QUARTERLY
ECONOMIC
REVIEW


JUNE 2019

CONTENTS

List of Figures
Figure 11: Quarterly Trends in Gold Output (Kg) and Average International Prices (US$/ounce)

List of Tables

Table 1:
Table 4:
Table 5:

1. OVERVIEW

According to the IMF World Economic Outlook
report for July 2019, global economic growth is
anticipated to slow down to 3.2% in 2019, from
the April 2019 projection of 3.3%. Global
economic activity remained subdued in the first
half of 2019, mainly on account of the protracted
US-China trade wars and heightened geopolitical
tensions.

On the domestic front, growth prospects in 2019
have been adversely affected by drought, power
outages, foreign currency constraints and weaker
aggregated demand. Agriculture output was
depressed on account of the El-Nino induced
drought during the 2018/2019 rainfall season.
Mining and manufacturing were adversely
affected by power outages, during the quarter
under review.

Annual inflation rose from 66.8% in March 2019
to 175.7% in June 2019, attributed to increases in
both food and non-food inflation. The increase in
prices mainly reflected a depreciating exchange
rate and negative inflation expectations. The
exchange rate, however, gained relative stability,
following the removal of the multicurrency
system on 24th June 2019 and the re-introduction
of the local currency.

Total merchandise trade for the second quarter of

amounted
to
US$2,170.6
million,
representing
a
20.3%
decline
from
the
US$2,722.1
million,
recorded
in
the

1 From November 2017, broad money was adjusted by a
reclassification of “lines of credit” that were incorrectly
classified as deposits included in broad money. This
corresponding quarter in 2018. This was on
account of declines in both exports and imports.


Broad money1 increased from $10 627.38 million
in March 2019, to $14 767.89 million in June
2019. The growth, in part, reflected valuation
changes in foreign currency deposits included in
broad money, in line with exchange rate
developments.

The Zimbabwe Stock Exchange (ZSE), was
bullish during the second quarter of 2019.
Resultantly, the All Share and Top 10 indices
gained 83.09 points and 82.60 points, to close at
204.75 points and 197.21 points, respectively.
ZSE market capitalization rose from $16.08
billion as at the end of the first quarter to $27.02
billion, at the end of the second quarter of 2019.

The value of transactions processed through the
National Payment Systems (NPS) increased by
64% to $73.85 billion in the quarter ending 30th
June 2019, from $44.96 billion recorded in the
quarter ending March 2019. Similarly, NPS
volumes increased by 11% to 559.20 million in
the second quarter of 2019, from 503.76 million
in the first quarter. Compared to the quarter
ending March 2019, all payment streams
recorded increases in values and volumes for the
current quarter, with the exception of POS,
Cheque and ATMs.


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

2. INTERNATIONAL
ECONOMIC
DEVELOPMENTS

Global economic activity remained subdued in
the first half of 2019, mainly on account of the
protracted trade dispute between the US and
China and continued uncertainty related to the
ultimate form of the Brexit deal. In addition,
advanced and emerging market economies
experienced subdued investment and demand for
consumer durables, as firms and households held
back on long-term spending.

Against
this
backdrop,
the
International
Monetary Fund (IMF), in its July update of the
World Economic Outlook (WEO) for 2019,
revised the global growth projection downwards
to 3.2% in 2019, from the initial projection of
3.3% announced in the April WEO.

Table 1 summarizes global economic growth
developments and prospects for selected regions
and countries.


Table 1: Global
Economic
Growth
&
Outlook (%)

Initial
2018 ProApril

WEO

July Proj.
World Output

Advanced
Economies

US

Euro Area

Japan

Emerging
Market
&
Developing
Economies

China

India

Sub-Saharan

Latin America
&
the
Caribbean

Source: IMF World Economic Outlook: July 2019
The downward revision of growth forecasts for
China and emerging Asia are broadly consistent
with the simulated impact of intensifying trade
tensions. For advanced economies, growth is
projected at 1.9% in 2019, marginally higher than
the April 2019 projection, mostly reflecting an
upward revision for the United States.

In the United States, 2019 growth is expected to
be 2.6%, moderating to 1.9% in 2020, on account
of the unwinding of the fiscal stimulus by the
Federal Reserve Bank. Growth in the Euro area
is projected at 1.3% in 2019, while emerging
market and developing economies are expected
to grow by 4.1% in 2019.

In sub-Saharan Africa, growth is expected at
3.4 % in 2019, as a result of strong growth in nonresource-intensive countries. This will offset the
lackluster performance of the region’s largest
economies. The 2019 growth projection for
South Africa was revised downwards from the
April WEO Report, following weaker first
quarter
performance.
The
revision
was
necessitated by a larger-than-anticipated impact
of strike action and energy supply constraints in
mining sector.

Consistent with global developments and
regional growth prospects for sub-Saharan
Africa, Zimbabwe’s economic growth prospects
will be subdued in 2019. The local economy’s
growth prospects for 2019 have also been dented
by the impact of the El-Nino induced drought, the
devastating effects of Cyclone Idai and foreign
currency shortages.


INTERNATIONAL COMMODITY PRICE
DEVELOPMENTS

With global economic activity generally subdued
in the first half of 2019, developments in supply
conditions continued to dominate commodity
price movements. Notably, oil price hikes were
due to civil strife in Venezuela and Libya as well
as US sanctions on Iran. Precious metal prices,
however, strengthened as investors awaited cues
on the future trajectory of monetary easing by the
Fed Reserve.

Table 2 shows international prices for selected
commodities for the first and second quarters of
2019.
Table 2: International Commodity Prices:
April - June 2019

Gold
Platinum
Copper
Nickel
Brent
Crude Oil

US$/oz
US$/oz
US$/tonne
US$/tonne
US$/barrel

2019 Q1
Average

1,303.08

820.69

6,229.50

12,394.17

63.71

Apr-19

1,287.04

886.85

6,444.38

13,800.11

71.45

May-19

1,283.86

833.64

5,987.27

11,992.76

70.28

Jun-19

1,358.75

807.9

5,885.72

11,954.79

63.13

2019 Q2
Average

1,309.88

842.80

6,105.79

12,582.55

68.29

%
Quarterly
Change

0.5

2.7

-2.0

1.5

7.2
Source: Bloomberg, BBC, 2019
Precious Metals
Quarterly average international prices for
precious metals were higher for the second
quarter of 2019, than those in the previous
quarter. This was mainly driven by a weaker US
dollar. The US dollar was weighed down by
investor expectations that the U.S. Federal
Reserve and other major central banks would
adopt a dovish approach to monetary policy.
Investors shifted to non-interest bearing assets,
bolstering the appeal for precious metals as
alternative investment assets. Platinum prices
were also propelled by strong industrial demand
from the car manufacturing industries in Europe,
as well as growing demand from jewellers.


Against this backdrop, gold and platinum prices
rose by 0.5% and 2.7%, to respective quarterly

averages
of
US$1,309.88/ounce
and
US$842.80/ounce, during the period under
review. Figure 1 shows the evolution of selected
precious metals for the period from February
2018 to June 2019.

Figure
1:
Precious
Minerals
Prices
(US$/ounce): February 2018 – June

Source: Bloomberg, 2019
Base Metals
Copper prices declined by 2.0%, from a quarterly
average of US$6,229.50/tonne in the first quarter
to US$6,105.79/tonne, during the second quarter
of 2019. Prices continued to be weighed down by
the protracted US-China trade dispute, which has
dampened demand prospects for the red metal in
China, the world’s largest consumer of the base
metal. Investor sentiment on the on-going trade
wars points to a prolonged period for the dispute
than earlier anticipated.
On the contrary, nickel prices rose by 1.5%, from
a quarterly average of US$12,394.17/tonne in the
first quarter of 2019 to US$12,582.55/tonne,
during the quarter under review. This was
underpinned by a positive demand outlook for
the metal, which is used in the manufacturing of
electric vehicle batteries. The positive investor
sentiments followed reports of expansion plans
by the BHP Group, on their nickel sulphide
operations.
Figure 2: Base Metal Prices (US$/ton):
February 2018 – June 2019
Source: Bloomberg, 2019

Brent Crude Oil
Crude oil prices firmed for the second quarter of
2019, compared to the previous quarter, on
account of global tight supply conditions as a
result of involuntary supply cuts from Venezuela
and Iran and the conflict in Libya.

