QUARTERLY
ECONOMIC
REVIEW


DECEMBER 2021

CONTENTS

List of Figures

List of Tables


1.
OVERVIEW


Global economic growth is estimated at 5.9 % for
2021 and is projected to be 4.4% in 2022, on the
back of increased economic activity. The
increase in global economic activity followed the
relaxation of coronavirus related lockdowns in
many economies, which boosted the global
demand for goods and services.

On the domestic front, economic activity
remained robust, notwithstanding Covid-19
induced lockdowns that were also extended into
the early part of the fourth quarter of 2021. The
domestic economy is estimated to have grown by
7.8% in 2021, on the back of a favourable
agriculture season and a stable macroeconomic
environment.

Inflation expectations were anchored, during the
course of the year, leading to a decline in
headline inflation, from a peak of 837.5% in July
2020 to 60.7% in December 2021. This was, in
large part, due to strong complementarity
between monetary and fiscal policies.

The country’s total merchandise trade amounted
US$3,942.5 million, during the fourth quarter of
2021, representing a 33.5% increase from the
US$2,952.5
million
recorded
in
the
corresponding quarter in 2020. In 2020, global
trade was subdued due to disruptions caused by
Covid-19 restrictive measures imposed in most
economies. The total merchandise outturn for the
quarter under review was also higher than the
US$3,701.3 million recorded for the third quarter
of 2021 by 6.5%.

In line with tight monetary policy, implemented
by the Bank through its reserve money targeting
framework, reserve money declined by 1.14% to
ZW$25.5 billion in the fourth quarter of 2021,
from ZW$26.2 billion in the third quarter. This
was well within the target of ZW$28.9 billion.
The reserve money quarter-on-quarter growth
target, under the Central Bank’s monetary
targeting framework, was reduced from 20% to
10%, during the quarter under analysis.

Broad money stock stood at ZW$475.36 billion
in December 2021, up from ZW$364.60 billion
in September 2021. On a quarterly basis, broad
money grew by 10.02 percentage points, from
20.36% in September to 30.38% in December
2021. The increase in money supply largely
reflected quarter-on-quarter increases in all
classes of deposits and currency in circulation.

During the fourth quarter of 2021 trading on the
Zimbabwe
Stock
Exchange
(ZSE)
was
dominated by bullish sentiments. This resulted in
increases in all major indices.

The National Payment Systems (NPS) continued
to serve the economy well, with the value of
transactions processed increasing by 42.3% to
ZW$2.96 trillion in the fourth quarter of 2021,
from ZW$2.08 trillion recorded in the third
quarter. Similarly, NPS transaction volumes
increased by 3.6% to 380.9 million, during the
quarter under review, from 367.5 million in the
third quarter.

On the fiscal front, total government revenue
stood at ZW$160.35 billion, in the fourth quarter
of 2021, against expenditures of ZW$196.39
billion. This resulted in a budget deficit of
ZW$36.04 billion.

2. INTERNATIONAL
ECONOMIC
DEVELOPMENTS

The global economy is estimated to have grown
by 5.9 % in 2021. This remarkable economic
recovery was, considered by some analysts, as
the strongest post-recession growth pace in
decades. The upturn in economic activity
followed relaxation of the pandemic-related
lockdowns in many economies, which boosted
the global demand for goods and services. A
lower growth of 4.4% is, however, projected for
2022. The 2022 global growth outlook is weaker,
owing to anticipated adverse impacts of the
Covid-19 omicron variant, diminished fiscal
support, and lingering supply-side bottlenecks.

The rapid spread of the omicron variant renewed
mobility
restrictions
in
many
countries.
Additionally, the attendant supply disruptions
continued to impact negatively on economic
activity, while exerting inflationary pressures on
the global economy. The global economy also
faces pressure from elevated food and energy
prices. Global economic growth is projected to
soften further to 3.8% in 2023, as supportive
macroeconomic
policies
continue
to
be
unwound.

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


Table 1: Global Growth & Outlook (%)
Country/Group
Name

Estimates
Projections
World Output
5.9
4.4
3.8
Advanced
Economies
5.0
3.9
2.6
o/w: United States
5.6
4.0
2.6
Euro-Area
5.2
3.9
2.5
Japan
1.6
3.3
1.8
Emerging Market
& Developing
Economies
6.5
4.8
4.7
Asia
8.1
4.8
5.2
o/w: China
9.0
9.0
7.1
India
4.0
3.7
4.0
Sub Saharan
Africa
3.0
2.7
2.7
o/w: Nigeria
4.6
1.9
1.4
South Africa
5.9
4.4
3.8
Source: IMF World Economic Outlook, (January 2022
Update)
In the January 2022 World Economic Outlook
report, the IMF noted that the global economic
outlook is subject to various downside risks. In
particular, the continued spread of Covid-19,
amid unequal distribution of vaccines across
countries, might open the door to new concerning
strains, as exemplified by the omicron variant,
first detected in November 2021.


