QUARTERLY
ECONOMIC
REVIEW


JUNE 2021

CONTENTS

List of Figures

List of Tables

1.
OVERVIEW


The domestic economic rebound remains solid,
supported by the ongoing macroeconomic
stability and recovery in the global economy to
6.0% in 2021 and 4.9% in 2022, largely on
account of aggressive global vaccine rollouts and
additional fiscal support, mainly in advanced
economies.

Reflecting the solid economic recovery, the
country’s GDP growth projections for 2021 were
revised upwards from 7.4% to 7.8%, largely on
account of the higher than initially projected
positive
performance
in
agriculture.
The
recovery of the domestic economy was
underpinned by the stable macroeconomic
environment, on the back of fiscal and monetary
austerity.

The foreign exchange auction system has
fostered both exchange rate and price stability.
Inflation has thus been declining. Annual
inflation decelerated from 240.55% in March
2021 to end the second quarter of 2021 at
106.64%.

Total merchandise trade stood at US$2,999.0
million in the second quarter of 2021, up by
64.6% from US$1,822.5 million, recorded in the
corresponding quarter in 2020. On a quarterly
basis, the second quarter merchandise trade rose
by 18%, from US$2,540.5 million in the first
quarter to US$2,999.0 million in the second
quarter of 2021.
Broad money stock stood at ZW$302.93 billion in
the second quarter of 2021, up from ZW$234.28
billion recorded in the first quarter. This largely
reflected expansion in time deposits, 51.01%; local
currency transferable deposits, 41.69%; currency in
circulation, 29.60%; and foreign currency deposits,
16.17%. Negotiable certificates of deposits
(NCDs), however registered a 4.97% decline,
during the quarter under review.

On the capital market, bullish sentiments
characterized the Zimbabwe Stock Exchange
(ZSE), during the second quarter of 2021.
Resultantly, all major indices increased. The All
Share, Top 10, Medium Cap and mining indices
gained 37.99%, 21.57%, 60.61% and 16.86% to
close at 6 194.88 points, 3 154.44 points, 17 272.09
points and 6 211.49 points, respectively.

The country’s National Payment System (NPS)
facilitated the processing of transactions worth
ZW$1.584 trillion in the quarter ending 30th June
2021, from ZW$1.216 trillion in the first quarter of
2021,
representing
a
31%
increase.
NPS
transaction volumes increased by 5% to 354.7
million during the quarter under review, from 337.2
million in the first quarter of 2021.

Fiscal developments in the second quarter of
2021 resulted in a budget deficit of ZW$16.7
billion, compared to a surplus of ZW$17.2
billion realised in the first quarter of 2021.

Overall, the economy remains largely on course
in attaining the projected macroeconomic
performance for 2021 and beyond, underpinned
by price and exchange rate stability brought by
the Bank’s conservative monetary targeting
framework and a dependable foreign exchange
auction system.

2. INTERNATIONAL
ECONOMIC
DEVELOPMENTS

Global economic activity is projected to rebound
in 2021, largely bolstered by aggressive vaccine
rollouts and additional fiscal support mainly in
advanced economies. In its update of the World
Economic Outlook (WEO) of July 2021, the IMF
estimates that global economic activity will grow
by 6.0% in 2021. While projections for 2021
remain unchanged from the April update, the
Fund made revisions across advanced, emerging
and developing economies, reflecting the impact
of the pandemic and policy shifts.

In 2022, the global economy is projected to grow
by 4.9%, reflecting additional fiscal support in
advanced economies, particularly in the US and
Europe as well as the anticipated vaccinepowered recovery in the second half of the year.
The challenges that are constraining the
procurement and distribution of vaccines in
developing economies could allow the virus to
mutate further, thereby, posing threats on the
global economic outlook.

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


Table 1: Global Growth & Outlook (%)

(Estimate)

(Projection)
World Output
-3.2
6.0
4.9
Advanced
Economies
-4.6
5.6
4.4
o/w:
United States
-3.5
7.0
4.9

Euro-Area
-6.5
4.6
4.3

Japan
-4.7
2.8
3.0
Emerging
Market
&
Developing
Economies
-2.1
6.3
5.2
Asia
-0.9
7.5
6.4
o/w: China
2.3
8.1
5.7
India
-7.3
9.5
8.5
Sub Saharan
-1.8
3.4
4.1
o/w: Nigeria
-1.8
2.5
2.6
South Africa
-7.0
4.0
2.2
Source: IMF World Economic Outlook, July
2021.
Growth prospects for advanced economies have
been revised upwards for 2021 and 2022, largely
underpinned by the impact of the anticipated
legislation of additional fiscal support in the
second half of 2021, in the United States.

The growth rate for emerging market and
developing economies is expected to be 6.3% in
2021, down from the earlier projection of 6.7%
in April 2021. The revision main reflected the
downward revision in India’s growth, following
a severe second Covid-19 wave, during the
period March to May 2021. In addition, the IMF
downgraded growth prospects for China in 2021
due to the country’s scaling down on public
investment and overall fiscal support.
The Sub-Saharan African region is, however
expected to recover from a real economic decline
of 1.8% in 2020, to a growth of 3.4% in in 2021.
In particular, growths of larger economies in this
region, namely, Nigeria and South Africa, are
expected to recover from -1.8% to 2.5% and from
-7.0% to 4.0%, respectively.
INTERNATIONAL COMMODITY PRICE
DEVELOPMENTS

International
commodity
prices
for
most
minerals were generally firm, during the second
quarter of 2021. Commodity market conditions
were,
largely
influenced
by
economic
developments in the United States, especially by
a weaker US dollar as well as the negative impact
of the Covid -19 pandemic.
Table 2 shows the developments in international
commodity prices for selected commodities,
during the second quarter of 2021.


Table 2: International Commodity Prices


Gold
Platinum
Copper
Nickel
Brent
Crude
Oil

US$/oz
US$/oz
US$/t
US$/t
US$/b
2021 Q1
Average

Apr-21

May-21
1,845.96
1,215.85
10,172.2

17,599.30
68.16
Jun-21

2021 Q1
Average

Source: Bloomberg, BBC, 2021
Precious Metals
Gold prices rebounded during the second quarter
of 2021, due to a weaker US dollar and subdued
U.S. Treasury yields, which rekindled investor
appetite for safe haven assets such as gold. The
price of the yellow metal rose by 0.8%, from a
quarterly average of US$1,799.93 per ounce in
the first quarter of 2021 to US$1,813.93 per
ounce, during the quarter under review.

Platinum prices continued on a positive
trajectory, to average US$1,182.89 per ounce in
the second quarter, representing a 2.1% increase
from US$1,158.86 per ounce realized in the
previous quarter. The increase in platinum prices
was, underpinned by prospects of robust
industrial demand, particularly in the automobile
industry. Figure 1 shows developments in
precious metal prices from February 2020 to June
2021.

Figure
1:
Precious
Mineral
Prices
(US$/ounce)

Source: Bloomberg, 2021

Base Metals
Base metal prices exhibited a mixed trend, during
the second quarter of 2021, as copper prices
strengthened, while nickel prices eased.

Copper prices averaged US$9,708.48 per tonne
in the second quarter of 2021. This was 14.6%
higher than the US$8,473.57 per tonne realised
in the previous quarter. The increase was on
account of a weaker US dollar and concerns of
supply disruptions in major source markets,
particularly in Chile, one of the world’s largest
copper producers.

Nickel prices, however eased during the second
quarter, weighed down by slackening demand
and signs of a build-up in refined nickel
inventories in China, the world’s largest
consumer of the base metal. Reflecting these
developments, nickel prices declined by 1.6%,
from a quarterly average of US$17,625.42 per
tonne in the first quarter, to US$17,341.06,
during the period under review.

Figure 2 shows the monthly trends for base metal
prices for the period from January 2020 to June
2021.

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

Source: Bloomberg, 2021

Brent Crude Oil
Global oil prices were boosted by signs of robust
demand recovery, following a sharp decline in
crude oil inventories in the US, the world’s
largest consumer of crude oil. Additionally,
crude oil prices benefited from tightening global
supplies by major producers as well as positive
demand forecasts, against the backdrop of
optimism over global economic recovery.
Accordingly, Brent crude oil prices rose by


Feb-20
Apr-20
Jun-20
Aug-20
Oct-20
Dec-20
Feb-21
Apr-21
Jun-21
Gold
Platinum (RHS)

Feb-20
Apr-20
Jun-20
Aug-20
Oct-20
Dec-20
Feb-21
Apr-21
Jun-21
Copper
Nickel (RHS)

12.8% to a quarterly average of US$68.98 per
barrel in the quarter under review.
Figure 3 shows the monthly evolution of crude
oil prices for the period from February 2020 to
June 2021.

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


Source: Bloomberg, 2021

EXCHANGE RATE DEVELOPMENTS

On the foreign exchange market, the Zimbabwe
dollar (ZW$) remained relatively stable against
the US dollar, sliding by 1.7%, from an average
of ZW$83.35 per US$1 in the first quarter to
ZW$84.75 per US$1 in the second quarter of
2021. The foreign currency auction system
contributed immensely in bringing transparency
in the trading of foreign currency, thus fostering
stability in the exchange rate and engendering
price stability.
Premiums on the parallel market have, however,
widened from average of 35.0% in the first
quarter of 2021to around 44.0%, during the
second quarter. The high demand for foreign
currency is, however, not driven by economic
fundamentals but the quest to preserve value by
some economic agents.
Figure 4 shows exchange rate developments
since February 2019.
Figure 4: Exchange Rate Developments

Source: Reserve Bank of Zimbabwe, Market Surveys

MERCHANDISE TRADE
DEVELOPMENTS
Total merchandise trade for the second quarter of
2021 stood at US$2,999.0 million, representing a
64.6% increase from US$1,822.5 million
recorded in the corresponding quarter in 2020.
Figure 5 shows the country’s total merchandise
trade developments.