Feb-18
Apr-18
Jun-18
Aug-18
Oct-18
Dec-18
Feb-19
Apr-19
Jun-19
Gold
Platinum (RHS)


Feb-18
Apr-18
Jun-18
Aug-18
Oct-18
Dec-18
Feb-19
Apr-19
Jun-19
Copper
Nickel (RHS)

The increase was, however, moderated by
unexpected increase in US stockpiles during the
period under review. Prices rose by 7.2%, from
US$63.71/barrel in the previous quarter, to
US$68.29/barrel in the second quarter of 2019.

Figure 3 shows the monthly evolution of crude
oil prices for the period from January 2018 to
June 2019.
Figure 3: Brent Crude Oil Prices (US$/Barrel)
January 2018 – June 2019


Source: Bloomberg, 2019

MERCHANDISE
TRADE
DEVELOPMENTS
Total merchandise trade for the second quarter of

amounted
to
US$2,170.6
million,
representing a 20.3% decline from US$2,722.1
million, recorded in the corresponding quarter in
2018. This followed declines in both exports and
imports. Total merchandise trade, however,
increased by 6.3%, from US$2,042.1 million in
the first quarter of 2019 to US$2,170.6 million in
the second quarter of 2019, due to the growth in
imports.

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


Source: Zimstat, 2019

Merchandise Export Developments
Merchandise exports for the second quarter of
2019 amounted to US$860.0 million, a 12.4%
decline from US$981.5 million realized in the
corresponding quarter in 2018. Compared to the
first quarter of 2019, merchandise exports for the
second quarter were lower by 8.3%, as shown in
Figure 5.

Feb-18
Apr-18
Jun-18
Aug-18
Oct-18
Dec-18
Feb-19
Apr-19
Jun-19
Crude Oil
2,042.0
2,170.6

2019 Q1
2019 Q2

Figure 5: Quarterly Merchandise Exports
(US$)
Source: Zimstat, 2019

The decline in exports was largely on account of
a slowdown in export revenues for nickel mattes,
cane sugar and flue-cured tobacco, during the
quarter under review, as shown in Table 3.


2 Nickel ores and concentrates, nickel mattes and
unwrought platinum are components of the platinum group
of metals (PGMs).
Table 3: Quarterly Merchandise Exports
(US$m)
Commodity

Q1

Q2
2019Q12019Q2
2019Q2
Changes
(%)
Share of
Total (%)
Gold

*Nickel
ores
&
concentrates2

*Nickel
mattes

*Ferrochrome

Flue-cured
tobacco

Industrial
diamonds

Unwrought
Platinum

Chromium
ores
&
concentrates

Cane sugar

Coke

Macadamia
Nuts

Other

Total

Source: Zimstat, 2019 & RBZ Calculations, 2019

Gold exports, which constituted a significant
share of exports at 27.2% of total merchandise
exports in the second quarter of 2019, recorded a
marginal increase of 1.0%, compared to the first
quarter of 2019.

938.0
860.0

1,000
2019 Q1
2019 Q2

Major Merchandise Export Destinations
The country’s exports were mainly destined for
the region, with South Africa absorbing 42.9% of
the country’s total exports, followed by the
United Arab Emirates (18.8%); Mozambique
(9.0%); Belgium (2.1%); Zambia (1.9%) and
Botswana (1.3%).

Table 4 shows the country’s major export
markets, during the period under analysis.

Table 4: Major
Export
Destinations
1st Quarter 2019
Country
US$ millions
2019 Q2 Share
(%)
South Africa
368.6
42.9
United
Arab
Emirates
161.3
18.8
Mozambique
77.7
9.0
Belgium
18.3
2.1
Zambia
16.4
1.9
Kenya
7.2
0.8
Botswana
11.1
1.3
Namibia
3.1
0.4
Swaziland
3.2
0.4
Singapore
0.9
0.1
Other

22.3
Total
860.0
100.0
Source: ZIMSTAT & RBZ Computation

Merchandise Import Developments

Merchandise imports for the period April to June
2019 stood at US$1,310.7 million, representing a
24.7% decline from US$1,740.6 million,
recorded in the corresponding period in 2018.

Figure 6 shows quarterly merchandise imports
for the first and second quarters of 2019.
Figure 6: Quarterly Merchandise Imports
(US$ m)


Source: Zimstat, 2019
Merchandise imports for the second quarter of
2019 were 18.7% higher than those for the first
quarter. The significant increase was mainly
attributed to a rise in imports of diesel (33.4%);
petrol (17.6%), crude soya bean oil (91.9%); and
medicines (425.9%).

The country’s import bill was mainly composed
of diesel, unleaded petrol, crude soya bean oil,
medicines, Jet A1, electricity, road tractors,
among others, as shown in Table 5. Notably,
diesel and petrol imports collectively constituted
about 30.4% of total imports, during the period
under analysis.


1,103.9
1,310.7
2 0 1 9 Q1
2 0 1 9 Q2

Table 5: Quarterly Merchandise Exports
(US$m)
Commodity

Q1

Q2
2019Q12019Q2
2019Q2
Changes
(%)
Share of
Total (%)
Diesel

Unleaded
Petrol

Crude Soya
Bean Oil

Medicines

Medicines
(Chronic
Illnesses)

Jet A1

Electricity

Road
Tractors

Ammonium
Nitrate

Wheat

Motor
Vehicles
(Goods)

Other

Total
1,103.9 1,310.7
-8.3
100.0


Major Import Sources
South
Africa
accounted for the highest
proportion of the country’s imports at 36.1%,
during the second quarter of 2019, followed by
Singapore, 30.8%; China, 7.6%; India, 2.9%;
Mauritius, 2.2%; and the United Kingdom, 1.7%;
as shown in Figure 7.
Figure 7: Major Merchandise Import Sources
(% Share)

Source: ZIMSTAT & RBZ Computations, 2019
TRADE BALANCE
The country’s trade balance widened from a
deficit of US$165.9 million registered in the first
quarter of 2019, to a deficit of US$450.7 million
in the second quarter of 2019, as shown in Figure
8. This followed the disproportionate increase in
imports, against subdued exports.


South Africa
Singapore
China
India
Mauritius
United Kingdom
Mozambique
Zambia
United States
Hong Kong
Russia

Figure 8: Merchandise Trade Balance (US$m)


Source: Zimstat, 2018 & RBZ Computations, 2019


3. EXCHANGE RATE DEVELOPMENTS

Activity on the interbank foreign exchange
market increased, since the introduction of the
interbank foreign exchange market in February
2019. Foreign currency reforms, which started
with the separation of accounts in October 2018
and the introduction of the local currency in June
2019, have now been fully achieved.
The introduction of the Zimbabwean dollar
together with the fine tuning of the interbank
market resulted in increased foreign currency
trading in the formal system and narrowing of the
premiums between interbank market and parallel
market foreign currency rates.
The
interbank
exchange
rate
stood
at
ZWL$6.02/US$ as at end of June 2019,
compared to ZWL$2.74/US$ as at end of March
2019.
Figure 9 shows movements in the interbank
exchange since the introduction of the interbank
market in February 2019.
Figure 9: Exchange rate Developments ZWL
to US dollar

Source: Reserve Bank of Zimbabwe


1,000
1,200
1,400
1st Quarter 2019
2nd Quarter 2019
Exports
Imports
Trade Balance

24-Feb
3-Mar
10-Mar
17-Mar
24-Mar
31-Mar
7-Apr
14-Apr
21-Apr
28-Apr
5-May
12-May
19-May
26-May
2-Jun
9-Jun
16-Jun
23-Jun
30-Jun
ZWL$/USD

4. DOMESTIC
ECONOMIC
DEVELOPMENTS

REAL SECTOR DEVELOPMENTS
Gross Domestic Product
The economy faced several challenges in the first
half of the year, with a projected adverse impact
on overall GDP growth for 2019. A poor
2018/2019
rainfall
season,
high
inflation
environment
and
low
aggregate
demand
necessitated the downward revision of growth
rates for major sectors. Consequently, the growth
rate for agriculture was revised from 3.1% to
-10.1%; mining, 7.5% to 1.1% and electricity and
water, 2.6% to -2.3%. The downward revisions
weighed down on expected performance of
downstream service sectors.