Growth in advanced economies is projected to
decelerate from 5.0% in 2021 to 3.9% in 2022,
on account of the pronounced withdrawal of
fiscal policy support. Economic activity is
projected to moderate further to 2.6% in 2023.

Growth in Emerging Market and Developing
Economies (EMDEs) is projected to slowdown
from 6.5% in 2021 to 4.8% in 2022, as the ongoing withdrawal of macroeconomic support,
together with the resurgence of the Covid-19

variant weighs down on the recovery of domestic
demand. Moreover, EMDEs are experiencing
notably weaker and more fragile recoveries,
compared to advanced economies, a result of the
slower pace of vaccinations and a more limited
policy response to the pandemic.

Real economic growth for the Sub-Saharan
Africa (SSA) region is estimated at 4.0% in 2021
and projected to be 3.7% in 2022 and 4.0% in
2023. Notably, the growth of the region’s biggest
economies like Nigeria and South Africa is
estimated at
3.0% and 4.6% in
2021,
respectively. The SSA region’s recovery is
expected to persist, supported by elevated
commodity prices, as activity continues to
rebound in the region’s main trading partners;
namely China, the Euro Area, and the United
States, albeit at a slower pace than in 2021.

The outlook for the SSA region will also be based
on a gradual recovery in tourism, with
vaccinations in some tourism-reliant economies
already proceeding at a much faster pace than in
the rest of the region.

INTERNATIONAL COMMODITY PRICE
DEVELOPMENTS

On the global markets, prices for gold, copper,
nickel and crude oil firmed, while the platinum
prices were subdued, compared to the third
quarter.
The
developments
in
selected
commodity prices for the fourth quarter of 2021,
are as shown in Table 2.


Table 2: International Commodity Prices

Gold
Platinum
Copper
Nickel
Brent
Crude Oil

US$/oz
US$/oz
US$/tonne
US$/tonne
US$/Barrel
2021 Q3
Average

Oct-21

Nov-21

Dec-21

2021 Q4
Average


Q3-Q4
Changes

Source: Bloomberg, BBC, 2021
Precious Metals
Gold prices rose by 0.3%, from an average of
US$1,789.93 per ounce in the third quarter to
US$1,795.52 per ounce, during the fourth
quarter. The increase was underpinned by
mounting investor concerns over rising US
inflation, and strong safe-haven demand, amid a
surge in the Covid-19 omicron variant cases,
during the fourth quarter. The increase was,
however, moderated by investor expectations
that the US Federal Reserve, would accelerate
the pace of its stimulus tapering, to curb
broadening inflation risks.
Platinum prices remained largely subdued,
owing
to
slackening
industrial
demand,
occasioned by a persistent global shortage of
semi-conductor chips, which forced a cut in
production
in
the
automotive
industries.
Platinum is predominantly used in emissions
control systems, which reduce harmful emissions
from internal combustion engine vehicles.
Projections of a wider surplus in 2021 by the
World Platinum Investment Council (WPIC),
further weighed down platinum prices. Prices
declined by 2.5%, from an average of

US$1,024.84 per ounce in the previous quarter,
to US$999.67 per ounce in the fourth quarter.
The developments in precious metal prices for
the period from June 2020 to December 2021, are
shown in Figure 1.
Figure
1:
Precious
Mineral
Prices
(US$/ounce)

Source: Bloomberg, 2021

Base Metals

Copper prices rebounded by 3.4%, from an
average of US$9,371.69 per tonne in the third
quarter of 2021 to US$9,691.49 per tonne, in the
fourth quarter. The surge in prices was supported
by the global energy crisis, which affected supply
at a time when copper inventories were low.
Furthermore, investor hopes for improved
demand,
following
the
announcement
of
measures to support the property sector in China,
the top consumer of base metals, also supported
prices.

