QUARTERLY
ECONOMIC
REVIEW


DECEMBER 2023

CONTENTS

List of Figures

List of Tables

1.
OVERVIEW
Global growth is estimated at 3.1% in 2023 and is
projected to remain at 3.1% in 2024 before rising
to 3.2% in 2025. On the upside, factors such as
faster disinflation could lead to a further easing of
financial conditions. On the downside, new
commodity price spikes from geopolitical shocks
and supply disruptions could prolong tight
monetary conditions.

On the domestic front, economic activity picked
up during the last quarter of 2023, particularly in
mining, tourism, construction, and electricity as
well as in the information, communication, and
technology sectors. Headline inflation rose from
18.4% in September 2023 to 26.5% in December
2023.

Reflecting positive domestic developments,
merchandise exports rose to US$2,063.8 million
during the fourth quarter of 2023, from
US$1,810.4
million
recorded
in
the
corresponding quarter in 2022. Similarly, the
country’s merchandise imports increased by 8.8%
to US$2,550.1 million, from US$2,342.8 million
during a similar period. Resultantly, the country’s
trade deficit narrowed from US$532.4 million in
the last quarter of 2022 to US$486.3 million in the
fourth quarter of 2023.

Broad money stock (M3) stood at ZW$18 914.59
billion in December 2023, compared to ZW$15
714.07 billion recorded in September 2023.
Foreign currency deposits accounted for 75.48%
of broad money, followed by local currency
deposits, at 24.46%; while currency in circulation
constituted the balance of 0.07%.


The Zimbabwe Stock Exchange (ZSE) recovered
from the previous quarter’s loss. All indices
registered gains. Performance on the Victoria
Falls Stock Exchange (VFEX), was, however,
subdued as the All-Share index lost 5.2% to close
the year at 70.6 points, from 74.5 points recorded
in the previous quarter.

The value of electronic transactions processed
through the National Payment Systems (NPS)
during the fourth quarter of 2023 increased by
33% to ZW$112.15 trillion from ZW$84.55
trillion recorded in the previous quarter.
Similarly, NPS volumes increased by 18% to
198.17 million from 167.41 million during the
same period.

2.
INTERNATIONAL DEVELOPMENTS

The global economy is estimated to have grown
by 3.1 percent in 2023 and is projected to remain
at 3.1 percent in 2024. The subdued economic
growth is due to the decision by most central
banks to increase interest rates to combat
inflation, the reduction in fiscal support given the
burden of high debt, and sluggish growth in
underlying productivity. On the inflation front,
global headline inflation declined from 6.9
percent in 2023 to 5.8 percent in 2024. Restrictive
monetary policy is envisaged to play a significant
role in the reduction of global inflation.

Table 1 shows the global and regional economic
growth rates and outlook.

Growth in 2023 for advanced economies was
estimated at 1.6% and projected at 1.5% in 2024.
This revision was driven by stronger-thanexpected growth in the second half of 2023 by the
United States, which was partially offset by
weaker growth in the Euro area. The Euro area is
expected to experience an increase in growth,
from 0.5% in 2023 to 0.9% in 2024 and further to
1.7% in 2025. Similarly, the United Kingdom is
anticipated to see a modest growth rise, from
0.5% in 2023 to 0.6% in 2024, as the adverse
effects of high energy prices diminish.


Table 1: Global and Regional Economic
Growth & Outlook (%)
Region/Country

Est.

Est

Proj
World Output
3.5
3.1
3.1
Advanced
Economies
2.6
1.6
1.5
USA
1.9
2.5
2.1
Euro-Area
3.4
0.5
0.9
United Kingdom
4.3
0.5
0.6
Emerging Markets
& Developing
Economies
4.1
4.1
4.1
Emerging and
Developing Asia
4.5
5.4
5.2
China
3.0
5.2
4.6
India
7.2
6.7
6.5
Emerging and
Developing Europe
1.2
2.7
2.8
Russia
-1.2
3.0
2.6
Sub Saharan
Africa
4.0
3.3
3.8
Nigeria
3.3
2.8
3.0
South Africa
1.9
0.6
1.0
Source: IMF World Economic Outlook (WEO): January
2024 Update

Growth in emerging markets and developing
economies is expected to remain at 4.1% in 2024.

Growth in Russia is anticipated at 2.6 percent in
2024, largely on account of high military
spending and private consumption, supported by
wage growth in a tight labour market.

Growth in sub-Saharan Africa is projected to
increase from an estimated 3.3 percent in 2023 to
3.8% in 2024. The growth will mainly be driven
by improvements in external conditions and
falling inflation in the region.

Downside risks to global growth remain elevated
amid the conflict in Gaza, which could escalate
further into the wider region, The Middle East
produces about 35 percent of the world’s oil
exports and 14 percent of its gas exports.
Additionally, persistent core inflation, faltering
growth in China, and a disruptive turn to fiscal
consolidation could also negatively affect global
growth.

INTERNATIONAL COMMODITY PRICE
DEVELOPMENTS
International
commodity
prices
for
most
commodities softened during the fourth quarter of
2023, except for gold prices. A stronger U.S.
dollar largely weighed down international
commodity prices on the global market. Table 2
shows the developments in prices of selected
commodities, during the quarter under analysis.

Table 2: International Commodity Prices:
October to December 2023

Gold
Platinum
Palladium
Nickel
Lithium
Crude
Oil

US$/oz
US$/oz
US$/oz
US$/tonne
US$/tonne
US$/barr
el

Q3
Averag
e

Oct-23

Nov-23

Dec-23


Q4
Averag
e

Quarter
ly
Change
s (%)

Source: World Bank and Bloomberg, 2023
Precious Metals
Gold prices rose by 2.3%, from an average of
US$1,929.19 per ounce in the third quarter of
2023 to US$1,974.33 per ounce in the fourth
quarter of 2023. The prices of the precious metal
rose on prospects that the Federal Reserve would
begin lowering interest rates in early 2024.

Platinum prices retreated by 1.9% to US$913.32
per ounce during the fourth quarter of 2023, from
US$931.27 per ounce recorded in the prior
quarter. Platinum prices remained subdued, due
to low industrial demand prospects emanating
from a slowdown in manufacturing activities.

