QUARTERLY
ECONOMIC
REVIEW


JUNE 2023


i
CONTENTS


List of Figures


iii
List of Tables

1.
OVERVIEW


Global economic growth is expected to slow
down from an estimated 3.4% in 2022 to 3.0%
in 2023. The forecast for 2023, however,
remains higher than the April 2023 World
Economic Outlook (WEO) forecast of 2.8%.
The slower global growth rate largely reflects
the impact of the stance to raise policy rates by
major Central Banks. Global headline inflation
declined from 8.7% in 2022 to a projected 6.8%
in 2023 and 5.2% in 2024 as the tight monetary
conditions in most countries take effect on
inflation.
On the domestic front, economic activities
picked up, particularly in the agriculture,
mining as well as tourism sectors. The nascent
recovery of the domestic economy was
underpinned by tight monetary and fiscal
policies.
Headline inflation accelerated from 87.60% in
March 2023 to end the second quarter of 2023
at 175.8%. The resurgence of inflationary
pressures during the second quarter was partly
attributed to depreciation of the local currency,
and speculative pricing.
The country’s total merchandise trade amounted
to US$4,136.2 million for the period April to
June 2023, representing a 10.5% increase from
US$3,742.5 million recorded in the comparable
period
in
2022.
The
increase
in
total
merchandise trade was a result of marked
increases in exports and imports during the
quarter under review.
Broad
money
stock
(M3)
stood
at
ZW$14 275.48 billion as at June 2023,
compared to ZW$3 195.36 billion in March
2023. This largely reflected quarterly expansion
of 502.37% and 59.31% in the foreign currency
and local currency components of deposits,
respectively. The increase in foreign currency
deposits largely reflected valuation changes
owing to exchange rate depreciation, from
ZW$929.86 per US$1 in the quarter ended
March 2023 to ZW$5 739.80 per US$1 in June
2023.

During the second quarter of 2023, the
Zimbabwe
Stock
Exchange
(ZSE)
was
characterised by bullish sentiments as investors
flocked to the market for value preservation in
light of the limited investment options on the
money market. As a result, all major indices
registered gains, with the All Share, Top 10 and
Medium Cap indices increasing by 344.43%,
303.06% and 479.44% to close at 171 408.90
points, 93 034.57 points and 436 363.92 points,
respectively.

The Victoria Falls Stock Exchange (VFEX) was
characterized by bearish sentiments during the
period under analysis. As a result, the VFEX All
Share index declined by 17.25% to close the
second half of 2023 at 76.17 points, from 92.04
points recorded in March 2023.

During the quarter under review, the value of
transactions processed through the National
Payment Systems (NPS) increased by 175% to
ZW$43.45 trillion from ZW$15.78 trillion
recorded in the previous quarter. Similarly, NPS
transaction volumes also increased by 1% to
189.39 million from 187.17 million during the
same period.

2.
INTERNATIONAL
ECONOMIC
DEVELOPMENTS
Global economic growth is expected to
slowdown from an estimated 3.4% in 2022 to a
projected 3.0% in 2023 and 2024, respectively.
The forecast for 2023 remains modestly higher
compared to the April 2023 World Economic
Outlook (WEO) projection of 2.8%. However,
basing on historical trends, the growth rate is
weak due to the stance of major Central Banks
to raise policy rates to fight inflation. Global
headline inflation declined from 8.7% in 2022
to a projected 6.8% in 2023 and 5.2% in 2024.
The balance of risks to the global growth
outlook remains tilted to the downside, with
potential shocks from inflation, financial sector
turbulence, China's slow economic recovery,
and sovereign debt distress. This calls for
Central banks to restore price stability and
strengthen
financial
supervision
and
risk
monitoring to mitigate the envisioned risks.
Table 1 shows the global and regional economic
growth developments and outlook.


Table 1: World Economic Growth Rates
(2022 -2023)
Region/Country

Est.

Proj.

Proj.
World Output
3.4
3.0
3.0
Advanced
Economies
2.7
1.5
1.4
USA
2.1
1.8
1.0
Euro-Area
3.5
0.9
1.5
United Kingdom
4.1
0.4
1.0
Emerging Markets
& Developing
Economies
4.0
4.0
4.1
Emerging and
Developing Asia
4.5
5.3
5.0
China
3.0
5.2
4.5
India
7.2
6.1
6.3
Emerging and
Developing Europe
0.8
1.8
2.2
Russia
-2.1
1.5
1.3
Sub Saharan Africa
3.9
3.5
4.1
Nigeria
3.3
3.2
3.0
South Africa
1.9
0.3
1.7
Sources: IMF World Economic Outlook Update
Economic growth for Advanced economies is
forecasted to decline from the estimated 2.7% in
2022 to 1.5% in 2023. This represents a 0.2
percentage point upward revision from the April
2023 WEO projection. The 2024 forecast for
advanced economies is projected to remain at
about 1.4 percent. Growth rates for the Euro
area and the United Kingdom are expected to
fall to 0.9% and 0.4%, respectively. The United

States growth rate is projected to decline from
2.1% in 2022 to 1.8% in 2023.
Contrary to the developments in the West,
growth prospects in emerging and developing
Asia are expected to rise to 5.3% in 2023, from
4.5% in 2022, before moderating to 5.0% in
2024.
The
forecast
for
China
remains
unchanged at 5.2% for 2023 and 4.5% for 2024,
but the composition of growth has changed,
with consumption growth broadly in line with
April 2023 WEO projections.
Real economic growth in emerging and
developing Europe is projected to rise to 1.8%
in 2023, reflecting a 0.6 percentage point
upward revision since April, and to further
increase to 2.2% in 2024. The forecast for
Russia in 2023 has been revised upward by 0.8
percentage points to 1.5%, reflecting hard data,
on retail trade, construction, and industrial
production that points to a robust first half of the
year, with a large fiscal stimulus driving that
strength.
In sub-Saharan Africa, growth is projected to
decline to 3.5% in 2023 before picking up to
4.1% in 2024. Nigeria's growth is also expected
to gradually decline from 3.3% in 2022 to 3.2%
in 2023 and 3.0% in 2024, in line with April
projections. This will be mainly due to security
challenges in the oil sector. South Africa's
growth is expected to decrease to 0.3% in 2023
from 1.9% in 2022, mainly due to incessant
power shortages. The forecast has, however,
been revised upward by 0.2 percentage points
since April 2023, primarily attributable to the
resilience in services activity in the first quarter.
The key downside risks to global economic
growth include persistent inflation, financial
market repricing, the slow recovery of the
Chinese economy, increasing debt distress, and
deepening geo-economics fragmentation. These
risks could negatively impact global growth and
trade and constrain policy responses.
INTERNATIONAL COMMODITY PRICE
DEVELOPMENTS
During the second quarter of 2023, most
selected commodity prices, except for gold and
platinum, were bearish. The prices were
primarily weighed down by the effect of a
stronger U.S. dollar on investment demand.
Table 2: Commodities Price developments

Gold
Platinu
m
Copper
Nickel
Crude
Oil

US$/oz
US$/oz
US$/tonne
US$/tonne
US$/Bar
rel
2023 Q1
Average

Apr-23

May-23

Jun-23

2023 Q2
Average

Quarterl
y
Changes

Source: World Bank and Bloomberg, 2023

Precious Metals
Gold prices remained bullish, increasing by
4.6%, from an average of US$1,888.56 per
ounce in the first quarter to US$1,976.20 per
ounce in the second quarter of 2023. The yellow
metal prices rose as concerns surrounding the
political turmoil in Russia drove investment
flows into safe-haven bullion, outweighing risks
from the Federal Reserve’s hawkish outlook.

Platinum prices rose by 3.5% to US$1,027.78
per ounce in the second quarter of 2023, from
US$993.39 per ounce reported in the first
quarter of 2023. The increase was primarily
underpinned by fears of supply shortages owing
to sustained power-related supply disruptions,
particularly in South Africa, and rising demand
for the commodity in China, the largest
consumer of platinum.
Palladium prices declined by 8.1%, from
US$1,568.28 per ounce in the first quarter of
2023 to US$1,440.98 per ounce during the
reporting quarter. The decrease was due to low
industrial demand for the commodity from the
automotive industry amid a slowdown in global
economic growth and a shift towards alternative
technologies that do not rely on palladium.

Figure
1:
Precious
Minerals
Prices
(US$/ounce): June 2022 – June 2023

Source: Bloomberg, 2023
Base Metals
Copper
prices
declined
by
5.2%,
from
US$8,954.74 per tonne in the first quarter of
2023 to US$8,493.41 per tonne in the second
quarter. The rising global supplies weighed
down on the prices of the red metal due to the
ramping up of production in newly opened
mines in Peru, the lacklustre recovery of China
and the prospects of more interest-rate rises in
the United States.
Nickel prices retreated following reports of
robust nickel supplies in Indonesia and
slackening demand in China, the largest
consumer of base metals. Accordingly, prices
slipped by 14.1%, from a quarterly average of
US$26,198.11 per tonne in the first quarter of
2023 to US$22,515.05 per tonne during the
quarter under review.
Figure 2: Developments in base metal prices
Source: Bloomberg, 2023
Brent Crude Oil
Brent crude oil prices edged lower during the
second quarter of 2023 due to weaker-thanexpected Chinese demand outweighing more
robust U.S. consumer data and a more bullish
supply outlook from the International Energy
Agency (IEA). Prices slumped by 5.2%, from
US$82.57 in the first quarter of 2023 to an
average of US$77.96 per barrel in the second
quarter of 2023.