Feb-20
Apr-20
Jun-20
Aug-20
Oct-20
Dec-20
Feb-21
Apr-21
Jun-21
Crude Oil

25-Feb-19
25-Apr-19
25-Jun-19
25-Aug-19
25-Oct-19
25-Dec-19
25-Feb-20
25-Apr-20
25-Jun-20
25-Aug-20
25-Oct-20
25-Dec-20
25-Feb-21
25-Apr-21
25-Jun-21
PREMIUM (%)[RHS]
INTERBANK RATE
PARALLEL RATES

Figure 5: Quarterly Merchandise Total Trade
(US$ m)
Source: Zimstat, 2021
On quarterly basis, total merchandise trade rose
by 18.0%, from US$2,540.5 million in the first
quarter to US$2,999.0 million in the second
quarter of 2021.
Merchandise Export Developments
During the second quarter of 2021, the country’s
merchandise exports stood at US$1,434.2
million, up by 32.1% from US$1,085.5 million
recorded in the previous quarter. Similarly, yearon-year merchandise exports rose by 73.0% to
US$1,434.2 million in the second quarter of
2021, from US$828.8 million realized in the
second quarter of 2020, as shown in Figure 6.
Figure 6: Quarterly Merchandise Exports
(US$ m)
Source: Zimstat, 2021

The surge in merchandise exports in the quarter
under review was due to increases in export
earnings of tobacco (82.6%), gold (53.0%) and
PGMs (23.0%).
Table 3 shows the country’s major exports during
the first and second quarters of 2021,
respectively.


1,822.5
2,999.0


2020Q2
2021Q2
828.0
1,434.2


2020Q2
2021Q1

Table 3: Quarterly Merchandise Exports
(US$ m)

2021Q1
(US$m)
2021Q2
(US$m)
2021Q1Q2
Changes
(%)
2021Q2
Share
of Total
(%)
Total
Exports

Of Which:
PGMs*

Gold

Tobacco
(Inc.
cigarettes)

Ferrochromium

Industrial
diamonds

Coal

Chromium
ores
and
concentrates

Granite

Crocodile
hides

Macadamia
nuts

Source: Zimstat, 2021 & RBZ Calculations, 2021
*PGMs Include Nickel mattes, nickel ores & concentrates and
platinum

Major Merchandise Export Destinations
The country’s exports were mainly destined to
South Africa (46.0%), the United Arab Emirates
(24.6%),
Mozambique
(8.3%)
and
other
countries, as shown in Figure 7.
Figure
7:
Major
Export
Destinations
(Q2 2021)

Source: Zimstat, 2021

Merchandise Import Developments

Merchandise imports
rose
by 57.5%
to
US$1,564.8 million in the second quarter of
2021, from US$993.7 million recorded in the
corresponding quarter in 2020, as shown in
Figure 8.
Figure 8: Quarterly Merchandise Imports

(US$ m)

Source: Zimstat, 2021

South Africa
United Arab Emirates
Mozambique
Belgium
Zambia
Botswana
China
993.7
1,564.8
2020Q2
2021Q2

On a quarter-on-quarter basis, merchandise
imports for the second quarter of 2021 were 7.5%
higher than the US$1,456.0 million recorded in
the first quarter.
The increase in the country’s import bill was, in
large part, due to increases in imports of diesel,
rice and soya bean.
Table 4 shows the merchandise imports for the
first and second quarters of 2021.

Table 4: Quarterly Merchandise Imports (US
$m)


2020Q1
(US$m)
2021Q2
(US$m)
2021Q1Q2
Changes
(%)
2021Q2
Share
of
Total
(%)
Total Imports

Of Which:


Diesel

Crude soya bean
oil

Rice

Electricity

Road tractors (for
semi-trailers)

Maize (Excluding
Seed)

Medicaments

Fertiliser
Chemicals

Unleaded petrol

Covid-19
Vaccines


Source: ZIMSTAT & RBZ Computations


Major Import Sources

The country’s imports for the second quarter of
2021 originated from South Africa (48.2%),
China (13.2%), Singapore (6.8%), Mozambique
(3.1%), and other countries, as shown in Figure
9.
Figure 9: Major Merchandise Import Sources
(% of Share)

Source: ZIMSTAT & RBZ Computations, 2021

TRADE BALANCE
The country’s trade deficit narrowed from
US$369.9 million in the first quarter to US$130.6
million in the second quarter of 2021, as shown
in Figure 10.

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

Figure 10: Merchandise Trade Balance
(US$ m)

Source: ZIMSTAT & RBZ Computations

3.
DOMESTIC
ECONOMIC
DEVELOPMENTS

REAL SECTOR DEVELOPMENTS

GDP growth projections for 2021 were revised
upwards
from
7.4%
to
7.8%, largely on account of the higher than
initially projected positive performance in
agriculture.

The recovery of the economy is premised on a
stable macroeconomic environment, on the back
of fiscal and monetary stability, as reflected by a
stable exchange rate and declining inflation.

In addition, the massive rollout of Covid-19
vaccinations across the country will positively
influence real growth of the economy, in the
short to medium term.

AGRICULTURE
The agriculture sector is expected to rebound in
2021,
from
the
drought
induced
poor
performance in the previous two seasons. The
improved performance would be on account of a
good rainfall season, coupled with availability of
inputs. Considerable gains in output are expected
across main crops including tobacco, maize
cotton and wheat. Livestock production is also
expected to improve on account of availability of
stock feeds and grazing.

The government’s input support programmes
also boosted the yield of key cereal crops, such
as maize and sorghum, resulting in record output
for the crops and ensuring food security in the
economy.

Crops
Output for all summer food crops recorded
significant increases in the 2020/21 cropping
season, compared to the previous season,
responding positively to improved rains and
adequate availability of inputs during the season.
The combined cereal output is estimated at
3,075,538 tonnes, against a national cereal
requirement of 1,797,435 tonnes for human
consumption and 450 000 tonnes for livestock.
Table 5 shows output of major food crops in 2020
and 2021.

2021Q1
2021Q2
Exports
Imports
Trade Balance

Table 5: Estimated field crop output (tons)
Crop
2019/20
2018/19
Variance
%
Maize
2 717 171
907 629

Sorghum
244 063
103 684

Pearl Millet
90 683
39 032

Finger Millet
13 223
9 799

Groundnut
208 864
87 479

Round Nut
37 156
23 832

Sweet Potato
422 613
114 558

Sugar Beans
30 613
12 650

Source: Ministry of Lands, Agriculture, Fisheries, Water,
and Rural Resettlement, 2021
Tobacco
Tobacco output is expected to exceed 210
million kilogrammes in 2021, up from 184
million kilograms produced in 2020. This was
due to favourable climatic conditions, and
improved financing, which resulted in the
increase in cropping area. Crop area increased by
6.1%, from 117 976 hectares in the 2019/20
agricultural season to 125 176 hectares in the
2020/21 season.

As at 30th June 2021, about 177.27 million
kilogrammes
of
the
golden
leaf,
worth
US$487.88 million had been sold. This was
17.4%
higher
than
the
151.04
million
kilogrammes, valued at US$369.74 million, sold
in the comparable period in 2020.

The 2021 tobacco crop fetched higher average
prices partially attributed to improved leaf
quality, which emanated from good rains and
improved financing. Table 6 summarises the
tobacco sales statistics at the end of June 2021.

Table 6: Cumulative Tobacco Sales in 2020
and 2021

Variance
(%)
Total
quantity
Sold (million kgs)
177.3
151.0
17.4
Total
value
(US$ million)
487.9
369.7
32.0
Average
price
(US$)/kg
2.75
2.45
12.4
Source: TIMB, 2021.
Wheat
Wheat
output
is
projected
to
increase
significantly, from 212 000 tonnes produced in
2020 to 310 000 tonnes in 2021. This was on
account of expected increase in cropping area,
timely availability of inputs, such as chemicals
and fertilisers, adequate water as well as stable
power supply for irrigation.

The area under the crop is expected to increase
to 66 000 hectares under various financing
mechanisms. As at end of June 2021 about
58 632 hectares of wheat had been planted, 55%
up from the 37 708 hectares planted in the last
season.
Government’s
support
schemes
continued to dominate wheat production, as
shown in Table 7.

Table 7: Wheat Planting Progress as at 30th
June 2021

Command
42 361
30 056
Other
16 271
7 652
Total
58 632
37 708
Source: Ministry of Lands, Agriculture, Fisheries, Water,
and Rural Resettlement, 2021
Maize
Estimated maize output for the 2020/21
agricultural season at 2.7 million tonnes, is
significantly higher than the 0.9 million tonnes
produced in the 2019/20 season. The improved
output was due to an increase in cropping area as
well as improved yields. Maize production was
also boosted by good rains as well as
Government support schemes that included the
Pfumvudza/Intwasa conservation agriculture
concept, Presidential Input Scheme as well as the
CBZ Agro-yields Scheme. Table 8 summarises
maize production trends in the last three seasons.

Table 8: Maize production trends
Season
Area (ha)
Output
(ton)
Yield
(t/ha)

Source: Ministry of Lands, Agriculture, Fisheries, Water,
and Rural Resettlement, 2021.


Sorghum
Sorghum output surged by 135%, from 103 684
tonnes in 2020 to 244 063 tonnes in 2021. This
was attributed to increased cropping area and
ample input support from Government schemes.
Area under cropping increased from 333 355 ha
in the 2019/20 season to 364 889 hectares in the
2020/21 season. Crop yields also improved from
0.31 tonnes per hectare to 0.67 tonnes per
hectare.

Cotton
Seed cotton output is projected to surpass
140 000 tonnes in the 2020/21 season, up from
the estimated 101 000 tonnes produced in the
2019/20 season. The crop continued to benefit
from the Cotton Company of Zimbabwe
(COTTCO) administered Presidential Cotton
Free Inputs Scheme, complemented by efforts
from private players who actively supported
farmers through contract farming.

The crop also benefited from timeous input
distribution and good rainfall, which saw the area
planted increasing from 174 212 hectares in the
previous season to 239 619 hectares in the
2020/21 season.

Livestock
According to the Second Round Crop and
Livestock Assessment Report of 2021, there was
a notable improvement in the livestock
condition, given the availability of good grazing
and adequate water, following the good rains.
The good livestock condition is likely to be
sustained to the next season in most parts of the
country.

Cattle
The country’s cattle herd increased moderately
from 5 443 770 head in 2019/2020 to 5 478 648
head in the 2020/21 season. Efforts directed
towards disease
control
were successful,
resulting in the lowering of the cattle mortality
rate to 4%, from 12% recorded in the previous
season.

The formal sector cattle slaughters in the second
quarter of 2021 stood at 72 699 head, up from 62
929 in the first quarter. The slaughters were also
71% above the performance in the same period
in 2020.

Table 9 shows quarterly cattle slaughters in 2020
and 2021.