Palladium prices significantly declined by 14.8%,
from US$1,248.65 per ounce during the third
quarter to US$1,064.41 per ounce, during the
fourth quarter of 2023. The drop in palladium
prices was attributable to strong investor
perception of excess palladium supply, in the face
of weakening global demand.

The developments in precious metal prices for the
period from December 2022 to December 2023
are shown in Figure 1.

Figure
1:
Precious
Minerals
Prices
(US$/ounce):
December

–
December 2023
Source: Bloomberg, 2023
Base Metals
During the fourth quarter of 2023, copper prices
decreased by 1.8%, from US$8,404.80 per tonne
during the third quarter of 2023 to US$8,251.34
per tonne. The retreat in copper prices was
primarily driven by weak global growth prospects
in 2023 and 2024.

Nickel prices retreated by 15.3%, from an average
of US$20,616.49 per tonne during the third
quarter of 2023 to US$17,457.10 per tonne,
during the quarter under analysis. Figure 2 depicts
developments in base metal prices in 2023.


Figure 2: Base Metal Prices (US$/tonne):
December 2022 – December 2023
Source: Bloomberg, 2023
Lithium
Lithium prices recorded a sharp decline of 42.4%,
from an average of US$35,924.82 per ounce
during the third quarter of 2023 to US$20,702.31
per ounce during the fourth quarter of 2023. The
decline was attributable to weaker demand for
electric cars in China and other markets. Figure 3
depicts developments in lithium prices from
February to December 2023.

Figure
3:
Lithium
Prices
(US$/tonne):
February – December 2023
Source: Bloomberg, 2023


Dec-22
Jan-23
Feb-23
Mar-23
Apr-23
May-23
Jun-23
Jul-23
Aug-23
Sep-23
Oct-23
Nov-23
Dec-23
Gold
Platinum (RHS)
Palladium


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

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

Brent Crude Oil
Brent crude oil prices receded slightly in the last
quarter of 2023, underpinned by weak global
economic data. This is despite the potential of the
Israel-Palestine war erupting into a broader
regional conflict. Crude oil prices declined by
3.5%, to an average of US$82.81 per barrel in the
fourth quarter of 2023, as shown in Figure 4.

Figure 4: Brent Crude Oil Prices (US$/barrel):
Dec 2022 – Dec 2023
Source: Bloomberg, 2023
MERCHANDISE
TRADE
DEVELOPMENTS
On a quarter-on-quarter basis, the country’s total
merchandise trade grew by 6.9%, to US$4,613.9
million in the fourth quarter, from US$4,314.6
million in the third quarter of 2023, underpinned
by growth in both exports and imports.

Figure

shows
total
merchandise
trade
developments during the fourth quarter of 2022
and 2023 and the third quarter of 2023.

Figure 5: Quarterly Merchandise Total Trade
(US$m)
Source: Zimstat, 2023

Similarly, compared to the same quarter of 2022,
total merchandise trade increased by 11.1%, from
US$4,153.2 million. The notable growth in total
merchandise trade was attributed to the increase
in the country's merchandise exports and imports.

Merchandise Export Developments
Merchandise exports amounted to US$2,063.8
million during the fourth quarter of 2023, up by
6.9% from the US$1,931.1 million realized in the
preceding
quarter.
Compared
to
the
corresponding quarter in 2022, the country’s
merchandise exports rose by 14.0%, from
US$1,810.4 million. The quarterly export
developments are shown in Figure 6.


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

2022Q2
2023Q3
2023Q4

Figure 6: Quarterly Merchandise Exports in
US$ million
Source: Zimstat, 2023
The growth in merchandise exports during the
fourth quarter of 2023 was primarily driven by the
growth in tobacco exports. On the contrary,
mineral exports remained subdued in the same
quarter, weighed down by depressed global
commodity prices. In addition, the slowdown in
gold deliveries to Fidelity Refiners during the
fourth quarter had a knock-on effect on gold
exports. Similarly, manufactured exports were
generally subdued largely due to a combination of
domestic supply-side rigidities and international
competitiveness
factors.
Table

shows
developments in the country’s exports for the
third and fourth quarters of 2023.


Table 3: Quarterly Merchandise Exports
(US$ million)

2023Q3
(USm)
2023Q4
(USm)
Changes
(%)
Share of
Exports
(%)
Total
1,931.10
2,063.80
6.9

Of Which


Tobacco
(Incl.
cigarettes)

Gold

PGMs*

Ferro-chromium

Industrial
diamonds

Chromium
ores
and concentrates

25.2
25.9
1.2
Coal

22.8
-32.9
1.1
Cotton
14.9
21.1
41.1

Crocodiles
4.4

242.7
0.7
Cane sugar

*PGMs Include Nickel mattes, nickel ores & concentrates
and platinum
Source: Zimstat & RBZ Calculations 2023

Major Merchandise Export Destinations
During the quarter under review, most of the
country's exports were shipped to China and the
United Arab Emirates, absorbing 28.7% and
24.5% of the country's total exports, respectively.
In
the
Southern
African
Development
Community (SADC) region, South Africa
accounted for 22.5% of the country's exports,
Mozambique, 5.6% and Zambia 2.9% during the
period under review. Figure 7 shows the
country’s top export destinations, during the
quarter under analysis.


1,810.4
1,931.1
2,063.8
2022Q4
2023Q3
2023Q4

Figure
7:
Major
Merchandise
Export
Destinations (% Share)

Source: ZIMSTAT & RBZ Computation 2023
Merchandise Import Developments
The country’s merchandise imports during the
quarter of 2023 stood at US$2,550.1 million, up
by 7.0%, from the US$2,383.5 million recorded
in the third quarter of 2023. Compared to the
fourth quarter of 2022, the country’s import bill
increased by 8.8%, from US$2,342.8 million.
Figure

shows
merchandise
import
developments for the fourth quarters of 2022 and
2023 and the third quarter of 2023.


Figure 8: Quarterly Merchandise Imports
(US$ million)
Source: ZIMSTAT, 2023
The country’s imports were primarily dominated
by energy imports, particularly diesel and petrol.
Food imports also contributed a significant
portion of the fourth quarter import bill. Table 4
shows
quarterly
merchandise
import
developments by commodity for the third and
fourth quarters of 2023.