Jun-22
Aug-22
Oct-22
Dec-22
Feb-23
Apr-23
Jun-23
Gold
Palladium
Platinum (RHS)

Jun-22
Aug-22
Oct-22
Dec-22
Feb-23
Apr-23
Jun-23
Copper
Nickel (RHS)

Figure
3:
Brent
Crude
Oil
Prices
(US$/barrel)
Source: Bloomberg, 2023

MERCHANDISE TRADE DEVELOPMENTS
The country’s total merchandise trade amounted
to US$4,136.2 million during the second quarter
of 2023, representing a 10.5% increase from
US$3,742.5 million recorded in the comparable
period in 2022.

Figure 4: Quarterly Merchandise Total
Trade (US$m)
Source: Zimstat, 2023

The increase in total merchandise trade was
attributable to a marked increase in the
country’s exports and imports.
Merchandise Export Developments
During the second quarter of 2023, the
country’s exports amounted to US$1,851.1
million, up 12.8% from US$1,641.4 million in
the corresponding quarter in 2022.
Similarly, the outturn for the reporting quarter
was 34.2% higher than the US$1,379.0 million
realised during the first quarter of the year.
Figure 5: Quarterly Merchandise Exports
(US$m)
Source: Zimstat, 2023
The significant increases in gold exports
underpinned the country’s export earnings
during the reporting quarter. However, export
earnings from PGMs were subdued, owing to
tapering commodity prices on the global
markets.

Table 3 shows developments in the country’s

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

2022Q2
2023Q1
2023Q2
1,641.4
1,379.0
1,851.1


2022Q2
2023 Q1
2023Q2

exports for the first and second quarters of 2023.

Table 3: Quarterly Merchandise Exports

2023Q1
(USm)
2023Q2
(USm)
2023Q12023Q2
Changes
(%)
Share of
Exports
(%)
Total

Of Which


Gold

PGMs

Tobacco (Incl.
cigarettes)

Industrial
diamonds

Ferrochromium

Coal

Chromium ores
and
concentrates

Cane sugar

Crocodiles

Granite

Source: Zimstat, 2023

Major Merchandise Export Destinations
During the quarter under review, about 44.4%
of the country’s exports were destined for the
SADC region, with South Africa absorbing
(35.5%), Mozambique (6.7%) and Zambia
(2.2%) of the country’s total exports.
The Asian markets accounted about 42.4% of
the country’s exports, with the United Arab
Emirates and China absorbing 27.4% and
13.2%,
respectively.
European
markets
accounted for only 3.2% of the country’s
exports, with Belgium (1.6%), the Netherlands
(0.8%) and Italy (0.8%) being the leading
destinations in Europe.
Figure 6 depicts the country’s top export
destinations for the reporting quarter.
Figure
6:
Zimbabwe’s
major
export
destinations.
Source: ZIMSTAT & RBZ Computations
Merchandise Import Developments

The
country’s
import
bill
amounted
to
US$2,285.2 million during the second quarter of
the year, representing an increase of 8.8% over
US$2,101.2 million recorded during the same
quarter in 2022, as shown in Figure 7.


Canada
Netherlands
Italy
Belgium
Hong Kong
Zambia
Mozambique
China
United Arab Emirates
South Africa

Figure 7: Quarterly Merchandise Imports
(US$ m)

Source: Zimstat, 2023

Standing at $2,285.2 during the second quarter
of 2023, merchandise imports were 14.1%
higher than the US$2,003.3 million during the
first quarter of the year. Energy, particularly
diesel (10.6%), petrol (4.7%), and electricity
(2.0%), dominated the country's imports. Other
major import drivers were food imports (crude
soya bean oil, wheat, and rice).
Table 4: Quarterly Merchandise Imports
(US$m)

Q1
(US$
M)
2023Q2
(US$M)
2023Q12023Q2
Change
s (%)
Share of
Imports
(%)
Total

0f Which
Diesel

Unleaded
petrol

Crude soya
bean oil

Electricity

Wheat

Horticultur
al

Rice

Maize

Machinery

Butanes

Source: ZIMSTAT & RBZ Computations 2023
Major Import Sources
The major sources for country’s imports during
the second quarter of 2023 were South Africa,
37.4%;
China,
17.8%;
Singapore,
5.2%;
Mozambique, 3.1%; India, 2.9%; Mauritius,
2.7%, the UAE, 2.2%; and Zambia, 2.1%, as
shown in Figure 8.
Figure
8:
Major
Merchandise
Import
Sources (% Share)
Source: ZIMSTAT & RBZ Computations 2023
TRADE BALANCE
The country’s trade balance improved from a
deficit of US$624.3 million in the first quarter
of 2023 to a deficit of US$434.1 million in the
second quarter.
Compared to the corresponding quarter in 2022,
the country’s trade balance narrowed from a
deficit of US$459.8 million in 2022 to a deficit
of US$434.1 million in 2023. Figure 9 gives a
comparison of the trade balances between the
second quarters of 2022 and 2023.
2,101.2
2,003.3
2,285.2
2022Q2
2023Q1
2023Q2

Zambia
United Arab Emirates
Mauritius
India
Mozambique
United Kingdom
Singapore
Bahamas
China
South Africa

Figure
9:
Merchandise
Trade
Balance
(US$ m)
Source: Zimstat & RBZ Computations-2023
EXCHANGE RATE DEVELOPMENTS
The interbank exchange rate depreciated by
83.8%, from ZW$929.86/US$ in the first
quarter of 2023 to ZW$5,739.80/US$ at the end
of the second quarter. The parallel exchange
rate depreciated from ZW$ 1,450.00/US$ in the
first quarter of 2023 to ZW$ 8,500.00/US$ at
the end of the second quarter of 2023. Figure 10
shows exchange rate developments from 28
February 2023 to the end of June 2023.
Figure 10: Official and Parallel Market
Exchange Rates Feb 2023 - June 2023
Source: Reserve Bank of Zimbabwe 2023
3.
DOMESTIC ECONOMIC
DEVELOPMENTS

REAL SECTOR DEVELOPMENTS

Economic activities picked up in agriculture,
mining, as well as accommodation and food
services,
among
other
sectors.
Headline
inflation increased during the quarter under
review partly due to the steep depreciation of
the local currency and speculative pricing.
AGRICULTURE

Agriculture sector growth is expected to surge
in 2023 following the anticipated good
performance of field crops such as tobacco,
cereals, and oilseeds. The good season is
attributed to the evenly distributed normal to
above normal rainfall received during the
2022/23 season. The livestock sub-sector is also
expected to improve with adequate availability
of water and grazing following the good rains
and better disease control.
-700
-200

2022Q2
2023Q1
2023Q2
Exports
Imports
Trade Balance

28-Feb-23
14-Mar-23
28-Mar-23
11-Apr-23
25-Apr-23
09-May-23
23-May-23
06-Jun-23
20-Jun-23
PREMIUM (RHS)
OFFICIAL RATES
PARALLEL RATES (Transfer)

Crops
Estimates from the Second Round Crop,
Livestock and Fisheries Assessment Report for
2023 show a general improvement in crop
performance compared to the previous season.
The early onset of the rains was also suitable for
timely establishment of crops.

The combined cereal output (maize, sorghum,
and millets) is estimated at 2.89 million tonnes
in 2023, up from 1.75 million tonnes in 2022,
realising a surplus of 0.59 million tonnes on the
national cereal requirement of about 2.3 million
tonnes. Table 5 shows output estimates of major
field crops in 2022 and 2023.

Table 5: Estimated field crop output (tonnes)
Crop
2021/22
2022/23
Change
(%)
Maize
1,453,031
2,298,281

Sorghum
144,633
191,125

Pearl Millet
44,143
71,221

Finger
Millet
5,320
18,610

Groundnut
98,765
214,145

Round Nut
18,718
62,159

Sweet Potato
207,529
276,784

Sugar Beans
25,388
31,724

Soya Beans
82,028
93,086

Source: Ministry of Lands, Agriculture, Fisheries, Water,
and Rural Development, 2023

Tobacco
Tobacco output is expected to reach an
unprecedented 290 million kilograms in 2023,
up from the 213 million kilograms achieved in
2022. The rise in tobacco output is partially
attributed to increase in area under the crop and
improved financing by contractors. The good
rainfall season also contributed to the record
output levels.

As of 30 June 2023, the volume of tobacco sold
amounted to about 283.02 million kilogrammes
valued at about US$856.52 million. Table 6
summarises the tobacco sales statistics at end of
June 2023.


Table 6: Cumulative Tobacco Sales in 2022 &

Variance
(%)
Total
Quantity
Sold (million Kgs)
188.17
283.02
50.04
Total
Value
(US$ million)
572.33
856.52
49.66
Average
Price
(US$)/Kg
3.04
3.03
-0.33
Source: TIMB, 2023.
Wheat
The area planted to wheat in the 2023 season is
estimated at around 90,000 hectares, up from
the
80,883
hectares
planted
in
2022.
Accordingly, wheat output is projected to
surpass
400,000
tonnes
in
2023,
up from 375,131 tonnes produced in 2022. The
winter wheat crop also benefited from the
dedicated and stable power supply during the
growing season.

Maize
National maize production in the 2022/23
season is estimated 2,298,281 tonnes, up 58%
from the previous season. Table 7 summarizes
maize production trends since 2020.

Table 7: Maize production trends
Season
Area (ha)
Output
(ton)
Yield(t/ha)

Source: Ministry of Lands, Agriculture, Fisheries, Water,
and Rural Development, 2023.
Livestock
The 2023 Second Round Crop, Livestock and
Fisheries Assessment Report put livestock
condition in the fair to good category for most
parts of the country. Following the good rains
during the 2022/23 season, water and grazing
availability were adjudged to be adequate to last
beyond the third quarter of 2023.


Cattle
The country’s beef herd in 2023 is estimated at
5,642,400 cattle, up 2.5% from 5,509,983 head
in the last year, with improvements in disease
control resulting in lower mortality rates. The
steady rise in cattle population since 2021 is
partially
attributed
to
implementation
of
government programmes to curb tick borne
diseases, which include the rollout of tick
grease and resuscitation of communal cattle
dipping.