Table 9: Cattle Slaughters

%
Change
Q1
54 073
62 929
16.38
Q2
42 446
72 699
71.27
Total
96 519
135 628
40.52
Source: Ministry of Lands, Agriculture, Fisheries, Water,
and Rural Resettlement, 2021
Pigs
Pig slaughters stood at 47 325 head in the second
quarter of 2021, an increase of 4.59% from the
45 246 slaughters in the first quarter of 2021.
This performance was also 7.76% higher that
slaughters in the second quarter of 2020, as
shown in Table 10.


Table 10: Quarterly Pig Slaughters
Pigs

% Change
Q1
47 198
45 246
-4.14
Q2
43 918
47 325
7.76
Total
91116
92 517
1.60
Source: Ministry of Lands, Agriculture, Fisheries, Water
and Rural Resettlement, 2021.
Dairy
Fresh milk output rebounded to 18.95 million
litres in the second quarter of 2021, after
plunging by 9.1% to 17.83 million litres in the
first quarter of 2021. The recovery in milk
production was in line with improved availability
of grazing and stock-feeds, following a good
maize grain and soya bean harvest in 2021.
Figure 11 shows the trend in quarterly milk
output since 2019.

Figure 11: Quarterly Fresh Milk Output
(litres)

Source: Ministry of Lands, Agriculture, Water and Rural
Resettlement, 2020
The dairy industry continued to incur high costs
of production, particularly from stock-feeds,
negatively affecting the competitiveness of
domestic dairy products.

Millions

MINING
Activities in the mining industry generally
improved in the second quarter of 2021. Gold,
diamond, nickel and copper performed better
during the period under review than in the
comparable period in 2020, as shown in Table
11.
Table 11: Quarterly Mineral Production
Statistics in 2020-2021
Q2 2020
Q1 2021
Q2 2021
Gold (kg)
5,408.09
4,405.21
6,467.62
Platinum (kg)
4,460.93
3,369.31
4,279.43
Palladium (kg)
3,779.63
2,848.60
3,569.84
Rhodium (kg)
399.07
305.27
391.72
Iridium (kg)
298.60
161.99
199.21
Ruthenium (kg)
224.11
285.76
393.12
Diamonds (cts)
933,506.91
702,639.05
940,962.00
Chrome (MT)
350,784.12
300,925.69
254,241.58
Nickel (MT)
3,818.33
3,666.25
4,448.54
Copper (MT)
2,517.75
2,196.40
2,716.02
Cobalt (MT)
71.80
57.45
67.11
Coal (MT)
970,967.10
672,862.01
704,837
Lithium (MT)
3,293.00
5,911.00
21,070.00
Phosphate (T)
15,131.00
8,392.00
11,336.00
Source: Ministry of Mines & Mining Development,
Chamber of Mines, FPR, 2021
Gold
Gold output stood at 6 467.6 kg in second quarter
of 2021, surpassing the first quarter output of
4 405.21 by 19.6%, as shown in Figure 12.
Figure 12: Quarterly Trends in Gold Output
and
Average
International
Prices

Source: Ministry of Mines & Mining Development, 2021
Gold production was, largely driven by artisanal
and small-scale producers who deliveries were
about 29.7% and 102.6% higher than in the same
quarter in 2020 and in the first quarter of 2021,
respectively, as in shown in Figure 12. Gold
deliveries by large scale producers stood at
2 762.1kg in the second quarter of 2021. This was
a 14.5% and 15.5% increase over deliveries in
the second quarter of 2020 and first quarter of
2021, respectively.
PGMs
Key PGM minerals, namely, platinum, palladium
and rhodium registered declines during the
second quarter of 2021, compared to the same
quarter in 2020. The output of PGMs was
adversely affected by reduced recoveries, due to


US$/ounce
Kg
Large Scale Producers(kg)
Small Scale Producers (kg)
Secondary Producers (Kg)
Total Gold (kg)
Average Price (US$/ounce)

the processing of lower grade ore at one of the
key mines.
The performance of PGMs during the quarter
under
review,
however,
surpassed
the
performance recorded in the first quarter of 2021.
The output of platinum at 4 279.4 kg in the
second quarter of 2021, was 27% above the
3,369.31kg recorded in the first quarter of 2021.
The second quarter output was, however lower
compared to the 4,460.93 kg produced in the
comparable quarter of 2020.
Similarly, palladium output stood at 3 569.8 kg
in second quarter of 2021, about 25.3% more
than the first quarter 2021 output and 5.6% below
output realised in the same period in 2020, as
shown in Figure 13.
Figure 13: Quarterly Trends in Platinum and
Palladium
Output
&
International Prices


Source: Ministry of Mines & Mining Development, 2021


The output of rhodium also followed trends
depicted by platinum and palladium, as shown in
Figure 14.


q2 2020 q1 2021 q2 2021
US$/ounce
Kg
Platinum (Kg)
Palladium (kg)
Average Price of Palladium (US$/Ounce)
Average Price of Platinum(US$/Ounce)

Figure 14: Quarterly Trends in Rhodium
Output
and
International
Prices: 2020-2021
Source: Ministry of Mines& Mining Development, 2021

Nickel
Nickel output stood at 4 448.5 tonnes in the
second quarter of 2021, surpassing output during
the same quarter in 2020 and the first quarter of
2021 by 16.5% and 21.3%, respectively, as
shown in Figure 15.
Figure 15: Quarterly trends in Nickel Output
and
International
Prices:
2020-2021
Source: Ministry of Mines & Mining Development, 2021

Nickel production was, largely driven by
secondary producers who contributed about 75%
of the total during the period under review,
against
25%
from
primary
production.
Production
benefitted
from
favourable
international prices that prevailed during the
second quarter of 2021.
Diamond
Diamond output increased by 33.9%, from
702 639 carats produced in the first quarter of
2021, to 940 962 carats in second quarter of
2021. The second quarter output was 0.8% higher
than 933 506.91 carats produced in the same
quarter in 2020, as shown in Figure 16.


q2 2020
q1 2021
q2 2021
Rhodium (Kg)
Average International prices (US$/ounce)


US$/tonne
Tonnes
Nickel (tonnes)
Average Price (US$/tonne)

Figure 16: Quarterly trends in Diamond
Output and Value: 2020-2021
Source: Ministry of Mines & Mining Development, 2021
Travel restrictions induced by the Covid-19
pandemic negatively affected the trading of
diamonds. Consequently, some entities failed to
conduct successful auctions for their produce,
during the quarter under review.
Chrome
Total chrome ore output stood at 254 242 tonnes
in second quarter of 2021, about 16% lower than
output produced in the first quarter of 2021.
Similarly, the second quarter output was 28%
lower than the 350,784.12 tonnes produced in the
comparable period in 2020, as shown in Figure
17.


Figure 17: Quarterly trends in Chrome Ore
and
HFC
Output
and
International Prices: 2020-

Source: Ministry of Mines & Mining Development, MMCZ,

The bulk of the chrome ore was, exported as the
valued added product, HCF, whilst only 15.7%
was disposed as raw ore. This compares
favourably to the same quarter in 2020 and first
quarter of 2021, where 41.6% and 74.2% of
exports were HCF and the remainder being raw
chrome, respectively. This trend points to the
progressive increase in value addition and
beneficiation in the chrome industry.

Coal
The country produced 0.7 million tonnes of coal
during the second quarter of 2021, down by
27.4% from the 0.97 million tonnes produced in


Value in US$ million
carat
Diamonds (Carats)
Value (US$ million)

1,000
1,200


q2 2020 q1 2021 q2 2021
US$/tonne
Tonnes
Chrome ore
HCF
Total Chrome ore
Average Price (US$/tonne)
Average Price (US$/tonne)

same quarter in 2020. The second quarter coal
output, however, surpassed the 0.67 million
tonnes produced during the first quarter of 2021,
as shown in Figure18.

Figure 18: Quarterly trends in Coal Output:
2020-2021
Source: Ministry of Mines, 2021

Coal production was, adversely affected by low
uptake of thermal coal by power stations whose
capacity utilisation was largely depressed, due to
frequent breakdown of plant and equipment.
Consequently, some of the large producers
responded by cutting production during the
period under review.

ELECTRICITY
Total power generated during the second quarter
of 2021 amounted to 2,201.53 GWhs, a 21.3%
increase from the 1,815.00 GWhs produced in
the previous quarter. Notably, power generation
in the quarter under review was 55.07% above
the 1,420 GWhs recorded during the comparable
period in 2020.
Kariba
continued
to
dominate
electricity
generation in the quarter under review,
accounting for 68% of total production. Power
generation at Kariba was, boosted by the higher
lake level, which saw an upward revision of
water allocation to Kariba South, from 15 billion
cubic meters to 21 billion cubic meters by the end
of the period under review.

Production at Hwange recovered to 613.56
GWhs during the quarter under review, from
414.42 GWhs generated in the first quarter. The
improvement in plant availability at Bulawayo
power station resulted in a 123.9% increase in
output, from 5.75 GWHs to 12.88 GWHs, during
the period under review. Table 11 shows a
general increase in power output from the major
power stations.

Table 12: Quarterly Power Output.

Q1
Q2
Q1
Q2
Kariba
654.56
747.69
1,283.57 1,498.27
Hwange


Bulawayo

Munyati

Harare

IPPs

Total
(GWhs)
1,345.78 1,419.57 1,815.00 2,201.53
Source: ZERA ZPC, 2021


q2 2020
q1 2021
q2 2021
Coal (tonnes)

The generation of power by independent power
producers (IPPs) declined by 55.1%, from
66.32GWHs in the first quarter to 29.78GWHs in
the second quarter of 2021. The bulk of the IPP
output was, produced by the mini-hydro power
units. Figure 19 shows the trend quarterly
electricity production of IPP’s from Q1 2020 to
Q2 2021.
Figure 19: Quarterly Power Output for IPPs.

Source: ZERA, ZPC 2021
INFLATION DEVELOPMENTS

Annual headline inflation decelerated from
240.55% in March 2021 to end the second
quarter of 2021 at 106.64%. This was, in large
part, due to the stabilisation of the foreign
exchange market, coupled with tight monetary
and fiscal policies.

Annual food inflation eased from 299.81% in
March 2021 to 108.76% in June 2021. Bread and
cereals, meat and vegetables continued to be the
major drivers of annual food inflation.