China
United Arab Emirates
South Africa
Mozambique
Belgium
Zambia
Hong Kong
Viet Nam
India
Indonesia
2,342.8
2,383.5
2,550.1
2022Q4
2022Q3
2023Q4

Table 4: Quarterly Merchandise Imports
(US$ million)

2023Q3
(US$M)
2023Q4
(US$M)
Changes
(%)
Share of
Imports
(%)
Total
2,383.50
2,550.10
7.0

0f Which


Diesel

Leaded
petrol

122.3
-1.3
4.8
Maize

89.1
709.3
3.5
Fertilisers

Crude
soya bean
oil

Rice

Electricity

34.3
7.3
1.3
Wheat

Source: ZIMSTAT & RBZ Computations 2023

Major Import Sources
The country’s imports for the fourth quarter of
2023 were mainly sourced from South Africa
(37.9%), China (11.5%), Bahrain (7.6%), as
shown in Figure 9.

Figure 9: Major Merchandise Import Sources
(% Share)
Source: ZIMSTAT & RBZ Computations 2023
TRADE BALANCE
The country’s trade balance widened from a
deficit of US$452.4 million in the third quarter of
2023 to a deficit of US$486.3 million, during the
reporting quarter. Relative to the corresponding
quarter in 2022, the country’s trade deficit
narrowed from US$532.4 million to US$486.3
million in the reporting quarter. Figure 10 depicts
the country’s trade balances for the fourth quarter
of 2022 and the third and fourth quarters of 2023.

Figure 10: Merchandise Trade Balance (US$
million)
Source: Zimstat & RBZ Computations-2023


South Africa
China
Bahrain
Russian Federation
Bahamas
Mozambique
Mauritius
India
United Arab Emirates
Zambia

2022Q4
2023Q3
2023Q4
Exports
Imports
Trade Balance

3.
DOMESTIC ECONOMIC
DEVELOPMENTS

REAL SECTOR DEVELOPMENTS
During the fourth quarter of 2023, economic
activities picked up, particularly in mining,
tourism, construction, electricity and Information
and Communication Technology sectors.

AGRICULTURE
The agriculture sector is estimated to have grown
by 11.1% in 2023, supported by strong positive
performance in the crop subsectors such as
tobacco, wheat, and cotton. The livestock
subsector is also anticipated to have grown
moderately with output growth across most
livestock classes.
Rainfall outturn
According to the Meteorological Services
Department (MSD), the first half of the 2023/24
season was characterised by late onset of effective
rainfall, resulting in late planting of crops in most
areas of the country. This was despite the early
rains received in October 2023, which were
poorly distributed in space and time.
The MSD maintained a forecast of average to
below average rainfall across the whole country
for the second half of the season.
Tobacco
By the end of December 2023, the area planted
under tobacco was estimated at 103 652 hectares,
4.82% lower than the 108 897 hectares planted by
the same period in 2022. This was partially
attributable to the late onset of the rains resulting
in the late establishment of the crop. The irrigated
crop at 19 202 hectares accounted for about
18.53% of the total area planted. Table 5 shows
the area planted by year-end in 2022 and 2023.

Table 5: Planted Tobacco (Ha) by December

Season
Irrigated
Dryland
Total

Source: Tobacco Industry and Marketing Board, 2024
Livestock
The livestock sector performed significantly
better in 2023 compared to 2022, determined by
the increased animal slaughter figures from
registered abattoirs.

Table 6 shows cumulative formal sector
slaughters of cattle; pigs; and sheep and goats in
2022 and 2023.

Table 6: Cumulative Livestock Slaughters in
2022 and 2023.

Cattle
Pigs
Sheep
and
Goats

341 892
229 099
10 376

367 306
242 288
11 186
Variance
7.43
5.76
7.81
Source: Ministry of Lands, Agriculture, Fisheries, Water,
and Rural Development, 2024.

The improvement in meat output across all
livestock classes was attributed in part to ready
availability of grazing, feeds and water and
improvement in disease management by farmers.
The persistently high cost of stock feeds,

however, continues to impact negatively on
livestock enterprises viability.
Cattle
During the fourth quarter of 2023, a total of
95 170 cattle were slaughtered at formal abattoirs,
8.77% up from the 87 500 head slaughtered in the
same period in 2022. The slaughters were also
2.24% above the performance of the third quarter
of 2023. The increase in slaughters was attributed
to forced offtake in anticipation of the forecasted
El-Nino induced drought in the 2023/24 season.
Table 7 shows the quarterly cattle slaughters in
2022 and 2023.

Table 7: Quarterly Cattle Slaughters

%
Change
Q1
81 249
87 325
7.51
Q2
82 323
91 698
11.39
Q3
90 820
93 086
2.5
Q4
87 500
95 170
8.77
Total
341 892
367 306
7.43
Source: Ministry of Lands, Agriculture, Fisheries, Water,
and Rural Development, 2024.
Pigs
Pig slaughters during the fourth quarter of 2023
stood at 62 516 head an increase of 4.87% from
the performance in the preceding quarter and
rising by 2.45% from the same period in 2022.
The fourth quarter production brought cumulative
slaughters to 242 288 heads in 2023, up 5.76%
from pig slaughters in 2022. Table 8 shows the
formal sector pig slaughter trends in 2022 and
2023.


Table 8: Quarterly Pig Slaughters

%
Change
Q1
55 440
61 384
10.72
Q2
54 647
58 773
7.55
Q3
57 992
59 615
2.8
Q4
61 020
62 516
2.45
Total
229 099
242 288
5.76
Source: Ministry of Lands, Agriculture, Fisheries, Water,
and Rural Development, 2024.

Milk Production
Fresh milk output has registered progressive
quarter-on-quarter growth since 2022, with
output in the last quarter of 2023 reaching 27.91
million litres, from 26.01 million litres in the
preceding quarter. The 2023 fourth-quarter
output also compares favourably to the 24.54
million litres produced in the last quarter of 2022.
Figure 11 shows the quarterly milk output trend
since 2021.

Figure 11: Quarterly Fresh Milk Output
(litres)
Source: Ministry of Lands, Agriculture, Fisheries, Water,
and Rural Development, 2024.
The consistent positive performance of the dairy
sector is attributed to fruition of investment in the

Q1
Q2
Q3
Q4
Millions

sector through various initiatives by government
and development partners aimed at increasing the
size of the dairy herd and improving cow
productivity.