Cattle slaughters at formal abattoirs in the
second quarter of 2023 stood at 91,698, up from
82,323 head in the same period in 2022 and
4.98% higher than the 87,352 slaughters in the
previous quarter. Table 8 shows the total
number of cattle slaughters at formal abattoirs
in the first and second quarters of 2023.

Table 8: Quarterly Cattle Slaughters

% Change
Q1
81,249
87,352
7.51
Q2
82,323
91,698
11.39
Total
163,527
179,050
9.46
Source: Ministry of Lands, Agriculture, Fisheries, Water
and Rural Development, 2023.

Pigs
Pig slaughters at 58,773 head in the second
quarter of 2023 increased by 7.55% from the
54,647 head in the same period in 2022. Pig
slaughters decreased by 4.2% in the second
quarter of 2023 from 61,384 to 58,773, as
shown in Table 9.

Table 9: Quarterly Pig Slaughters

% Change
Q1
55 440
61 384
10.72
Q2
54 647
58 773
7.55
Total
110 087
120 157
9.15
Source: Ministry of Lands, Agriculture, Fisheries, Water
and Rural Development, 2023.
Dairy
Total fresh milk output in the second quarter of
2023 is estimated at 23.80 million litres, up
1.28% from the 23.50 million litres produced in
the same period in 2022. On a quarter-to-quarter
basis milk output also increased by 5.70%.
Figure 11 shows the quarterly milk production
in 2022 and 2023.

Figure 11: Quarterly Fresh Milk Output

Source: Ministry of Lands, Agriculture, Water and Rural
Development, 2023.

MINING
The mining sector performance in second
quarter of 2023 was mixed. Gold, graphite,
vermiculite, and chrome output in the second
quarter of 2023 surpassed the first quarter
output.
Notable
declines
were,
however,
recorded in diamonds and lithium output.
Table 10 shows developments in mineral output
volumes during the first quarter of 2023 and the
second quarter of 2023.


Table
10:
Quarterly
Mineral
Output
Statistics

Q2 2023
Q1 2023
Gold (kg)
8,567.94
7,708.93
Platinum (kg)
4,750.91
4,752.84
Palladium (kg)
3,973.28
3,957.46
Rhodium (kg)
415.62
414.68
Iridium (kg)
274.36
184.04
Ruthenium (kg)
240.81
398.89
Diamond (cts)
1,204,805
1,637,553.70
Chrome (MT)
274,978.3
206,354.34
Nickel (MT)
4,312.92
3,471.02
Copper (MT)
3,012.96
3,110.69
Cobalt (MT)
87.28
103.84
Coal (MT)
1,781,034
1,585,335.00
Lithium (MT)
24,376
29,174.00
Phosphate (T)
5,594

Granite (MT)
156,402.5
80,587.35
Vermiculite (MT)
8,283.1
4,818.60
Source: Ministry of Mines, 2023
Gold
Gold output in second quarter 2023 stood at
8,567.9 kgs, which is about 11% higher than
7,708.93 kgs produced in first quarter 2023. The
second quarter 2023 output is, however, 12%
lower than gold which was produced during the
comparable period in 2022. Gold output
benefited from increased output from both the
artisanal small-scale miners and large-scale
miners whose output increased by 35% and
20%, respectively.

Q2:2022
Q1:2023
Q2:2023
Million Litres

During the quarter under review, artisanal
small-scale miners were the major driver of
gold, contributing about 58% of total gold
output.
Figure

shows
gold
output
performance for second quarter 2023, first
quarter 2023 and second quarter 2022.

Figure 12: Quarterly Developments in Gold
Output (kgs)
Source: Ministry of Mines, FGR, 2023
PGMS
The major components of the Platinum Group
of Metals (PGMs), platinum, palladium, and
rhodium registered marginal growth of 2%,
0.4% and 0.2% in the second quarter of 2023,
respectively, compared to first quarter of 2023.
Platinum, palladium, and rhodium, however,
recorded significant increases of 25%, 25.1%
and 26%, when compared to second quarter of
2022. Figure 13 shows trends in output from
major PGMs.
Figure 13: Quarterly Trends in Platinum and
Palladium Output (kg)

Source: Ministry of Mines and Mining Development,

Rhodium output increased marginally by 0.2%
during the second quarter of 2023, despite
softening of international commodity prices, as
shown in Figure 14.

Figure 14: Quarterly Trends in Rhodium
Output (kg)

Source: Ministry of Mines, 2023

PGM
output
benefitted
from
ongoing
investment
in
mine
development
and
improvement in operational efficiency at all
major mining houses. Depressed commodity
prices coupled with weak global demand
remains a challenge for the PGMs going
forward.

10000
15000
Q2 22
Q1 23
Q2 23
Large Scale Producers
ASGM
Secondary Producers

Q2 22
Q1 23
Q2 23
Platinum
Palladium

Q2 22
Q1 23
Q2 23

Nickel
Nickel output at 4 313 tonnes in the second
quarter of 2023 is 19% above output in the first
quarter of 2023 and was also marginally 1%
more compared to second quarter 2022, as
shown in Figure 15.

Figure 15: Quarterly Trends in Nickel
Output

Source: Ministry of Mines and Mining Development,

Second quarter output benefited from ramping
up of ore volumes and increased investment
during the year 2022 and 2023.
Diamond
Diamond output at 1.2 million carats in second
quarter 2023 was 21% lower than 1.6 million
carats produced during first quarter of 2023.
This output was, however, 27% better than
second
quarter

output,
as
shown
in Figure 16.

Figure 16: Quarterly trends in Diamond
Output (Carats)

Source: Ministry of Mines, 2023

Chrome
Chrome ore output for second quarter 2023
amounted to 274,978.3 tonnes, which is 33.3%
up from 206,354.3 tonnes produced in first
quarter 2023. The second quarter output is also
15% higher than comparable period in 2022, as
shown in Figure 17.

Figure 17: Quarterly trends in Chrome Ore
Output (tonnes)

Source: Ministry of Mines, MMCZ, 2023

Chrome production is currently recovering from
power outages and high costs of fuel which
negatively affected production since the fourth
quarter of 2022. The major challenge to
production is, however, the depressed global
outlook.

Q2 22
Q1 23
Q2 23


Q2 22
Q1 23
Q2 23


Q4 22
Q1 23
Q2 23

Coal

Coal output recorded a 97% growth during the
period under review when compared to the same
period in 2022. On a quarter-to-quarter basis
coal output increased by 12% in the second
quarter of 2023 when compared to first quarter
of 2023. Figure 18 shows the quarterly coal
production trends.

Figure 18: Quarterly Trends in Coal Output
(tonnes)
Source: Ministry of Mines and Mining Development,

Increased processing capacity at one of the
major mining houses following the procuring of
additional mining equipment and engagement of
more contractors for the open pit operations
drove up coal output during the quarter under
review.

ELECTRICITY

Total power generated during the second quarter
of 2023 amounted to 1,804.01 GWh, up 33.87%
from 1,347.6 GWh recorded in the first quarter
of 2023. The power generated was, however,
25.36% lower than 2,416.88 GWh produced
during the second quarter of 2022.

Kariba accounted for about 61.27% of total
production during the second quarter of 2023,
compensating for the low throughput from
Hwange and other small thermal stations.
Independent power producers (IPPs) contributed
about 6.52% to total power output.
Table 11 shows quarterly power output statistics
from the major power stations and IPPs.
Table 11: Quarterly Power Output

2022Q2
2023Q1
2023Q2
Kariba
1 647.49
615.82
1 105.34
Hwange
621.73
616.70
560.79
Bulawayo
2.13
1.99
3.51
Munyati
18.85
12.25
9.94
Harare
10.08
2.54
6.84
IPPs
116.60
98.29
117.59
Total (Gwh)
2 416.88
1,347.6
1 804.01
Source: ZERA ZPC, 2023
Power production by independent
power
producers
(IPPs)
surged
by
19.64%,
to 117.59 GWh in the second quarter of 2023,
compared to the first quarter of 2023. The
increase was due to ramping up of production
from Zimbabwe Zhongxin Electrical Energy
(ZZEE) thermal power station and Solgas
Energy during the quarter under review.
During the second quarter of 2023, power
generation by IPPs at 117.59 GWh was higher
than 2023 first quarter production of 98.29
GWh.
Figure 19 shows the trend of quarterly
electricity production by IPPs from first quarter
of 2022 to second quarter of 2023.


Q3 22
Q1 23
Q2 23

Figure 19: Quarterly Power Output by IPPs.
Source: ZERA, ZPC 2023

INFLATION DEVELOPMENTS
Annual inflation increased from 87.60% in
March 2023 to end the second quarter of 2023
at 175.8%. The resurgence of inflationary
pressures during second quarter of 2023 was
partly attributed to exchange rate depreciation
and speculative pricing.
Annual food inflation rose from 127.92% in
March 2023, to 225.60% by June 2023.
Annual non-food inflation also surged from
65.13% in March 2023 to 119.29% in June
2023. Non-food inflation was largely driven by
housing, water, electricity, gas and other fuels,
transport,
and
miscellaneous
goods
and
services. Figure 20 shows the developments in
annual inflation since December 2021.
Figure 20: Annual Inflation Profile (%)
Source: Zimstat 2023
Month-on-month inflation also accelerated
during the second quarter of 2023, rising from
0.13% in March 2023 to 74.5% in June 2023.
The increase in monthly inflation was reflected
through food inflation which rose from 0.29%
to 104.16% over the period.

Month-on-month non-food accelerated from
0.0% in March 2023 to 49.52% in June 2023,
mainly driven by rises in rent, utilities, other
fuels and transport.

4.
MONETARY DEVELOPMENTS

Broad money stock (M3) stood at ZW$14
275.48 billion as at June 2023, compared to
ZW$3 195.36 billion in March 2023. This
largely
reflected
quarterly
expansion
of
502.37% and 59.31% in the foreign currency
and local currency components of deposits,
respectively.