Year-on-year non-food inflation also declined
from 205.99% at the end of the first quarter of
2021, to 105.12% in June 2021. Miscellaneous
goods and services; transport; housing water,
electricity, gas and other fuels drove non-food
inflation during the quarter under review. Figure
20 depicts annual inflation developments since
September 2019.

Figure 20: Quarterly Inflation Profile (%)

Source: Zimstat 2021
Month-on-month inflation rose to 3.88% in
second quarter, from 2.26% in the first quarter of
2021. The rise in monthly inflation followed the
increase in electricity tariffs, coupled with the
upwards adjustment of other prices due to the
implementation of Statutory Instrument 127 in
May 2021. Figure 21 shows monthly inflation
developments since November 2019.

Q1

Q2

Q3

Q4

Q1

Q2
GWhs

Food
Non-Food
All Items

Figure 21: Monthly Inflation Profile (%)

Source: Zimstat 2021

Blended Consumer Price Inflation

The blended CPI inflation, which combines the
average changes in price of goods and services
sold in Zimbabwe dollars and US dollars, largely
mimicked the disinflationary trend of headline
inflation.

Annual blended CPI inflation decelerated from
the first quarter of 2021 rate of 122.33%, to
40.91% in the quarter under review. Monthly
blended CPI inflation, however, increased from
1.09% in the first quarter of 2021 to 4.49% in the
second quarter.


1 All monetary numbers are in ZW$ since the adoption of
the inter-bank foreign exchange market in February 2019.
4. MONETARY DEVELOPMENTS1

As at the quarter ended June 2021, broad money
stock stood at ZW$302.93 billion, compared to
ZW$234.28 billion in the first quarter of 2021. This
largely reflected expansion in time deposits,
51.01%; local currency transferable deposits,
41.69%; currency in circulation, 29.60%; and
foreign currency deposits, 16.17%. Negotiable
certificates of deposits (NCDs), however registered
a 4.97% decline, during the quarter under review.

Local currency transferable deposits accounted for
the largest share of total deposits, at 47.59%;
followed by foreign currency deposits, 44.11%;
and time deposits, 7.06%.

Figure 22 shows annual broad money supply
components in nominal terms and annual growth
rates.

-5

Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
Nov-20
Dec-20
Jan-21
Feb-21
Mar-21
Apr-21
May-21
Jun-21
Food
Non-Food
Overall

Figure 22: Broad Money Developments

Source: RBZ, June 2021

Domestic Credit
Domestic credit registered a quarter-on-quarter
growth of 36.94%, from ZW$124.27 billion in
March 2021, to ZW$170.18 billion as at end-June
2021. The growth was, largely driven by an
increase in credit to other financial corporations,
58.06%;
public
non-financial
corporations,
54.07%; and credit to the private sector, 37.72%.
Net credit to Government, however, declined by
2.73%, during the quarter under review.

Credit to the private sector, which increased to
ZW$130.12 billion in June 2021, from ZW$94.48
billion in the first quarter of 2021, was mainly
extended towards agriculture, 31.18%; households,
17.06%;
distribution,
12.48%;
financial
organizations,
11.02%;
and
manufacturing,
10.79%; services as shown in Figure 23.

Figure 23: Distribution of Private Sector
Credit
Source: RBZ, June 2021

Credit to the private sector was largely channelled
towards
inventory
build-up,
36.33%;
other
recurrent expenditures, 29.57%; and fixed capital
investment, 18.10%.

Interest Rates
During the quarter ending June 2021, nominal
lending rates quoted by banks ranged between 6%
and 85%. Interest rates on time deposits of 60-day
and 90-day tenures averaged 11.75% and 11.72%,
from 11.96% and 8.06%, recorded in the previous
quarter, respectively. Average maximum savings
rate stood at 4.24% in the quarter under review,
compared to 4.54% in the first quarter of 2021.


Dec-19
Mar-20
Jun-20
Sep-20
Dec-20
Mar-21
Jun-21
Percent
$ Million
NCDs
Currency in Circulation
Time Deposits
Foreign Currency Deposits
Local Currency Transferable Deposits
Annual Growth
Households
17.06%
Agriculture
31.18%
Mining
6.78%
Manufacturing
10.79%
Distribution
12.48%
Construction
0.85%
Transport &
Communicati
ons
1.93%
Services
7.88%
Financial Org.
& Investments
11.02%
Other
0.03%

5. STOCK MARKET DEVELOPMENTS

The Zimbabwe Stock Exchange (ZSE) was,
characterized by bullish sentiments during the
second quarter of 2021. This resulted in increases
in all the major indices, including the All Share,
Top 10, Medium Cap and mining as shown in Table
13.

Table 13: Key Stock Market Indicators.
ZSE Indicator Dec-20
Mar-20
Change
(%)
All
Share
Index (points)
4,489.47
6,194.88
37.99
Top 10 Index
(points)
2,594.75
3,154.44
21.57
Medium Cap
Index (points)
10,754.32
17,272.09
60.61
Small
Cap
Index (points)
47,352.26
190,131.50
301.53
Industrial
Index (points)
-
-
-
Mining Index
(points)
5,315.39
6,211.49
16.86
Volume
of
shares traded
(m)
2 829.83
640.62
-77.36
Market
Turnover
($m)
9 559.98
11 452.26
19.79
ZSE
Capitalization
($m)
531 742.64
745 175.95
40.14
Net
Foreign
Position ($m)
-1 474.41
-3 269.45
-121.75
Source: Zimbabwe Stock Exchange, 2021
The second quarter of 2021 was, dominated by
bullish sentiments. This resulted in increases in all
the major indices. The All Share, Top 10, Medium
Cap and mining indices gained 37.99%, 21.57%,
60.61% and 16.86% to close at 6 194.88 points,
3 154.44 points, 17 272.09 points and 6 211.49
points, respectively.

On an annual basis, the All Share, Top 10 and
mining indices went up by 246.32%, 155.88% and
55.46%, from 1 788.75 points, 1 232.79 points and
3 995.48 points recorded in June 2020,
respectively.


Figure 24 shows the developments of the ZSE All
Share and Top 10 Indices for the period from June
2020 to June 2021.

Figure 24: ZSE All Share and Top 10 Indices

Source: Zimbabwe Stock Exchange 2021
* Note: ZSE stopped publishing industrial index as from
January 2021


30-Jun-20
31-Jul-20
31-Aug-20
30-Sep-20
31-Oct-20
30-Nov-20
31-Dec-20
31-Jan-21
28-Feb-21
31-Mar-21
30-Apr-21
31-May-21
30-Jun-21
All Share Index
Top 10 Index
Mining Index

Market Capitalisation and Turnover
During the quarter ended 30th June 2021, trading
activity was concentrated in some selected wealth
preserving counters. The bullish sentiments that
characterized the local bourse resulted in the ZSE
gaining ZW$213.43 billion, or 40.14% worth of
capitalization to close at ZW$745.18 billion during
the quarter under review, from ZW$531.74 billion
the quarter ended March 2021. Similarly, the
cumulative value of shares traded rose by 19.79%
to Z$11.45 billion, despite a 77.36% decline in the
volume of shares traded to 640.62 million shares.
Figure

shows
market
capitalization
developments for the period from 30th June 2020 to
30th June 2021.

Figure 25: Market Capitalization

Source: Zimbabwe Stock Exchange, 2020
Figure 26 shows developments in market turnover
volumes and values for the period from 30th June
2020 to 30th June 2021.
Figure 26: ZSE Market Turnover


Source: Zimbabwe Stock Exchange, 2020

Foreign investor participation, as measured by its
contribution to value of shares traded, increased to
7.38%, compared to 2.89% recorded in the first
quarter of 2021. The net foreign position, however,
worsened to net outflow of ZW$3.27 billion during
the quarter ended 30th June 2021, from a net
outflow of ZW$1.47 billion recorded during the
quarter ended 31st March 2021.

6. PAYMENT,
CLEARING
AND
SETTLEMENT ACTIVITIES

The value of transactions processed through the
National Payment Systems in the quarter ending
30th June 2021, increased by 31% to Z$1.584
trillion, from ZW$1.216 trillion recorded in the
quarter ending 31st March 2021. Notably, volumes
increased by 5% to 354.7 million, from 337.2
million, during the same period.

30-Jun-20
31-Jul-20
31-Aug-20
30-Sep-20
31-Oct-20
30-Nov-20
31-Dec-20
31-Jan-21
28-Feb-21
31-Mar-21
30-Apr-21
31-May-21
30-Jun-21
$ Billions


30-Jun-20
31-Jul-20
31-Aug-20
30-Sep-20
31-Oct-20
30-Nov-20
31-Dec-20
31-Jan-21
28-Feb-21
31-Mar-21
30-Apr-21
31-May-21
30-Jun-21
Z$ millions
Block trade
Block trade of
2.24 billion
and 5.62
Block trades of
66.53 million
and 14.35

Table 14 provides the statistical information on
various payment streams for the quarters ending
March 2021 and June 2021.

Table
14:
Consolidated
Transactional
Activities
Values in Z$ Million

Q1

Q2

Change
Proporti
on
RTGS

POS

ATMS

MOBILE

INTERNET

TOTAL

Volumes
RTGS

POS

ATMs

MOBILE

INTERNET

TOTAL

Source: Reserve Bank of Zimbabwe
LARGE VALUE PAYMENTS
Zimbabwe
Electronic
Transfer
and
Settlement System
The value of transactions processed through the
RTGS system increased by 30%, from ZW$802
billion in the first quarter of 2021 to ZW$1 039
billion in the quarter under review. Similarly, the
volumes of RTGS transactions increased by 16%
to 3.058 million in the same period, as shown in
Figure 27.

Figure 27: Values and Volumes of RTGS
Transactions

Source: Reserve Bank of Zimbabwe, 2021

Retail Payments
The aggregate values of retail transactions
increased by 34.28% to ZW$555.1 billion during
the period under review, from ZW$413.4 billion
recorded in the quarter ended March 2021. The
retail volumes increased by 5% to 351.68 million
during the same period.

Figures 28 and 29 show the trend in aggregate
values and volumes of retail transactions, from the
quarter ending 31st March 2021 to the quarter
ending 30th June 2021.