AGRICULTURE
Growth in the agriculture sector is expected to
decline to -10.1% in 2019, due to negative effects
of the El-Nino induced drought that affected the
production of most crops.

The output for key summer crops fell in 2019,
compared to the previous season, as shown in
Table 6. Combined cereal production declined by
46%, from 1 836 145 tonnes in 2018 to 851 844
tonnes in the current season. This resulted in a
cereal deficit of 1 352 381 tonnes, against the
national requirement of 2 204 225 tonnes.


Table 6: Estimated and projected crop output
(tons)
Crop
2017/18
Est
2018/19
Proj
Variance%
Maize
1 700 702
776 635
-54
Sorghum
77 514
40 215
-48
Pearl Millet
48 844
28 047
-43
Finger Millet
9 085
6 947
-24
Groundnut
127 202
70 902
-44
Round Nut
47 594
29 396
-38
Sweet Potato
321 662
88 248
-73
Sugar Beans
21 320
9 528
-54
Soya Bean
59 772
60 068

Cowpeas
16 380
12 655
-23
Source: Ministry of Lands, Agriculture, Water,
Climate and Rural Resettlement, 2019

Tobacco
Despite the tolerance of tobacco to drought
conditions, the crop was adversely affected by
excessive moisture stress experienced during the
season, resulting in lower output as well as poor
quality leaf.

As at end June 2019 about 204.95 million
kilogrammes
of
the
golden
leaf,
worth
US$392.74 million, had been sold under both
contract sale and at auction floors. This was 7%
lower than the 220.31 million kilogrammes,
valued at US$642.54 million, sold in the
comparable period in 2018. Table 7 shows the
tobacco sales outturn as at end June 2019.

Table 7: Cumulative Tobacco Sales: Jan –
June 2018 and Jan –June 2019

Variance
(%)
Total Quantity Sold
(million Kgs)

-7
Total Value (US$
million)

-39
Average Price
(US$)/Kg
1.92
2.92
-34
Source: Tobacco Industry and Marketing Board,
2019.

Maize
Adverse weather conditions resulted in a decline
in maize output, which fell by 54% from the 1.7
million tonnes produced in 2018 to 776 635
tonnes in 2019. Resultantly, the country needs to
import over 700 000 tonnes of maize to cover the
deficit in 2019.

Given the status of maize as a staple food in
Zimbabwe, more effort is required to transform
maize production from being largely rain-fed to
an irrigated crop to ensure the sustained
production of sufficient grain for domestic
requirements and eventually for the export
market.

Cotton
In line with developments in the production of
other summer crops, seed cotton output is also
projected to decline to levels of below 100 000
tonnes in the 2018/2019 season, from 144 000
tonnes produced in the previous season. Total
national seed cotton seasonal sales as at end June
2019 stood at 27.82 million kilogrammes, 67%
lower than the 49.14 million kilogrammes sold
during the comparable period in 2018.
Government continued to support cotton crop
production through the Cotton to Clothing Value
Chain Initiative, by providing critical inputs to
smallholder
farmers
in
traditional
cotton
producing areas.

Wheat
Total area under wheat declined to 23 820
hectares in 2019 from 34 686 hectares planted in
2018. This fell short of the targeted area of 77
000 hectares, expected to yield over 350 000
tonnes of wheat. The command agriculture
programme accounted for about 75% of the area
planted with the remaining hectarage being
privately financed.

Power outages are disrupting irrigation cycles,
therefore, threatening the yield potential of the
planted crop. Wheat output is, thus, projected to
decline to levels of below 100 000 tonnes in
2019, from about 160 000 tonnes produced in
2018.

Livestock
The condition of all livestock classes were
observed as fair to good in the second quarter of
2019, supported by adequate water and grazing
across the country. There is, however, a high
chance of shortage of grazing pastures and water
as the year progresses in some districts of
Matabeleland North, Matabeleland South and
Masvingo, which were most affected by the
drought.

The second quarter of 2019 saw an increase in
slaughter figures for cattle, pigs, sheep and goats,
surpassing performance in the same period last
year and the preceding quarter in 2019. The

increase in the offtake suggests the recovery of
livestock, following the re-stocking exercise by
dairy companies in 2017.

Cattle
Cattle slaughters in the formal sector stood at
64 946, during the second quarter of 2019, an
increase of 12% from first quarter 2019. This
was, however, 7% lower than the 70 194
slaughters in the corresponding period in 2018.
On a cumulative basis, 122 620 cattle were
slaughtered during the first half of 2019,
compared to 136 767 cattle in the first half of
2018, representing a 10.34% decline.

Table 8 shows the total number of cattle
slaughters in the first and second quarters of 2018
and 2019.

Table 8: Cattle Slaughters

% Change
Q1
66 573
57 674
-13.37
Q2
70 194
64 946
-7.48
Total
136 767
122 620
-10.34
Source: Ministry of Lands, Agriculture, Water,
Climate and Rural Resettlement, 2019


Pigs
Pig slaughters continued to increase, with the
outturn in the second quarter of 2019 surpassing
both the preceding quarter and the corresponding
period in 2018, as shown in Table 9. Challenges
related to high cost and unavailability of stockfeeds resulted in high offtake, as farmers were
forced to reduce herd size.

Table 9: Quarterly Pig Slaughters
Pigs

% Change
Q1
37 324
46 128
23.59
Q2
42 813
52 598
22.86
Total
80 137
100 745
25.72
Source: Ministry of Lands, Agriculture, Water,
Climate and Rural Resettlement, 2019.

Dairy

Milk output increased to 19.87 million litres in
the second quarter of 2019, from 19.37 million
litres produced during the first quarter of 2019.
Figure 9 shows the quarterly milk production
outturn for the period from the first quarter of
2018, to the second quarter of 2019. The increase
in milk output reflected the recovery of the dairy
herd, as a result of restocking exercise which
began in 2017.

Figure 10: Quarterly Fresh Milk Output
(million litres)

Source: Ministry of Lands, Agriculture, Water,
Climate and Rural Resettlement, 2019.

MINING
Most key minerals underperformed in the second
quarter of 2019, compared to the same period in
2018. Declines were recorded for gold (39.6%),
coal (36.2%), diamond (33.9%), black granite
(30.5%), and chrome ore (26.8%). The strong
positive growth registered by most of the PGMs,
among them, platinum, palladium, rhodium and
iridium, however, partially offset the decline in
other minerals, as shown in Table 10.


Table 10: Quarterly Mineral Production
Statistics: 2018-2019
Q2 2018
Q1 2019
Q2 2019
Q2 2019
vs
Q2
2018 (%)
Gold (kg)

Platinum (kg)

Palladium
(kg)

Rhodium (kg)

Iridium (kg)

Ruthenium
(kg)

Diamonds
(cts)

Chrome (MT)

Nickel (MT)

Coal (MT)

Phosphate (T)

Granite (MT)

Source: Chamber of Mines, Ministry of Mines &
FPR 2019

The worsening power outages, against the
backdrop of persistent fuel challenges, foreign
currency shortages and rising inflation, among
other factors, adversely affected mining sector
performance, during the period under review.


