69
Small
Cap
Index (points)
513,602.97
483 615.64
-5.84
Mining Index
(points)
20,021.24
18 929.75
-5.45
Volume
of
shares traded
(m)
660.11
516.26
-21.79
Market
Turnover
($m)
34 148.50
37 476.72
9.75
ZSE
Capitalization
($m)
2 439 165.45
1 819 157.07
-25.42
Net
Foreign
Position ($m)
-4 437.44
-308.02
93.06

Figure 23: Market Capitalization

Source: Zimbabwe Stock Exchange, 2022
Due to tight liquidity conditions during the
period under review, the cumulative volume of
shares traded on the stock market declined by
21.79% to 516.26 million shares, compared to
660.11 million shares recorded in the prior
quarter. Over the same period, the cumulative
values of shares traded amounted to ZW$37.48
billion, an increase of 9.75%, compared to
ZW$34.15 billion recorded in the previous
quarter.

Figure 24 shows developments in market
turnover volumes and values for the period from
30th September 2021 to 30th September 2022.

Figure 24: ZSE Market Turnover

Source: Zimbabwe Stock Exchange, 2022

Foreign investor participation, as measured by its
contribution to the value of shares traded
declined to 0.19%, compared to 3.26% recorded
in the second quarter of 2022. Concomitantly,
the net foreign position improved to -ZW$308.02
million
in
the
reporting
quarter,
from
-ZW$4 437.44 million recorded during the
quarter ended June 2022.

6.
PAYMENT,
CLEARING
AND
SETTLEMENT ACTIVITIES

The value of transactions processed through the
National Payment Systems increased by 78% to
ZW$10.43 trillion in the quarter ending 30th
September 2022, from ZW$5.86 trillion recorded
in the quarter ending 30th June 2022. However,
NPS transaction volumes decreased by 2% to
287.80 million in the third quarter of 2022, from
293.93 million in the second quarter.

Table 11 provides the statistical information on
various payment streams for the quarters ending
June 2022 and September 2022.

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


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

Table
11:
Consolidated
Transactional
Activities
Values in ZW$ Million

Q2
Q3
Chang
e
Proportio
n

RTGS

POS

ATMS

MOBILE

INTERNET

TOTAL

Volumes

RTGS


POS


ATMs


MOBILE


INTERNET


TOTAL


Source: Reserve Bank of Zimbabwe

LARGE VALUE PAYMENTS
Zimbabwe
Electronic
Transfer
and
Settlement System
The value of transactions processed through the
RTGS system increased by 82%, from
ZW$3.78 trillion in the second quarter of 2022,
to ZW$6.88 trillion for the quarter ending 30th
September 2022. RTGS transaction volumes,
however, decreased by 7% to 3.23 million in the
third quarter, as shown in Figure 25.
Figure 25: Values and Volumes of RTGS
Transactions

Source: Reserve Bank of Zimbabwe, 2022

Retail Payments

The aggregate values of retail transactions
increased by 71.12% to ZW$3.55 trillion in the
quarter under review, from ZW$2.08 billion
recorded in the quarter ended 30th June 2022.
Retail volumes declined by 2.02% to 284.57
million in the third quarter of 2022, from 290.45
million in the previous quarter.

Figures 26 and 27 shows the trend in aggregate
values and volumes of retail transactions, from
the quarter ending 30th September 2020 to
quarter ending 30th September 2022.


Q3

Q4

Q1

Q2

Q3
RTGS Volumes Thousands
RTGS Values Billions
Volumes
Values

Figure 26: Retail Transaction Values
Source: Reserve Bank of Zimbabwe, 2022
Figure 27: Retail Transaction Volumes

Source: Reserve Bank of Zimbabwe, 2022


1 The local collateral figure comprises of Cheque, Zimswitch,
Chengetedzai Deposit Corporation settlement system
Collateral1

The value of collateral for cheque, retail
payments and central securities depository
settlement systems increased to ZW$18.50
billion in the quarter ended 30th September 2022,
from ZW$8.99 billion recorded in the quarter
ended 30th June 2022, as shown in Figure 28.

Figure 28: Collateral: January 2021 to June

Source: Reserve Bank of Zimbabwe, 2022
The Victoria Falls Exchange collateral for the
quarter ended 30th September 2022 was
US$318.85 million. It remained stable and
adequately covered the risk levels associated
with the platform’s transactional activities.