The increase in foreign currency deposits
largely reflected valuation changes owing to
exchange rate depreciation, from ZW$929.86
per US$1 in the quarter ended March 2023 to
ZW$5 739.80 per US$1 in June 2023.

2022 Q3
2023 Q1
2023 Q2
GWhs

Jun-22
Sep-22
Dec-22
Mar-23
Jun-23
Food
Non food
All Items

As a result of valuation changes, foreign
currency deposits accounted for 87.48% of
broad money, followed by local currency
deposits,
at
12.47%;
while
currency
in
circulation constituted the balance of 0.06%.
Figure 21 shows the components of broad
money and annual growth rates.

Figure 21: Broad Money Developments

Source: Reserve Bank of Zimbabwe, 2023

Domestic Credit
Domestic credit registered a quarter-on-quarter
growth of 282.85%, from ZW$2 817.27 billion
in March 2023 to ZW$10 786.06 in June 2023.
The growth was largely driven by increases of
ZW$7 565.66 billion (434.25%) in credit to the
private sector; and ZW$1 181.73 billion
(482.502%) in public non-financial enterprises,
largely reflecting valuation changes and interest
capitalization
on
outstanding
loans.
The
increases in nominal credit to the private sector
was,
however,
offset
by
a
decline
of
ZW$948.43 billion (151.26%) in net claims on
Government.

Credit to the private sector was mainly
channelled to households and agriculture, which
received 20.64% and 16.29% of the total credit,
respectively.
The
manufacturing
and
distribution sectors received 15.40% and
13.16% of the credit, respectively. Private sector
credit shares for the rest of the economic sectors
are shown in Figure 22.

Figure 22: Distribution of Private Sector
Credit.
Source: Reserve Bank of Zimbabwe. 2023
Credit to the private sector was largely utilized
for recurrent expenditures, 38.29%; inventory
build-up, 28.14%; and fixed capital investments,
14.19%.

Interest Rates
During the quarter ending June 2023, nominal
lending rates quoted by banks ranged between
20% and 230%. Time deposit rates for 60-day
and 90-day tenures averaged 69.59% and 68%,
respectively, while the average savings rates
were quoted at up to a maximum of 36.46%.


ZW$ Billion
Local currency deposits
NCDs
Currency in Circulation
Annual Growth
Households
20.64%
Agriculture
16.29%
Mining
13.07%
Manufacturing
15.40%
Distribution
13.16%
Construction
2.05%
Transport &
Communication
s
2.87%
Services
9.51%
Financial Org. &
Investments
7.00%
Other
0.01%

5.
STOCK MARKET DEVELOPMENTS
ZIMBABWE STOCK EXCHANGE (ZSE)

In the second quarter of 2023, the Zimbabwe
Stock Exchange (ZSE) was characterised by
bullish sentiments as investors flocked to the
market for value preservation, considering the
limited investment options on the money
market. As a result, all major indices registered
gains, with the All Share, Top 10 and Medium
Cap indices increasing by 344.43%, 303.06%
and 479.44% to close at 171 408.90 points, 93
034.57
points
and

363.92
points,
respectively.

Table 12: Key Stock Market Indicators
ZSE Indicators

Mar-23

Jun-23

Change
(%)
All Share Index (points)
38 568.48
171 408.90
344.43
Top 10 Index (points)
23 081.98
93 034.57
303.06
Top 15 Index (points)
27 012.64
118 830.20
339.91
Medium Cap Index (points)
75 307.75
436 363.92
479.44
Small Cap Index (points)

Mining Index (points)
37 359.78
76 960.49
106.00
Volume of shares traded (m)
364.72
473.57
29.85
Market Turnover (ZW$ m)
50 311.38
86 592.28
172.11
ZSE Capitalization (ZW$ m)

Net Foreign Position (ZW$
m)
-5 186.60
-9 299.30
-79.29

VFEX Indicators


All Share Index (points)
92.04
76.17
-15.88
Volume of shares traded (m)
9.25
22.78
146.19
Market Turnover (US$m)
2.03
6.64
226.58
VFEX Capitalization
(US$m)
992.88
1 285.15
29.44
Source: Zimbabwe Stock Exchange, 2023
In the same vein, the resource index added
46.58% to close at 37 359.78 points, during the
quarter under review, compared to 25 487.77
points recorded in the quarter ending 31
December 2022.
On a year-on-year basis, the Medium Cap, All
Share, Top 15 and Top 10 indices added
187.62%, 143.20%, 134.24% and 120.32%, up
from 26 183.01 points, 15 858.92 points, 11
532.19 points and 10 476.38 points recorded in
the same period last year.
Figure 23 shows the developments of the ZSE
All Share, Top 10 and Mining Indices for the
period from June 2022 to June 2023.
Figure 23: ZSE All Share and Top 10 and
Mining Indices
Source: Zimbabwe Stock Exchange 2023

Market Capitalisation and Turnover

.


30-Jun-22
31-Jul-22
31-Aug-22
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
All Share Index
Top 10 Index
Mining Index

Market Capitalisation
As a consequence of heightened speculative
tendencies exhibited on the ZSE during the
second quarter of 2023, the local bourse gained
313.65%, or ZW$10 606.02 billion worth of
capitalization to close at ZW$13 987.48 billion,
compared to ZW$3 381.46 billion recorded in
the previous quarter. On a year-on-year basis,
ZSE
capitalization
added
473.45%,
in
comparison to ZW$2 439.17 billion recorded in
June 2022.

Figure 24 shows the evolution of market
capitalization for the period 30 June 2022 to 30
June 2023

Figure 24: Market Capitalization

Source: Zimbabwe Stock Exchange, 2023

Market Turnover
During the quarter ending June 2023, due to
positive trading on the ZSE, the cumulative
volume and value of shares traded increased by
29.85% and 146.19% to 473.57 million shares
and ZW$136.90 billion, respectively. The
increase in turnover was largely reflective of
some notable block trades in which 31.45
million Ariston Holdings Limited shares, 4.26
million Delta Corporation Limited shares and
21.35 million Mashonaland Holdings Limited
shares exchanged hands at ZW$15.02, ZW$4
077.00 and ZW$110.00 per share, respectively.

Foreign investor participation, as measured by
its contribution to the value of shares traded
worsened to 3.17%, compared to 11.55%
recorded
in
the
first
quarter
of
2023.
Concomitantly, net foreign position declined to
negative ZW$9.30 billion, from negative
ZW$5.19 billion in the previous quarter.


Figure 25: ZSE Market Turnover
Source: Zimbabwe Stock Exchange, 2023


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


30-Jun-22
31-Jul-22
31-Aug-22
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

Foreign investor participation, as measured by
its contribution to the value of shares traded
increased to 11.55%, compared to 1.29%
recorded
in
the
last
quarter
of
2022.
Concomitantly,
the
net
foreign
position
improved to negative ZW$5 186.60 million,
from negative ZW$24 789.21 million registered
during the previous quarter.


Victoria Falls Stock Exchange (VFEX).
The Victoria Falls Stock Exchange (VFEX) was
characterized by bearish sentiments during the
period under analysis. As a result, the VFEX All
Share index declined by 17.25% to close the
second half of 2023 at 76.17 points, from 92.04
points recorded in March 2023.
On an annual basis, the VFEX All Share index
lost 33.99%, from 115.39 points recorded in
June last year.

Figure 26: Victoria Falls Stock Exchange All
Share Index
Source: Victoria Falls Stock Exchange, 2023
VFEX Capitalization
Despite
the
bearish
sentiments
that
characterized the VFEX during the quarter
ending June 2023, market capitalization rose by
29.44% to US$1.29 billion, compared to
US$992.88 million recorded in March 2023.
The increase in VFEX capitalization was largely
attributed to new listings that took place during
the second quarter of 2023. This culminated in
an increase in the number of outstanding issued
shares on the VFEX market.

Figure 27: VFEX market capitalization in
billions of US$


Source: Victoria Falls Stock Exchange, 2023

6.
PAYMENT,
CLEARING
AND
SETTLEMENT ACTIVITIES
The value of electronic transactions processed
through the National Payment Systems (NPS) in
the quarter ended 30 June 2023 increased by

30-Jun-22
31-Jul-22
31-Aug-22
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

30-Jun-22
31-Jul-22
31-Aug-22
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

175% to ZW$43.45 trillion from ZW$15.78
trillion recorded in the previous quarter.
Similarly, NPS volumes increased by 1% to
189.39 million from 187.17 million during the
same period.
Table 13 shows the statistical information on
various payment streams for the quarter ending
30 June 2023.

Table
13:
Consolidated
Transactional
Activities
Payment
Stream
Q1 2023
Q2 2023
CHANGE
Proportion

Values in US billions

RTGS

POS

ATMS

MOBILE

INTERNET

TOTAL


Volumes in 000s

RTGS

POS

ATMs

MOBILE

INTERNET

TOTAL

Source: Reserve Bank of Zimbabwe, 2023

LARGE VALUE PAYMENTS
Zimbabwe
Electronic
Transfer
and
Settlement System
The value of transactions processed through the
RTGS system increased by 169% from
ZW$10.14 trillion to ZW$27.32 trillion for the
quarter ended 30 June 2023 compared to
previous quarter while the volume increased by
6% to 3.08 million from 2.90 million in the
same period as shown in Figure 28.

Figure 28: Values and Volumes of RTGS
Transactions


Retail Payments
Figures 29 and 30 show the trend in the
aggregate
values
and
volumes
of
retail
transactions from 30 June 2022 to 30 June 2023.
The aggregate values of retail transactions
increased by 186.16 % to ZW$16.13 trillion in
the period under review from ZW$5.64 trillion
recorded in the quarter ended 31 March 2023.
The retail volumes increased by 1.11% to
186.32 million from 184.27 million during the
same period.


