i


SEPTEMBER 2023

TABLE OF CONTENTS


OVERVIEW

The month of September 2023 saw marginal
increases in both annual and monthly inflation.
Annual headline inflation increased from
17.7% in August 2023 to 18.4% in September
2023. Month-on-month inflation also increased
from -1.3% in August 2023 to 1.0% in
September 2023.
Broad money supply increased by 17.17% in
September 2023, compared to 3.14% recorded
in August 2023. The increase in money supply
largely reflected an expansion of 21% in the
foreign currency component, indicating the
impact of valuation changes owing to exchange
rate depreciation.

International
prices
for
gold,
platinum,
palladium,
copper,
nickel,
and
lithium
registered declines during the month of
September 2023, while prices of Brent crude oil
increased in the same month.

The country’s total merchandise trade for
September 2023 stood at US$1,450.2 million,
down by 1.3% from US$1,469.9 million
recorded in the previous month. The decline in
total trade was underpinned by a decrease in
imports during the reporting period.

The
Zimbabwe
Stock
Exchange
(ZSE)
exhibited mixed sentiments. The All Share,
Top 10, Top 15, Medium and Small Cap
indices added 11.2%, 3.52%, 5.49%, 10.75%
and 27.38%, respectively, during the reporting
month.
The Victoria Falls Stock Exchange (VFEX)
maintained a bullish trend for the second
consecutive month. As a result, the VFEX All
Share index rose by 3.70% to close at 74.50
points, from 71.85 points recorded in August
2023.

The value of transactions processed through the
National Payment Systems (NPS) increased by
10.2% to close the month under review at
ZWL$30.10 trillion. In volume terms, NPS
transactions also increased by 4.0% to close at
57.54 million in September 2023.

INTERNATIONAL
COMMODITY
PRICE
DEVELOPMENTS

During the month under review, gold,
platinum, palladium, copper, nickel, and
lithium prices declined, while Brent crude oil
prices increased.

Precious Metals

Gold
A robust U.S. dollar and rising Treasury yields,
driven by the anticipation of a persistently tight
monetary policy by the U.S. Federal Reserve,
dampened safe-haven demand for gold,
exerting downward pressure on global prices of
the yellow metal. Resultantly, prices decreased
by 0.16%, from US$1,920.68 per ounce in the
previous month to US$1,917.70 per ounce in
September 2023.

Platinum
During the month under analysis, platinum
prices continued on a downward trajectory,
decreasing by 0.19%, from US$924.05 per
ounce in August 2023 to US$922.29 per ounce.
The decline was, in large part, attributable to
subdued industrial demand and the weakerthan-expected economic growth in China.

Palladium
Average monthly prices of palladium declined
by 0.63% to US$1,238.45 per ounce during the
reporting month, from US$1,246.32 per ounce
reported in August 2023. This followed the
slowdown in activity in the automotive
industry, which dampened the demand for the
precious metal. Figure 1 shows the trends in
prices of selected precious metals, including
palladium, for the period from September 2020
to September 2023.

Figure 1: Precious Metal Prices (US$/oz.)
Source: Bloomberg, 2023


Base Metals


Copper
The average monthly price of the red metal
declined by 0.97%, from US$8,398.16 per
tonne in August 2023 to US$8,316.33 per
tonne, during the reporting month. The decline
was attributable to elevated stock inventories
and
diminished
investor
risk
appetite,
following indications that the U.S. Federal
Reserve intended to maintain a restrictive
monetary policy for an extended period.
Nickel
During the month under analysis, nickel prices
declined by 4.35%, from a monthly average of
US$20,718.61 per tonne in August 2023 to
US$19,817.76 per tonne. The decrease was due
to the subdued demand outlook, primarily
driven by China, the world's largest consumer
of metals. Figure 2 provides an overview of the
price developments for base metals for the
period from September 2020 to September
2023.
Figure 2: Base Metal Prices (US$/ton)
Source: Bloomberg, 2023

Sep-20
Jan-21
May-21
Sep-21
Jan-22
May-22
Sep-22
Jan-23
May-23
Sep-23
Gold
Palladium
Platinum (RHS)

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
Nov-22
Jan-23
Mar-23
May-23
Jul-23
Sep-23
Copper
Nickel (RHS)

Brent Crude Oil

Brent crude oil prices rose by a significant
8.58%, from a monthly average of US$85.05
per barrel in August 2023 to US$92.36 per
barrel in September 2023. This was driven by a
positive demand outlook and efforts by OPEC+
members to restrict supply. In addition, the
United States reported a significant decline in
inventories, while Saudi Arabia extended its
production cuts that are expected to last until
the year end, further bolstering oil prices.
Figure 3 presents the price trends for Brent
crude oil for the period from September 2020
to September 2023.

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

Source: Bloomberg, 2023

Lithium

Lithium prices retreated by 20.50%, from
US$35,683.04 per tonne in the prior month to
US$28,366.67 per tonne in September 2023.
This was largely due to weakened demand for
battery electrolytes and battery cells. Figure 4
shows price developments for lithium for the
period from February 2023 to September 2023.
Figure 4: Lithium Prices (US$/tonne)
February – August 2023

London Metal Exchange, 2023

MERCHANDISE TRADE DEVELOPMENTS

The country’s total merchandise trade for
September 2023 stood at US$1,450.2 million,
down by 1.3% from US$1,469.9 million
recorded in the previous month. The decline in
total trade was underpinned by a decrease in
imports. However, on a yearly basis, total
merchandise trade rose by about 10.1%, from
US$1,317.2
million
recorded
in
the
corresponding month in 2022.

Merchandise Exports

In September 2023, the country's merchandise
exports amounted to US$678.0 million,
reflecting a 4.3% increase compared to
US$649.8 million realised in the previous
month. The growth was primarily on account of
the significant rise in gold exports.

Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
Apr-23
May-23
Jun-23
Jul-23
Aug-23
Sep-23
US$/barrel


Mar-23
May-23
Jul-23
Sep-23

Figure 5 shows the developments on the
country's merchandise exports for the period
from January 2022 to September 2023.