Q1:2018
Q2:2018
Q3:2018
Q4:2018
Q1:2019
Q2:2019

Gold
Gold output stood at 6 261 kg in second quarter
of 2019, about 40% lower than 10 373 kg
produced in the same quarter in 2018. This was
10% below the output for the first quarter of
2019.
The decline in gold output was exacerbated by
power outages, despite the firming international
prices, as shown in Figure 11.

Figure 11: Quarterly Trends in Gold Output
(Kg) and Average International Prices
(US$/ounce)

Source: Chamber of Mines, FPR, 2019

Gold output has also been weighed down by
foreign currency challenges, fuel shortages as
well as escalating production costs. Gold
deliveries to Fidelity Printers and Refiners (FPR)
also declined as a result of increased smuggling
and diversion of gold to the parallel market.
PGM
Major PGM minerals, namely; platinum and
palladium registered growths, during the second
quarter of 2019. Platinum output, at 3 695.3 kg in
second quarter 2019, was 8.2% above the output
for the first quarter of 2019 and exceeded output
in second quarter of 2018 by 7.5%. Similarly,
palladium output stood at 3 085.3 kg in second
quarter of 2019, about 9.2% more than first
quarter of 2019 output and 9.6% above output
realised in same quarter in 2018, as shown in
Figure 12.
Figure 12: Quarterly Platinum and Palladium
Production Developments

Source: Chamber of mines, Kitco.com, World
Bank, 2019

Nickel
Nickel output stood at 4 524 tonnes in second
quarter of 2019, up from 3 816 tonnes in first
quarter of 2019. Output during the second quarter
of 2019 was higher by12.6%, compared to the
same quarter in 2018, largely driven by increased

10000
15000
Q2 2018
Q1 2019
Q2 2019
Large Scale (kg)
Small Scale (kg)
Secondary (kg)
Total Gold (kg)
Average Price (US$/ounce)


Q2

Q3

Q4

Q1

Q2

Average International prices
(US$/ounce)
Kg
Platinum (Kg)
Palladium (kg)
Average platinum Price (US$/Ounce)
Average Palladium Price (US$/Ounce)2

production from both the primary and secondary
producers.
Diamond
Diamond output increased by 33.7%, from
461 348 carats in the first quarter of 2019, to
617 044 carats in the second quarter of 2019. The
second quarter output was, however, 34% lower
than output produced in the same period in 2018.
The decline was mainly due to reduced
throughput at ZCDC, where output declined by
42%, compared to the same period in 2018. The
ZCDC was adversely affected by working capital
challenges, during the period under review.

Coal
Coal output stood at 0.62 million tonnes in
second quarter of 2019, about 36% below the
output produced in the same period in 2018. The
second quarter of 2019 coal output, however,
surpassed the 0.305 million tonnes produced
during the first quarter of 2019. Prices of coal that
prevailed during second quarter of 2019, were
below the cost of production, thus, effectively
discouraging production.

Resultantly, output at major producers, namely
HCCL and Zambezi Gas was 65% and 27%
lower in second quarter in 2019 than in the
comparable period in 2018, respectively, as
shown in Figure 13.


Figure 13: Coal Output (tonnes) by Producer:
2018 and 2019

Source: Ministry of Mines, Chamber of Mines,

Chrome
Chrome output stood at 0.367 million tonnes in
the second quarter of 2019, about 26.8% lower
than output produced in the same period in 2018.
The output of chrome during the second quarter
of 2019, at 0.367 million tonnes, was 12.4%
below the 0.419 million tonnes produced during
the first quarter of 2019. As shown in Figure 14,
chrome
production
continued
to
mimic
developments in the international prices of both
chrome ore and high carbon ferrochrome (HCF).


HCCL
MAKOMO RES.
ZAMBEZI GAS
Q2 2018
Q1 2019
Q2 2019

Figure
14:
Chrome
Ore
production
developments 2018 -2019

Source: Chamber of Mines, Ministry of Mines 2019

Chrome ore prices, which have been declining
since the third quarter of 2018, retreated further
to an average of about US$125.12 per tonne in
the second quarter of 2019. HCF prices which
declined from Q2 2018, however, bottomed out
in first quarter 2019 and surged during second
quarter 2019, thereby supporting chrome ore
mining in the country.

ELECTRICITY
Electricity output for the second quarter of 2019
stood at 2 256.4GWh, 8% down from the 2
494.60 GWh produced in the first quarter of
2019. The declined in electricity output was
largely due to lower output at Kariba, attributed
to water rationing, as lake levels decline. Despite
the decline in output by 13% at Kariba, on a
quarter to quarter basis, the station continued to
dominate power generation, accounting for 60%
of total energy sent out in the second quarter of
2019.
Output from Hwange, at 802GWh, was
marginally lower than the performance in the
previous quarter. The combined output from the
small independent power producers, however,
rose by 54% in the second quarter, due to higher
output from Chisumbanje, Triangle and Hippo
valley’s bagasse thermal stations, which more
than offset output declines at small hydropower
stations.

Table 11: Total Electricity Output
Power
Station
Total
2018 Q2
Total
2019 Q1
Total
Q2 2019
Variance
Q2 2019
and Q2

Variance
Q1 and
Q2 2019
Kariba

Hwange

Bulawayo

Munyati

Harare

IPPS

Total
(GWhs)

Source: ZERA, ZPC, 2019
As a result of the subdued power generation, the
country experienced severe shortages since May
2019, which led to an aggressive load shedding
programme. The power situation was made more
severe by lower electricity imports from the
Southern African Power Pool, which hitherto
supplemented local supply to cover local
electricity demand.


q2 2018 q1 2019 q2 2019
Chrome ore & HCF prices
(US$/tonne)
Tonnes
Chrome ore
Chrome Ore Prices
HCF Prices

Figure 15: Electricity Energy Sent Out
(GWh):2018 – 2019


Source: ZERA, ZESA, 2019

INFLATION DEVELOPMENTS

Inflation pressures continued to mount in the
economy, during the period under review. Yearon-year inflation accelerated from 75.86% in
April 2019, to end the quarter at 175.66%. The
rise
in
prices
reflected
exchange
rate
adjustments, following a phased approach to
currency reforms, which culminated in the
abolishment of the multicurrency regime and the
re-introduction of the Zimbabwe dollar in June
2019.

The increase in inflation was also attributable to
adverse self-fulfilling inflation expectations that
resulted in speculative pricing and benchmarking
of prices to the US dollar.


Figure 16: Annual Inflation Profile (%)
Source: Zimstat, 2019
Annual Food Inflation

Annual food inflation accelerated from 78.55%
at the end of the first quarter of 2019 to 251.94%
by end June 2019. The rise in food inflation was
attributed to increases in prices of bread, cereals,
vegetables, meat and oils and fats and sugar, jam,
honey, chocolate and confectionery.

Annual Non-Food Inflation
Annual non-food inflation also accelerated from
61.19% in March 2019 to 142.84% in June 2019,
driven
by
transport;
furniture,
household
equipment and maintenance; clothing and
footwear; and housing water electricity gas and
other fuels, among others. The increase in the
price of fuel, following the removal of subsidies
on petroleum products partly resulted in the
increase in transport inflation and a general
increase in production costs across all the
productive sectors of the economy.


2018:Q1
2018:Q2
2018:Q3
2018:Q4
2019:Q1
2019:Q2

Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Food Inflation
Non-Food Inflation
All Items

Monthly Inflation Developments

Month-on-month inflation surged to 39.3%, in
June 2019, from 4.39% recorded in March 2019,
reflecting increases in both food and non-food
components.

Food inflation was attributed to increases in
prices of bread and cereals and meat and
vegetables. Monthly non-food inflation was
mainly driven by housing, water, electricity, gas
and other fuels, transport, furniture, household
equipment and maintenance.