Mobile in Billions
Other Retail Values in Billions
POS
ATMS
INTERNET
MOBILE


2020 Q3
2020 Q4
2021 Q1
2021 Q2
2021 Q3
2021 Q4
2022 Q1
2022 Q2
2022 Q3
Mobile Volumes in Millions
Other Retai Volumes in Millions
POS
ATMs
INTERNET
MOBILE


Q1

Q2

Q3

Q4

Q1

Q2

Q3

MILLIONS

Access Points and Devices
During the quarter under review, the POS
population increased to 135,346, from 134,051
recorded in the quarter ended 30th June 2022.
There were 7.76 million active mobile financial
services subscribers registered in the quarter
ended 30th September 2022, from 6.96 million
recorded in the previous quarter.
Table 12 shows payment access points and
devices for the first, second and third quarters for
2022.

Table 12: Payment Systems Access Points and
Devices

Quarter
ending
March

Quarter
ending
June

Quarter
ending
September

PAYMENT SYSTEMS ACCESS POINTS
Mobile
Banking
agents

52,719

52,983

53,248
ATMs

POS
130,492
134,051
135,346
PAYMENT SYSTEMS ACCESS DEVICES
Debit Cards
6,090,898 6,491,778
5,455,222
Credit Cards
13,309
13,976
14,989
Prepaid Cards
141,635
121,188
128,390
Mobile
Banking
subscribers
7,122,895 6,964,193
7,761,222
Internet
Banking
subscribers
595,939
624,706
629,308
Source: Reserve Bank of Zimbabwe, 2022
7.
FISCAL DEVELOPMENTS
Fiscal developments in the third quarter of 2022
resulted in cumulative revenues of ZW$652.76
billion, against cumulative expenditure of
ZW$657.38 billion. This culminated in a budget
deficit of ZW$4.62 billion. Table 13 shows the
summarised fiscal positions during the second
and third quarter of 2022.
Table 13: Summary of Fiscal Position
(ZW$ m)
Q2
Q3
Revenue
324 826.08
652 757.51
Tax revenue
304 979.36
616 258.71
Non-Tax Revenue
19 846.71
36 498.80
Expenditure
341 224.52
657 380.06
Current
Expenditure
255 007.02
539 184.04
o/w employment costs
101 107.64
226 950.66
Capital Expenditure
78 217.50
118 196.03
Overall Balance
-16 398.44
-4 622.55
Source: Ministry of Finance and Economic
Development, 2022
Government Revenue
Fiscal revenues at ZW$652.76 billion in the third
quarter of 2022, were 24.9% above the target of
ZW$522.73 billion. The fiscal revenues also
surpassed the previous quarter revenues of
ZW$323.83 by 101.0%, largely attributable to
improved efficiency in tax revenue collections.
Figure 29 depicts the structure of government tax
revenue.

Figure
29:
Government
Tax
Revenue
Structure
Source: Ministry of Finance and Economic Development,

Government revenues comprised of 94.4% in tax
revenues and 5.6% in non-tax revenues. Taxes
on income and profits contributed 36%; Value
added tax 22%; exercise duties 12%; taxes on
financial and capital transactions 9%; and taxes
on gross revenue 7%.
Government Expenditure
Cumulative government spending amounted to
ZW$657.38 billion in the third quarter of 2022,
comprising of ZW$539.18 billion in current
expenditure and ZW$118.20 billion in capital
expenditure. Table 14 shows a summary of
Government expenditure in the second and third
quarters of 2022.


Table
14:
Summary
of
Government
Expenditure (ZW$ m)

Q2 2022
Q3 2022
Total Expenditure
341 224.52
657 380.06
Current Expenditure
255 007.02
539 184.04
Employment Costs
101 107.64
226 950.66
Operations and
Maintenance
146 148.10
301 466.62
Interest On debt
2 153.43
1 316.50
Transfers to
Provincial and Local
Authorities
5 597.85
9 450.25
Capital Expenditure
86 217.50
118 196.03
Source: Ministry of Finance and Economic Development,

Expenditure on operations and maintenance
accounted for 46% of total expenditure,
employment costs, 34.5%; capital expenditure,
18.0%; and transfers to Provincial and Local
authorities, 1.4%, as shown in Figure 30.
Figure 30: Composition of Government
Expenditure (%): Q3 2022


Source: Ministry of Finance and Economic Development,

Tax on Income
and Profits
36%
Customs
duties
6%
Excise duties
12%
Taxes on
Specific
Services
2%
Value Added
Tax (VAT)
22%
Tax on gross
Revenue
7%
Taxes on
financial and
capital
transactions
9%
Other Indirect
taxes
0%
Non-tax
Revenue
6%
Operations and
Maintanance
46%
Transferes to Provincial
Councils and Local
Authorities
1%
Employment
Costs
35%
Capital
Expenditure
18%

Overall Budget Balance
The fiscal developments in the third quarter of
2022 culminated in a budget deficit of ZW$4.62
billion, which was largely financed from
domestic sources. Figure 31 shows the quarterly
developments in the overall budget balance in
2022.