Figure 5: Merchandise Trade (US$ m)

Source: ZIMSTAT, 2023
The country’s major export commodities
during the month of September 2023 consisted
of gold at 29.6% of total exports, PGMs
(Platinum Group Metals), 20.4%, tobacco,
17.7%, and ferrochromium, 4.8%. However,
export earnings from PGMs declined by 14.9%,
compared to the previous month, largely due
the decline in prices.

Table 1 provides an overview of the
developments in the country's exports during
months of August and September 2023.


Table 1: Exports Classified by Harmonized
Commodity Description and Code System


Aug-23
(US$m)
Sep-23
(US$m)
Aug - Sep
Changes
(%)
Share of
Exports
(%)
Sep-23
Total

Of Which:


PGMs*

Gold

Tobacco
(Inc.
cigarettes)

Ferrochromium

Chromium
ores &
concentrat
es

Cane sugar

Industrial
diamonds

Coal

Cotton

Granite

Source: ZIMSTAT & RBZ Calculations, 2023

*PGMs Include Nickel mattes, nickel ores &
concentrates and platinum

The primary recipients of the country's exports
during the month under review were the United
Arab Emirates (30.0%), China (26.7%), South
Africa (23.3%), and Belgium (4.8%). An
analysis of export destinations by region
reveals that Asia accounted for the largest share
(57.5%), followed by Africa (38.7%), Europe
(5.5%), and the Americas (1.6%). Figure 6
depicts the top ten export destination markets
for the country during the reporting period.


Jan Feb Mar Apr May Jun
Jul
Aug Sep

Figure 6: Top Ten Merchandise Export
Destinations (% Share)

Source: ZIMSTAT & RBZ Calculations, 2023

Merchandise Imports

In September 2023, the country's import bill
totalled US$772.2 million, representing a 5.8%
decline compared to US$820.1 million,
recorded in the previous month. However,
merchandise imports for the reporting month
were slightly higher than those recorded in the
same month in 2022, as shown in Figure 7.

Figure 7: Merchandise Imports classified by
HS Codes (US$ m)

Source: ZIMSTAT & RBZ Computations, 2023

The country's major imports comprised of
diesel, petrol, machinery, and fertilisers, which
accounted for 11.4%, 5.5%, 4.8%, and 3.1% of
the total imports, respectively, as shown in
Table 2.

Table 2: Imports Classified by Harmonised
Commodity Description and Code System

Aug-23
(US$m)
Sep-23
(US$m)
AugSep
Changes
(%)
Share of
Total
Imports
(%)
Sep-23
Total

Of Which:


Diesel

Leaded
petrol

Machinery

Fertilisers

Crude soya
bean oil

Structures &
parts of
structures

Wheat

Electricity

Medicaments

Maize

Source: ZIMSTAT & RBZ Calculations, 2023
The country sourced imports mainly from
South Africa at 42.8% of total imports, China
(11.6%), Bahrain (7.1%), and the Bahamas
(7.1%), Mozambique, 3.6% and Mauritius,
3.0%, as shown in Figure 8


United Arab Emirates
China
South Africa
Belgium
Mozambique
Zambia
Viet Nam
India
Kenya
Netherlands

Jan Feb Mar Apr May Jun Jul Aug Sep

Figure 8: Top Ten Merchandise Import
Sources (% Share)

Source: ZIMSTAT & RBZ Calculations, 2023

Merchandise Trade Balance
The country’s trade deficit stood at US$94.2
million, down from US$170.3 million recorded
in the previous month.

Figure 9 shows the country’s trade balance for
the period from January to September 2023.


1All monetary numbers valued in ZW$ since the
adoption of an interbank market determined exchange
rate in February 2019.
Figure 9: Merchandise Trade Balance
(US$ m)

Source: ZIMSTAT & RBZ Computations, 2023


MONETARY DEVELOPMENTS1

Broad
money
(M3)
stock
stood
at
ZW$15 714.07 billion in September 2023,
compared to ZW$13 411.78 billion recorded
the previous month.
The money stock was composed of foreign
currency deposits, 82.89%; local currency
deposits, 17.04%; and currency in circulation,
0.07%.


South Africa
China
Bahrain
Bahamas
Mozambique
Mauritius
United Arab Emirates
Zambia
Hong Kong
India

May-23
Jul-23
Sep-23
Exports
Imports
Trade Balance

Figure 10: Composition of Money Supply
Source: Reserve Bank of Zimbabwe, 2023

On a month-on-month basis, broad money
increased by 17.17% in September 2023
compared to 3.14% in August 2023. The
increase in money supply largely reflected an
expansion of 21.00% in the foreign currency
component, indicating the impact of valuation
changes owing to exchange rate depreciation.
In addition, the US dollar equivalent value of
foreign currency deposits recorded a month-onmonth growth of 2.05%.
Credit to the private sector recorded a monthly
increase of ZW$1 517.27 billion, largely
reflecting valuation changes owing to exchange
rate depreciation. Over the same period, net
claims on Government by the banking sector
increased by ZW$455.63 billion.
On an annual basis, broad money registered an
increase of 719.66%, compared to 733.59% in
August 2023. The expansion in foreign
currency deposits accounted for 612.98
percentage points of the 719.66% annual
growth in broad money. The local currency
component of money supply accounted for
106.68%.
The annual increase in broad money largely
reflected a nominal change in credit to the
private sector of ZW$8 320.59 billion
(877.85%).

Outstanding credit to the private sector was
mainly
channelled
to
households
and
agriculture, which received 23.31% and
16.77% of the total credit, respectively. The
manufacturing and distribution sectors received
16.74% and 9.44% of the credit, respectively.
Private sector credit shares for the rest of the
economic sectors are shown in Figure 11.

Figure 11: Distribution of Private Sector
Credit
Source: Reserve Bank of Zimbabwe, 2023

Credit to the private sector was largely utilized
for recurrent expenditures, 38.56%; inventory
build-up,
25.66%;
and
fixed
capital
investments, 13.48%.