5. MONETARY DEVELOPMENTS3

Broad money4 increased from $10 627.38 million
in March 2019, to $14 767.89 million in June
2019. Expansions in negotiable certificates of
deposits,
130.42%;
transferrable
deposits,
46.79%; and currency in circulation5, 1.01%,
explained the growth in money supply.

Growth in broad money also reflected valuation
changes in foreign currency deposits included in
broad money, in line with exchange rate
developments.
Foreign
currency
accounts
included in transferable deposits, recorded a
quarter on quarter growth of 174.21%, largely

3 All monetary numbers are in ZWL$ since the adoption of
the inter-bank foreign exchange market in February 2019.
4 From November 2017, broad money was adjusted by a
reclassification of “lines of credit” that were incorrectly
classified as deposits included in broad money. This
owing to the depreciation of the local unit, from
ZWL$2.74/US$ as at end March 2019 to
ZWL$6.02/US$ as at end June 2019.

Figure 17 shows annual broad money supply
components in nominal terms as well as growth
rates.
Figure 17: Annual Broad Money Supply
Growth Rates and Levels

Source: RBZ, 2019

reduced the stock of money and at the same time reduced
the net foreign assets of Other Depository Corporations.
5 Currency in circulation implies bond notes and coins
outside the banking system.


Dec-15
Mar-16
Jun-16
Sep-16
Dec-16
Mar-17
Jun-17
Sep-17
Dec-17
Mar-18
Jun-18
Sep-18
Dec-18
Mar-19
Jun-19
ANNUAL GROWTH %
US$ Billion
Transferable Deposits
Time Deposits
NCDs
Currency in Circulation
Broad Money Growth

Domestic Credit
During the quarter under review, net domestic
credit grew by 12.04%, compared to a
contraction of 2.20%, recorded in the previous
quarter. In nominal terms, net domestic credit
increased from $14 652.41 million in March
2019 to $16 416.49 million in June 2019.
The growth in net domestic credit, largely
reflected growth of 29.75% in credit to the
private sector, from $3 952.66 million in March
2019 to $5 128.72 million in June 2019. Partially
offsetting this growth, was slowdown in net
claims on Government of 2.17%. The decline in
net credit to Government, reflected fiscal
consolidation measures being pursued under the
Transitional Stabilization Program (TSP).


Credit to the private sector was distributed as
follows:
households,
19.68%;
agriculture,
20.59%; distribution, 12.40%; services, 8.87%;
manufacturing, 7.77%; financial organisations
and investments, 19.20%; mining, 7.25%;
construction,
0.67%;
and
transport
and
communications, 1.75%, during the second
quarter of 2019.


Figure 18 shows the sectoral distribution of
private credit for the period to June 2019.


Figure 18: Sectoral Distribution of Credit


Source: Reserve Bank of Zimbabwe, 2019
Private sector borrowing was mainly for
inventory build-up, 22.84%; consumer durables,
17.19%; fixed capital investment, 14.84%; and
pre and post shipment financing, 1.71%. Other
recurrent expenditures accounted for 43.42%,
during the quarter under review.


Households
19.68%
Agriculture
20.59%
Mining
7.25%
Manufacturing
7.77%
Distribution
12.40%
Construction
1.82%
Transport
&Communic
ations
1.75%
Services
8.87%
Financial
Org.&Invest
ments
19.57%
Other
0.31%

Interest Rates
During the second quarter of 2019, the range of
nominal lending rates changed from 5% to 18%
to 5% to 23%. Average maximum interest rates
for
savings
deposits,
however,
remained
unchanged at 4.16%. The average maximum 60day and 90-day time deposits, increased
marginally from 3.71% and 4.09% to 3.94% and
4.27%, respectively.

The increase in the interest rates, was in line with
the
adjustment
of
the
Central
Bank
accommodation rate from 15% to 50% per
annum. The adjustment reflects the tightening of
the monetary policy stance, a move necessitated
by rising inflationary pressures.

6. STOCK MARKET DEVELOPMENTS

The Zimbabwe Stock Exchange, was bullish
during the second quarter of 2019. The All Share
and Top 10 indices gained 83.09 points and 82.60
points to close at 204.75 points and 197.21
points, respectively, as shown in Figure 19.

Figure 19: ZSE All Share and Top 10 Indices


Source: Zimbabwe Stock Exchange, 2019
Resultantly, market capitalization increased from
$16.08 billion at the end of the first quarter, to
$27.02 billion at the end of the second quarter of
2019.

Figure 20: Market Capitalization


Source: Zimbabwe Stock Exchange, 2019

Industrial and Mining Indices

Industrial and mining indices increased by
277.94 points and 61.28 points to end the second
quarter of 2019 at 683.51 points and 255.26
points, respectively. The developments on the
local bourse reflected increased demand for
listed stocks, as an investment destination, to
hedge against local currency depreciation and
inflationary pressures.

30-Jun-18
31-Jul-18
31-Aug-18
30-Sep-18
31-Oct-18
30-Nov-18
31-Dec-18
31-Jan-19
28-Feb-19
31-Mar-19
30-Apr-19
31-May-19
30-Jun-19
All Share Index
Top 10 Index

30-Jun-18
31-Jul-18
31-Aug-18
30-Sep-18
31-Oct-18
30-Nov-18
31-Dec-18
31-Jan-19
28-Feb-19
31-Mar-19
30-Apr-19
31-May-19
30-Jun-19
$ Millions

Figure 21: Zimbabwe Stock Exchange Indices


Source: Zimbabwe Stock Exchange, 2019

Market Turnover
The bullish activity on the local bourse was
reflected in increased demand for low value
counters, as investors sought to hedge against
inflation and local currency depreciation. As a
result, the volume of shares traded increased,
while the value of shares traded declined.

The volume of shares traded increased by
39.65% to 664.87 million shares in the second
quarter of 2019, from 476.11 million shares
traded in the first quarter. The value of shares
traded, however, fell from $476.93 million in the
first quarter, to $181.85 million in the second
quarter of 2019.

Foreign investor interest, however, declined, as
reflected by a decrease in the net foreign position,
from $2.20 million to negative $6.47 million in
the second quarter of 2019.
Figure 22: Market Turnover Value

Source: Zimbabwe Stock Exchange, 2019


7. PAYMENT,
CLEARING
AND
SETTLEMENT ACTIVITIES

The value of transactions processed through the
National Payment Systems (NPS) increased by
64% to $73.85 billion, in the quarter ending June
2019, from $44.96 billion recorded in the quarter
ending March 2019. Similarly, NPS transaction
volumes increased by 11% to 559.20 million,
from 503.76 million, during the same period.

All payment streams recorded increases in values and volumes for the current quarter with the exception of POS, Cheque and ATM volumes when compared to the quarter ending 31 March 2019.

Compared to the first quarter of 2019, all
payment streams recorded increases in values
and volumes during the quarter under review,
with the exception of POS, Cheque and ATM
volumes.

Table 12 provides the statistical information on
various payment streams for the second quarter
ending June 2019.

Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Mining
Industrial
Industrial Index
Mining Index

30-Jun-18
31-Jul-18
31-Aug-18
30-Sep-18
31-Oct-18
30-Nov-18
31-Dec-18
31-Jan-19
28-Feb-19
31-Mar-19
30-Apr-19
31-May-19
30-Jun-19
US$ Millions

Table
12:
Consolidated
Transactional
Activities
Values in ZWL$ Million

Q1
Q2

Change
Proportion

RTGS

CASH

CHEQUE

POS

ATMS

MOBILE

INTERNET

TOTAL

Volumes
RTGS

36%
0.34%
CASH

19%
0.92%
CHEQUE

-5%
0.01%
POS

ATMs

-48%
0.07%
MOBILE

INTERNET

8%
0.25%
TOTAL

Source: Reserve Bank of Zimbabwe, 2019

LARGE VALUE PAYMENTS
Zimbabwe
Electronic
Transfer
and
Settlement System
The value of transactions processed through the
RTGS system increased by 71% to $42.87
billion, in the quarter ending June 2019, from
$25.12 billion recorded in the quarter ending
March 2019. In tandem, the volume of
transactions registered an increase of 36% to
1,883,561, from 1,383,960, as shown in Figure
23.