Figure 31: Budget balance (ZW$ billion)
Source: Ministry of Finance and Economic Development,

RESERVE BANK OF ZIMBABWE
DECEMBER 2022


Revenue
Expenditure
Overall Balance
Q2
Q3
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

Jun-21
Sep-21
Dec-21
Mar-22
Jun-22
Jul-22
Aug-22
Sep-22
Net Foreign Assets

Central Bank(net)

Foreign Assets

Foreign Liabilities

Other Depository Corporations(net)

Foreign Assets

Foreign Liabilities

Net Domestic Assets (NDA)

Domestic Claims

Claims on Central Government(net)

Claims on Central Government

Central Bank

ODCs

Less Liabilities to Central Government

Central Bank

ODCs

Claims on Other Sectors

Other Financial Corporations

State and Local Government

Public Non Financial Corporations

Private Sector

Central Bank

ODCs

Other Items(Net)

Shares and Other Equity

Liabilities to Other Financial Corporations

Restricted Deposits

Deposits and Securities Excluded from Base Money

Other Items(net)

Broad Money-M3

Securities Other than Shares Included in Broad Money

Broad Money-M2

Other Deposits

Narrow Money-M1

Transferable Deposits

Of which Foreign Currency Accounts

Currency Outside Depository Corporations

Memorandum Items
Reserve Money

FCAs as a Percentage of Deposits in M3

End Period Exchange Rate

Source: Reserve Bank of Zimbabwe, 2022
Notes:
(i) Depository corporations survey - formerly Monetary Survey.
(ii) Broad money redefined using IMF's Monetary and Financial Statistics Manual of 2000. Major changes include exclusion of Government deposits held by banks from broad money.
(iii) Transferable deposits made up of demand and savings deposits.
(iv) NCDs are also referred to as securities included in broad money.
(v) All classes of time deposits, short and long term are classified as time deposits, which are also termed other deposits.
(vi) Credit to the private sector now excludes claims on other financial corporations, as well as claims on state and local government (local authorities)
(vii) Depository corporations made up of the Central Bank and other depository corporations
(viii) Other depository corporations (ODCs) - Commercial banks, merchant banks, building societies and POSB.
(ix) In December 2017, the statistics were adjusted in restrospect by reclassifying Securities issued under Aftrades from claims on government to claims on central bank
(x) In December 2017, the statistics were adjusted in restrospect by reclassifying amounts accessed by banks under the Aftrades from liabilities to Other Depository corporations and Other Financial Corporations to liabilities to Ce
(xi) In December 2018, statistics were revised from November 2017 due to reclassification of lines of credit (foreign liabilities) that were initially classified as deposits included in broad money
(xii) All monetary and financial statistics are valued in $ since the introduction of the interbank foreign exchange market in February 2019
(xii) All monetary and financial statistics are valued in ZWL$ since the introduction of the interbank foreign exchange market in February 2019
TABLE 1: DEPOSITORY CORPORATIONS SURVEY (ZWL$ '000)

Jun-21
Sep-21
Dec-21
Mar-22
Jun-22
Jul-22
Aug-22
Sep-22
Net Foreign Assets
-408,677,935.81 -421,707,589.69 -513,012,570.17
-717,594,313.10 -1,802,992,102.87 -2,132,218,475.50 -2,281,673,543.14
-39,349,960.03
Claims on Non Residents

Official Reserves Assets

Other Foreign Assets

Less Liabilities to Non Residents

Short Term Liabilities

Other Foreign Liabilities*

of which blocked funds

Net Domestic Assets (NDA)

Domestic Claims

Net Claims on Central Government

Claims on Central Government

Of which: Securities Other than Shares

Loans

Loans and Advances

Legacy Debt

Export Incentives

Less Liabilities to Central Government

Of which: Deposits

Other

Claims on Other Sectors

Other Financial Corporations

State and Local Government

Public Non Financial Corporations

Private Sector

Claims on Other Depository Corporations

Of which: Loans

Other Liabilities to ODCs

Of which: Aftrades Balances

Securities

Other Items(Net)
-495,500,366.27 -476,675,721.39 -571,223,436.96
-791,721,093.43 -1,974,951,446.35 -2,388,281,414.87 -2,576,477,704.28 -2,860,511,797.67
Shares and Other Equity