MINING
The mining sector registered mixed performance
during the last quarter of 2023, compared to both
the preceding quarter and the comparable quarter
in 2022. Key minerals namely lithium, chrome,
diamonds, and cobalt showed strong performance
when compared to the previous quarter, while
gold,
platinum,
palladium,
and
nickel
underperformed.

Table 9 shows mineral performances for 2023 by
quarters.
Table 9: Quarterly Mineral Output Statistics

Q4 2023
Q3 2023
Q2 2023
Gold (kg)
8,197.50
8,601.77
8,567.94
Platinum (kg)
4,847.85
4,828.60
4,750.91
Palladium (kg)
3,936.07
3,990.65
3,973.28
Rhodium (kg)
421.56
419.66
415.62
Diamond (cts)
1,229,677.20
1,035,905
1,204,805
Chrome (MT)
344,941.71
248,176
274,978.30
Nickel (MT)
3,881.53
4,642.77
4,312.92
Lithium (MT)
1,400,844
113,292
24,376
Phosphate (T)
3,512

5,594
Granite (MT)
553,189.90
284,910.60
156,402.50
Source: Ministry of Mines, 2024


Gold
Gold output in the last quarter of 2023 stood at
8,197.50 kgs, which was 5% lower than the
8,601.77 kgs produced in the third quarter of
2023. Output for the fourth quarter of 2023 was
also 19% lower than the corresponding quarter in
the previous year. Cumulative gold deliveries to
FPR from the second to the fourth quarter in 2023
are shown in Table 10.

Table 10: Cumulative Gold Deliveries to FPR
for 2023 (kgs)

Q2
Q3
Q4
Total
Primary
producers/kg

Small Scale
producers/kg

Total

Source: FPR, 2024

During the fourth quarter of 2023, small-scale
producers accounted for 62% of gold deliveries
whilst primary producers accounted for 38%.

Platinum Group of Metals (PGMs)
PGM output recorded mixed growth with
Platinum and Rhodium recording marginal gains
while palladium recorded a decline during the
fourth quarter of 2023 compared to the third
quarter of 2023. Figures 12 and 13 shows trends
in output from major PGMs from the fourth
quarter of 2022 to the fourth quarter of 2023.

Figure 12: Quarterly Trends in Platinum and
Palladium Output
Source: Ministry of Mines, 2024
Rhodium output amounted to 421.56 kgs in the
fourth quarter of 2023 from 419.66 kgs realised in
the third quarter of 2023. This also represents a
4% increase from 405.26 kg produced during the
corresponding quarter in 2022.

Figure 13: Quarterly Trends in Rhodium
Output in Kgs
Source: Ministry of Mines, 2024
Despite the threats of declining revenues due to
depressed commodity prices, platinum mining
houses remain steadfast in their investments to
support mine development, exploration and
improvement in operational efficiency to sustain
PGMs output.
Notable investments by platinum houses during
the quarter under review included establishment
of new concentrator plant, refurbishment of
plants, construction of solar power plants,
construction of furnaces and storage facilities.

Nickel
Nickel output at 3,881.53 tonnes in the last
quarter of 2023, was 16.4% lower than the output
produced in the third quarter of 2023, as shown in
Figure 14.

Figure 14: Quarterly Trends in Nickel Output
(mt)
Source: Ministry of Mines, 2024
Nickel production benefited from PGMs who
ramped up production on account of low
international prices in a bid to mitigate against
falling revenues.

Diamond
Diamond output for the fourth quarter of 2023 at
1.229 million carats was 18.7% up from 1.035
million carats produced during the third quarter of
2023. However, this was 19.5% lower than the


Q4 22
Q1 23
Q2 23
Q3 23
Q4 23
Platinum
Palladium

Q1 22
Q2 22
Q3 22
Q4 22
Q1 23
Q2 23
Q3 23
Q4 23


Q4 22
Q1 23
Q2 23
Q3 23
Q4 23

fourth quarter of 2022 production, as shown in
Figure 15.

Figure 15: Quarterly Trends in Diamond
Output, measured in Carats:
2022-2023
Source: Ministry of Mines, 2024
Diamond benefitted from the ramping up of
production driven by increased investments in
mining and processing capacity.

Chrome
Chrome ore output amounted to 344 941.7 tonnes,
surpassing output in the comparable period in
2022 and in the third quarter of 2023 by 87.4%
and 38.9% respectively. Increase in production of
chrome ore was largely driven by higher demand
of the mineral in the fourth quarter of 2023 and
improved international prices compared to
previous periods. Figure 16 shows development
in the chrome ore output performance.

Figure 16: Quarterly Trends in Chrome Ore
Output (tonnes)
Source: Ministry of Mines, MMCZ, 2024

TOURISM
Growth in the tourism sector during the fourth
quarter of 2023 was mainly on account of
increased tourist arrivals from the region owing to
the ongoing global tourism recovery and
improved accessibility to Zimbabwe.

Tourist Arrivals
Tourist arrivals in Zimbabwe grew by 4.13%
during the fourth quarter of 2023 from 494 878
during the third quarter of 2023 to 515 336 in the
fourth quarter of 2023. The increase was due to
rebound in global travel, which had seen recovery
in tourism from COVID, as shown in Table 11.


Q4 22
Q1 23
Q2 23
Q3 23
Q4 23


Q4 22
Q1 23
Q2 23
Q3 23
Q4 23

Table 11: Quarterly Tourist arrivals

Q1:2023 Q2:2023 Q3:2023 Q4:2023
Africa


America


Asia


Europe


Middle
East


Oceania


TOTAL


Source: ZTA, 2024
During the fourth quarter of 2023, the highest
numbers of tourist arrivals were from Africa.
Arrivals from Europe improved by 11.68% from
66 482 during the third quarter to 74 252 during
the fourth quarter of 2023. Arrivals from America
and Middle East, during the fourth quarter of
2023, however, declined by 1.76% and 32.05%,
respectively.

Monthly tourist arrivals were consistently higher
in 2023 compared to 2022 as depicted in Figure
17.

Figure 17: Monthly Tourist Arrivals in 2022
and 2023

Source: ZTA, 2024
Tourism Receipts
Tourism receipts are estimated to have risen by
57% from US$272.26 million in the third quarter
of 2023 to US$428.42 million in the fourth
quarter of 2023. The positive trend was reflective
of the rise in arrivals in major source markets.
Figure 18 shows the trend in monthly tourism
receipts in 2023.