2022 Q2
2022 Q3
2022 Q4
2023 Q1
2023 Q2
RTGS Values in Billions
RTGS Volumes in Thousamds
Values
Volumes

Figure 29: Retail Transaction Values from
June 2022 to June 2023
Source: Reserve Bank of Zimbabwe, 2023

Figure 30: Retail Transaction Volumes
Source: Reserve Bank of Zimbabwe, 2023
Collateral1
The value of collateral for Cheque Clearing,
Zimswitch and Central Securities Depository
(CSD)
settlement
systems
increased
to
ZW$57.68 billion in the quarter ended 30 June
2023 from ZW$24.34 billion recorded in the
previous quarter, as shown in Figure 31. This
was mainly due to an increase of 146% on
Zimswitch collateral.

The value of local collateral for retail payments
(Zimswitch) and central securities depository
settlement systems increased to ZW$24.34
billion in the quarter ended 31 March 2023 from
ZW$19.38 billion recorded in the previous
quarter. This was mainly due to the increase in
Chengetedzai Depository Corporation (CDC)
collateral of 94% increase from ZW$2.2 billion
to ZW$4.2 billion as shown in Figure 31.
Figure 31: Collateral Amounts from June
2022 to June 2023
Source: Reserve Bank of Zimbabwe, 2023

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


2022 Q2
2022 Q3
2022 Q4
2023 Q1
2023 Q2
Mobile in Billions
Other Retail Values in Billions
POS
ATMS


2021 Q3
2021 Q4
2022 Q1
2022 Q2
2022 Q3
2022 Q4
2023 Q1
2023 Q2
Mobile Volumes in Millions
Other Retai Volumes in Millions
RTGS
POS
ATMs
INTERNET
MOBILE


Q2 2022
Q3 2022
Q4 2022
Q1 2023
Q2 2023
MILLIONS
Clearing
Zimswitch
CDC

The Victoria Falls Stock Exchange Limited
(VFEX) foreign currency collateral for the
quarter ended 30 June 2023 was US$ 59,776.36.
It remained stable and adequately covered the
risk levels associated with the platform’s
transactional activities.

Access Points and Devices
Table 14 below shows the access points and
devices for second quarter of 2022 and the first
and second quarters of 2023.

Table 14: Payment Systems Access Points
and Devices
PAYMENT SYSTEMS ACCESS POINTS

Q2 2022
Q1 2023
Q2 2023
Mobile
Banking
Merchants
52,983
53,781
54,050
ATMs

POS
134,051
133,205
132,171
PAYMENT SYSTEMS ACCESS DEVICES
Debit Cards
6,491,778
5,892,135
5,842,785
Credit Cards
13,976
15,764
15,867
Prepaid Cards
121,188
132,684
136,611
Mobile
Banking
Subscribers
6,964,193
7,097,833
7,958,441
Internet
Banking
Subscribers
624,706
626,313
474,463
Source: Reserve Bank of Zimbabwe, 2023
Ordinary POS population decreased to 132,171
in the second quarter of 2023 from 133,205
recorded in the first quarter of 2023. There were
7.96 million active mobile financial services
subscribers registered in the period under
review from 7.10 million recorded in the
previous quarter.
7.
FISCAL DEVELOPMENTS
Cumulative revenue inflows for the first quarter
of 2023 were ZW$3,236.75 billion whilst the
corresponding expenditures for the same period
amounted to ZW$2,574.28 billion. This resulted
in a fiscal surplus of ZW$662.47 billion for the
second quarter. Table 15 shows the summarised
fiscal developments during the period under
review.
Table 15: Second Quarter 2023 Fiscal
Position (ZW$ billion)

ZWL Millions
Revenue
3,236.75
Tax revenue
3,144.44
Non-Tax Revenue
92.31
Expenditure
2,574.28
Current expenditure
2,070.89
o/w employment costs
911.05
Capital Expenditure
503.41
Overall, Balance
662.47
Source: Ministry of Finance and Economic
Development, 2023
Government Revenue
In the second quarter of the year, a total of
ZW$3,144.44 billion were collected in tax
revenues. This represented 97.15% of total
government
revenue.
Non-tax
revenues
collected amounted to ZW$ 92.31 million, as
shown in Figure 32.

Figure 32: Government Revenue Structure
Source: Ministry of Finance and Economic Development,

Government Expenditure
Total
government
expenditures
of
ZW$2,574.28 billion were recorded in the
quarter under review. Of this, recurrent
expenditures were ZW$2,070.87 billion, and
capital expenditures totalled ZW$ 503.41
billion.
Table 16 shows a summary of Government
expenditure in the first quarter of 2022 and the
second quarter of 2023.
Table
16:
Summarised
Government
Spending (ZW$ billion)

Q1 2023
Q1 2023
Total Expenditure
1,078.11
2,574.28
Current Expenditure
834.06
2,070.87
Employment Costs
324.15
911.05
Operations and
Maintenance
478.82
1,316.2
Interest On Debt
14.80
18.19
Transfers to
Provincial and Local
Authorities
16.29
35.67
Capital Expenditure
244.06
503.41
Source: Ministry of Finance and Economic Development,

Current Expenditure
Of the ZW$2,070.87 billion spent on recurrent
expenditures, a total of ZW$1,316.00 billion
(48.9%) related to expenditure on operations
and maintenance. Employment costs amounted
to ZW$911.05 billion, equivalent to 32.7% of
total expenditure.
Transfers to Provincial and Local authorities
amounted to ZW$35.39 billion, representing
1.40%
of
total
government
expenditure.
Figure

shows
the
composition
of
Government expenditure in the second quarter
of 2023.
Figure 33: Government Expenditure, Second
Quarter 2023
Source: Ministry of Finance and Economic Development,

Capital Expenditure
During the quarter under review, capital
expenditure amounted to ZW$503.41billion,
representing 18.7% of total spending.
Overall Budget Balance
The fiscal developments in the second quarter of
2023 resulted in a budget surplus of ZW$662.47
Tax on
Income and
Profits, 36.1%
Customs
duties, 6.4%
Excise duties,
13.1%
Taxes on
Specific
Services, 2.2%
Value Added
Tax (VAT),
24.1%
Tax on gross
Revenue,
4.6%
Taxes on
financial and
capital
transactions ,
6.1%
Other Indirect
taxes , 0.2%
Non-tax
Revenue,
7.2%
Operations and
Maintanance
47.3%
Transferes to Provincial
Councils and Local
Authorities
1.3%
Employment
Costs
32.7%
Interest On
debt
0.7%
Capital Expenditure
18.1%

billion.
Figure

shows
the
quarterly
developments in overall budget balance in 2023.
Figure 34: Budget Balance (ZW$ Million)
Source: Ministry of Finance and Economic Development,

RESERVE BANK OF ZIMBABWE
OCTOBER 2023
U3

Revenue
Expenditure
Overall
Balance
TRILLIONS
Q 4 2022
Q 1 2023

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

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


S4

4.2.Reserve Bank: liabilities S5


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

6. Commercial Banks
6.1.Commercial Banks: Assets

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


7.1.Building Societies: Assets

S10

7.2.Building Societies: Liabilities S11


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

S13


9. National Payment Systems


9.1.Values of Transactions


S14
9.2.Volumes of Transactions


S14

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


S15
10.2. Deposit Rates S15


11. Stock Exchange Indices


S16

12. Inflation


12.1. Monthly Inflation


S17
12.2. Quarterly Inflation


S18
12.3. Annual Inflation


S19

13. Balance of Payments
13.1. Cross Border Payments


S20
13.2. Cross Border Receipts


S21

Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
Apr-23
May-23
Jun-23
Net Foreign Assets

Central Bank(net)
-1,802,992,102.87 -2,132,218,475.50 -2,281,673,543.14 -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
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)
-1,792,258,767.54 -2,095,256,909.29 -2,220,199,503.78 -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
Shares and Other Equity
-1,750,654,766.50 -2,109,505,152.97 -2,196,010,760.22 -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
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 $ since the introduction of the interbank foreign exchange market in February 2019
(xii) All monetary and financial statistics are valued in ZWL$ since the introduction of the interbank foreign exchange market in February 2019
TABLE 1: DEPOSITORY CORPORATIONS SURVEY (ZWL$ '000)

Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
Apr-23
May-23
Jun-23
Net Foreign Assets
-1,802,992,102.87 -2,132,218,475.50 -2,281,673,543.14 -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
Claims on Non Residents

Official Reserves Assets

Other Foreign Assets

Less Liabilities to Non Residents
2,181,260,572.36 2,593,125,027.77 2,746,097,750.73 2,963,877,356.98 3,015,067,480.57 3,055,352,039.98 3,434,351,296.28 3,930,536,033.96 4,341,085,512.51 4,338,956,741.51 4,878,143,248.90
11,790,225,625.10
25,905,673,118.52
Short Term Liabilities

Other Foreign Liabilities*
1,229,277,092.19 1,466,111,388.17 1,409,797,186.69 1,576,134,607.76 1,616,907,488.02 1,624,322,875.66 1,732,642,260.13 2,020,977,167.02 2,226,170,578.11 2,125,138,338.48 2,390,824,946.71
5,719,124,863.17
12,682,284,600.75
of which blocked funds

Net Domestic Assets (NDA)
1,836,540,085.80 2,167,740,219.40 2,319,139,878.80 2,627,633,649.47 2,686,722,006.25 2,692,616,574.53 2,884,883,957.73 3,466,565,811.34 3,929,688,003.03 4,006,880,277.83 4,667,525,806.22
11,040,839,328.64
21,970,001,166.44
Domestic Claims