Other Items(Net)

Liabilities to Other Resident Sectors

Deposits and Securities Excluded from Base Money

Monetary Base

Bond Coins

Bond Notes

Liabilities to ODCs

Reserve Deposits

Exess reserves

Private Deposits

Source: Reserve Bank of Zimbabwe 2022
NB: * Other Foreign Liabilities include blocked funds amounting to USD2.2 billion assumed by the Central Bank on behalf of Government.
TABLE 2: CENTRAL BANK SURVEY (ZWL$'000)

Jun-21
Sep-21
Dec-21
Mar-22
Jun-22
Jul-22
Aug-22
Sep-22
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 Governm

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

Currency

Reserves

Securities

Other Claims

Liabilities to the Central Bank

Other Items(Net)

Shares and Other Equity

Liabilities to other ressident sectors

Other Items(Net)

Deposits and Securities Included in Bro

Deposits Included in Broad Money
298,537,512.57

358,772,700.20

467,748,846.19

580,177,132.24

1,108,920,811.95

1,190,567,540.78

1,587,531,116.15

1,897,768,184.73

Transferable Deposits
277,141,914.54

332,392,044.95

430,345,882.39

526,027,929.32

1,028,029,948.34

1,096,365,440.31

1,453,358,587.07

1,740,700,191.97

of which FCAs
133,608,092.81

151,047,925.52

210,688,453.17

275,160,384.59

657,871,279.96

688,801,163.42

991,050,824.09

1,196,071,655.58

Other Deposits

Money Market Instruments
1,559,661.34

3,191,934.31

3,696,333.82

4,510,894.76

7,157,937.12

8,137,874.02

12,785,574.75

14,047,495.34

Source: Reserve Bankof Zimbabwe, 2022
TABLE 3 : OTHER DEPOSITORY CORPORATIONS SURVEY ( ZWL$ '000)

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

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

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

Source: Reserve Bank of Zimbabwe, 2022
*Bond coins first issued in December 2014
* Bond Notes issued on 28 November 2016
ZWL$ Thousands
Deposits

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

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
1,483.3

42,733.9

77,994.4

13,109.2

40,071.8


Feb
1,735.4

41,180.7

76,140.3

17,748.1

39,141.4


Mar
1,457.1

40,953.3

83,032.1

6,945.5

42,516.8


Apr
1,699.7

40,964.4

85,330.2

6,844.8

49,733.4


May
1,906.1

30,579.1

94,330.9

7,907.2

63,644.8


Jun
1,702.8

30,255.6

75,795.2

25,605.9

72,780.6


Jul
2,139.9

30,509.1

104,983.5

17,817.9

82,032.9


Aug
2,551.1

33,323.4

93,806.9

11,919.2

72,753.9


Sep
2,853.7

38,500.1

100,996.0

8,626.8

68,707.9


Oct
2,611.1

50,074.7

108,009.2

9,575.8

89,822.4


Nov
2,721.5

53,424.3

107,781.7

15,560.6

74,072.3


Dec
2,838.3

50,031.0

118,451.3

13,654.0

91,352.6


Jan
2,891.2

53,378.3

116,654.8

13,232.3

69,668.2


Feb
2,577.7

62,064.5

122,479.8

17,480.5

76,802.2


Mar
2,111.5

76,544.2

142,962.5

19,239.6

87,884.5


Apr
2,624.9

74,716.9

160,466.5

28,352.1

123,190.3


May
3,155.9

142,118.9

236,166.0

35,928.9

207,812.8


Jun
2,801.2

138,347.1

266,691.8

45,952.0

241,920.1


Jul
2,427.6

159,024.6

315,832.5

39,388.2

230,432.5


Aug
2,640.6

263,637.4

411,439.9

69,203.5

311,107.0


Sep
3,030.7

289,230.8

504,071.1

75,446.7

417,007.1


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

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

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

TOTAL
End of
Foreign
Bond
Notes
Balances
Balances with
Balances
Other Claims
Local
Public
Other
Contigent
Non Financial
Notes &
&
with
Other Depository
with
on
Government
1Local GovernemtPublic Enterprises
Other
2 Government Government
Enterprises
Institutional Units
3 Other claims
Assets
Other Assets
Assets
Coins
Coin
RBZ
Corporations
Foreign Banks Non-residents
Securities
securities