Figure 18: Tourism Receipts January to
September (US$m)

Source ZTA, 2024

Jan
Feb
March
April
May
June
July
Agust
September
October
November
December

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

ELECTRICITY
Power generation during the fourth quarter of
2023 surged by 27.3% to 2 222.7 GWh from
1 745.7 GWh recorded in the same period in
2022. This increase was partially attributed to the
recently expanded Hwange power station
(Hwange units 7 and 8) and the partial increase in
production by Independent Power Producers
(IPPs).

The major contributors of power generation
during the quarter under review were Hwange
Power Station, Kariba and IPPs with 51.31%,
43.06% and 4.18% respectively. Table 12 shows
power production statistics from the major power
stations and IPPs in 2023.

Table 12: 2023 Quarterly Power Output
(GWh)
Station
Q1
Q2
Q3
Q4
Kariba
1 599
1 105
1 093

Hwange

1 541
1 448
Bulawayo

3.5
3.8
(1.0)
Munyati

9.9
6.5
(1.5)
Harare

6.8
11.6
(3.8)
IPPs

92.3
Source: ZPC, ZERA, 2024
Energy mix
Electricity generation from hydropower plants
declined to 693.1GWh during the fourth quarter
from 1 107.98GWh during the previous quarter,
due to a decline in water levels at Kariba. On the
contrary, thermal power output increased by 9.3%
from 660.6GWh in the third quarter of 2023 to
666.7GWh in the fourth quarter of 2023.

Figure 19: Quarterly Energy mix

Source: ZERA, ZPC 2024
INFLATION DEVELOPMENTS
Headline inflation increased from 18.36% in
September 2023 to 26.52% in December 2023.
Inflationary
pressures
emanated
from
depreciation of local currency and higher markups during the festive season.
Annual food inflation accelerated from 23.12% in
September 2023 to 38.26% in December 2023.
The rise in food prices was partially attributed to
the short supply of grain during the fourth quarter
of 2023.

Annual non-food inflation also increased from
16.3% in September 2023, to 21.52% in
December 2023. The increase in non-food
inflation
mainly
reflected
adjustments
in
administered
prices
for
housing,
water,
electricity, gas and other fuels, transport, and
communication subsectors. Figure 20 shows the
annual inflation developments since June 2022.

HYDRO
POWER
SOLAR
THERMAL
POWER
Q3
Q4

Figure 20: Annual Inflation Profile (%)

Source: ZIMSTAT, 2023
Monthly inflation increased during the fourth
quarter of 2023, rising from 0.95% in September
2023 to 4.70% in December 2023. The increase
in monthly inflation was largely driven by the
food component which rose from 1.05% to 8.64%
over the same period. Figure 21 shows the
monthly inflation developments since December
2021.
Figure 21: Monthly inflation Profile (%)

Source: ZIMSTAT, 2023

4.
MONETARY DEVELOPMENTS

Broad money stock (M3) stood at ZW$18 914.59
billion in December 2023, compared to ZW$15
714.07 billion recorded in September 2023. The
growth reflected quarterly expansion of ZW$1
949.85 billion (72.52%) and ZW$1 250.67 billion
(9.60%) in local currency and foreign currency
components of broad money, respectively.

Foreign currency deposits accounted for 75.48%
of broad money, followed by local currency
deposits, at 24.46%; while currency in circulation
constituted the balance of 0.07%. Figure 22
shows developments in the components of broad
money and annual growth rates.

Figure 22: Broad Money Developments
Source: Reserve Bank of Zimbabwe, 2023


Jun-22
Aug-22
Oct-22
Dec-22
Feb-23
Apr-23
Jun-23
Aug-23
Oct-23
Dec-23
All Items
Food and non alcoholic beverages
Non food

Dec-21
Mar-22
Jun-22
Sep-22
Dec-22
Mar-23
Jun-23
Sep-23
Dec-23
Food
Non Food
All Items


ZW$ Billion
Currency in Circulation
Foreign currency deposits
Local currency deposits
Annual Growth

Domestic Credit

Domestic credit registered a quarter-on-quarter
growth of 26.57%, from ZW$13 243.83 billion in
September 2023 to ZW$16 814.57 in December
2023. The growth was largely driven by an
increase of ZW$2 180.77 billion in net claims on
Government, from a position of ZW$2 606.21
billion in September 2023 to ZW$4 786.98
billion. Credit to the other sectors of the economy
increased, from ZW$10 678.59 billion to ZW$12
027.59 billion, during the period under review.

Households and agriculture accounted for
25.91% and 14.34% of the outstanding total credit
to
the
private
sector,
respectively.
The
manufacturing and distribution sectors received
15.64% and 11.36% of the total credit,
respectively. Private sector credit shares by
economic sectors are shown in Figure 23.
Figure 23: Distribution of Private Sector
Credit.
Source: Reserve Bank of Zimbabwe. 2023
Credit to the private sector was largely utilized for
recurrent expenditures, 38.91%; inventory buildup, 24.12%; and fixed capital investments,
13.58%.

Interest Rates

During the quarter ending December 2023,
nominal lending rates quoted by banks on local
currency-denominated loans ranged between
75% and 155% during the fourth quarter of 2023.
Time deposit rates for 90-days, 360-days
averaged 56.03% and 66.07%, respectively. The
savings rates were quoted between 30% and 50%,
during the period under review, as shown in
Figure 24.

Figure 24: Interest Rates on Local Currency
Financial Assets (%)

Lending rates for foreign currency denominated
loans advanced to individuals ranged between
7.00% and 18.00% per annum. Foreign currency
lending interest rates for corporate clients ranged
from a minimum of 5.00% to a maximum of
20.00%.
Households
25.91%
Agriculture
14.34%
Mining
12.73%
Manufacturing
15.64%
Distribution
11.36%
Construction
1.89%
Transport &
Communica
tions
2.71%
Services
9.10%
Financial Org.
& Investments
6.31%
Other

Feb-22
Apr-22
Jun-22
Aug-22
Oct-22
Dec-22
Feb-23
Apr-23
Jun-23
Aug-23
Oct-23
Dec-23
90 Deposit Rates
Max Weighted Lending Individuals
Max Weighted Lending - Corporate
Policy Rate

5.
STOCK MARKET DEVELOPMENTS

ZIMBABWE STOCK EXCHANGE (ZSE)

During the quarter that ended December 2023, the
Zimbabwe Stock Exchange (ZSE) recovered
from losses recorded during the third quarter of
2023. Investor interest was largely concentrated
in some selected wealth-preserving counters. As
a result, all indices registered gains, with the All
Share, Top 10, Medium Cap and Small Cap
indices adding 66.48%, 59.27%, 84.83% and
85.53% to close at 210 833.92 points, 90 085.91
points, 920 516.25 points and 5 483 703.77
points, respectively.
The resource index also added 15.94% to close at
145 542.27 points during the quarter under
review, compared to 125 531.67 points recorded
in the third quarter of 2023.