Net Claims on Central Government

Claims on Central Government

Of which: Securities Other than Shares

Loans

Loans and Advances

Legacy Debt

Export Incentives

Less Liabilities to Central Government

Of which: Deposits

Other

Claims on Other Sectors

Other Financial Corporations

State and Local Government

Public Non Financial Corporations

Private Sector

Claims on Other Depository Corporations

Of which: Loans

Other Liabilities to ODCs

Of which: Aftrades Balances

Securities

Other Items(Net)
-1,974,951,446.35 -2,388,281,414.87 -2,576,477,704.28 -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
Shares and Other Equity

Other Items(Net)

Liabilities to Other Resident Sectors

Deposits and Securities Excluded from Base Money

Monetary Base

Bond Coins

Bond Notes

Liabilities to ODCs

Local Currency Reserve Deposits

Foreign Currency Reserve Deposits

Exess reserves

Private Deposits

Source: Reserve Bank of Zimbabwe 2023
TABLE 2: CENTRAL BANK SURVEY (ZWL$'000)

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

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

Transferable Deposits

of which FCAs

Other Deposits

of which FCAs

Money Market Instruments

Source: Reserve Bankof Zimbabwe, 2023
TABLE 3: OTHER DEPOSITORY CORPORATIONS SURVEY (ZW$'000)

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Source: Reserve Bank of Zimbabwe, 2023
TABLE 4.1: RESERVE BANK - ASSETS
Foreign Assets
Loans and advances
Investments

TABLE 4.2 RESERVE BANK: LIABILITIES
Capital
and
Foreign
general
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, 2023
*Bond coins first issued in December 2014
* Bond Notes issued on 28 November 2016
ZWL$ Thousands
Deposits

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

Governemt
Other

Government
Local
Public
Institutional
Other cliams
Contigent Assets
Other Assets
Non Financial
Coins
RBZ
Corporations
Foreign Banks
Non-residents
Securities
securities
Government
Enterprises
Units
Assets

Jan
1,483.3

42,733.9

77,994.4

13,109.2

40,071.8


Feb
1,735.4

41,180.7

76,140.3

17,748.1

39,141.4


Mar
1,457.1

40,953.3

83,032.1

6,945.5

42,516.8


Apr
1,699.7

40,964.4

85,330.2

6,844.8

49,733.4


May
1,906.1

30,579.1

94,330.9

7,907.2

63,644.8


Jun
1,702.8

30,255.6

75,795.2

25,605.9

72,780.6


Jul
2,139.9

30,509.1

104,983.5

17,817.9

82,032.9


Aug
2,551.1

33,323.4

93,806.9

11,919.2

72,753.9


Sep
2,853.7

38,500.1

100,996.0

8,626.8

68,707.9


Oct
2,611.1

50,074.7

108,009.2

9,575.8

89,822.4


Nov
2,721.5

53,424.3

107,781.7

15,560.6

74,072.3


Dec
2,838.3

50,031.0

118,451.3

13,654.0

91,352.6


Jan
2,891.2

53,378.3

116,654.8

13,232.3

69,668.2


Feb
2,577.7

62,064.5

122,479.8

17,480.5

76,802.2


Mar
2,111.5

76,544.2

142,962.5

19,239.6

87,884.5


Apr
2,624.9

74,716.9

160,466.5

28,352.1

123,190.3


May
3,155.9

142,118.9

236,166.0

35,928.9

207,812.8


Jun
2,801.2

138,347.1

266,691.8

45,952.0

241,920.1


Jul
2,427.6

159,024.6

315,832.5

39,388.2

230,432.5


Aug
2,640.6

263,637.4

411,439.9

69,203.5

311,107.0


Sep
3,030.7

289,230.8

504,071.1

75,446.7

417,007.1


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


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 and other financial corporations.
Debt Securities
Loans and Advances
Public
Enterprises
TABLE 5.1: OTHER DEPOSITORY CORPORATIONS -ASSETS
ZWL$ millions

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Source:Reserve Bank of Zimbabwe,2023
TABLE 5.2 : OTHER DEPOSITORY CORPORATIONS - LIABILITIES
ZWL$ millions
Deposits
Amounts Owing to
Debt Securities

TOTAL
End of
Foreign
Bond
Notes
Balances
Balances with
Balances
Other Claims
Local
Public
Other
Contigent
Non Financial
Notes &
&
with
Other Depository
with
on
Government
1Local GovernemtPublic Enterprises
Other

Government Government
Enterprises
Institutional Units
3 Other claims
Assets
Other Assets
Assets
Coins
Coin
RBZ
Corporations
Foreign Banks Non-residents
Securities
securities

Jan
1,237.43

39,565.64

71,463.64

12,288.89

39,092.85

10,921.99

8,281.80

-

-

1.18

16.67

18.01

1,264.28

71,090.96

718.83

25,036.22

12,333.21

32,123.11

325,454.7

Feb
1,320.27

38,100.03

69,341.48

16,867.76

38,108.83

6,341.39

12,518.15

-

-

1.26

24.15

22.69

1,493.66

77,324.34

774.89

28,339.17

15,953.14

33,612.14

340,143.4

Mar
1,244.16

38,369.53

76,479.44

5,317.61

41,401.24

8,733.65

15,889.61

-

19.21

34.56

15.17

21.67

1,309.75

80,607.03

878.97

32,908.13

19,302.34

30,861.86

353,393.9

Apr
1,430.83

38,008.89

79,592.64

5,639.40

48,564.03

7,679.05

18,267.01

-

19.23

62.89

19.86

12.71

1,336.70

91,062.16

956.75

34,537.88

21,214.88

32,383.77

380,788.7

May
1,648.09

28,677.21

87,611.51

6,479.66

59,745.10

11,582.44

18,846.75

-

152.75

93.37

21.77

16.58

1,263.75

94,790.46

990.41

35,592.28

21,398.95

31,307.45

400,218.5

Jun
1,419.27

28,452.53

69,413.26

24,215.35

70,835.98

17,601.31

17,152.75

-

19.46

92.91

17.91

77.79

1,511.86

106,954.15

1,247.08

26,856.45

26,444.57

33,288.94

425,601.6

Jul
1,794.72

29,100.73

97,429.50

15,901.02

79,937.02

25,314.30

21,665.10

-

290.76

47.39

17.32

67.80

1,351.13

117,348.16

1,301.18

26,869.18

29,079.64

33,587.68

481,102.6

Aug
2,137.72

31,734.84

85,441.98

9,099.10

70,391.64

25,194.95

31,434.20

-

339.72

51.28

22.49

63.94

1,583.28

132,522.63

1,337.19

32,281.12

30,022.43

37,697.05

491,355.6

Sep
2,417.81

36,259.54

93,032.71

6,164.78

66,640.78

25,023.38

31,460.81

-

366.88

57.60

21.07

62.45

1,531.08

134,780.92

1,342.62

31,980.97

30,439.34

34,630.85

496,213.6

Oct
1,993.06

47,379.62

99,470.02

7,339.71

86,302.62

26,924.18

37,639.16

-

188.07

121.59

21.20

75.41

1,683.89

149,477.36

1,523.34

49,580.96

40,853.06

36,664.31

587,237.6

Nov
2,168.80

49,327.15

100,125.90

12,723.73

71,667.33

29,748.47

41,015.56

-

187.03

999.12

21.24

74.76

1,882.53

168,661.25

1,484.24

52,327.68

40,073.22

43,878.52

616,366.5

Dec
2,315.32

46,412.99

109,803.84

10,942.92

87,347.07

33,690.93

38,610.29

-

185.99

4,146.13

21.09

167.53

2,798.61

184,836.87

3,368.75

60,916.98

41,811.67

59,011.63

686,388.6

Jan
2,359.27

49,206.02

108,119.97

10,419.90

66,808.45

30,774.31

38,636.84

-

186.80

801.50

20.33

163.02

3,628.73

199,495.34

2,997.94

53,627.76

47,405.91

69,989.80

684,641.89

Feb
1,971.78

57,553.54

112,522.99

14,300.66

70,750.63

28,703.53

44,705.21

-

-

976.55

20.34

158.06

5,367.16

215,520.37

3,055.50

55,099.61

53,459.12

70,832.47

734,997.53

Mar
1,541.49

70,856.33

130,423.48

15,503.46

82,662.70

43,284.13

44,874.23

-

-

1,380.20

19.40

253.42

6,240.94

258,715.05

3,092.69

65,660.61

58,874.69

76,938.87

860,321.67

Apr
1,939.64

70,204.43

144,168.02

23,452.88

117,033.42

26,628.79

57,772.47

-

-

722.54

37.54

252.44

6,858.06

305,476.79

4,348.46

53,372.28

62,788.55

71,414.75

946,471.05

May
2,397.94

131,996.38

211,837.59

31,586.61

190,366.81

61,757.62

64,373.91

-

154.99

1,559.14

41.28

289.00

16,193.81

398,048.90

4,712.74

134,993.54

94,851.60

111,543.84

1,456,705.70

Jun
2,263.18

127,839.16

234,109.43

40,937.28

219,607.39

63,631.76

83,690.44

-

653.97

2,159.12

61.20

226.29

13,888.60

478,163.38

8,954.46

169,511.81

110,528.09

168,440.54

1,724,666.09

Jul
1,578.47

147,217.74

284,912.89

34,334.13

202,815.28

41,246.78

86,971.63

-

394.34

1,852.14

100.65

349.68

22,516.21

556,692.12

9,737.92

144,090.18

129,869.55

192,524.32

1,857,204.02

Aug
1,630.70

247,190.46

377,078.80

64,650.96

273,181.97

29,186.59

95,346.12

-

330.12

3,556.96

113.50

287.14

26,564.57

681,253.30

11,493.92

167,029.36

238,442.98

194,745.11

2,412,082.57

Sep
1,791.71

270,594.59

465,301.31

68,020.95

370,323.69

18,184.96

134,414.53

-

267.40

4,916.56

115.11

306.33

21,773.50

806,774.24

12,680.89

146,133.14

215,417.68

219,933.24

2,756,949.83

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

2,897,679.60

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

3,012,537.30

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

3,363,834.80

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

3,957,814.16

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

4,321,424.21

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

5,065,173.94

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

5,214,693.59

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

11,198,912.85

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

24,221,090.21

Source:Reserve Bank of Zimbabwe,2023
TABLE 6.1: COMMERCIAL BANKS -ASSETS
ZWL$ millions
Debt Securities
Loans and Advances