Jan
1,237.43

39,565.64

71,463.64

12,288.89

39,092.85

10,921.99

8,281.80

-

-

1.18

16.67

18.01

1,264.28

71,090.96

718.83

25,036.22

12,333.21

32,123.11

325,454.7

Feb
1,320.27

38,100.03

69,341.48

16,867.76

38,108.83

6,341.39

12,518.15

-

-

1.26

24.15

22.69

1,493.66

77,324.34

774.89

28,339.17

15,953.14

33,612.14

340,143.4

Mar
1,244.16

38,369.53

76,479.44

5,317.61

41,401.24

8,733.65

15,889.61

-

19.21

34.56

15.17

21.67

1,309.75

80,607.03

878.97

32,908.13

19,302.34

30,861.86

353,393.9

Apr
1,430.83

38,008.89

79,592.64

5,639.40

48,564.03

7,679.05

18,267.01

-

19.23

62.89

19.86

12.71

1,336.70

91,062.16

956.75

34,537.88

21,214.88

32,383.77

380,788.7

May
1,648.09

28,677.21

87,611.51

6,479.66

59,745.10

11,582.44

18,846.75

-

152.75

93.37

21.77

16.58

1,263.75

94,790.46

990.41

35,592.28

21,398.95

31,307.45

400,218.5

Jun
1,419.27

28,452.53

69,413.26

24,215.35

70,835.98

17,601.31

17,152.75

-

19.46

92.91

17.91

77.79

1,511.86

106,954.15

1,247.08

26,856.45

26,444.57

33,288.94

425,601.6

Jul
1,794.72

29,100.73

97,429.50

15,901.02

79,937.02

25,314.30

21,665.10

-

290.76

47.39

17.32

67.80

1,351.13

117,348.16

1,301.18

26,869.18

29,079.64

33,587.68

481,102.6

Aug
2,137.72

31,734.84

85,441.98

9,099.10

70,391.64

25,194.95

31,434.20

-

339.72

51.28

22.49

63.94

1,583.28

132,522.63

1,337.19

32,281.12

30,022.43

37,697.05

491,355.6

Sep
2,417.81

36,259.54

93,032.71

6,164.78

66,640.78

25,023.38

31,460.81

-

366.88

57.60

21.07

62.45

1,531.08

134,780.92

1,342.62

31,980.97

30,439.34

34,630.85

496,213.6

Oct
1,993.06

47,379.62

99,470.02

7,339.71

86,302.62

26,924.18

37,639.16

-

188.07

121.59

21.20

75.41

1,683.89

149,477.36

1,523.34

49,580.96

40,853.06

36,664.31

587,237.6

Nov
2,168.80

49,327.15

100,125.90

12,723.73

71,667.33

29,748.47

41,015.56

-

187.03

999.12

21.24

74.76

1,882.53

168,661.25

1,484.24

52,327.68

40,073.22

43,878.52

616,366.5

Dec
2,315.32

46,412.99

109,803.84

10,942.92

87,347.07

33,690.93

38,610.29

-

185.99

4,146.13

21.09

167.53

2,798.61

184,836.87

3,368.75

60,916.98

41,811.67

59,011.63

686,388.6

Jan
2,359.27

49,206.02

108,119.97

10,419.90

66,808.45

30,774.31

38,636.84

-

186.80

801.50

20.33

163.02

3,628.73

199,495.34

2,997.94

53,627.76

47,405.91

69,989.80

684,641.89

Feb
1,971.78

57,553.54

112,522.99

14,300.66

70,750.63

28,703.53

44,705.21

-

-

976.55

20.34

158.06

5,367.16

215,520.37

3,055.50

55,099.61

53,459.12

70,832.47

734,997.53

Mar
1,541.49

70,856.33

130,423.48

15,503.46

82,662.70

43,284.13

44,874.23

-

-

1,380.20

19.40

253.42

6,240.94

258,715.05

3,092.69

65,660.61

58,874.69

76,938.87

860,321.67

Apr
1,939.64

70,204.43

144,168.02

23,452.88

117,033.42

26,628.79

57,772.47

-

-

722.54

37.54

252.44

6,858.06

305,476.79

4,348.46

53,372.28

62,788.55

71,414.75

946,471.05

May
2,397.94

131,996.38

211,837.59

31,586.61

190,366.81

61,757.62

64,373.91

-

154.99

1,559.14

41.28

289.00

16,193.81

398,048.90

4,712.74

134,993.54

94,851.60

111,543.84

1,456,705.70

Jun
2,263.18

127,839.16

234,109.43

40,937.28

219,607.39

63,631.76

83,690.44

-

653.97

2,159.12

61.20

226.29

13,888.60

478,163.38

8,954.46

169,511.81

110,528.09

168,440.54

1,724,666.09

Jul
1,578.47

147,217.74

284,912.89

34,334.13

202,815.28

41,246.78

86,971.63

-

394.34

1,852.14

100.65

349.68

22,516.21

556,692.12

9,737.92

144,090.18

129,869.55

192,524.32

1,857,204.02

Aug
1,630.70

247,190.46

377,078.80

64,650.96

273,181.97

29,186.59

95,346.12

-

330.12

3,556.96

113.50

287.14

26,564.57

681,253.30

11,493.92

167,029.36

238,442.98

194,745.11

2,412,082.57

Sep
1,791.71

270,594.59

465,301.31

68,020.95

370,323.69

18,184.96

134,414.53

-

267.40

4,916.56

115.11

306.33

21,773.50

806,774.24

12,680.89

146,133.14

215,417.68

219,933.24

2,756,949.83

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

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

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, 2022
TABLE 6.2 : 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
Government
1 Local Governemt Public Enterprises
Other

Mortgages Government
Other
Coins
RBZ
Corporations
Foreign Banks Non-residents
Securities
securities