Q2

Q3

Q4

Q1

Q2
RTGS Volumes
Thousands
RTGS Values
Billions
Volumes
Values

Figure 28: Retail Transaction Values

Source: Reserve Bank of Zimbabwe, 2021

Figure 29: Retail Transaction Volumes

Source: Reserve Bank of Zimbabwe, 2020

2 The local collateral figure comprises of Cheque, Zimswitch,
Chengetedzai Deposit Corporation settlement systems.
Collateral2
The value of collateral increased to ZW$3.083
billion in the quarter ending 30th June 2021, from
ZW$1.986 billion recorded in the previous quarter,
as shown in Figure 30.

Figure 30: Collateral Amounts from March
2020 to June 2021

Source: Reserve Bank of Zimbabwe, 2021
The Victoria Falls Exchange collateral for the
quarter ended 30th June 2021 was US$49,894.32,
up from US$39,929.63, recorded during the first
quarter of 2021.

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


2019 Q3
2019 Q4
2020 Q1
2020 Q2
2020 Q3
2020 Q4
2021 Q1
2021 Q2
Mobile Volumes in Millions
Other Retai Volumes in Millions
POS
ATMs
INTERNET
MOBILE


Q1

Q2

Q3

Q4

Q1

Q2

MILLIONS

Access Points and Devices
Mobile
banking
agents
were
directed
to
discontinue operations in the quarter ended 31st
December 2020. Resultantly, there were no mobile
banking agents in the first and second quarters of
2021.

The POS population decreased from 128,803 in the
first quarter to 128,771 in the second quarter of
2021. The ATM population also decreased from
520 in the first quarter to 456 in the second quarter
of 2021.

There were 3.9 million active mobile financial
services subscribers in the quarter under review,
compared to 6.5 million registered subscribers
recorded in the quarter ended March 2021.

Table 15 shows payment access points and devices
for the fourth quarter of 2020 as well as the first and
second quarters for 2021.


Table 15: Payment Systems Access Points and
Devices

Quarter
ending
Dec 2020
Quarter
ending
Mar 2021
Quarter
ending
Jun 2021
Mobile Banking
agents

ATMs

POS
125,277
128,803
128,771
PAYMENT SYSTEM ACCESS DEVICES
Debit Cards
5,675,458
5,977,006
6,430,419
Credit Cards
17,093
15,217
15,217
Prepaid Cards
124,210
143,438
129,509
Mobile Banking
subscribers
5,201,677
6,488,359
3,949,341
Internet Banking
subscribers
447,033
490,679
499,789
Source: Reserve Bank of Zimbabwe, 2021

FISCAL DEVELOPMENTS
Fiscal developments during the second quarter of
2021, resulted in cumulative revenue inflows of
ZW$109.2 billion, against expenditures of
ZW$125.9 billion. This resulted in a budget
deficit of Z$16.7 billion, as shown in Table 16.

Table 16: Fiscal Position (ZW$ million)

Q1 and Q2, 2021
Q1 2021
Q2 2021
Revenue
89 013.18
109 195.18
Tax Revenue
86 453.07
103 522.58
Non-Tax Revenue
2 560.11
5 672.60
Expenditure
71 744.00
125 895.27
Current Expenditure
55 816.16
74 428.46
o/w employment
costs
31 273.77
36 056.68
Capital Expenditure
15 927.84
51 466.81
Overall Balance
17 269.17
(16 700.10)
Source: Ministry of Finance and Economic Development,

Government Revenue
Government revenue collections during the
second quarter of 2021 amounted to ZW$109.2
billion, surpassing the target of ZW$94.78 billion
by 15.2%. Tax revenue amounted to ZW$103.5
billion, constituting 94.8% of total revenue.
Non-tax revenue amounted to ZW$5.67 billion
or 5.2% of total revenue.
Tax on income and profits accounted for 38% of
total revenue, followed by value added tax, 23%;
excise duty, 10%; tax on financial and capital
transfers, which include the intermediated
money transfer tax (IMTT), 9%; tax on gross
revenue 8%; customs duties, 6% and non-tax
revenue accounted, 5.2%.
Figure 31: Government Revenue Structure

Source: Ministry of Finance and Economic Development,

Government Expenditure
Total fiscal expenditure amounted to ZW$125.9
billion, against a target of ZW$112.5 billion.
Government expenditure consisted of current
expenditures of ZW$74.4 billion and capital
expenditures, ZW$51.5 billion.
Table 17 shows total Government expenditure
for first and second quarters of 2021.


Tax on
Income and
Profits, 38%
Customs
duties, 6%
Excise duties,
10%
Taxes on
Specific
Services, 1%
Value Added
Tax (VAT),
23%
tax on gross
Revenue, 8%
Taxes on
financial and
capital
transactions ,
9%
Other
Indirect taxes
, 0%
Non-tax
Revenue, 5%

Table
17:
Summary
of
Government
Expenditure (ZW$ million)

Q1 2021
Q2 2021
Total Expenditure
71,744
125,895
Current Expenditure
55,816
74,428
Of which Compensation of
Employees
31,274
36,057
Capital Expenditure
15,928
51,467
Source:
Ministry
of
Finance
and
Economic
Development, 2021
The proportion of capital expenditures increased
by 223.1% to ZW$51,467 in the second quarter
from
ZW$15,928,
largely
reflective
of
infrastructure projects being undertaken by
government.
Current expenditures accounted for 59% of total
Government expenditure. Compensation of
employees dominated current expenditures,
contributing about 48%, with use of goods and
services, social benefits, subsidies, interest on
debt accounting for 52%.
Figure 32 shows the composition of Government
expenditure in the second quarter of 2021.

Figure 32: Composition of Government
Expenditure: Q2, 2021

Source:
Ministry
of
Finance
and
Economic
Development, 2021

Overall Budget Balance
The fiscal developments in the second quarter of
2021 culminated in a budget deficit of ZW$16.7
billion, compared to a surplus of ZW$17.2
billion realised in the first quarter of 2021.


RESERVE BANK OF ZIMBABWE
OCTOBER 2021


Use of Goods
and Services
14%
Subsidies
2%
Social
Benefits
5%
Other
Expenses
1%
Grants
8%
Compens
ation of
Employe
es
29%
Interest
On debt
0%
Capital
Expenditure
41%

STATISTICAL TABLES

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

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


S4

4.2.Reserve Bank: liabilities S5


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

6. Commercial Banks
6.1.Commercial Banks: Assets

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


7.1.Building Societies: Assets

S10

7.2.Building Societies: Liabilities S11


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

S13


9. National Payment Systems


9.1.Values of Transactions


S14
9.2.Volumes of Transactions


S14

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


S15
10.2. Deposit Rates S15


11. Stock Exchange Indices


S16

12. Inflation


12.1. Monthly Inflation


S17
12.2. Quarterly Inflation


S18
12.3. Annual Inflation


S19

13. Balance of Payments
13.1. Cross Border Payments


S20
13.2. Cross Border Receipts


S21

14. External Sector
14.1. External Debt Outstanding By Debtor


S22
14.2. External Debt Outstanding by Source


S23
14.3. External Debt Service and Service Ratios


S24


Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
Nov-20
Dec-20
Jan-21
Feb-21
Mar-21
Apr-21
May-21
Jun-21
Net Foreign Assets

Central Bank(net)

Foreign Assets

Foreign Liabilities

Other Depository Corporations(net)

Foreign Assets

Foreign Liabilities

Net Domestic Assets (NDA)

Domestic Claims

Claims on Central Government(net)

Claims on Central Government

Central Bank

ODCs

Less Liabilities to Central Government

Central Bank

ODCs

Claims on Other Sectors

Other Financial Corporations

State and Local Government

Public Non Financial Corporations

Private Sector

Central Bank

ODCs

Other Items(Net)

Shares and Other Equity

Liabilities to Other Financial Corporations

Restricted Deposits

Deposits and Securities Excluded from Base Money

Other Items(net)

Broad Money-M3

Securities Other than Shares Included in Broad Money

Broad Money-M2

Other Deposits

Narrow Money-M1

Transferable Deposits

Of which Foreign Currency Accounts

Currency Outside Depository Corporations

Memorandum Items
Reserve Money

FCAs as a Percentage of Deposits in M3

End Period Exchange Rate

Source: Reserve Bank of Zimbabwe, 2021
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)


S2


Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
Nov-20
Dec-20
Jan-21
Feb-21
Mar-21
Apr-21
May-21
Jun-21
Net Foreign Assets

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)

Shares and Other Equity

Other Items(Net)

Liabilities to Other Resident Sectors

Deposits and Securities Excluded from Base Money

Monetary Base

Bond Coins

Bond Notes

Liabilities to ODCs

Reserve Deposits

Exess reserves

Private Deposits

Source: Reserve Bank of Zimbabwe,2021
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)


S3


TABLE 3 : OTHER DEPOSITORY CORPORATIONS SURVEY ( ZWL$ '000)
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
Nov-20
Dec-20
Jan-21
Feb-21
Mar-21
Apr-21
May-21
Jun-21
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 Mone

Deposits Included in Broad Money
97,187,347.86

127,237,814.07

140,284,498.63

147,593,137.33

161,784,545.97

179,622,031.80

200,965,243.38

217,355,104.75

222,450,885.44

229,411,015.11

229,411,015.11

229,411,015.11

298,537,512.57

Transferable Deposits
93,169,652.47

121,190,660.19

134,852,887.37

140,657,703.75

153,387,406.86

170,624,218.30

191,058,398.68

206,003,627.38

208,504,172.16

215,242,961.41

215,242,961.41

215,242,961.41

277,141,914.54

of which FCAs
57,701,775.14

79,076,606.18

82,607,196.16

88,430,395.05

91,944,864.16

100,147,096.67

102,824,762.68

108,386,216.00

109,466,728.50

114,435,612.97

114,435,612.97

114,435,612.97

133,608,092.81

Other Deposits

Money Market Instruments
863,206.40

1,024,311.11

1,111,664.44

1,083,907.10

1,231,944.90

1,237,340.99

1,436,202.84

1,422,437.87

1,457,355.54

1,641,213.33

1,641,213.33

1,641,213.33

1,559,661.34

Source:Reserve Bank of Zimbabwe,2021


S4


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


Jan

Feb

Mar

Apr

May

Jun

Source: Reserve Bank of Zimbabwe, 2021
TABLE 4.1: RESERVE BANK - ASSETS
Foreign Assets
Loans and advances
Investments


S5


TABLE 4.2 RESERVE BANK: LIABILITIES
Capital
and
Foreign
general
End of
Bond Notes in
Circulation
Bond Coins in Circulation
Bond Notes and
Bankers Deposits
Other Deposits
Govt. Deposits
Total Deposits
Liabilities
reserve
Other Liabilities
TOTAL
coins* issued