NCDs,
0.02%
Local Currency Time ,
1.47%
FX Time
Deposits, 4.55%
Local Currency
Transferable , 15.56%
FX
Transferable
Deposits,
78.33%
Currency in
Circulation,
0.07%
Households
23.31%
Agriculture
16.77%
Mining
12.71%
Manufacturing
16.74%
Distribution
9.44%
Construction
1.98%
Transport
&
Communica
tions
2.80%
Services
10.04%
Financial Org. &
Investments
6.20%
Other
0.01%

STOCK MARKET DEVELOPMENTS

Zimbabwe Stock Exchange (ZSE)

During the month of September 2023, the
Zimbabwe Stock Exchange (ZSE) exhibited
mixed sentiments. As a result, the All Share,
Medium Cap and Small Cap indices rose by
1.20%, 10.75% and 27.38% to close at 642.42
points, 498 045.42 points and 2 955 646.81
points, respectively. The Top 10 and Top 15
indices, however, shed 3.52% and 5.49% to
close at 56 560.21 points and 76 687.01,
respectively.

ZSE mining index gained 15.00% to close at
125 531.67 points, compared to 109 159.36
points recorded in the previous month.

On a yearly basis, the All Share, Top 10, Top
15, Medium and Small Cap indices increased
by 757.33%, 518.14%, 662.94%, 1 614.34%
and 511.16%, to close at 126 642.42 points, 56
560.21 points, 76 687.01 points and 498 045.42
points, respectively. This compares to 14
771.65 points, 9 140.55 points, 10 051.47
points, 29 051.67 points and 483 615.64 points
recorded in the comparable period last year,
respectively.

VEFX mining index rose by 563.14%, from 18
929.75 points registered in September 2022.
Figure 12: ZSE All Share, Top 10 and
Mining Indices
Source: Zimbabwe Stock Exchange, 2023
The cumulative volume and value of shares
traded on the ZSE increased by 231.57% and
132.85% to 344.36 million shares and
ZW$91.31 billion, respectively. The increase in
market turnover was largely due to a negotiated
deal in which 227 million First Mutual
Holdings Limited shares exchanged hands at
ZW$196 per share.

The proportion of foreign purchases to the
value of shares traded, however, declined to
0.07%, from 10.02% recorded in August 2023.

Concomitantly, the net foreign position
worsened to -ZW$5.67 billion in September
2023, from -ZW$3.44 billion recorded in
August 2023.


30-Sep-22
31-Oct-22
30-Nov-22
31-Dec-22
31-Jan-23
28-Feb-23
31-Mar-23
30-Apr-23
31-May-23
30-Jun-23
31-Jul-23
31-Aug-23
30-Sep-23
All Share Index
Top 10 Index
Mining Index

Figure 13: ZSE Monthly Volume and Value
Traded

Source: Zimbabwe Stock Exchange, 2023
During the week under analysis, ZSE market
capitalization increased by ZW$149.92 billion,
or 1.54% worth of capitalization to close at
ZW$9 873.49 billion.


On a year-on-year basis, ZSE capitalization
rose by 442.75%, from ZW$1 819.16 billion
recorded in August 2022.

Victoria Falls Stock Exchange (VFEX)

The Victoria Falls Stock Exchange (VFEX)
maintained a bullish trend for the second
consecutive month. As a result, the VFEX All
Share index rose by 3.70% to close at 74.50
points, from 71.85 points recorded in August
2023.

However, on an annual basis, the VFEX All
Share index lost 47.96%, from 143.16 points
recorded in September 2022.

Figure 14: Victoria Falls Stock Exchange
(VFEX) All Share Index (ASI)

Source: Victoria Falls Stock Exchange, 2023

VFEX Market Capitalization
Owing to improved trading activity on the
VFEX market during the month under review,
the United States dollar denominated bourse
gained 3.70% to US$1.27 billion, compared to
US$1.23 billion recorded in the previous
month.


Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
Apr-23
May-23
Jun-23
Jul-23
Aug-23
Sep-23
VALUE TRADED ($ MILLIONS)
VOLUME TRADED (MILIONS)
Volume
Value

30-Sep-22
31-Oct-22
30-Nov-22
31-Dec-22
31-Jan-23
28-Feb-23
31-Mar-23
30-Apr-23
31-May-23
30-Jun-23
31-Jul-23
31-Aug-23
30-Sep-23

Figure 15: Victoria Falls Stock Exchange
(VFEX) Market Capitalization (US$ b)

Source: Victoria Falls Stock Exchange (VFEX), 2023
NATIONAL PAYMENTS SYSTEM

The value of transactions processed through the
National Payment Systems (NPS) increased by
10.2% to ZW$30.10 trillion, from ZW$27.31
trillion recorded in August 2023. NPS
transactions volumes also increased by 4.0%,
from 55.28 million in August 2023 to 57.54
million in September 2023.

Zimbabwe Electronic Transfer Settlement
System (ZETSS)

The value of transactions processed through the
Real Time Gross Settlement (RTGS) system
increased by 4.1% to ZW$18.96 trillion, from
ZW$17.96 trillion in August 2023. The volume
of RTGS transactions also increased by 8.6%,
from 0.89 million in August 2023 to 0.96
million in September 2023.
Figure 16: ZETSS Volumes and Values

Source: Reserve Bank of Zimbabwe, 2023

Mobile and Internet Based Transactions

Mobile and internet-based transactions stood at
ZW$7.69 trillion in August 2023, down from
ZW$9.42 trillion recorded in the preceding
month.
Cash Transactions
Cash transactions amounted to ZW$1.70
trillion in September 2023, from ZW$1.27
trillion in August 2023.
Card Transactions
Card based transactions increased from
ZW$1.70 trillion in August 2023 to close at
ZW$2.00 trillion, during the month under
analysis.


Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
Apr-23
May-23
Jun-23
Jul-23
Aug-23
Sep-23
US$ Billion


Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
Apr-23
May-23
Jun-23
Jul-23
Aug-23
Sep-23
Value in ZW$ Billions
Volume in Thousands
Volume
Value

INFLATION OUTTURN

Annual Inflation

Annual headline inflation increased by 0.7
percentage points from 17.7% in August 2023,
to 18.4% in September 2023. This followed an
increase in food annual inflation, from 17.9%
in August 2023 to 23.1% in September 20232.