Jan
188.7

2943.3
5,986.5

793.8
843.5

-

1,783.8

10.2
-

211.3

1,091.3

0.0

9,329.1

2980.3
7,685.1

33,846.9

Feb
345.7

2762.9
6,004.8

811.1
984.2

-

2,731.0

9.2
-

236.8

2,089.3

-

8,950.2

2949.2
7,790.6

35,665.0

Mar
168.3

2278.9
6,313.1

1594.4
1,028.2

-

1,341.7

8.4
-

415.1

1,242.4

-

10,867.7

3027.5
7,841.0

36,126.8

Apr
206.9

2702.1
5,302.6

1156.7
1,085.4

-

871.7

7.7
-

508.9

1,581.5

-

14,233.6

3431.1
7,237.9

38,326.2

May
210.3

1687.6
5,962.2

1250.9
3,847.1

-

116.9

7.0
-

517.7

1,568.8

-

17,154.9

2927.9
7,532.9

42,784.2

Jun
249.6

1649.7
6,202.6

1163.8
1,866.7

-

204.6

6.5
-

588.0

1,851.9

-

18,795.4

2580.9
7,701.1

42,860.7

Jul
283.7

1212.2
7,193.4

1892.7
1,875.4

-

1,143.4

6.0
-

447.3

1,963.2

-

18,280.3

3923.5
7,695.6

45,916.5

Aug
352.8

1408.8
7,869.3

2537.6
2,316.2

-

3,535.6

5.4
-

399.5

2,101.3

-

19,422.2

3837.6
7,666.6

51,453.0

Sep
349.8

1926.6
7,608.5

2430.2
1,941.4

-

4,314.6

5.1
-

205.2

2,231.7

-

20,461.1

4013.2
9,460.7

54,948.1

Oct
411.5

2396.2
8,221.0

2162.4
3,421.5

-

5,627.7

4.3
-

271.1

2,539.5

-

22,881.3

5432.3
9,501.3

62,870.1

Nov
339.8

3578.4
7,561.6

2568.8
2,299.5

-

5,882.7

3.7
-

566.4

2,788.5

-

27,326.1

4400.3
9,614.3

66,930.0

Dec
351.1

3217.3
8,557.8

2619.2
3,620.2

-

2,353.6

3.0
-

1,189.0

2,786.9

-

33,115.3

5610.8
11,334.1

74,758.3

Jan
324.6

3504.3
8,506.5

2680.3
2,631.0

-

1,110.8

2.4
-

1,487.3

2,967.6

-

35,913.5

6693.8
14,008.7

79,830.9

Feb
411.5

4021.5
9,763.6

3069.7
5,678.0

-

4,048.9

1.6
-

1,465.4

3,241.1

-

39,977.5

4511.5
13,964.4

90,154.6

Mar
354.3

4413.6
11,882.6

3691.3
4,932.3

-

5,235.0

0.9
-

1,590.0

3,888.3

-

42,741.3

9086.6
15,421.2

103,237.4

Apr
546.4

3054.1
15,585.8

4857.7
5,768.6

-

5,714.4

0.2
-

1,861.4

4,143.7

-

48,582.4

9654.2
16,999.2

116,768.1

May
639.5

8326.7
23,817.6

4251.9
16,001.6

-

6,150.9

0.0
-

1,486.3

8,474.8

-

74,864.0

14793.9
17,091.2

175,898.5

Jun
418.5

8464.3
32,497.6

3807.5
21,184.8

-

2,639.3

0.0
-

1,340.0

10,851.1

-

85,145.9

18155.8
35,128.1

219,633.0

Jul
700.4

9914.6
30,660.3

4983.4
24,902.9

-

4,077.6

0.0
-

1,411.5

13,722.1

-

98,066.0

9998.6
45,127.9

243,565.1

Aug
863.8

14422.1
33,703.2

4483.0
34,971.8

-

4,379.8

0.0
-

2,106.6

16,515.4

-

115,491.9

8745.3
45,694.0

281,377.1

Sep
1,086.8

14998.2
37,911.3

7470.1
45,094.8

-

8,440.8

0.0
-

1,302.8

17,996.8

-

129,242.7

11630.7
60,830.4

336,005.2

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

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

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, 2022
Amounts Owing to
TABLE 7.2: BUILDING SOCIETIES -LIABILITIES
ZWL$ millions