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

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, 2021
*Bond coins first issued in December 2014
* Bond Notes issued on 28 November 2016
ZWL$ Thousands
Deposits


S6


Foreign
TOTAL
End of
Notes
Bond
&
Balances
Balances with
Balances
Other Claims
Local
Other
Notes &
Coin
with
Other Depository
with
on
Government1
Local
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
23.4

66.9

2,528.5

291.2

111.9


Feb
20.0

46.8

2,516.8

347.6

114.2


Mar
16.7

57.9

2,457.7

312.8

139.2


Apr
14.9

61.9

2,423.5

337.0

120.8


May
14.2

71.7

2,543.0

477.8

138.6


Jun
9.0

58.5

3,081.0

509.8

120.0


Jul
20.6

61.9

3,450.6

466.4

111.6


Aug
23.1

72.3

3,475.7

377.8

105.3


Sep
18.2

61.5

3,781.6

398.1

159.1


Oct
39.9

70.4

3,771.3

368.3

185.5


Nov
30.6

84.6

3,696.3

300.6

209.8


Dec
20.5

94.5

3,949.5

439.6

235.5


Jan
49.0

113.4

3,901.0

401.9

261.6


Feb
59.7

256.8

3,764.8

357.1

570.4


Mar
62.5

263.2

3,891.0

432.9

739.3


Apr
45.2

363.5

4,153.9

578.9

1,031.9


May
98.7

484.2

4,089.2

694.1

1,890.1


Jun
126.3

882.2

4,518.6

560.2

2,383.0


Jul
232.4

968.8

5,605.6

370.4

3,738.0


Aug
184.4

1,150.4

7,956.5

527.8

3,904.2


Sep
124.5

2,108.5

9,128.1

874.0

5,678.3


Oct
144.3

1,906.0

11,613.0

2,511.0

7,644.9


Nov
128.8

2,243.1

11,417.7

2,236.3

8,417.4


Dec
169.8

2,526.2

13,994.1

1,254.7

8,415.7


Jan
183.4

3,176.6

13,217.3

1,073.2

8,142.0


Feb
267.1

3,136.4

13,817.0

1,504.5

8,642.5


Mar
263.6

3,607.6

16,167.1

2,214.4

12,681.9


Apr
298.5

3,642.9

17,926.4

1,523.3

13,697.1


May
330.0

3,581.8

21,376.4

1,749.6

15,757.4


Jun
606.6

9,584.7

29,457.9

3,974.7

35,786.5


Jul
690.8

18,357.0

54,139.7

5,578.7

42,159.7


Aug
975.1

28,776.0

54,868.5

4,623.1

41,100.2


Sep
1,084.2

30,217.6

56,679.6

4,426.6

39,530.8


Oct
1,064.2

32,235.0

66,948.5

4,457.3

40,092.7


Nov
1,063.6

34,673.9

73,237.2

4,211.3

41,173.6


Dec
1,177.8

39,886.8

76,076.5

5,771.7

38,623.2


Jan
1,483.3

42,733.9

77,994.4

13,109.2

40,071.8


Feb
1,735.4

41,180.7

76,140.3

17,748.1

39,141.4


Mar
1,457.1

40,953.3

83,032.1

6,945.5

42,516.8


Apr
1,699.7

40,964.4

85,330.2

6,844.8

49,733.4


May
1,906.1

30,579.1

94,330.9

7,907.2

63,644.8


Jun
1,702.8

30,255.6

75,795.2

25,605.9

72,780.6


Source:Reserve Bank of Zimbabwe,2021
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


S7


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

Jan

Feb

Mar

Apr

May

June

July

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Source:Reserve Bank of Zimbabwe,2021
TABLE 5.2 : OTHER DEPOSITORY CORPORATIONS - LIABILITIES
ZWL$ millions
Deposits
Amounts Owing to