Monthly Inflation

The month-on-month inflation rate rose to
1.0% in September 2023, from -1.3% in August
2023, driven by increases in both food and nonfood inflation.

Food inflation increased from -1.8% in August
2023 to 1.1% in September 2023. Monthly
non-food inflation also rose from -1.1% to
0.91% over the same period.


Figure 17: Month-on-Month Inflation (%)

Source: ZIMSTAT, 2023

NOVEMBER 2023
RESERVE BANK OF ZIMBABWE


2 The Zimbabwe Statistical Agency, (ZIMSTAT),
revised their methodology for calculating inflation,
which resulted in the release of a new CPI series with
August 2023 as the base period.


Jan-22
Mar-22
May-22
Jul-22
Sep-22
Nov-22
Jan-23
Mar-23
May-23
Jul-23
Sep-23
Food and non alcoholic beverages
Non food
All Items

Statistical Tables

Monetary Statistics
1. Depository Corporations Survey

2. Central Bank Survey

3. Other Depository Corporations Survey

Other Depository Corporations

4.1 Assets

4.2 Liabilities

Commercial Banks
5.1 Assets

5.2 Liabilities

Building Societies
6.1 Assets

6.2 Liabilities

Sectoral Analysis of Bank Loans and Advances and Deposits

7.1 Sectoral Analysis of Commercial Banks Loans and Advances

7.2 Sectoral Analysis of Commercial Banks Deposits

Interest Rates

8.1 Lending Rates

8.2 Banks Deposit Rates

Inflation

9.1 Monthly Inflation

9.2 Yearly Inflation

External Statistics
10. Exchange Rates

Zimbabwe Stock Exchange
11. Zimbabwe Stock Market Statistics

National Payments System Statistics


12.1 Values of Transactions

12.2 Volumes of Transactions

Trade Statistics


13. Merchandise Trade Statistics

TABLE 1: DEPOSITORY CORPORATIONS SURVEY ($'000)
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
Apr-23
May-23
Jun-23
Jul-23
Aug-23
Sep-23
Net Foreign Assets
-1,954,300,330.22 -2,033,984,124.20 -2,085,714,926.41 -2,301,765,618.46 -2,768,770,567.35 -2,973,301,439.14 -3,029,571,037.94 -3,592,508,488.23
-8,614,351,669.20 -17,037,826,284.18 -14,270,652,392.93 -14,337,307,783.85 -16,543,175,351.51
Central Bank(net)
-2,540,535,213.92 -2,594,453,844.31 -2,593,755,912.16 -2,780,839,763.05 -3,343,568,149.26 -3,725,651,869.12 -3,773,983,623.21 -4,391,029,727.11 -10,520,227,418.97 -20,905,102,725.43 -17,908,236,910.38 -17,794,218,195.35 -20,399,608,502.41
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)
-2,500,436,757.40 -2,494,250,471.13 -2,522,875,767.52 -2,752,119,965.08 -3,288,034,462.10 -3,489,169,273.48 -3,407,624,907.90 -4,062,967,487.72
-9,247,233,180.60 -20,527,245,199.85 -16,066,450,311.99 -16,618,302,828.46 -19,013,412,706.11
Shares and Other Equity
-2,353,032,948.01 -2,415,295,348.56 -2,460,253,452.61 -2,434,507,949.48 -2,961,726,923.10 -3,217,266,965.75 -3,126,405,163.73 -3,579,533,655.47
-9,203,936,084.43 -19,402,711,215.33 -14,321,122,638.86 -14,203,729,090.13 -16,555,368,520.87
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

of which Foreign Currency Accounts

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, 2023
Notes:
(i) Depository corporations survey - formerly Monetary Survey.
(ii) Broad money redefined using IMF's Monetary and Financial Statistics Manual of 2000. Major changes include exclusion of Government deposits held by banks from broad money.
(iii) Transferable deposits made up of demand and savings deposits.
(iv) NCDs are also referred to as securities included in broad money.
(v) All classes of time deposits, short and long term are classified as time deposits, which are also termed other deposits.
(vi) Credit to the private sector now excludes claims on other financial corporations, as well as claims on state and local government (local authorities)
(vii) Depository corporations made up of the Central Bank and other depository corporations
(viii) Other depository corporations (ODCs) - Commercial banks, merchant banks, building societies and POSB.
(ix) In December 2017, the statistics were adjusted in restrospect by reclassifying Securities issued under Aftrades from claims on government to claims on central bank
(x) In December 2017, the statistics were adjusted in restrospect by reclassifying amounts accessed by banks under the Aftrades from liabilities to Other Depository corporations and Other Financial Corporations to liabilities to Central Bank
(xi) In December 2018, statistics were revised from November 2017 due to reclassification of lines of credit (foreign liabilities) that were initially classified as deposits included in broad money
(xii) All monetary and financial statistics are valued in ZWL$ since the introduction of the interbank foreign exchange market in February 2019

Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
Apr-23
May-23
Jun-23
Jul-23
Aug-23
Sep-23
Net Foreign Assets
-2,540,535,213.92 -2,594,453,844.31 -2,593,755,912.16 -2,780,839,763.05 -3,343,568,149.26 -3,725,651,869.12 -3,773,983,623.21 -4,391,029,727.11 -10,520,227,418.97 -20,905,102,725.43 -17,908,236,910.38 -17,794,218,195.35 -20,399,608,502.41
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

Amounts Due from Gvt including SDR Draw

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)
-2,860,511,797.67 -2,963,504,823.70 -3,058,656,720.83 -3,218,570,564.85 -3,811,099,538.68 -4,205,812,628.87 -4,130,691,813.85 -4,712,021,791.09 -10,984,933,611.94 -24,256,074,208.16 -19,559,977,562.21 -19,734,596,625.30 -22,488,218,425.97
Shares and Other Equity
-2,881,231,066.44 -2,968,624,968.16 -3,039,020,578.83 -3,148,249,301.82 -3,673,971,825.27 -4,085,919,716.08 -4,078,823,961.23 -4,620,636,211.04 -11,291,316,467.09 -25,202,259,045.14 -19,805,080,179.46 -19,579,648,458.36 -22,753,122,010.85
Other Items(Net)