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

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


INVESTMENTS
ORGANISATIONS

Jan

Feb

Mar

Apr

May

June

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Source:Reserve Bank of Zimbabwe,2022

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

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

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

Jan

Jan

Feb

Feb

Mar

Mar

Apr

Apr

May

May

Jun

Jun

Jul

Jul

Aug

Aug

Sep

Sep

Oct

Oct

Nov

Nov

Dec

Dec


Jan

Jan

Feb

Feb

Mar

Mar

Apr
976,617.19
-
89,192.57 8,391.54 89,671.98 293,204.61
Apr

May

May

Jun
1,601,225.31
134,550.97
18,810.59 123,721.28 618,347.53
Jun

Jul

Jul

Aug

Aug

Sep

Sep

Source:Reserve Bank of Zimbabwe, 2022
TABLE 9.1 : ZETSS AND RETAIL PAYMENTS TRANSACTIONAL ACTIVITY
Values of Transactions (ZWL$ in millions)
TABLE 9.2 : ZETSS AND RETAIL PAYMENTS TRANSACTIONAL ACTIVITY
Volumes of Transactions (in thousands)

End of
Nominal Lending
Rates2
Individuals
Corporate
Savings
3 Months2

Jan
6.00-65.00
32.65
24.77
Jan
0.22-12.00
2.00-21.50
Feb
6.00-85.00
36.67
21.36
Feb
0.22-12.00
2.00-21.50
Mar
6.00-85.00
35.83
22.61
Mar
0.22-12.00
2.00-21.50
Apr
6.00-85.00
35.22
22.59
Apr
0.22-12.00
2.00-21.50
May
6.00-85.00
34.84
21.76
May
0.22-12.00
2.00-21.50
Jun
6.00-85.00
36.25
22.46
Jun
0.25-12.00
2.00-26.00
Jul
6.00-85.00
36.56
21.66
Jul
0.50-12.00
2.00-26.00
Aug
6.00-85.00
41.06
39.65
Aug
0.50-12.00
2.00-26.00
Sep
6.00-85.00
40.61
39.50
Sep
0.50-12.00
2.00-26.00
Oct
6.00-85.00
41.86
45.81
Oct
0.50-12.00
2.00-26.00
Nov
6.00-8500
39.13
38.10
Nov
0.50-12.00
2.00-26.00
Dec
6.00-8500
39.34
37.94
Dec
0.50-12.00
2.00-26.00

Jan
15.00-8500
39.32
39.62
Jan
0.50-12.00
2.00-26.00
Feb
15.00-8500
40.55
64.02
Feb
0.50-12.00
2.00-26.00
Mar
15.00-8500
40.74
43.88
Mar
0.50-12.00
2.00-26.00
Apr
15.00-8500
38.15
45.56
Apr
0.50-12.50
2.00-30.00
May
15.00-8500
38.01
47.25
May
0.50-12.50
2.00-32.00
Jun
15.00-8500
38.45
48.25
Jun
0.50-12.50
2.00-32.00
Jul
80.00-240.00
82.75
165.45
Jul
40.00
80.00-92.00
Aug
80.00-230.00
88.46
155.96
Aug
40.00
80.00-92.00
Sep
100.00-230.00
98.07
158.46
Sep
40.00
80.00-92.00
Source:Reserve Bank of Zimbabwe, 2022
Notes
3. Lending rates exclude rates on staff loans.
TABLE 10.2 : BANKS DEPOSIT RATES (percent per annum)1
1. The range of rates qouted by banks during the period.
2. Three (3) months deposit rates revised to exclude rates on
inactive or dormant accounts.
TABLE 10.1: LENDING RATES (percent per annum)1
1. Table revised, to separate weighted lending rates for individuals and
corporate bodies.
2. Nominal Lending Rates depict the range of rates quoted by banks.
Weighted Average Lending Rates3
Commercial Banks
Commercial Banks
End of