On a year-on-year basis, the All Share, Top 10,
Medium Cap and Small Cap indices gained
981.54%, 631.74%, 2 412.16% and 1 113.06%,
respectively. The mining index also added
471.03%, from 25 487.77 points recorded in
December 2022.

Figure 25 shows the developments of the ZSE All
Share, Top 10 and Mining indices for the period
December 2022 to December 2023.

Figure 25: ZSE All Share, Top 10 and Mining
Indices
Source: Zimbabwe Stock Exchange, 2023


Market Turnover

In tandem with the bullish sentiments exhibited
on the local bourse during the quarter ending
December 2023, the ZSE turnover value
increased by 14.58% to ZW$196.37 billion
despite a 19.91% decline in volume of shares
traded, amounting to 481.67 million shares.


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
31-Oct-23
30-Nov-23
31-Dec-23
All Share Index
Top 10 Index
Mining Index

Figure 26: ZSE Market Turnover

Source: Zimbabwe Stock Exchange, 2023
Foreign investor participation, as measured by its
contribution to the value of shares traded
worsened to 1.15% in the fourth quarter of 2023,
compared to 2.90% recorded in the third quarter
of 2023.

Market Capitalisation

Improved trading activity on the ZSE during the
last quarter of 2023 resulted in market
capitalization gaining 70.28% to close at ZW$16
812.91 billion, compared to ZW$9 873.49 billion
recorded in the previous quarter. On a year-onyear basis, the ZSE capitalization added 722.20%,
from ZW$2 044.87 billion recorded in December
2022.

Figure 27 shows development of market
capitalization for the period 31 December 2022 to
31 December 2023.
Figure 27: ZSE Market Capitalisation (ZW$
billion)

Source: Zimbabwe Stock Exchange, 2023

VICTORIA FALLS STOCK EXCHANGE
(VFEX)

VFEX All Share index lost 5.18% close at 70.64
points, from 74.50 points recorded in September
2023. On an annual basis, the VFEX All Share
index lost 25.50%, from 94.83 points recorded in
December 2022, as shown in Figure 28.


Dec-22
Feb-23
Apr-23
Jun-23
Aug-23
Oct-23
Dec-23
VALUE TRADED ($ MILLIONS)
VOLUME TRADED (MILIONS)
Volume
Value


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
31-Oct-23
30-Nov-23
31-Dec-23

Figure 28: Victoria Falls Stock Exchange All
Share Index

Source: Victoria Falls Stock Exchange, 2023
VFEX Capitalization
During the quarter that ended December 2023,
market capitalization declined by 5.18%, or
US$65.97 million to US$1.21 billion, compared
to US$1.27 billion recorded in the third quarter of
2023. On an annual basis, however, market
capitalization added 172.13%, from US$0.44
billion recorded in the comparable period in 2022.

Figure 29: 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)
during the fourth quarter ended 31 December
2023 increased by 33% to ZW$112.15 trillion
from ZW$84.55 trillion recorded during the
previous quarter ended 30 September 2023.
Similarly, NPS volumes increased by 18% to
198.17 million from 167.41 million during the
same period.

Table 13 provides the statistical information on
various payment streams for the quarters ending
September and December 2023.


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
31-Oct-23
30-Nov-23
31-Dec-23

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
31-Oct-23
30-Nov-23
31-Dec-23

Table
13:
Consolidated
Transactional
Activities
Values in ZW Trillions
Payment
Stream
Q3 2023
Q4 2023
Change
Proportion
RTGS

POS

ATMS

Mobile

Internet

TOTAL

Volumes in millions
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 28.23% from
ZW$54.51 trillion to ZW$69.90 trillion during
the fourth quarter of 2023. The volume of
transactions also rose marginally by 0.1% to 2.8
million during the fourth quarter of 2023, as
shown in Figure 30.
Figure 30: Values and Volumes of RTGS
Transactions
Source: Reserve Bank of Zimbabwe, 2023
Retail Payments

Figures 31 and 32 show the trend in the values
and volumes of retail transactions from quarter
one of 2022 to the fourth quarter of 2023.

The aggregate values of retail transactions
increased by 40.67% from ZW$30.04 trillion in
September 2023 to ZW$42.26 trillion during the
quarter ending 31 December 2023. The retail
volumes increased by 18.68% to 195.37 million
during the period.

2022 Q1
2022 Q2
2022 Q3
2022 Q4
2023 Q1
2023 Q2
2023 Q3
2023 Q4
Trillions
Millions
Values
Volumes

Figure 31: Retail Transaction Values
Source: Reserve Bank of Zimbabwe, 2023
Figure 32: Retail Transaction Volumes
Source: Reserve Bank of Zimbabwe, 2023


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

The value of collateral for Cheque Clearing,
Zimswitch, and Central Securities Depository
(CSD)
settlement
systems
increased
to
ZW$139.84 billion during the fourth quarter of
2023 from ZW$98.12 billion recorded in the
previous quarter. The increase was due to a 51%
rise in Zimswitch collateral following the growth
in the value of transactions. Figure 33 shows the
balances for the individual collateral accounts.

Figure 33: Collateral Amounts (ZW$) from
Mar 2022 to Dec 2023
Source: Reserve Bank of Zimbabwe, 2024
The Victoria Falls Stock Exchange Limited
(VFEX) foreign currency collateral for the quarter
ending 31 December 2023 was US$ 24,251.47. It

2022 Q1
2022 Q2
2022 Q3
2022 Q4
2023 Q1
2023 Q2
2023 Q3
2023 Q4
Mobile Values in Trillions
Other Retail Values in Trillions
POS
ATMS
INTERNET
MOBILE

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

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

BILLIONS
Clearing
Zimswitch
CDC

remained stable and adequately covered the risk
levels associated with the platform’s transactional
activities.