Liabilities to Other Resident Sectors

Deposits and Securities Excluded from Base Mon

Monetary Base

Bond Coins

Bond Notes

Liabilities to ODCs

Local Currency Reserve Deposits

Foreign Currency Reserve Deposits

Exess reserves

Private Deposits

Source: Reserve Bank of Zimbabwe,2023
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 ($'000)

TABLE 3 : OTHER DEPOSITORY CORPORATIONS SURVEY ( $ '000)
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
Apr-23
May-23
Jun-23
Jul-23
Aug-23
Sep-23
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
-

-

-

-

-

-

-

-

-

-

-

-

0.00
Less Liabilities to Central Government

Of which: Deposits

Other

Claims on Other Sectors

Other Financial Corporations

State and Local Government

Public Non Financial Corporations

Private Sector

Claims on the Central Bank

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 Broad Money

Deposits Included in Broad Money
1,897,768,184.73

1,858,602,031.80

2,042,355,987.09

2,314,588,211.40

2,646,071,378.63

2,888,136,764.51

3,165,058,675.05

3,572,801,781.15

7,206,537,527.79

14,244,682,762.54

12,975,158,042.76

13,382,795,891.99

15,691,777,986.61
Transferable Deposits
1,740,700,191.97

1,692,150,785.93

1,853,157,849.44

2,081,176,430.96

2,371,032,667.32

2,594,362,513.35

2,832,323,179.02

3,303,913,423.92

6,651,231,769.05

13,178,109,450.38

12,150,500,072.13

12,522,593,843.18

14,746,268,275.64
of which FCAs
1,196,071,655.58

1,131,156,966.82

1,211,583,916.42

1,325,367,130.51

1,623,313,580.02

1,750,982,009.54

1,865,387,117.78

2,144,912,895.57

5,273,965,984.48

11,634,530,484.57

10,099,327,960.39

10,172,409,984.27

12,309,119,479.36
Other Deposits

of which FCAs

Money Market Instruments
14,047,495.34

15,558,863.88

13,438,521.87

14,148,964.76

15,056,472.03

15,711,655.30

16,082,619.50

1,843,391.22

4,659,433.86

4,243,581.90

2,137,443.55

3,182,683.74

2,685,488.92
Source:Reserve Bank of Zimbabwe,2023

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

Jan
183.4

3,176.6

13,217.3

1,073.2

8,142.0


Feb
267.1

3,136.4

13,817.0

1,504.5

8,642.5


Mar
263.6

3,607.6

16,167.1

2,214.4

12,681.9


Apr
298.5

3,642.9

17,926.4

1,523.3

13,697.1


May
330.0

3,581.8

21,376.4

1,749.6

15,757.4


Jun
606.6

9,584.7

29,457.9

3,974.7

35,786.5


Jul
690.8

18,357.0

54,139.7

5,578.7

42,159.7


Aug
975.1

28,776.0

54,868.5

4,623.1

41,100.2


Sep
1,084.2

30,217.6

56,679.6

4,426.6

39,530.8


Oct
1,064.2

32,235.0

66,948.5

4,457.3

40,092.7


Nov
1,063.6

34,673.9

73,237.2

4,211.3

41,173.6


Dec
1,177.8

39,886.8

76,076.5

5,771.7

38,623.2


Jan
1,483.3

42,733.9

77,994.4

13,109.2

40,071.8


Feb
1,735.4

41,180.7

76,140.3

17,748.1

39,141.4


Mar
1,457.1

40,953.3

83,032.1

6,945.5

42,516.8


Apr
1,699.7

40,964.4

85,330.2

6,844.8

49,733.4


May
1,906.1

30,579.1

94,330.9

7,907.2

63,644.8


Jun
1,702.8

30,255.6

75,795.2

25,605.9

72,780.6


Jul
2,139.9

30,509.1

104,983.5

17,817.9

82,032.9


Aug
2,551.1

33,323.4

93,806.9

11,919.2

72,753.9


Sep
2,853.7

38,500.1

100,996.0

8,626.8

68,707.9


Oct
2,611.1

50,074.7

108,009.2

9,575.8

89,822.4


Nov
2,721.5

53,424.3

107,781.7

15,560.6

74,072.3


Dec
2,838.3

50,031.0

118,451.3

13,654.0

91,352.6


Jan
2,891.2

53,378.3

116,654.8

13,232.3

69,668.2


Feb
2,577.7

62,064.5

122,479.8

17,480.5

76,802.2


Mar
2,111.5

76,544.2

142,962.5

19,239.6

87,884.5


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


Oct
3,022.6

300,240.3

525,870.3

104,483.2

389,979.7


Nov
3,251.4

286,365.2

575,885.7

111,716.1

342,790.1


Dec
3,361.7

295,435.1

652,284.4

119,932.8

351,906.8


Jan
4,923.3

379,841.7

704,168.6

151,980.1

389,342.8


Feb
1,880.1

436,062.8

743,888.5

81,067.5

518,081.0


Mar
2,031.6

425,326.5

817,631.1

112,374.3

531,935.4


Apr
1,844.7

462,081.4

972,122.7

161,740.7

620,095.0


May
1,107.2

1,048,116.4

2,049,066.1

309,234.1

1,554,969.0


Jun
1,984.5

2,249,201.6

4,424,350.0

471,360.3

3,050,984.1


Jul
1,489.0

1,584,403.3

4,137,377.2

380,493.0

3,132,849.9


Aug
2,292.1

1,505,916.2

4,651,358.8

448,025.8

3,179,274.3


Sep
2,465.6

2,015,621.6

5,263,338.5

560,033.8

3,210,332.7


Source:Reserve Bank of Zimbabwe,2023
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.
Public
Enterprises
TABLE 4.1: OTHER DEPOSITORY CORPORATIONS -ASSETS
ZWL$ millions
Debt Securities
Loans and Advances