S8


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

Jan
22.4

64.1

2,294.5

192.1

103.4

81.9

2,143.2

-

23.5

65.9

26.3

20.6

154.8

2,451.1

28.7

501.0

294.2

538.9

9,006.6

Feb
18.3

44.0

2,296.8

223.7

108.3

96.2

2,109.3

-

23.5

66.1

24.3

21.1

145.0

2,461.5

28.7

507.8

290.6

536.3

9,001.5

Mar
14.8

53.6

2,238.8

240.7

124.5

99.5

2,164.0

-

23.5

66.7

19.2

15.9

127.1

2,535.8

30.4

504.1

325.8

552.3

9,136.6

Apr
13.5

56.7

2,207.9

275.0

116.7

78.5

2,314.9

-

24.7

67.0

13.4

20.9

120.8

2,519.8

28.3

532.0

299.0

554.9

9,244.0

May
12.9

62.8

2,309.0

339.5

130.1

85.7

2,562.4

-

25.0

66.9

8.4

20.9

134.0

2,556.2

23.9

458.9

307.9

555.3

9,659.8

June
7.5

52.6

2,848.5

331.8

117.3

84.1

2,538.3

-

26.2

66.5

7.4

19.4

196.0

2,662.2

25.5

551.4

302.9

563.4

10,401.0

July
17.9

54.3

3,189.6

281.1

109.3

95.4

2,949.2

-

-

67.5

4.5

21.0

182.0

2,414.6

26.0

611.4

322.5

565.1

10,911.4

Aug
21.0

67.8

3,196.7

232.3

102.5

66.3

3,014.9

-

-

67.3

7.1

20.6

186.7

2,491.0

29.8

647.7

329.4

566.3

11,047.4

Sep
16.3

58.2

3,487.9

305.3

137.8

78.0

2,789.8

-

45.2

68.1

5.4

20.4

212.2

2,577.1

36.7

637.4

357.4

571.8

11,405.0

Oct
33.1

68.0

3,505.8

272.1

173.1

51.4

2,728.8

-

45.2

68.4

4.6

9.4

188.8

2,697.4

38.7

647.5

353.2

569.2

11,454.9

Nov
25.8

81.4

3,384.4

264.6

198.2

63.9

2,793.9

-

45.2

68.7

7.0

8.1

217.7

2,672.3

46.1

633.2

406.6

569.8

11,486.9

Dec
18.2

89.9

3,737.0

317.3

224.4

74.8

2,633.7

-

43.4

69.2

6.2

9.2

204.3

2,707.6

53.7

573.8

406.2

633.9

11,802.7

Jan
42.05

106.91

3,766.70

338.09

249.77

46.14

2,621.20

-

61.02

68.66

4.41

8.06

189.15

2,594.53

33.84

517.24

428.82

649.94

11,726.5

Feb
52.63

238.67

3,601.94

293.36

549.59

205.65

2,675.29

-

60.52

2.00

5.84

7.71

208.31

2,784.17

31.04

490.74

472.78

696.82

12,377.1

Mar
59.17

244.62

3,729.81

393.22

712.08

55.05

2,635.68

-

61.52

4.53

4.27

9.53

340.66

2,660.90

25.33

523.72

755.57

971.53

13,187.2

Apr
40.82

331.97

3,876.83

492.10

981.80

91.75

2,590.97

-

61.79

3.95

3.98

9.62

407.85

2,721.57

24.55

620.52

935.27

1,002.47

14,197.8

May
94.59

444.70

3,886.07

571.50

1,747.69

154.08

2,508.43

-

62.12

4.20

3.93

9.43

636.78

3,056.86

34.46

910.14

1,832.95

1,142.77

17,100.7

Jun
119.69

810.71

4,104.17

413.18

2,244.98

538.88

2,596.97

-

63.09

6.62

3.89

8.73

929.36

3,667.45

37.02

1,606.53

1,374.23

1,621.33

20,146.8

Jul
224.75

791.31

5,081.19

275.44

3,602.89

801.93

2,640.55

-

103.36

5.49

2.18

9.00

164.58

4,043.75

32.65

1,587.68

1,873.44

1,722.66

22,962.9

Aug
178.74

1,054.06

7,123.10

461.83

3,778.75

1,050.74

3,106.90

-

103.86

6.78

1.04

9.21

212.50

4,430.78

37.42

2,614.64

1,744.16

1,989.27

27,903.8

Sep
108.51

1,915.41

8,246.09

676.17

5,563.16

1,575.75

3,240.85

-

26.96

6.47

1.37

9.40

187.53

4,993.71

42.30

3,707.80

3,074.10

2,440.63

35,816.2

Oct
138.01

1,702.35

10,537.81

2,437.08

7,376.80

906.98

3,416.23

-

27.05

5.29

1.15

7.94

254.84

5,859.32

41.94

4,081.09

1,658.19

2,434.21

40,886.3

Nov
113.92

2,078.54

10,430.55

2,073.35

7,977.27

940.70

3,737.72

-

27.15

11.83

1.37

8.74

248.79

7,670.96

42.07

3,148.28

1,627.27

3,059.40

43,197.9

Dec
158.44

2,300.01

12,821.54

934.73

7,898.48

1,984.08

3,716.31

-

24.75

20.65

1.33

8.11

268.61

8,976.00

61.84

4,867.67

2,740.16

6,935.56

53,718.3

Jan
165.80

2,845.62

12,018.43

708.00

7,706.57

1,811.38

4,029.43

-

125.52

14.97

5.11

12.17

326.11

10,766.91

77.59

2,965.93

3,395.90

8,058.15

55,033.6

Feb
251.70

2,756.57

12,731.97

889.16

8,264.76

1,532.87

3,877.19

-

117.45

13.99

5.15

11.56

329.47

11,656.91

88.37

5,441.70

11,907.90

8,653.69

68,530.4

Mar
242.41

3,063.92

14,545.58

1,948.14

12,381.17

2,497.47

4,373.76

-

0.08

20.23

4.39

11.39

765.82

14,041.67

127.46

7,917.31

5,718.53

9,244.62

76,904.0

Apr
263.29

3,147.75

16,673.44

1,287.51

13,285.14

3,056.32

4,235.96

-

0.08

18.39

4.47

9.75

834.72

14,864.30

129.90

7,642.80

6,534.14

9,703.93

81,691.9

May
284.33

3,144.57

19,827.46

1,553.68

15,003.29

3,130.38

4,160.50

-

0.12

45.79

4.53

9.61

768.01

17,762.27

143.44

7,042.04

6,012.40

9,845.09

88,737.5

Jun
515.11

8,372.39

26,368.55

3,570.85

34,550.44

7,527.46

5,841.98

-

0.12

90.14

4.29

9.41

2,010.79

26,638.87

215.56

24,299.33

14,590.26

18,983.05

173,588.6

Jul
577.99

16,536.53

49,470.13

4,219.81

40,259.84

11,399.93

6,357.84

-

-

74.57

4.33

12.61

1,025.78

33,054.99

229.06

28,551.07

10,247.64

19,646.49

221,668.6

Aug
821.16

26,519.73

49,165.59

4,265.44

38,763.72

14,219.24

6,484.68

-

-

39.07

14.05

14.74

1,046.29

38,741.31

231.00

25,354.64

9,460.49

19,961.16

235,102.3

Sep
891.26

27,646.41

51,169.67

3,898.65

38,420.20

14,126.83

6,354.19

-

-

107.40

9.61

22.30

1,050.38

41,088.91

228.95

28,289.36

17,608.70

19,375.08

250,287.9

Oct
896.48

29,309.79

60,589.19

3,602.58

38,877.31

13,530.74

7,763.97

-

20.06

109.83

17.57

22.18

1,019.00

48,440.92

268.07

29,764.70

15,978.22

19,616.63

269,827.2

Nov
919.42

31,596.89

67,899.10

3,494.87

39,693.38

14,134.74

7,098.29

-

0.02

110.37

20.00

16.81

1,269.94

54,496.74

259.90

29,821.16

16,683.48

19,526.70

287,041.8

Dec
1,019.76

36,507.59

70,392.07

4,949.48

37,346.17

10,803.58

9,985.57

-

-

1.18

23.30

26.76

1,269.01

62,953.03

718.16

29,608.01

12,793.91

28,230.82

306,628.4

Jan
1,237.43

39,565.64

71,463.64

12,288.89

39,092.85

10,921.99

8,281.80

-

-

1.18

16.67

18.01

1,264.28

71,090.96

718.83

25,036.22

12,333.21

32,123.11

325,454.7

Feb
1,320.27

38,100.03

69,341.48

16,867.76

38,108.83

6,341.39

12,518.15

-

-

1.26

24.15

22.69

1,493.66

77,324.34

774.89

28,339.17

15,953.14

33,612.14

340,143.4

Mar
1,244.16

38,369.53

76,479.44

5,317.61

41,401.24

8,733.65

15,889.61

-

19.21

34.56

15.17

21.67

1,309.75

80,607.03

878.97

32,908.13

19,302.34

30,861.86

353,393.9

Apr
1,430.83

38,008.89

79,592.64

5,639.40

48,564.03

7,679.05

18,267.01

-

19.23

62.89

19.86

12.71

1,336.70

91,062.16

956.75

34,537.88

21,214.88

32,383.77

380,788.7

May
1,648.09

28,677.21

87,611.51

6,479.66

59,745.10

11,582.44

18,846.75

-

152.75

93.37

21.77

16.58

1,263.75

94,790.46

990.41

35,592.28

21,398.95

31,307.45

400,218.5

Jun
1,419.27

28,452.53

69,413.26

24,215.35

70,835.98

17,601.31

17,152.75

-

19.46

92.91

17.91

77.79

1,511.86

106,954.15

1,247.08

26,856.45

26,444.57

33,288.94

425,601.6

Source:Reserve Bank of Zimbabwe, 2021
TABLE 6.1: COMMERCIAL BANKS -ASSETS
ZWL$ millions
Debt Securities
Loans and Advances


S9


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

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

Dec
Jan

Feb

Mar

Apr

May

Jun

Source: Reserve Bank of Zimbabwe, 2021
TABLE 6.2 : COMMERCIAL BANKS - LIABILITIES
Deposits
Amounts Owing to


S10


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
0.9

2.3

197.4

98.7

7.8

-

129.8

34.5

-

-

413.2

-

508.7

144.9

136.1

1,674.3

Feb
1.5

1.8

172.4

123.5

5.5

-

141.3

33.5

-

-

414.8

-

507.9

125.7

135.7

1,663.6

Mar
1.4

3.4

175.9

72.1

14.1

-

212.6

32.8

-

-

411.4

-

539.4

142.8

132.3

1,738.2

Apr
1.1

4.3

185.5

61.9

3.6

-

184.4

32.0

-

-

413.3

-

582.7

141.6

135.2

1,745.7

May
1.0

7.6

196.3

138.2

8.1

-

191.0

30.9

-

-

415.0

-

608.4

128.1

137.4

1,862.0

June
1.2

4.9

188.6

177.8

1.9

-

266.2

30.1

-

-

413.9

-

614.3

124.0

141.5

1,964.5

July
1.8

6.6

207.1

185.1

1.7

-

283.2

33.3

-

-

423.5

-

636.1

128.2

141.1

2,047.7

Aug
1.6

3.7

224.7

145.3

2.4

-

288.9

32.2

-

-

428.2

-

579.4

139.1

143.7

1,989.2

Sep
1.9

2.9

245.6

92.6

20.8

-

291.1

31.2

-

-

430.3

-

650.2

148.1

144.4

2,059.1

Oct
4.9

2.1

220.0

95.8

11.9

-

318.9

30.2

-

-

427.7

-

639.8

154.2

147.0

2,052.5

Nov
3.6

2.9

243.3

35.7

10.4

-

320.7

28.9

-

-

433.5

-

635.7

148.0

145.8

2,008.5

Dec
2.3

4.3

157.4

121.3

10.4

-

339.4

28.0

-

-

444.8

-

645.9

179.7

151.9

2,085.6

Jan
6.3

4.6
108.2

63.5
10.9

-

343.8

27.3
33.6

-

438.0

-

649.3

136.7
151.2

1,973.3

Feb
5.4

17.6
120.6

62.8
18.1

-

339.6

26.5
-

-

416.1

-

696.1

171.1
156.7

2,030.8

Mar
2.6

18.0
126.3

38.6
23.9

-

331.7

25.5
-

-

415.1

-

710.1

172.1
207.4

2,071.2

Apr
3.7

30.6
220.3

85.0
47.6

-

271.6

25.0
-

-

414.1

-

705.0

169.0
276.2

2,247.8

May
3.9

38.4
162.2

115.4
139.0

-

345.5

23.9
-

-

406.2

-

776.6

165.7
363.4

2,540.1

Jun
6.3

69.8
361.6

144.5
132.4

-

265.8

22.6
-

-

421.7

-

873.6

210.5
473.0

2,981.8

Jul
6.5

174.7
473.9

89.7
131.1

-

258.3

22.2
-

-

416.0

-

934.6

203.1
565.6

3,275.8

Aug
5.5

94.5
758.0

60.6
115.5

-

247.4

21.5
-

-

418.1

-

970.6

345.1
567.6

3,604.2

Sep
15.8

180.3
831.8

195.4
104.2

-

267.6

20.9
-

-

499.1

-

1,137.6

528.8
1,042.2

4,823.6

Oct
6.2

198.7
997.2

72.2
243.7

-

268.8

20.2
-

-

429.8

-

1,286.7

503.4
1,069.3

5,096.2

Nov
11.9

156.1
872.3

159.7
426.0

-

338.6

19.6
-

-

443.5

-

1,357.4

575.8
1,068.7

5,429.6

Dec
9.2

223.9
1,016.9

317.4
492.3

-

308.3

18.2
-

-

454.5

-

1,413.5

700.6
1,470.0

6,424.9

Jan
16.3

322.3
1,106.8

361.8
421.8

-

283.0

20.1
-

-

478.2

-

1,498.8

717.5
1,552.8

6,779.5

Feb
14.5

368.2
977.2

612.5
370.5

-

357.1

20.1
-

1.5

503.6

-

2,097.7

735.9
1,538.8

7,597.4

Mar
20.1

529.4
1,423.7

261.8
282.6

-

341.6

19.2
-

0.6

526.4

-

2,406.4

1165.6
1,914.1

8,891.5

Apr
33.1

493.1
914.2

232.1
384.9

-

424.3

18.1
-

-

525.9

-

2,568.2

1528.5
2,134.4

9,256.8

May
39.7

434.7
1,248.4

192.3
725.0

-

382.4

17.0
-

-

517.6

-

2,793.4

2669.6
2,146.1

11,166.3

Jun
88.7

1167.9
2,857.8

395.9
1,222.0

-

385.4

13.8
-

-

653.4

-

4,663.9

2688.0
4,712.1

18,848.8

Jul
109.1

1780.7
3,878.9

1342.9
1,879.4

-

346.6

13.4
-

-

585.7

-

5,648.0

3879.5
4,927.7

24,391.8

Aug
142.9

2175.5
4,799.3

341.7
2,310.6

-

294.6

13.1
-

-

688.7

-

6,552.1

4480.3
6,104.6

27,903.4

Sep
179.8

2469.9
4,547.1

504.6
1,027.7

-

218.3

12.9
-

0.4

741.5

-

6,518.3

2774.9
6,503.8

25,499.1

Oct
149.1

2787.0
5,056.1

778.9
1,182.4

-

206.5

12.3
-

112.2

772.3

-

6,874.4

2795.4
6,537.1

27,263.4

Nov
104.3

2935.7
4,448.9

691.0
1,412.8

-

1,666.7

11.6
-

157.8

930.4

-

7,498.6

2571.1
6,712.9

29,141.9

Dec
116.2

3210.3
5,085.9

802.0
1,183.4

-

1,830.2

11.2
-

251.1

1,008.4

-

8,562.3

2559.4
7,352.9

31,973.2

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

Source: Reserve Bank of Zimbabwe, 2021
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


S11


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

Mar

Apr

May

June

July

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Source: Reserve Bank of Zimbabwe, 2021
Amounts Owing to
TABLE 7.2: BUILDING SOCIETIES -LIABILITIES
ZWL$ millions


S12


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

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

June

Source:Reserve Bank of Zimbabwe, 2021
/1 Including the only merchant bank still in operation.