ACCESS POINTS AND DEVICES

Table 14 shows the access points and devices
from the third quarter of 2022 to the fourth quarter
of 2023.

Table 14: Payment Systems Access Points and
Devices
Payment System Access Points

Q1 2023
Q2 2023
Q3 2023
Q4 2023
Mobile
Banking
Merchants

ATMs

POS

Payment Systems Access Devices
Debit
Cards

Credit
Cards

Prepaid
Cards

Mobile
Banking
Subscribers

Internet
Banking
Subscribers

Source: Reserve Bank of Zimbabwe, 2024


The ordinary POS population increased to
137,988 from 137,380 during the quarter under
review.

There were 8.80 million active mobile financial
services subscribers registered in the period under
review, an increase of 8.01% from 8.15 million
recorded in the quarter of 2023.

RESERVE BANK OF ZIMBABWE
FEBRUARY 2024


STATISTICAL TABLES
1. Depository Corporation Survey 36
2. Central Bank Survey 37
3. Other Depository Corporation Survey 38

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

4.2.Reserve Bank: liabilities 40


5. Other Depository Corporation
5.1.Other Depository Asset 41
5.2.Other Depository Liabilities 42

6. Commercial Banks
6.1.Commercial Banks: Assets

6.2.Commercial Banks: Liabilities

7. Building Societies


7.1.Building Societies: Assets

7.2.Building Societies: Liabilities 46


8. Sectoral Analysis of Commercial Banks
8.1.Sectoral Analysis of Commercial Banks’ Loans and Advances 47
8.2.Sectoral Analysis of Commercial Bank’s Deposits

9. National Payment Systems


9.1.Values of Transactions

9.2.Volumes of Transactions

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

10.2. Deposit Rates 50


11. Stock Exchange Indices

12. Inflation


12.1. Monthly Inflation

12.2. Quarterly Inflation

12.3. Annual Inflation

13. Balance of Payments
13.1. Cross Border Payments

13.2. Cross Border Receipts

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

Central Bank(net)
-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 -21,258,160,390.19 -21,996,099,754.12 -22,877,516,536.28
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)
-2,752,119,965.08 -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 -20,151,231,734.56 -20,908,287,596.32 -21,083,287,130.17
Shares and Other Equity
-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 -17,032,283,456.63 -17,122,059,892.58 -17,570,066,635.33
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 CORPORATI

Dec-22
Jan-23
Feb-23
Mar-23
Apr-23
May-23
Jun-23
Jul-23
Aug-23
Sep-23
Oct-23
Nov-23
Dec-23
Net Foreign Assets
-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 -21,258,160,390.19 -21,996,099,754.12 -22,877,516,536.28
Claims on Non Residents

Official Reserves Assets

Other Foreign Assets

Less Liabilities to Non Residents

Short Term Liabilities

Other Foreign Liabilities*

of which blocked funds

Net Domestic Assets (NDA)

Domestic Claims

Net Claims on Central Government

Claims on Central Government

Of which: Securities Other than Shares

Loans

Loans and Advances

Legacy Debt

Export Incentives

Less Liabilities to Central Government

Of which: Deposits

Other

Claims on Other Sectors

Other Financial Corporations

State and Local Government

Public Non Financial Corporations

Private Sector

Claims on Other Depository Corporations

Of which: Loans

Other Liabilities to ODCs

Of which: Aftrades Balances

Securities

Other Items(Net)
-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 -23,478,665,250.56 -24,801,814,491.19 -25,648,587,744.63
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
NB: * Other Foreign Liabilities include blocked funds amounting to USD2.2 billion assumed by the Central Bank on behalf of Government.
TABLE 2: CENTRAL BANK SURVEY (ZWL$'000)

Dec-22
Jan-23
Feb-23
Mar-23
Apr-23
May-23
Jun-23
Jul-23
Aug-23
Sep-23
Oct-23
Nov-23
Dec-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)
1,849,663,031.57 2,086,330,268.75 2,151,497,989.83 2,436,728,709.28 2,776,123,933.49 5,305,321,211.88 10,381,649,903.19
9,339,710,968.86
9,929,068,164.23 11,838,030,324.64 13,078,743,914.01 13,788,565,015.66 14,986,724,817.13
Domestic Claims
1,560,712,801.46 1,833,685,570.36 2,076,642,721.56 2,344,581,681.58 2,468,884,258.96 5,233,802,367.26 10,666,408,952.84
9,209,603,094.31
9,141,777,182.20 11,119,177,418.85 11,687,725,438.76 12,268,418,987.27 13,976,109,402.78
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
2,328,737,176.16 2,661,127,850.66 2,903,848,419.81 3,181,141,294.55 3,574,645,172.37 7,211,196,961.65 14,248,926,344.43 12,977,295,486.31 13,385,978,575.73 15,694,463,475.53 16,734,016,732.29 17,594,506,233.94 18,880,974,532.07
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

Jul

Aug

Sep

Oct

Nov

Dec

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

Jul

Aug

Sep

Oct

Nov

Dec

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
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
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


Oct
2,425.4

2,312,575.1

5,910,277.9

751,077.6

2,663,186.5


Nov
2,705.3

2,558,589.3

6,324,144.1

730,377.0

2,788,783.6


Dec
3,398.4

2,868,505.6

5,973,706.9

918,524.5

2,631,445.7


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 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

Jul

Aug

Sep

Oct

Nov

Dec

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
1 Local 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