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


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,2023
TABLE 4.2 : OTHER DEPOSITORY CORPORATIONS - LIABILITIES
Deposits
Amounts Owing to
ZWL$ millions

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

Jan
165.80

2,845.62

12,018.43

708.00

7,706.57

1,811.38

4,029.43

-

125.52

14.97

5.11

12.17

326.11

10,766.91

77.59

2,965.93

3,395.90

8,058.15

55,033.6

Feb
251.70

2,756.57

12,731.97

889.16

8,264.76

1,532.87

3,877.19

-

117.45

13.99

5.15

11.56

329.47

11,656.91

88.37

5,441.70

11,907.90

8,653.69

68,530.4

Mar
242.41

3,063.92

14,545.58

1,948.14

12,381.17

2,497.47

4,373.76

-

0.08

20.23

4.39

11.39

765.82

14,041.67

127.46

7,917.31

5,718.53

9,244.62

76,904.0

Apr
263.29

3,147.75

16,673.44

1,287.51

13,285.14

3,056.32

4,235.96

-

0.08

18.39

4.47

9.75

834.72

14,864.30

129.90

7,642.80

6,534.14

9,703.93

81,691.9

May
284.33

3,144.57

19,827.46

1,553.68

15,003.29

3,130.38

4,160.50

-

0.12

45.79

4.53

9.61

768.01

17,762.27

143.44

7,042.04

6,012.40

9,845.09

88,737.5

Jun
515.11

8,372.39

26,368.55

3,570.85

34,550.44

7,527.46

5,841.98

-

0.12

90.14

4.29

9.41

2,010.79

26,638.87

215.56

24,299.33

14,590.26

18,983.05

173,588.6

Jul
577.99

16,536.53

49,470.13

4,219.81

40,259.84

11,399.93

6,357.84

-

-

74.57

4.33

12.61

1,025.78

33,054.99

229.06

28,551.07

10,247.64

19,646.49

221,668.6

Aug
821.16

26,519.73

49,165.59

4,265.44

38,763.72

14,219.24

6,484.68

-

-

39.07

14.05

14.74

1,046.29

38,741.31

231.00

25,354.64

9,460.49

19,961.16

235,102.3

Sep
891.26

27,646.41

51,169.67

3,898.65

38,420.20

14,126.83

6,354.19

-

-

107.40

9.61

22.30

1,050.38

41,088.91

228.95

28,289.36

17,608.70

19,375.08

250,287.9

Oct
896.48

29,309.79

60,589.19

3,602.58

38,877.31

13,530.74

7,763.97

-

20.06

109.83

17.57

22.18

1,019.00

48,440.92

268.07

29,764.70

15,978.22

19,616.63

269,827.2

Nov
919.42

31,596.89

67,899.10

3,494.87

39,693.38

14,134.74

7,098.29

-

0.02

110.37

20.00

16.81

1,269.94

54,496.74

259.90

29,821.16

16,683.48

19,526.70

287,041.8

Dec
1,019.76

36,507.59

70,392.07

4,949.48

37,346.17

10,803.58

9,985.57

-

-

1.18

23.30

26.76

1,269.01

62,953.03

718.16

29,608.01

12,793.91

28,230.82

306,628.4

Jan
1,237.43

39,565.64

71,463.64

12,288.89

39,092.85

10,921.99

8,281.80

-

-

1.18

16.67

18.01

1,264.28

71,090.96

718.83

25,036.22

12,333.21

32,123.11

325,454.7

Feb
1,320.27

38,100.03

69,341.48

16,867.76

38,108.83

6,341.39

12,518.15

-

-

1.26

24.15

22.69

1,493.66

77,324.34

774.89

28,339.17

15,953.14

33,612.14

340,143.4

Mar
1,244.16

38,369.53

76,479.44

5,317.61

41,401.24

8,733.65

15,889.61

-

19.21

34.56

15.17

21.67

1,309.75

80,607.03

878.97

32,908.13

19,302.34

30,861.86

353,393.9

Apr
1,430.83

38,008.89

79,592.64

5,639.40

48,564.03

7,679.05

18,267.01

-

19.23

62.89

19.86

12.71

1,336.70

91,062.16

956.75

34,537.88

21,214.88

32,383.77

380,788.7

May
1,648.09

28,677.21

87,611.51

6,479.66

59,745.10

11,582.44

18,846.75

-

152.75

93.37

21.77

16.58

1,263.75

94,790.46

990.41

35,592.28

21,398.95

31,307.45

400,218.5

Jun
1,419.27

28,452.53

69,413.26

24,215.35

70,835.98

17,601.31

17,152.75

-

19.46

92.91

17.91

77.79

1,511.86

106,954.15

1,247.08

26,856.45

26,444.57

33,288.94

425,601.6

Jul
1,794.72

29,100.73

97,429.50

15,901.02

79,937.02

25,314.30

21,665.10

-

290.76

47.39

17.32

67.80

1,351.13

117,348.16

1,301.18

26,869.18

29,079.64

33,587.68

481,102.6

Aug
2,137.72

31,734.84

85,441.98

9,099.10

70,391.64

25,194.95

31,434.20

-

339.72

51.28

22.49

63.94

1,583.28

132,522.63

1,337.19

32,281.12

30,022.43

37,697.05

491,355.6

Sep
2,417.81

36,259.54

93,032.71

6,164.78

66,640.78

25,023.38

31,460.81

-

366.88

57.60

21.07

62.45

1,531.08

134,780.92

1,342.62

31,980.97

30,439.34

34,630.85

496,213.6

Oct
1,993.06

47,379.62

99,470.02

7,339.71

86,302.62

26,924.18

37,639.16

-

188.07

121.59

21.20

75.41

1,683.89

149,477.36

1,523.34

49,580.96

40,853.06

36,664.31

587,237.6

Nov
2,168.80

49,327.15

100,125.90

12,723.73

71,667.33

29,748.47

41,015.56

-

187.03

999.12

21.24

74.76

1,882.53

168,661.25

1,484.24

52,327.68

40,073.22

43,878.52

616,366.5

Dec
2,315.32

46,412.99

109,803.84

10,942.92

87,347.07

33,690.93

38,610.29

-

185.99

4,146.13

21.09

167.53

2,798.61

184,836.87

3,368.75

60,916.98

41,811.67

59,011.63

686,388.6

Jan
2,359.27

49,206.02

108,119.97

10,419.90

66,808.45

30,774.31

38,636.84

-

186.80

801.50

20.33