End of
All Share
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

Source:Zimbabwe Stock Exchange, 2022
**As at 30 September 2020
ZW$
TABLE 11: ZIMBABWE STOCK MARKET STATISTICS
Indices
*All Share index was

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, 2022
NON-FOOD INFLATION
TABLE 12.1 : MONTHLY INFLATION -- PERCENTAGE CHANGE IN CONSUMER PRICE INDEX
( FEBRUARY 2019 = 100)

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

Jul

Aug

Sep

Source: ZIMSTAT, 2022
TABLE 12.2 : QUARTERLY INFLATION -- PERCENTAGE CHANGE IN CONSUMER PRICE INDEX
(FEBRUARY 2019 = 100)
NON-FOOD INFLATION

FOOD
INFLATION
ALCOHOLIC
CLOTHING
HOUS ING,
W ATER,
FURNITURE
MIS C.
FOOD &
BEVERAGES
&
ELECTRICTY,
GAS
AND
RECREATION &
RES TAURANTS
&
GOODS &
TOTAL NON
NON
ALCOHOLIC
ALL
& TOBACCO
FOOTW EAR
& OTHER
EQUIP MENT
CULTURE
HOTELS
S ERVICES
FOOD
BEVERAGES
ITEMS
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, 2022
TABLE 12.3 : YEARLY INFLATION - % CHANGE IN CONSUMER PRICE INDEX
(February 2019 = 100)
COMMUNICATION
TRANS P ORT
HEALTH
EDUCATION
NON-FOOD INFLATION

End of
Jun-21
Sep-21
Dec-21
Jan-22
Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22
Aug-22 Sep-22
Total
(Q3 2022)
Merchandise Imports (excl. energy)
342.5

413.4

364.4

363.0

292.8

364.4

368.7

335.1

323.2

428.4

386.5

389.0

1,204.0

- Consumption Goods
146.2

156.0

106.9

90.1

101.3

115.4

104.0

100.4

96.5

96.5

99.8

93.9

290.2

- Capital Goods
141.6

150.5

156.4

135.6

108.3

151.4

158.2

137.5

138.6

138.6

190.6

161.1

490.3

- Intermediate Goods
54.7

107.0

101.1

137.3

83.2

97.5

106.4

97.2

88.1

88.1

138.0

131.6

357.7

Energy (Fuel & Electricity)
77.0

86.1

95.4

165.9

99.2

108.8

92.6

123.0

149.2

169.0

155.2

201.8

525.9

Service Payments
51.4

57.3

64.0

62.8

51.6

61.2

55.6

60.7

90.9

70.9

67.2

65.4

203.6

- Technical, Professional & consult
21.1

24.9

37.6

38.0

17.6

31.9

26.6

33.4

50.2

38.9

34.0

25.9

98.8

- Software
7.2

5.3

6.4

3.6

10.0

7.4

4.9

9.0

5.0

11.1

7.4

10.9

29.3

- Other (tourism, edu, freight etc)
23.1

27.1

20.1

21.2

24.0

22.0

24.1

18.3

35.7

21.0

25.8

28.6

75.5

Income Payments (Profits, Dividends)
32.2

59.7

23.4

113.3

12.3

19.6

20.9

77.3

83.4

38.2

41.8

16.1

96.1

Capital Remittances (outward)
81.0

49.1

44.3

42.4

32.9

44.2

24.4

29.9

38.8

58.2

81.4

57.3

196.9

- External Loan Repayments
63.7

45.1

36.2

29.2

19.1

41.6

15.4

25.6

30.0

49.7

33.0

49.2

131.9

- Disinvestments
11.1

3.8

7.5

2.7

3.4

0.4

7.4

1.3

1.8

5.0

7.6

3.2

15.7

- Cross Border Investment
6.3

0.2

0.5

10.5

10.4

2.2

1.6

3.0

7.0

3.5

40.8

4.9

49.2

Other Payments
17.4

12.8

13.4

12.0

9.9

11.9

10.7

15.1

15.6

15.3

11.6

13.4

40.3

TOTAL
601.4

678.5

604.9

759.4

498.6

610.1

572.7

641.0

701.2

780.1

743.7

743.0

2,266.8

Table 13.1: Monthly Cross Border Payments (US$ Millions)

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

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