Figure 23: Values and Volumes of RTGS
Transactions

Source: Reserve Bank of Zimbabwe, 2019
SWIFT Foreign Currency Transactions
SWIFT foreign currency payments decreased by
5% to US$0.69 billion for the quarter ending
June 2019, from US$0.72 billion in the quarter
ending March 2019. During the same period,
SWIFT foreign currency receipts decreased by
6% to US$0.69 billion from US$0.74 billion, in
the previous quarter.

Net foreign currency inflows amounted to
US$9.55 million in the quarter ending June 2019,
from a net inflow of US$22.42 million recorded
in the first quarter of 2019, as shown in Figure
24.


2018 Q1
2018 Q2
2018 Q3
2018 Q4
2019 Q1
2019 Q2
RTGS Values in Billions $
RTGS Volumes in Thousands
Values

Figure
24:
SWIFT
Quarterly
Foreign
Currency Transactions

Source: Reserve Bank of Zimbabwe, 2019

CASH
Over the Counter Cash Withdrawals
The value of cash withdrawals increased by 71%
from $1.06 billion in the first quarter of 2019, to
$1.82 billion in the second quarter of 2019.
Corresponding volumes increased by 19%, from
4.31 million in the first quarter, to 5.10 million in
the second quarter of 2019, as shown in Figure
25.

Figure
25:
Over
the
Counter
Cash
Withdrawals

Source: Reserve Bank of Zimbabwe, 2019
Retail Payments

The value of retail transactions increased by 56%
to $30.98 billion in the quarter under review,
from $19.84 billion recorded in the first quarter
2019. Similarly, retail volumes increased by
10.9% to 557.31 million during the second
quarter of 2019, from 502.38 million reported in
the quarter ending March 2019.

Figures 26 and 27 show the trend in the values
and volumes of retail transactions from the
quarter ending March 2018 to the quarter ending
June 2019.


Q1 2018
Q2 2018
Q3 2018
Q4 2018
Q1 2019
Q2 2019
Volumes in Thousands
Value in US$B
Value of Receipts
Value of Payments
Volumes of Payments
Volumes of Receipts


Q1

Q2

Q3

Q4

Q1

Q2

$ BILLIONS
MILLIONS
Volumes
Values

Figure 26: Retail Transaction Values from
March 2018 to June 2019

Source: Reserve Bank of Zimbabwe, 2019


6 The local collateral figure comprises of Cheque, Zimswitch,
Chengetedzai Deposit Corporation settlement systems.
Figure 27: Retail Transaction Volumes from
March 2018 to June 2019

Source: Reserve Bank of Zimbabwe, 2019
Collateral6
The local collateral figure comprises of Cheque,
Zimswitch, Chengetedzai Deposit Corporation
settlement systems. It increased by 23% to
$160.20 million in the second quarter of June
2019, from $130.24 million recorded in the first
quarter, as shown in Figure 28.

2018 Q1
2018 Q2
2018 Q3
2018 Q4
2019 Q1
2019 Q2
Mobile in Billions
$ Billions
CHEQUE
POS
ATMS
INTERNET
CASH
MOBILE


2018 Q1
2018 Q2
2018 Q3
2018 Q4
2019 Q1
2019 Q2
Mobile Volumes in Millions
Other Retai Volumes in Millions
CHEQUE
POS
ATMs
INTERNET
CASH
MOBILE

Figure 28: Collateral Amounts from March
2018 to June 2019

Source: Reserve Bank of Zimbabwe, 2019

Access Points and Devices
The number of mobile banking agents increased
to 51,415 in the quarter under review, from
47,638 reported in the first quarter of 2019.

Similarly, the POS population increased to
112,523 from 107,067 in line with the promotion
of electronic means of payment. The ATM
population, however, decreased to 548 in the
second quarter, from 549 in the first of quarter
2019.


The number of active mobile financial services
subscribers declined from 637 million, registered
subscribers in the first quarter of 2019, to 610
million in the second quarter.

Table 13 shows payment access points and
devices, for the fourth quarter of 2018 and the
first and second quarters of 2019.

Table 13: Payment Systems Access Points and
Devices

Quarter
ending
Dec

Quarter
ending
Mar

Quarter
ending
Jun

Mobile
Banking
agents
50,740
47,638
51,415
ATMs

POS
99,395
107,067
112,523
PAYMENT SYSTEM ACCESS DEVICES
Debit
Cards
4,734,299
5,116,115
4,762,042
Credit
Cards
17,204
17,948
17,625
Prepaid
Cards
88,406
80,544
93,277
Mobile
Banking
subscribers
6,139,160
6,369,172

6,095,412
Internet
Banking
subscribers
353,103
364,990

382,203
Source: Reserve Bank of Zimbabwe, 2019

Figure 29 shows the number of Access Points,
and Figures 30 and 31, the number of access
devices.

2018 Q1
2018 Q2
2018 Q3
2018 Q4
2019 Q1
2019 Q2
MILLIONS
Cheque
Zimswitch
CDC

Figure 29: Payment Access Points from
March 2018 to June 2019

Figure 30: Payment Access Devices from
March 2018 to June 2019

Source: Reserve Bank of Zimbabwe, 2019
Figure 31: Access Devices from March 2018 to
June 2019

Source: Reserve Bank of Zimbabwe, 2019

8. FISCAL DEVELOPMENTS

FISCAL DEVELOPMENTS

Government revenues amounted to $3 065.1
million, during the second quarter of 2019,
against total expenditure of $2 704.7 million.
This resulted in a fiscal surplus of $360.4 million,
which reflected the fiscal consolidation efforts by
Government, which have been implemented
since the beginning of 2019.

2018 Q1
2018 Q2
2018 Q3
2018 Q4
2019 Q1
2019 Q2
Thousands
POS Population
ATM Population
Mobile Banking Agents

2018 Q1
2018 Q2
2018 Q3
2018 Q4
2019 Q1
2019 Q2
Millions
Debit Cards
Mobile Active Subcribers

2018 Q1
2018 Q2
2018 Q3
2018 Q4
2019 Q1
2019 Q2
Thousands
Credit Cards
Prepaid Cards
Internet

Table 14: Summary of first and second
quarter 2019 Fiscal Positions


Q1

Q2

Revenue
1 926.60

3065.06


Tax revenue
1 877.43

3002.59

Non-Tax
Revenue
49.17

62.47


Expenditure
1 483.48
2704.66
Current
expenditure
1 310.27
1936.56
o/w employment
costs
1 015.04
1142.48
Capital
Expenditure
364.92
726.85
Overall Balance
443.12
360.40
Source:
Ministry
of
Finance
and
Economic
Development, 2019

Government Revenue

Government
revenues
amounted
to
$3 065.1 million, against a target of $2 371.80
million, during the second quarter of 2019. The
high performance of Government revenue
followed the higher than anticipated collections
under both tax and non-tax revenues.

Tax revenue, at $3 002.6 million, accounted for
98% of total revenue. Non-tax revenue
contributed $62.47 million, which was
equivalent to 2% of total revenue. Figure 32
shows the structure of government revenue in the
second quarter of 2019.

Figure 32: Government revenue structure in
the second quarter of 2019.
Source: Ministry of Finance, 2019


During the period under review, taxes on income
and profit continued to dominate tax revenues,
accounting for 29% of total tax revenues. Taxes
on income and profits also surpassed the targeted
$662.81 million by $195.9 million, mainly as a
result increases in wages and salaries.

Value added tax amounted to $758.00 million in
the second quarter, surpassing the target of
$632.10 million by $125.9 million. The
significant increase in VAT was mainly
attributed to the impact of rising prices for both
locally produced and imported products.