163.02

3,628.73

199,495.34

2,997.94

53,627.76

47,405.91

69,989.80

684,641.9

Feb
1,971.78

57,553.54

112,522.99

14,300.66

70,750.63

28,703.53

44,705.21

-

-

976.55

20.34

158.06

5,367.16

215,520.37

3,055.50

55,099.61

53,459.12

70,832.47

734,997.5

Mar
1,541.49

70,856.33

130,423.48

15,503.46

82,662.70

43,284.13

44,874.23

-

-

1,380.20

19.40

253.42

6,240.94

258,715.05

3,092.69

65,660.61

58,874.69

76,938.87

860,321.7

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

946,471.1

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

1,456,705.7

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

1,724,666.1

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

1,857,204.0

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

2,412,082.6

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

2,756,949.8

Oct
1,704.79

281,204.64

480,106.49

94,573.08

343,440.15

22,895.35

136,939.74

-

204.69

2,201.55

116.48

341.96

22,935.50

852,069.39

15,525.65

165,306.91

232,188.99

245,924.22

2,897,679.6

Nov
1,644.95

259,109.18

533,438.97

101,870.32

299,715.01

17,089.04

180,534.44

-

141.97

2,292.28

119.53

303.55

22,178.73

960,814.77

15,450.39

170,944.78

196,338.19

250,551.19

3,012,537.3

Dec
1,778.71

263,863.65

603,136.26

110,935.77

299,087.30

7,965.37

266,725.41

-

79.26

3,887.78

114.42

282.61

30,272.25

1,066,654.12

16,130.63

159,126.16

189,560.01

344,235.10

3,363,834.8

Jan
2,391.61

340,953.56

654,740.29

143,455.70

335,380.17

(1,443.59)

301,026.07

-

105.97

4,873.87

228.45

251.24

44,113.17

1,307,512.98

17,767.70

227,545.42

204,830.78

374,080.77

3,957,814.2

Feb
1,470.56

366,544.71

691,937.49

71,097.36

452,795.43

21,074.53

306,913.92

-

50.02

1,524.98

318.96

197.44

44,691.50

1,481,851.05

18,037.18

226,932.96

224,983.29

411,002.80

4,321,424.2

Mar
1,771.98

344,570.46

755,463.34

103,284.07

478,333.21

41,928.66

330,669.68

-

-

3,884.11

432.22

149.78

48,725.38

1,679,284.89

28,439.56

554,840.85

254,605.57

438,790.17

5,065,173.9

Apr
1,631.24

388,822.83

903,029.49

144,252.31

555,886.92

32,206.95

361,846.09

-

-

8,716.45

559.82

99.28

54,058.39

1,722,384.40

28,899.91

214,270.92

321,765.39

476,263.19

5,214,693.6

May
1,010.26

907,818.70

1,932,225.57

281,052.93

1,351,116.97

84,147.32

570,367.60

-

-

8,974.78

4,599.15

80.34

112,188.06

3,844,133.80

65,696.39

607,438.10

669,908.72

758,154.17

11,198,912.9

Jun
1,762.11

1,979,000.71

4,218,755.04

444,538.09

2,584,596.63

350,042.51

865,465.55

-

-

221.09

10,133.46

8,052.34

260,946.26

8,487,837.63

92,224.26

1,390,786.24

1,304,228.92

2,222,499.38

24,221,090.2

Jul
1,305.13

1,428,604.02

3,898,282.53

359,151.15

2,646,743.26

337,541.82

1,133,463.14

-

-

153.30

7,368.09

68.07

208,253.70

6,917,007.30

129,308.58

829,382.28

1,155,945.57

2,438,538.20

21,491,116.1

Aug
1,664.09

1,370,651.81

4,309,693.74

391,792.23

2,693,989.06

208,098.88

1,084,784.90

-

-

138.30

7,469.95

75.80

205,341.47

6,863,348.14

127,816.16

701,626.16

1,081,800.09

2,446,465.02

21,494,755.8

Sep
1,503.56

1,763,364.33

4,914,305.55

517,813.92

2,760,807.78

247,094.60

1,204,684.14

-

-

9.75

9,935.82

92.05

219,878.94

8,245,053.80

151,685.43

776,997.57

1,312,147.78

2,668,520.81

24,793,895.8

Source:Reserve Bank of Zimbabwe, 2023
Notes
1.Government securities include treasuary bills and bonds
2.Includes bankers acceptances, discounted bills and negotiable certificates of deposits.
3.Includes households, other financial corporations,
TABLE 5.1: COMMERCIAL BANKS -ASSETS
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

Oct

Nov

Dec


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,2023
TABLE 5.2 : COMMERCIAL BANKS - LIABILITIES
Deposits
Amounts Owing to

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

Oct

Nov

Dec


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,2023
Amounts Owing to
TABLE 6.2: BUILDING SOCIETIES -LIABILITIES
$ millions

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


INVESTMENTS
ORGANISATIONS

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

June

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

June

July

Aug

Sept

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Source:Reserve Bank of Zimbabwe,2023
/1 Including the only merchant bank still in operation.
TABLE 7.1 : SECTORAL ANALYSIS OF COMMERCIAL BANKS LOANS AND ADVANCES
$ ('000)

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


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,2023
TABLE 7.2: SECTORAL ANALYSIS OF COMMERCIAL BANKS DEPOSITS
$ ('000)