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

21,491,116.14

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

21,494,755.81

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

24,793,895.84

Oct
1,977.18

2,059,471.85

5,625,069.70

562,790.91

2,202,475.21

175,235.94

1,172,130.22

-

-

0.03

10,816.83

98.06

237,525.73

8,864,363.09

153,534.70

958,746.42

1,351,846.54

2,767,099.33

26,143,181.72

Nov
2,295.18

2,278,921.91

5,913,094.15

568,556.41

2,451,981.00

180,229.25

1,337,040.40

-

-

0.03

10,921.42

59.77

238,702.30

9,040,518.08

158,702.11

1,046,256.98

1,702,370.26

2,868,031.98

27,797,681.23

Dec
2,947.49

2,536,437.97

5,489,443.24

657,432.63

2,268,702.96

155,742.88

2,420,663.39

-

-

0.03

12,324.59

73.45

248,699.79

9,507,281.46

255,007.08

1,184,706.91

1,748,495.98

3,349,062.31

29,837,022.16

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

Jul

Aug

Sep

Oct

Nov

Dec


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

Jul
162.7

132017.2
220,995.0

20797.2
459,668.2

32,010.8

105,308.6

0.0
154,472.7

13,777.8

153,638.5

-

697,177.8

209734.6
612,937.8

2,812,698.9

Aug
611.0

105296.6
309,821.7

55744.7
475,838.3

37,447.1

102,495.2

0.0
153,578.2

6,767.5

135,193.3

-

758,439.2

223114.4
564,622.1

2,928,969.2

Sep
949.3

193065.6
339,269.2

41680.1
437,996.0

58,554.5

110,351.3

0.0
161,346.6

4,522.1

153,113.7

-

880,148.8

290026.7
565,616.4

3,236,640.3

Oct
403.8

204713.4
254,684.1

187632.1
440,150.3

65,022.1

97,046.1

0.0
176,111.9

13,771.8

173,523.5

-

829,479.5

345029.3
586,015.6

3,373,583.5

Nov
370.5

222344.7
387,213.2

160896.0
326,510.1

50,688.3

159,225.4

0.0
173,990.9

28,127.2

187,363.3

-

926,663.7

395549.5
595,811.6

3,614,754.5

Dec
403.7

251968.8
457,034.9

261067.9
345,348.0

56,551.7

185,131.1

0.0
166902.0
27,875.9

222,503.1

0.7

973,788.6

507890.9
658,045.7

4,114,512.9

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

Jul

Aug

Sep

Oct

Nov

Dec

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

Jul

Aug

Sep

Oct

Nov

Dec

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

Jul

Aug

Sep

Oct

Nov

Dec

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
Jul
17,859,586.39
-
1,033,836.89 541,445.55 1,620,242.78 6,077,538.29
Jul
942.67
-
8,226.82 1,777.10 42,648.82 993.68
Aug
17,955,865.49
-
1,017,990.47 649,827.89 1,440,537.41 6,244,772.44
Aug
888.00
-
8,434.65 653.58 42,648.82 977.54
Sep
18,690,087.00
-
1,221,725.29 773,363.92 1,672,654.21 7,746,084.35
Sep
964.06
-
9,658.95 703.55 45,148.73 1,061.36
Oct
19,808,639.10
-
1,264,577.16 826,681.17 5,116,902.86 8,661,662.90
Oct
949.14
-
9,449.30 618.97 50,640.61 904.41
Nov
23,685,304.81
-
1,429,269.50 901,515.57 1,999,069.40 9,557,300.70
Nov
924.50
-
9,525.69 623.29 52,332.44 1,048.50
Dec
26,396,219.43
-
1,805,050.47 1,092,682.60 2,604,059.19 10,150,615.33
Dec
924.47
-
11,845.97 776.49 56,450.97 1,026.21
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
Jul
64.00-155.00
77.82
94.80
Jul
30.00
50.00-110.00
Aug
64.00-155.00
77.63
93.18
Aug
30.00
50.00-110.00
Sep
64.00-160.00
76.49
92.69
Sep
30.00
50.00-110.00
Oct
64.00-160.00
71.72
92.43
Oct
30.00
50.00-110.00
Nov
64.00-160.00
70.15
93.15
Nov
30.00
50.00-110.00
Dec
64.00-155.00
69.02
93.77
Dec
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

Jul

Aug

Sep

Oct

Nov

Dec

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

Jul

Aug

Sep

Oct

Nov

Dec

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

Jul

Aug

Sep

Oct

Nov

Dec

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

Jul

Aug

Sep

Oct

Nov

Dec

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
Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23
Merchandise Imports (excl. energy)
359.3

478.6

346.5

427.4

349.4

426.9

369.0

461.7

463.3

462.1

411.0

367.3

344.4

- Consumption Goods
113.7

140.7

82.9

123.5

86.5

107.0

88.1

121.4

123.1

138.9

121.0

101.0

90.7

- Capital Goods
136.5

188.4

136.8

162.7

157.4

170.3

148.8

194.4

181.5

169.3

153.3

146.0

145.0

- Intermediate Goods
109.1

149.5

126.8

141.2

105.6

149.5

132.1

145.9

158.7

153.9

136.7

120.3

108.7

Energy (Fuel & Electricity)
220.7

156.1

148.1

173.4

160.1

181.8

145.9

166.8

165.0

141.5

188.8

161.4

160.0

Service Payments
93.0

76.5

52.7

81.1

73.6

74.1

81.9

89.0

101.1

85.7

84.2

70.0

90.1

- Technical, Professional & consult
52.5

38.3

27.3

33.3

31.5

32.8

38.8

39.5

49.6

42.7

39.9

30.4

51.0

- Software
11.9

5.5

7.7

15.7

11.2

15.0

10.1

11.7

13.9

13.6

11.5

12.2

8.8

- Other (tourism, edu, freight etc)
28.5

32.7

17.7

32.1

30.9

26.3

33.0

37.8

37.6

29.5

32.7

27.4

30.3

Income Payments (Profits, Dividends)
74.4

19.8

11.7

38.7

45.9

17.5

42.5

25.4

28.2

22.9

26.5

30.9

23.9

Capital Remittances (outward)
52.8

110.0

51.9

61.3

98.5

78.0

58.0

91.2

51.9

58.0

106.1

112.6

50.2

- External Loan Repayments
44.5

105.7

48.2

46.7

62.6

60.1

42.9

68.1

46.1

51.2

97.0

97.7

39.4

- Disinvestments
6.5

3.6

2.7

6.9

6.2

13.2

12.9

16.5

4.6

2.1

2.3

7.4

7.7

- Cross Border Investment
1.8

0.7

1.0

7.6

29.7

4.8

2.1

6.6

1.2

4.7

6.8

7.6

3.1

Other Payments
15.4

16.2

16.4

13.6

15.9

32.0

20.6

19.3

22.1

18.7

27.2

28.1

16.9

TOTAL
815.7

857.2

627.2

795.5

743.5

810.3

717.9

853.3

831.6

788.8

843.8

770.2

685.4

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

Jul

Aug

Sep

Oct

Nov

Dec

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