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun


Source: Reserve Bank of Zimbabwe, 2023
TABLE 6.2 : COMMERCIAL BANKS - LIABILITIES
Deposits
Amounts Owing to

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

Jan
188.7

2943.3
5,986.5

793.8
843.5

-

1,783.8

10.2
-

211.3

1,091.3

0.0

9,329.1

2980.3
7,685.1

33,846.9

Feb
345.7

2762.9
6,004.8

811.1
984.2

-

2,731.0

9.2
-

236.8

2,089.3

-

8,950.2

2949.2
7,790.6

35,665.0

Mar
168.3

2278.9
6,313.1

1594.4
1,028.2

-

1,341.7

8.4
-

415.1

1,242.4

-

10,867.7

3027.5
7,841.0

36,126.8

Apr
206.9

2702.1
5,302.6

1156.7
1,085.4

-

871.7

7.7
-

508.9

1,581.5

-

14,233.6

3431.1
7,237.9

38,326.2

May
210.3

1687.6
5,962.2

1250.9
3,847.1

-

116.9

7.0
-

517.7

1,568.8

-

17,154.9

2927.9
7,532.9

42,784.2

Jun
249.6

1649.7
6,202.6

1163.8
1,866.7

-

204.6

6.5
-

588.0

1,851.9

-

18,795.4

2580.9
7,701.1

42,860.7

Jul
283.7

1212.2
7,193.4

1892.7
1,875.4

-

1,143.4

6.0
-

447.3

1,963.2

-

18,280.3

3923.5
7,695.6

45,916.5

Aug
352.8

1408.8
7,869.3

2537.6
2,316.2

-

3,535.6

5.4
-

399.5

2,101.3

-

19,422.2

3837.6
7,666.6

51,453.0

Sep
349.8

1926.6
7,608.5

2430.2
1,941.4

-

4,314.6

5.1
-

205.2

2,231.7

-

20,461.1

4013.2
9,460.7

54,948.1

Oct
411.5

2396.2
8,221.0

2162.4
3,421.5

-

5,627.7

4.3
-

271.1

2,539.5

-

22,881.3

5432.3
9,501.3

62,870.1

Nov
339.8

3578.4
7,561.6

2568.8
2,299.5

-

5,882.7

3.7
-

566.4

2,788.5

-

27,326.1

4400.3
9,614.3

66,930.0

Dec
351.1

3217.3
8,557.8

2619.2
3,620.2

-

2,353.6

3.0
-

1,189.0

2,786.9

-

33,115.3

5610.8
11,334.1

74,758.3

Jan
324.6

3504.3
8,506.5

2680.3
2,631.0

-

1,110.8

2.4
-

1,487.3

2,967.6

-

35,913.5

6693.8
14,008.7

79,830.9

Feb
411.5

4021.5
9,763.6

3069.7
5,678.0

-

4,048.9

1.6
-

1,465.4

3,241.1

-

39,977.5

4511.5
13,964.4

90,154.6

Mar
354.3

4413.6
11,882.6

3691.3
4,932.3

-

5,235.0

0.9
-

1,590.0

3,888.3

-

42,741.3

9086.6
15,421.2

103,237.4

Apr
546.4

3054.1
15,585.8

4857.7
5,768.6

-

5,714.4

0.2
-

1,861.4

4,143.7

-

48,582.4

9654.2
16,999.2

116,768.1

May
639.5

8326.7
23,817.6

4251.9
16,001.6

-

6,150.9

0.0
-

1,486.3

8,474.8

-

74,864.0

14793.9
17,091.2

175,898.5

Jun
418.5

8464.3
32,497.6

3807.5
21,184.8

-

2,639.3

0.0
-

1,340.0

10,851.1

-

85,145.9

18155.8
35,128.1

219,633.0

Jul
700.4

9914.6
30,660.3

4983.4
24,902.9

-

4,077.6

0.0
-

1,411.5

13,722.1

-

98,066.0

9998.6
45,127.9

243,565.1

Aug
863.8

14422.1
33,703.2

4483.0
34,971.8

-

4,379.8

0.0
-

2,106.6

16,515.4

-

115,491.9

8745.3
45,694.0

281,377.1

Sep
1,086.8

14998.2
37,911.3

7470.1
45,094.8

-

8,440.8

0.0
-

1,302.8

17,996.8

-

129,242.7

11630.7
60,830.4

336,005.2

Oct
1,158.3

14768.7
44,296.5

10013.7
44,664.1

-

14,109.9

0.0
-

1,142.4

16,817.7

-

123,793.8

30036.4
47,678.2

348,479.7

Nov
1,449.3

22456.9
41,398.0

9771.8
41,317.6

-

17,572.6

0.0
-

2,085.3

16,785.8

-

136,029.9

30694.0
46,275.8

365,836.9

Dec
1,470.7

23012.7
48,533.8

8913.7
50,229.0

-

21,411.1

0.0
19993.4
2,176.2

17,693.7

-

119,322.3

39279.1
69,102.5

421,138.1

Jan
2,402.7

32405.1
47,062.6

8410.8
50,364.6

-

17,976.2

0.0
23,668.5

2,406.3

18,311.0

-

132,757.4

41367.4
69,570.1

446,702.8

Feb
234.9

59685.4
50,103.0

9568.6
62,701.4

889.9

24,809.7

0.0
26,667.1

4,451.9

21,629.1

-

146,798.4

50093.6
70,987.9

528,620.9

Mar
214.6

72311.9
57,399.6

9196.8
51,300.9

-

28,841.5

0.0
24,689.0

5,503.9

19,118.6

-

170,376.6

54524.7
84,489.1

577,967.3

Apr
184.1

61341.6
63,129.5

16343.2
61,444.0

-

28,727.0

0.0
28,119.0

5,989.2

27,619.9

-

205,412.2

81442.9
86,571.2

666,323.9

May
78.1

125685.1
100,808.7

22707.0
195,646.6

-

81,344.3

0.0
69,908.9

6,246.8

53,180.7

-

440,462.4

103176.1
116,103.7

1,315,348.2

Jun
176.6

227001.8
172,666.5

25998.2
452,772.6

40,326.7

115,193.3

0.0
196,310.3

4,209.5

121,677.5

-

870,075.1

230604.4
544,587.8

3,001,600.3

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 and other financial corporations,
TABLE 7.1: BUILDING SOCIETIES -ASSETS
ZWL$ millions
Debt Securities
Loans and Advances

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Source:Reserve Bank of Zimbabwe, 2023
Amounts Owing to
TABLE 7.2: BUILDING SOCIETIES -LIABILITIES
ZWL$ millions

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

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


INVESTMENTS
ORGANISATIONS

Jan

Feb

Mar

Apr

May

June

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Source:Reserve Bank of Zimbabwe,2023

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

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, 2023
TABLE 8.2: SECTORAL ANALYSIS OF COMMERCIAL BANKS DEPOSITS
$ ('000)

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

Jan
255,551.32
-
21,042.23 2,300.31 35,349.13 66,624.38
Jan
720.03
-
9,849.33 228.95 94,691.39 872.24
Feb
226,335.83
-
22,882.64 2,288.90 36,434.44 63,598.24
Feb
805.99
-
12,309.28 527.83 90,078.04 754.86
Mar
320,422.14
-
28,569.92 3,316.59 44,523.99 86,463.87
Mar
1,112.80
-
15,178.81 751.04 105,271.97 1,003.73
Apr
288,958.76
-
30,071.50 2,807.02 44,131.56 90,580.45
Apr
951.67
-
15,184.98 605.53 97,253.26 1,040.08
May
361,427.10
-
36,765.06 3,193.67 49,745.80 89,471.34
May
1,029.79
-
16,511.28 664.43 103,708.73 994.81
Jun
388,757.52
-
38,540.10 3,200.04 51,437.41 115,145.66
Jun
1,076.92
-
14,797.88 581.86 99,349.63 982.07
Jul
379,659.93
-
45,808.07 2,489.07 57,565.84 145,026.95
Jul
1,028.17
-
15,217.56 550.97 102,587.60 980.77
Aug
397,539.02
-
52,853.87 4,086.04 60,908.40 159,206.60
Aug
1,045.02
-
14,624.45 475.41 105,269.73 955.77
Sep
477,933.57
-
52,262.68 4,179.52 64,139.24 181,194.82
Sep
1,193.13
-
15,397.64 492.21 104,141.94 2,092.60
Oct
481,180.88
-
53,165.93 3,839.95 65,329.02 197,972.49
Oct
1,114.18
-
18,207.42 434.49 107,294.58 2,342.61
Nov
621,896.69
-
56,025.31 4,877.03 63,017.52 252,407.92
Nov
1,144.91
-
17,435.88 477.03 98,386.51 2,322.92
Dec
747,035.61
-
67,903.92 4,705.45 76,511.57 264,749.24
Dec
1,220.28
-
20,029.57 519.50 106,428.62 2,580.64