End of
Nominal Lending
Rates 1
Individuals
Corporate

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

Jan
15.00-85.00
39.32
39.62
Feb
15.00-85.00
40.55
64.02
Mar
15.00-85.00
40.74
43.88
Apr
15.00-85.00
38.15
45.56
May
15.00-85.00
38.01
47.25
Jun
15.00-85.00
38.45
48.25
Jul
80.00-240.00
82.75
165.45
Aug
80.00-230.00
88.46
155.96
Sep
100.00-230.00
98.07
158.46
Oct
100.00-290.00
99.37
115.26
Nov
100.00-290.00
99.03
110.97
Dec
100.00-290.00
99.02
110.83

Jan
100.00-240.00
90.05
116.03
Feb
65.00-230.00
60.12
80.88
Mar
65.00-230.00
74.35
81.46
Apr
70.00-230.00
74.48
86.96
May
70.00-230.00
77.86
83.61
Jun
70.00-155.00
76.33
92.64
Jul
64.00-155.00
77.82
94.80
Aug
64.00-155.00
77.63
93.18
Sep
64.00-160.00
76.49
92.69
Source:Reserve Bank of Zimbabwe, 2023
Notes
Weighted Lending Rates
1. Nominal lending rates depict the range of rates quoted by banks.
TABLE 8.1: LENDING RATES (percent per annum)
Commercial Banks

TABLE 8.2 : BANK DEPOSIT RATES (percent per annum)
END OF
SAVINGS
3 MONTHS

Jan
0.22-12.00
2.00-21.50
Feb
0.22-12.00
2.00-21.50
Mar
0.22-12.00
2.00-21.50
Apr
0.22-12.00
2.00-21.50
May
0.22-12.00
2.00-21.50
Jun
0.25-12.00
2.00-26.00
Jul
0.50-12.00
2.00-26.00
Aug
0.50-12.00
2.00-26.00
Sep
0.50-12.00
2.00-26.00
Oct
0.50-12.00
2.00-26.00
Nov
0.50-12.00
2.00-26.00
Dec
0.50-12.00
2.00-26.00

Jan
0.50-12.00
2.00-26.00
Feb
0.50-12.00
2.00-26.00
Mar
0.50-12.00
2.00-26.00
Apr
0.50-12.50
2.00-30.00
May
0.50-12.50
2.00-32.00
Jun
0.50-12.50
2.00-32.00
Jul
40.00
80.00-92.00
Aug
40.00
80.00-92.00
Sep
40.00
80.00-92.00
Oct
40.00
80.00-92.00
Nov
40.00
80.00-92.00
Dec
40.00
80.00-95.00

Jan
40.00
80.00-110.00
Feb
30.00
50.00-110.00
Mar
30.00
50.00-110.00
Apr
30.00
50.00-110.00
May
30.00
50.00-110.00
Jun
30.00
50.00-110.00
Jul
30.00
50.00-110.00
Aug
30.00
50.00-110.00
Sep
30.00
50.00-110.00
Source:Reserve Bank of Zimbabwe, 2023
* Deposit rates depict the range of rates qouted by banks.
**Banks have adjusted their costs of holding deposits following the
call by the RBZ to reduce lending rates.
COMMERCIAL BANKS

ALCOHOLIC
BEVERAGES
CLOTHING
&
HOUSING,
WATER,
FURNITURE
HEALTH
TRANSPORT
COMMUNIC
ATION
RECREATION &
EDUCATION
RESTAUR
ANTS &
MISC.
& TOBACCO
FOOTWEAR
ELECTRICTY,
GAS
AND
CULTURE
HOTELS
GOODS &
& 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

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Source:Zimstat, 2023
*July 2020=100
FOOD & NON
ALCOHOLIC
BEVERAGES
ALL
ITEMS
TABLE 9.1 : MONTHLY INFLATION - % CHANGE IN CONSUMER PRICE INDEX
(February 2019 = 100)
TOTAL NON

FOOD
INFLATION
ALCO HO LIC
CLO T HING
HO US ING ,
W AT E R,
FURNIT URE
MIS C.
FO O D &
B E VE RAG E S
&
E LE CT RICT Y,
G AS
AND
RE CRE AT IO N &
RE S T AURANT S
&
G O O DS &
T O T AL NO N
NO N
ALCO HO LIC
ALL
& T O B ACCO
FO O T W E AR
& O T HE R
E Q UIP ME NT
CULT URE
HO T E LS
S E RVICE S
FO O D
B E VE RAG E S
IT E MS
FUE LS
WEIGHTS


Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Source:Zimstat, 2023
*July 2020=100
TABLE 9.2 : YEARLY INFLATION - % CHANGE IN CONSUMER PRICE INDEX
(February 2019 = 100)
NON-FOOD INFLATION
HE ALT H
T RANS P O RT
CO MMUNICAT IO N
E DUCAT IO N

USA
SOUTH ARFICAN
BOTSWANA
JAPANESE
EURO
POUND
END OF
Dollar
RAND
PULA
YEN
STERLING

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Source: Reserve Bank of Zimbabwe, 2023
TABLE 10 : SELECTED INTERNATIONAL EXCHANGE RATES
1. ZWL$ dollar per unit of foreign currency

END OF
Market Capitalisation
All Share*
ZWL$ millions

Jan

Feb

Mar

Apr

May

June*

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

June

July

Aug

Sept

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Source:Zimbabwe Stock Exchange, 2023
*All Share index was introduced in January, 2018
**As at 26 June 2020
TABLE 11: ZIMBABWE STOCK MARKET STATISTICS
Market Turnover
ZWL$ million
Volume of Shares
Mining
Indices

END OF
ZETSS
CHEQUE
POS
ATM
MOBILE
INTERNET

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

June

July

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Source:Reserve Bank of Zimbabwe, 2023
TABLE 12.1 : ZETSS AND RETAIL PAYMENTS
Values of Transactions (ZWL$ millions)

END OF
ZETSS
CHEQUE
POS
ATM
MOBILE
INTERNET

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

June

July

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Source:Reserve Bank of Zimbabwe, 2023
TABLE 12.2 : ZETSS AND RETAIL PAYMENTS
Volumes of Transactions (000's)

END OF
EXPORTS
IMPORTS
TOTAL TRADE
TRADE BALANCE

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Source: ZIMSTAT, 2023
TABLE 13 : MERCHANDISE TRADE STATISTICS
(US$ millions)