Tax collections under excise and customs at
$707.8 million and $231.9 million during the
second quarter of 2019, were above targets of
Customs
duties
8%
Excise
duties
23%
Value
Added Tax
(VAT)
25%
Other indirect
taxes
14%
Non-tax
Revenue
2%
Tax on Income and
profits
28%

$493.24
million
and
$182.63
million,
respectively.


Government Expenditure
Cumulative government expenditures amounted
to $2 704.66 million in the second quarter of
2019,
exceeding
the
target
of
$1 958.92 million by $745.74 million. Current
expenditure amounted to $1 936.56 million,
equivalent to 71.60% of total expenditure, during
the quarter under review. The balance of $726.85
million was allocated to capital expenditure and
net lending.

Table 15 shows the summary of Government
expenditure, during the first and second quarters
2019.

Table 15: Summary of Government Spending


Q2 2018
Q2 2019

ZWL$
million
% of
Total
Expenditure
ZWL$
million
% of
Total
Expenditure
Employment
costs

Goods and
services

Interest
on
debt

Capital
Expenditure

Transfers to
Provincial
Councils
0.0

41.2
1.5
Total
Expenditure
2366.0

2704.7

Source: Ministry of Finance and Economic Development, 2019

As shown in the Table 16, employment costs
remained the highest charge on Treasury,
amounting to $1 142.48 million during the
second quarter of 2019. This represented 42% of
total expenditure, in the quarter under review.

Capital
expenditures
at
$670.20
million,
exceeded the target by $197.07 million, largely
due to over-performance of capital transfers,
during the quarter under review.


Budget Balance

The fiscal developments in the second quarter of
2019 culminated in a positive budget balance of
$360.40, down from $443 million recorded in the
first quarter. The surplus was mainly used for
extinguishing maturing domestic debt.


RESERVE BANK OF ZIMBABWE

September 2019

STATISTICAL TABLES

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

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


S4

4.2.Reserve Bank: liabilities S5


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

6. Commercial Banks
6.1.Commercial Banks: Assets

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


7.1.Building Societies: Assets

S10

7.2.Building Societies: Liabilities S11


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

S13


9. National Payment Systems


9.1.Values of Transactions


S14
9.2.Volumes of Transactions


S14

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


S15
10.2. Deposit Rates S15


11. Stock Exchange Indices


S16

12. Inflation


12.1. Monthly Inflation


S17
12.2. Quarterly Inflation


S18
12.3. Annual Inflation


S19

13. Balance of Payments
13.1. Cross Border Payments


S20
13.2. Cross Border Receipts


S21

14. External Sector
14.1. External Debt Outstanding By Debtor


S22
14.2. External Debt Outstanding by Source


S23


Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
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 2018
Notes:
(i) Depository corporations survey - formerly Monetary Survey.
(ii) Broad money redefined using IMF's Monetary and Financial Statistics Manual of 2000. Major changes include exclusion of Government deposits held by banks from broad money.
(iii) Transferable deposits made up of demand and savings deposits.
(iv) NCDs are also referred to as securities included in broad money.
(v) All classes of time deposits, short and long term are classified as time deposits, which are also termed other deposits.
(vi) Credit to the private sector now excludes claims on other financial corporations, as well as claims on state and local government (local authorities)
(vii) Depository corporations made up of the Central Bank and other depository corporations
(viii) Other depository corporations (ODCs) - Commercial banks, merchant banks, building societies and POSB.
(ix) In December 2017, the statistics were adjusted in restrospect by reclassifying Securities issued under Aftrades from claims on government to claims on central bank
(x) In December 2017, the statistics were adjusted in restrospect by reclassifying amounts accessed by banks under the Aftrades from liabilities to Other Depository corporations and Other Financial Corporations to liabilities to Central Bank
Annual Growth (%)
Net Foreign Assets
Central Bank(net)
Foreign Assets
Foreign Liabilities
Other Depository Corporations(net)
Foreign Assets
Foreign Liabilities
Net Domestic Assets (NDA)
TABLE 1: DEPOSITORY CORPORATIONS SURVEY (ZWL$ '000)


S2


Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Net Foreign Assets

Claims on Non Residents

Official Reserves Assets

Other Foreign Assets

Less Liabilities to Non Residents

Short Term Liabilities

Other Foreign Liabilities

Net Domestic Assets (NDA)

Domestic Claims

Net Claims on Central Government

Claims on Central Government

Of which: Securities Other than Shares

Loans

Loans and Advances

Legacy Debt

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

Other Items(Net)
Shares and Other Equity

Other Items(Net)

Liabilities to Other Resident Sectors

Deposits and Securities Excluded from Bas

Monetary Base Incl. foreign currency
clearing balances
Monetary Base
Liabilities to ODCs

Bond Notes

Bond Coins

Reserve Deposits

Other

Private Deposits

TABLE 2: CENTRAL BANK SURVEY (ZWL$'000)


S3


S4


Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
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)
8,741,831.36

9,132,705.19


Domestic Claims
6,989,263.27

7,168,985.87


Net Claims on Central Government
2,783,534.43

3,262,756.31


Claims on Central Government
2,872,745.05

3,295,887.08


Securities
2,865,309.79

3,291,375.03


Loans
7,435.26

4,512.05


Other
-

-

-

-

-

-

-

-

-

-

-

-

-

Less Liabilities to Central Government
89,210.62

33,130.77


Of which: Deposits
89,210.62

33,130.77


Other

Claims on Other Sectors
4,205,728.83

3,906,229.56


Other Financial Corporations
42,406.27

43,993.11


State and Local Government
49,509.94

54,356.85


Public Non Financial Corporations
222,545.56

181,987.35


Private Sector
3,891,267.06

3,625,892.25


Claims on the Central Bank
3,089,939.84

3,471,170.30


4,187,900.42

4,644,902.11

Currency
8,986.260

20,609.732


98,685.696

126,257.461

Reserves
3,080,953.577

3,450,560.570


4,089,214.726

4,518,644.646

Securities
-

-


-

-

Other Claims
-

-


-

-

Liabilities to the Central Bank
119,810.71

118,944.97


148,760.15

150,275.70

Other Items(Net)
1,217,561.04

1,388,506.01


798,393.76

1,269,584.10

Shares and Other Equity
1,632,378.01

1,758,871.23


2,453,288.57

3,130,496.35

Liabilities to other ressident sectors
21,559.36

32,602.91


46,518.61

43,639.00

Other Items(Net)
(436,376.33)

(402,968.13)


(1,701,413.42)

(1,904,551.24)

Deposits and Securities Included in Broad
Money
8,451,064.87

8,908,463.53


12,446,851.79

14,195,821.68

Deposits Included in Broad Money
8,384,220.79

8,818,964.20

8,892,333.01

9,192,282.61

9,163,326.94

9,179,384.09

9,432,073.48

9,249,189.49

9,796,911.59

9,999,066.93

9,999,066.93

12,307,411.86

14,024,153.85

Transferable Deposits


7,782,391.98

8,323,687.16

8,562,013.77

8,562,013.77
10,695,596.51
12,595,266.96
of which FCAs


418,087.02

1,190,521.05

1,417,836.22

1,417,836.22
3,031,536.97
3,887,787.41
Other Deposits
1,459,140.37

1,501,520.77

1,524,244.03

1,488,981.24

1,427,834.38

1,430,427.17


1,611,815.34

1,428,886.89

Money Market Instruments
66,844.08

89,499.33

66,484.46

52,419.97

61,703.77

50,864.73

58,584.04

59,302.10

71,792.12

74,503.10

74,503.10

139,439.93

171,667.83

Source:Reserve Bank of Zimbabwe,2019
TABLE 3 : OTHER DEPOSITORY CORPORATIONS SURVEY ( ZWL$ '000)


S5


S6


ZWL$ Thousands
End of
Gold
Other
Total
Treasury Bills
Central
Banks
Other
Govt.
Other
Other Assets
TOTAL
Government
Stock