Jan
802,677.72
-
55,961.62 5,074.74 53,456.29 218,545.32
Jan
957.90
-
15,480.23 439.87 83,661.76 1,902.89
Feb
672,722.97
-
59,581.58 5,607.02 66,811.97 238,910.83
Feb
981.01
-
15,190.39 433.68 78,916.08 1,895.33
Mar
961,452.00
-
75,050.75 7,882.23 82,886.94 342,168.72
Mar
1,242.33
-
16,967.63 519.12 87,501.09 2,128.58
Apr
976,617.19
-
89,192.57 8,391.54 89,671.98 293,204.61
Apr
1,073.00
-
15,906.24 457.99 82,673.39 1,937.64
May
1,205,990.00
-
110,807.30 13,712.78 106,881.76 469,185.15
May
1,213.50
-
16,069.94 477.80 78,385.20 2,001.20
Jun
1,601,225.31
134,550.97 18,810.59 123,721.28 618,347.53
Jun
1,190.30
-
15,304.67 474.16 75,631.66 1,705.09
Jul
1,754,111.97
-
170,480.64 20,413.15 172,562.48 713,401.10
Jul
1,115.80
-
16,063.84 517.03 88,030.56 1,866.70
Aug
2,334,295.00
-
152,343.37 31,418.59 178,188.87 826,377.12
Aug
1,028.04
-
13,686.77 489.08 76,957.81 1,623.75
Sep
2,793,056.56
-
177,701.71 35,144.35 202,368.06 872,807.43
Sep
1,084.61
-
13,818.44 455.52 71,362.13 2,225.19
Oct
2,728,731.30
-
186,478.90 50,202.30 209,758.00 622,412.80
Oct
969.30
-
12,986.80 510.90 67,641.70 1,825.40
Nov
3,370,779.90
-
202,876.20 61,086.70 213,295.30 734,610.60
Nov
1,001.40
-
12,324.10 499.90 59,151.50 2,430.20
Dec
3,310,814.90
-
246,783.60 76,872.00 249,516.40 1,106,346.50
Dec
1,013.60
-
14,316.90 616.70 60,584.50 2,469.80

Jan
3,289,379.32
-
240,010.34 68,386.68 238,455.31 1,107,756.41
Jan
918.88
-
11,733.99 444.00 48,617.07 1,692.96
Feb
3,050,933.28
-
219,437.84 73,672.28 245,282.55 1,202,998.52
Feb
886.75
-
10,301.47 479.91 43,326.51 1,895.81
Mar
5,068,223.68
-
308,609.08 85,343.38 328,822.35 1,517,972.57
Mar
1,092.60
-
13,216.99 593.97 50,037.43 1,927.14
Apr
5,294,044.55
-
341,571.29 79,754.60 355,007.31 1,517,972.57
Apr
907.55
-
14,375.14 526.73 47,171.67 1,982.93
May
6,275,310.72
-
518,333.86 173,170.74 532,078.61 3,274,968.53
May
1,119.24
-
12,808.69 576.68 49,143.18 2,233.62
Jun
17,059,664.04
882,362.57 615,190.92 1,210,486.16 6,640,627.10
Jun
1,050.21
10,190.63 606.04 45,488.80 1,212.97
Source:Reserve Bank of Zimbabwe, 2023
TABLE 9.1 : ZETSS AND RETAIL PAYMENTS TRANSACTIONAL ACTIVITY
Values of Transactions (ZWL$ in millions)
TABLE 9.2 : ZETSS AND RETAIL PAYMENTS TRANSACTIONAL ACTIVITY
Volumes of Transactions (in thousands)

End of
Nominal Lending
Rates2
Individuals
Corporate
Savings
3 Months2

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

Jan
15.00-8500
39.32
39.62
Jan
0.50-12.00
2.00-26.00
Feb
15.00-8500
40.55
64.02
Feb
0.50-12.00
2.00-26.00
Mar
15.00-8500
40.74
43.88
Mar
0.50-12.00
2.00-26.00
Apr
15.00-8500
38.15
45.56
Apr
0.50-12.50
2.00-30.00
May
15.00-8500
38.01
47.25
May
0.50-12.50
2.00-32.00
Jun
15.00-8500
38.45
48.25
Jun
0.50-12.50
2.00-32.00
Jul
80.00-240.00
82.75
165.45
Jul
40.00
80.00-92.00
Aug
80.00-230.00
88.46
155.96
Aug
40.00
80.00-92.00
Sep
100.00-230.00
98.07
158.46
Sep
40.00
80.00-92.00
Oct
100.00-290.00
99.37
115.26
Oct
40.00
80.00-92.00
Nov
100.00-290.00
99.03
110.97
Nov
40.00
80.00-92.00
Dec
100.00-290.00
99.02
110.83
Dec
40.00
80.00-95.00

Jan
100.00-240.00
90.05
116.03
Jan
40.00
80.00-110.00
Feb
65.00-230.00
60.12
80.88
Feb
30.00
50.00-110.00
Mar
65.00-230.00
74.35
81.46
Mar
30.00
50.00-110.00
Apr
70.00-230.00
74.48
86.96
Apr
30.00
50.00-110.00
May
70.00-230.00
77.86
83.61
May
30.00
50.00-110.00
Jun
70.00-155.00
76.33
92.64
Jun
30.00
50.00-110.00
Source:Reserve Bank of Zimbabwe, 2023
Notes
3. Lending rates exclude rates on staff loans.
TABLE 10.2 : BANKS DEPOSIT RATES (percent per annum)1
1. The range of rates qouted by banks during the period.
2. Three (3) months deposit rates revised to exclude rates on
inactive or dormant accounts.
TABLE 10.1: LENDING RATES (percent per annum)1
1. Table revised, to separate weighted lending rates for individuals and
corporate bodies.
2. Nominal Lending Rates depict the range of rates quoted by banks.
Weighted Average Lending Rates3
Commercial Banks
Commercial Banks
End of

End of
All Share
Mining
Market Turnover ZWL
$million
Volume of Shares
Market Capitalisation

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Source:Zimbabwe Stock Exchange, 2023
**As at 30 September 2020
ZW$
TABLE 11: ZIMBABWE STOCK MARKET STATISTICS
Indices
*All Share index was

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


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Source:Zimstat, 2023
NON-FOOD INFLATION
TABLE 12.1 : MONTHLY INFLATION -- PERCENTAGE CHANGE IN CONSUMER PRICE INDEX
( FEBRUARY 2019 = 100)

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


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Source: ZIMSTAT, 2023
TABLE 12.2 : QUARTERLY INFLATION -- PERCENTAGE CHANGE IN CONSUMER PRICE INDEX
(FEBRUARY 2019 = 100)
NON-FOOD INFLATION

FOOD
INFLATION
ALCOHOLIC
CLOT HING
HOUS ING,
W AT E R,
FURNIT URE
MIS C.
FOOD &
B E VE RAGE S
&
E LE CT RICT Y,
GAS
AND
RE CRE AT ION &
RE S T AURANT S
&
GOODS &
T OT AL NON
NON
ALCOHOLIC
ALL
& T OB ACCO
FOOT W E AR
& OT HE R
E QUIP ME NT
CULT URE
HOT E LS
S E RVICE S
FOOD
B E VE RAGE S
IT E MS
FUE LS
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: ZIMSTAT, 2023
TABLE 12.3 : YEARLY INFLATION - % CHANGE IN CONSUMER PRICE INDEX
(February 2019 = 100)
COMMUNICAT ION
T RANS P ORT
HE ALT H
E DUCAT ION
NON-FOOD INFLATION

End of
Jun-22 Jul-22
Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23
May-23
Jun-23
Merchandise Imports (excl. energy)
323.2

428.4

386.5

389.0

400.9

445.9

359.3

478.5

348.7

420.9

331.6

400.1

371.6

- Consumption Goods
96.5

96.5

99.8

93.9

105.6

98.4

113.7

139.8

83.3

123.6

87.0

100.7

88.6

- Capital Goods
138.6

138.6

190.6

161.1

179.1

205.5

136.5

189.1

138.6

162.8

147.1

163.2

150.2

- Intermediate Goods
88.1

88.1

138.0

131.6

116.2

142.0

109.1

149.6

126.8

134.5

97.5

136.2

132.7

Energy (Fuel & Electricity)
149.2

169.0

155.2

201.8

166.6

151.7

220.7

156.1

148.1

169.1

155.0

168.8

141.6

Service Payments
90.9

70.9

67.2

65.4

101.2

79.1

93.0

62.1

49.5

77.6

74.8

65.6

80.8

- Technical, Professional & consult
50.2

38.9

34.0

25.9

61.9

39.9

52.5

30.8

26.5

32.6

33.8

27.5

38.7

- Software
5.0

11.1

7.4

10.9

15.2

9.5

11.9

5.5

5.5

15.7

11.0

14.1

9.3

- Other (tourism, edu, freight etc)
35.7

21.0

25.8

28.6

24.0

29.6

28.5

25.7

17.5

29.3

30.0

23.9

32.8

Income Payments (Profits, Dividends)
83.4

38.2

41.8

16.1

9.7

40.6

74.4

19.8

11.7

38.8

22.1

16.5

41.8

Capital Remittances (outward)
38.8

58.2

81.4

57.3

66.4

75.4

52.8

68.2

52.2

61.4

95.7

76.5

62.2

- External Loan Repayments
30.0

49.7

33.0

49.2

59.4

69.3

44.5

66.5

48.9

47.5

62.8

55.3

46.9

- Disinvestments
1.8

5.0

7.6

3.2

3.2

3.1

6.5

3.4

2.5

6.8

6.2

15.2

12.9

- Cross Border Investment
7.0

3.5

40.8

4.9

3.8

2.9

1.8

7.6

1.3

10.5

26.7

5.9

2.4

Other Payments
15.6

15.3

11.6

13.4

13.7

16.0

15.4

16.2

16.4

13.6

15.8

28.8

20.6

TOTAL
701.2

780.1

743.7

743.0

758.4

808.6

815.7

810.2

627.1

784.7

695.1

756.2

718.6

Source:Reserve Bank of Zimbabwe, 2023
Table 13.1: Monthly Cross Border Payments (US$ Millions)

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Source:Reserve Bank of Zimbabwe, 2023
Table 13.2: Monthly Cross Border Receipts (US$Millions)