S13


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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Source: Reserve Bank of Zimbabwe,2021
TABLE 8.2: SECTORAL ANALYSIS OF COMMERCIAL BANKS DEPOSITS
$ ('000)


S14


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

Jan
6,903.02 2.89
1,294.05
16.92 3,608.83 1,056.16
Jan
401.51 12.20
40,613.79
232.61 135,481.07 413.39
Feb
8,336.98 4.04
1,330.58
17.21 3,594.51 1,093.64
Feb
456.54 16.35
27,811.17
226.77 119,081.12 463.62
Mar
9,881.49 3.90
1,399.50
18.27 4,080.65 1,250.55
Mar
525.91 15.42
30,417.55
248.88 142,597.83 441.02
Apr
10,321.38 3.14
1,590.10
13.97 4,949.34 1,408.53
Apr
535.02 13.65
32,092.53
168.79 157,348.28 390.08
May
14,670.32 4.19
1,397.48
11.83 6,692.55 1,897.82
May
642.59 14.66
15,542.62
121.44 166,491.56 494.29
Jun
17,881.21 3.73
1,464.66
30.14 7,130.02 2,539.84
Jun
705.96 13.34
18,012.05
79.60 160,873.03 486.81
Jul
23,309.86 3.70
1,806.45
36.55 9,137.36 3,295.81
Jul
983.53 13.59
20,465.37
99.56 170,823.27 638.17
Aug
23,596.62 2.37
2,181.56
38.47 11,077.65 3,493.56
Aug
872.91 8.99
21,919.77
85.24 179,281.20 542.28
Sep
30,328.13 3.80
3,029.87
51.94 15,112.00 5,337.71
Sep
1,010.70 11.88
22,749.60
62.44 200,441.85 679.42
Oct
39,413.72 3.87
3,621.64
67.08 16,588.28 6,237.03
Oct
1,079.40 12.66
23,191.58
65.00 206,621.48 1,099.30
Nov
40,871.80 3.53
4,199.30
67.41 13,537.77 7,200.30
Nov
982.10 10.32
25,737.50
225.22 152,919.89 2,044.08
Dec
49,579.82 2.76
5,695.39
97.22 19,356.74 8,724.02
Dec
1,003.81 7.64
27,800.46
385.47 146,316.57 1,273.62

Jan
47,841.35 1.85
5,236.31
115.20 21,247.93 9,646.84
Jan
943.30 4.56
23,649.03
199.88 139,278.20 671.73
Feb
41,637.65 4.66
5,431.81
136.93 22,589.66 9,633.79
Feb
916.12 8.87
21,652.22
196.62 149,671.48 647.84
Mar
60,804.08 4.06
7,252.88
267.95 27,993.61 14,411.35
Mar
1,068.45 7.35
22,588.12
234.27 173,042.15 661.19
Apr
47,525.48 -
4,150.63
82.57 18,299.23 11,481.82
Apr
515.07 -
11,036.39
36.36 131,189.97 998.03
May
59,271.13 -
7,426.04
349.82 24,851.46 19,593.20
May
674.11 -
14,711.60
231.19 150,936.13 705.32
Jun
91,311.28 -
9,752.73
516.61 26,042.54 25,842.33
Jun
907.77 -
14,420.93
286.06 135,524.31 1,390.39
Jul
127,743.20 -
14,741.10
1,028.71 26,033.25 35,199.67
Jul
918.35 -
15,786.53
251.44 121,072.40 791.91
Aug
143,042.09 -
14,953.63
1,547.55 27,217.60 34,505.02
Aug
789.41 -
13,536.22
248.17 127,308.59 702.05
Sep
203,172.05 0.77
18,252.25
1,962.96 26,440.98 41,958.39
Sep
911.91 0.00
15,524.14
309.78 125,059.25 783.16
Oct
198,863.56 -
22,482.28
2,163.27 42,767.66 46,270.42
Oct
990.15 -
19,138.59
398.81 191,148.78 735.77
Nov
236,231.56 -
23,936.70
2,151.61 36,475.66 54,797.79
Nov
971.30 -
17,584.90
430.00 101,305.80 755.60
Dec
302,661.15 -
30,061.03
1,935.29 45,278.12 67,038.24
Dec
1,100.04 -
19,404.04
453.03 115,290.18 820.13

Jan
255,551.32 -
21,042.23
4,532.12 35,306.27 64,996.35
Jan
720.03 -
9,849.33
228.95 94,691.39 872.24
Feb
226,335.83 -
22,882.64
2,288.90 36,383.01 61,941.70
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
Source:Reserve Bank of Zimbabwe,2021
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)


S15


End of
Nominal Lending
Rates2
Individuals
Corporate
Savings
3 Months2

Jan
4.00-18.00
9.47
7.40
Jan
0.22-12.00
1.00-8.00
Feb
4.00-18.00
9.23
7.30
Feb
0.22-12.00
1.00-6.75
Mar
4.00-18.00
9.23
7.31
Mar
0.22-12.00
1.00-8.00
Apr
4.00-18.00
9.3
7.38
Apr
0.22-12.00
1.00-8.00
May
4.00-22.00
9.31
7.33
May
0.22-12.00
1.00-8.00
Jun
4.00-22.00
9.15
7.67
Jun
0.22-12.00
1.00-8.00
Jul
4.00-35.00
9.54
8.4
Jul
0.22-12.00
1.00-8.00
Aug
5.00-55.00
14.37
18.43
Aug
0.22-12.00
1.00-8.00
Sep
5.00-65.00
14.64
19.81
Sep
0.22-12.00
1.00-8.00
Oct
5.00-65.00
15.59
19.66
Oct
0.22-12.00
1.00-8.00
Nov
5.00-65.00
15.06
18.00
Nov
0.22-12.00
1.00-8.00
Dec
5.00-65.00
16.08
18.31
Dec
0.22-12.00
1.00-8.00

Jan
5.00-65.00
16.56
17.2
Jan
0.22-12.00
1.00-8.00
Feb
5.00-65.00
16.92
16.68
Feb
0.22-12.00
1.00-8.00
Mar
5.00-65.00
19.65
17.21
Mar
0.22-12.00
1.00-8.00
Apr
5.00-65.00
18.57
18.69
Apr
0.22-12.00
1.00-8.00
May
5.00-65.00
18.06
18.07
May
0.22-12.00
1.00-8.00
Jun
5.00-65.00
20.04
17.38
Jun
0.22-12.00
1.00-8.00
July
5.00-65.00
18.87
20.11
Jul
0.22-12.00
1.33-14.00
Aug
6.00-65.00
19.14
18.99
Aug
0.50-15.00
1.00-20.28
Sep
6.00-65.00
20.65
25.09
Sep
0.50-15.00
1.00-20.28
Oct
6.00-65.00
26.04
26.68
Oct
0.22-12.00
0.75-8.00
Nov
6.00-65.00
30.32
27.67
Nov
0.22-12.00
1.00-8.00
Dec
6.00-65.00
32.11
26.91
Dec
0.22-12.00
1.00-6.75

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
Source:Reserve Bank of Zimbabwe,2021
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


S16


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

Jan

Feb

Mar

Apr

May

June*

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

June

**As at 26 June 2020
Source: Zimbabwe Stock Exchange (ZSE), 2021
ZW$
TABLE 11: ZIMBABWE STOCK MARKET STATISTICS
Indices
*All Share index was


S17


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


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Source :ZIMSTATS, 2021
NON-FOOD INFLATION
TABLE 12.1 : MONTHLY INFLATION -- PERCENTAGE CHANGE IN CONSUMER PRICE INDEX
( FEBRUARY 2019 = 100)


S18


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 :ZIMSTATS, 2021
TABLE 12.2 : QUARTERLY INFLATION -- PERCENTAGE CHANGE IN CONSUMER PRICE INDEX
(FEBRUARY 2019 = 100)
NON-FOOD INFLATION


S19


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


Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

June

Source:Zimstat, 2021
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


S20


End of
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
Nov-20
Dec-20
Jan-21
Feb-21
Mar-21
Apr-21
May-21
Jun-21
Total
(Q2 2021)
Merchandise Imports (excl. energy)
224.7

263.1

241.7

255.4

291.2

276.4

256.6

233.6

363.7

289.7

249.0

291.6

304.1

844.7

- Consumption Goods
119.6

115.7

99.7

103.5

143.2

110.8

92.4

129.4

175.1

147.9

125.8

135.2

128.4

389.4

- Capital Goods
72.5

89.9

94.9

99.7

103.9

112.6

114.6

69.9

115.7

86.6

798.1

983.1

132.3

310.4

- Intermediate Goods
32.6

57.4

47.1

52.1

44.1

53.1

49.7

34.3

72.8

55.2

434.3

581.1

434.3

145.0

Energy (Fuel & Electricity)
34.8

41.8

49.5

58.4

90.7

58.0

58.7

64.4

61.6

53.5

64.5

60.0

71.9

196.4

Service Payments
52.9

36.7

50.2

37.9

34.9

40.6

25.3

28.5

38.7

27.9

40.0

52.0

45.5

137.5

- Technical, Professional & consult
33.0

19.4

34.7

18.2

17.4

21.8

11.5

12.9

13.3

12.5

15.6

24.2

19.3

59.0

- Software
9.0

4.2

4.2

4.8

5.5

6.9

3.7

3.1

5.8

4.2

5.2

6.4

6.1

17.7

- Other (tourism, edu, freight etc)
10.9

13.2

11.2

14.9

12.0

12.0

10.2

12.5

19.5

11.2

19.3

21.4

20.1

60.8

Income Payments (Profits, Dividends)
14.8

19.9

18.2

48.2

32.9

61.1

25.7

66.6

87.0

30.0

8.5

24.1

26.7

59.3

Capital Remittances (outward)
20.3

22.2

22.4

37.3

38.7

41.9

45.8

19.5

52.6

82.6

33.8

34.0

67.6

135.4

- External Loan Repayments
17.5

15.9

19.2

29.0

30.2

35.5

37.7

18.5

45.2

73.4

28.2

25.9

60.9

115.1

- Disinvestments
1.7

3.9

1.0

3.7

3.7

3.5

6.5

0.8

3.3

7.1

3.3

4.5

5.9

13.8

- Cross Border Investment
1.2

2.5

2.1

4.6

4.9

2.8

1.6

0.2

4.0

2.1

2.2

3.6

0.7

6.6

Other Payments
6.0

7.4

7.3

9.2

9.3

9.4

4.3

3.2

5.0

11.1

2.8

9.5

16.5

28.8

TOTAL
353.5

391.1

389.2

446.4

497.7

487.4

416.4

415.8

608.5

494.8

398.6

471.2

532.3

1,402.1

Source: Reserve Bank of Zimbabwe, 2021
Table 13.1: Monthly Cross Border Payments (US$ Millions)


S21


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, 2021
Table 13.2: Monthly Cross Border Receipts (US$Millions)