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Source: Reserve Bank of Zimbabwe, 2019
TABLE 4.1: RESERVE BANK - ASSETS
Foreign Assets
Loans and advances
Investments


S7


Capital
and
Foreign
general
End of
Bond Notes in
Circulation
Bond Coins in Circulation
Bond Notes and
Bankers Deposits
Other Deposits
Govt. Deposits
Total Deposits
Liabilities
reserve
Other Liabilities
TOTAL
coins* issued

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Source: Reserve Bank of Zimbabwe, 2019
*Bond coins first issued in December 2014
* Bond Notes issued on 28 November 2016
RESRVE BANK LIABILITIES :ZWL$ Thousands
Deposits


S8


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

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Source:Reserve Bank of Zimbabwe,2019
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 5.1: OTHER DEPOSITORY CORPORATIONS -ASSETS
ZWL$ millions
Debt Securities
Loans and Advances


S9


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

Mar


Apr


May


Jun


Jul


Aug


Sep


Oct


Nov


Dec


Jan


Feb


Mar


Apr


May


June


July


Aug


Sep


Oct


Nov


Dec


Jan


Feb


Mar


Apr


May


Jun


Source:Reserve Bank of Zimbabwe,2019
TABLE 5.2 : OTHER DEPOSITORY CORPORATIONS - LIABILITIES
ZWL$ millions
Deposits
Amounts Owing to


S10


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

Mar
10.74


Apr
9.82


May
12.36


Jun
7.01


Jul
6.71


Aug
11.80


Sep
11.43


Oct
8.10


Nov
9.04


Dec
11.43


Jan
22.40


Feb
18.34


Mar
14.81


Apr
13.47


May
12.85


June
7.48


July

Aug

Sep

Oct

Nov

Dec


Jan
42.05


Feb
52.63


Mar
59.17


Apr
40.82


May
94.59


Jun
119.69


Source:Reserve Bank of Zimbabwe,2019
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: COMMERCIAL BANKS -ASSETS
ZWL$ millions
Debt Securities
Loans and Advances


S11


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

Mar


Apr


May


Jun


Jul


Aug


Sep


Oct


Nov


Dec


Jan


Feb


Mar


Apr


May


Jun


Source:Reserve Bank of Zimbabwe,2019
TABLE 6.2 : COMMERCIAL BANKS - LIABILITIES
Deposits
Amounts Owing to
ZWL$ Millions


S12


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

Mar
1.42


Apr
1.13


May
1.01


June
1.21


July

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Source:Reserve Bank of Zimbabwe,2019
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 7.1: BUILDING SOCIETIES -ASSETS
ZWL$ millions
Debt Securities
Loans and Advances


S13


S14


A GR IC U LTU R E
C ON S TR U C TION
C OM M U N IC A TION
D IS TR IB U TION
FIN A N C IA L
FIN A N C IA L
M A N U FA C TU R IN G
M IN IN G
S ER V IC ES
TR A N S POR T
IN D IV ID U A LS
C ON GLOM ER A TES
TOTA L
End of

IN V ES TM EN T
OR GA N IS A TION S

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Source:Reserve Bank of Zimbabwe,2019
TABLE 8.1: Sectoral Analysis of Commerical Banks' Loans and Advances
ZWL$ Thousands


S15


AGRICULTURE CONSTRUCTION COMMUNICATION
DISTRIBUTION
FINANCIAL
FINANCIAL
MANUFACTURING
MINING
SERVICES
TRANSPORT INDIVIDUALS CONGLOMERATES
TOTAL
End of

INVESTMENT
ORGANISATIONS

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Source:Reserve Bank of Zimbabwe,2019
TABLE 8.2: Sectoral Analysis of Commercial Banks' Deposits
ZWL$ Thousands


S16


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

Jul
4,805.10 5.70
588.40
29.40 1,601.40 586.40
Jul
521.80 30.00
20,013.70
636.10 61,162.40 382.60
Aug
5,325.10 5.18
590.10
24.70 1,776.40 583.30
Aug
541.50 26.60
20,303.00
595.60 70,771.60 419.10
Sep
6,031.37 5.19
651.11
16.11 2,159.26 731.93
Sep
620.00 27.17
20,731.00
478.00 83,303.00 432.00
Oct
5,991.30 5.40
681.90
19.40 2,401.60 779.20
Oct
609.60 27.20
23,764.60
475.10 92,540.60 478.90
Nov
6,259.70 4.90
666.50
15.90 2,561.80 798.30
Nov
575.30 25.60
22,748.60
347.30 97,945.20 473.00
Dec
5,877.20 3.60
778.40
16.30 3,052.70 1,043.30
Dec
524.20 19.20
26,779.10
347.20 118,198.90 524.80
Annual
Total
61,718.13 69.43
6,628.17
428.06 18,020.56 7,021.72
Annual
Total
5,903.41 319.95 214,857.35 8,121.03 754,742.20 4,248.89

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

Jan
6,903.02 2.89
1,294.05
16.92 3,608.83 1,056.16
Jan
401.51 12.20
40,613.79
232.61 135,481.07 413.39
Feb
8,336.98 4.04
1,330.58
17.21 3,594.51 1,093.64
Feb
456.54 16.35
27,811.17
226.77 119,081.12 463.62
Mar
9,881.49 3.90
1,399.50
18.27 4,080.65 1,250.55
Mar
525.91 15.42
30,417.55
248.88 142,597.83 441.02
Apr
10,321.38 3.14
1,590.10
13.97 4,949.34 1,408.53
Apr
535.02 13.65
32,092.53
168.79 157,348.28 390.08
May
14,670.32 4.19
1,397.48
11.83 6,692.55 1,897.82
May
642.59 14.66
15,542.62
121.44 166,491.56 494.29
Jun
17,881.21 3.73
1,464.66
30.14 7,130.02 2,539.84
Jun
705.96 13.34
18,012.05
79.60 160,873.03 486.81
Source:Reserve Bank of Zimbabwe,2019
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)


S17


S18


End of
Nominal Lending
Rates2
Individuals
Corporate
Savings
3 Months2

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

Jan
4.00-18.00
9.47
7.40
Jan
0.22-12.00
1.00-8.00
Feb
4.00-18.00
9.23
7.30
Feb
0.22-12.00
1.00-6.75
Mar
4.00-18.00
9.23
7.31
Mar
0.22-12.00
1.00-8.00
Apr
4.00-18.00
9.3
7.38
Apr
0.22-12.00
1.00-8.00
May
4.00-22.00
9.31
7.33
May
0.22-12.00
1.00-8.00
Jun
4.00-22.00
9.15
7.67
Jun
0.22-12.00
1.00-8.00
Source:Reserve Bank of Zimbabwe,2019
Notes
3. Lending rates exclude rates on staff loans.
TABLE 10.2 : BANKS DEPOSIT RATES (percent per annum)1
1. The range of rates qouted by banks during the period.
2. Three (3) months deposit rates revised to exclude rates on inactive
or dormant accounts.
TABLE 10.1: LENDING RATES (percent per annum)1
1. Table revised, to separate weighted lending rates for individuals and
corporate bodies.
2. Nominal Lending Rates depict the range of rates quoted by banks.
Weighted Average Lending Rates 3
Commercial Banks
Commercial Banks
End of


S19


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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Source: Zimbabwe Stock Exchange (ZSE),2019
ZWL$ Millions
TABLE 11: ZIMBABWE STOCK MARKET STATISTICS
Indices


S20


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


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

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


S21


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


Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

TABLE 12.3 : ANNUAL INFLATION -- PERCENTAGE CHANGE IN CONSUMER PRICE INDEX
( FEB 2019=100)
NON-FOOD INFLATION
Source :ZIMSTATS, 2019


S22


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


Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

TABLE 12.3 : ANNUAL INFLATION -- PERCENTAGE CHANGE IN CONSUMER PRICE INDEX
( FEB 2019=100)
NON-FOOD INFLATION
Source :ZIMSTATS, 2019