Nickel prices remained buoyant, mainly as a
result of the global energy crisis and supply
constraints, at a time when demand from the
stainless-steel industry was growing. Tight
supply fears also supported prices, as investors
expected supply disruptions from key sources
such as the Philippines, due to flooding. Against
this backdrop, prices firmed by 3.3%, from a
quarterly average of US$19,125.29 per tonne in
the third quarter of 2021 to US$19,765.47 per
tonne, in the reporting quarter, as shown in
Figure 2.

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

Source: Bloomberg, 2021
Brent Crude Oil
Brent crude oil prices were bullish, registering a
9.0% growth, from a quarterly average of
US$73.10 per barrel in the third quarter of 2021,
to close the quarter under review at an average of
US$79.70 per barrel. Prices were largely boosted
by tight global supplies, as well as concerns over
coal and gas shortages, particularly in China,
India, and Europe, which resulted in some
industries switching from gas to petrol and diesel
for their operations.

Figure 3 shows the monthly evolution of crude
oil prices for the period from June 2020 to
December 2021.


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

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

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


Source: Bloomberg, 2021

MERCHANDISE
TRADE
DEVELOPMENTS
Total merchandise trade stood at US$3,942.5
million, during the fourth quarter of 2021. This
was 33.5% higher than the US$2,952.5 million
recorded in the corresponding quarter in 2020. In
2020, global trade was subdued due to
disruptions induced by Covid-19 restrictive
measures imposed in most economies. The
country’s total respective merchandise trade
developments for 2020 and 2021, are as shown in
Figure 4.
Figure 4: Quarterly Merchandise Total Trade
(US$ m)
Source: Zimstat, 2021

The total merchandise outturn of US$3,942.5
million, for the fourth quarter of 2021 was 6.5%
higher than US$3,701.3 million, realized in the
third quarter. This was largely underpinned by a
significant increase in merchandise imports.
Merchandise Export Developments

In the quarter under review, the country’s
merchandise exports amounted to US$1,773.4
million, 1.9% up from US$1,740.0 million
recorded in the preceding quarter. Compared to
the corresponding quarter in 2020, merchandise
exports rose by 21.8%, from US$1,456.1 million
recorded in 2020, as shown in Figure 5.


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

2020Q4
2021Q3
2021Q4

Figure 5: Quarterly Merchandise Exports
(US$ m)

Source: Zimstat, 2021
The country’s major exports in the fourth quarter
of 2021 included gold valued at US$584.3
million, followed by PGMs, US$536.9 million,
and
tobacco,
US$379.0
million.
Primary
commodities
continued
to
dominate
the
country’s export basket, with the top three export
products contributing a phenomenal 84.6% of
total exports, during the fourth quarter in 2021.

Most mineral commodity exports were spurred
by firming global prices, stemming from
depressed supply, against buoyant global
demand. Tobacco exports were markedly higher
in the fourth quarter, on account of the
commodity’s cyclical nature, which usually
reaches the peak of its export cycle towards the
end of the year. The major export commodities,
during the third and fourth quarters of 2021, were
as shown in Table 3.


Table 3: Quarterly Merchandise Exports
(US$ m)

2021 Q3
(US$ m)
2021 Q4
(US$ m)
2021 Q3Q4
Changes
(%)
2021 Q4
Share of
Total (%)
Total Exports

Of Which:
Gold

Platinum Group
of
Metals
(PGMs)*

Tobacco
(Inc.
cigarettes)

Ferro-chromium

Ginned cotton

Coal

Crocodile leather

Industrial
diamonds

Granite

Chromium ores
and concentrates

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 for
South Africa (33.9%); the United Arab Emirates
(33.4%); China (11.6%), and other countries,
during the fourth quarter of 2021, as shown in
Figure 6. It is worth noting that the emergence of
the UAE as a major destination for the country’s
gold, followed the signing of a Memorandum of
Understanding between the Dubai Gold &
Commodities
Exchange
(DGCX)
and
Zimbabwe’s Victoria Falls Stock Exchange
(VFEX) in September 2021.

1,456.1
1,740.0
1,773.4


2020Q4
2021Q3
2021Q4

Figure
6:
Major
Merchandise
Export
Destinations (% Share)

Source: ZIMSTAT & RBZ Computation

Merchandise Import Developments
The country’s merchandise imports increased by
10.6%, from US$1,961.3 million in the third
quarter of 2021, to US$2,169.1 million in the
quarter under review, as shown in Figure 7.
Figure 7: Quarterly Merchandise Imports
(US$ m)

Source: Zimstat, 2021
Quarterly imports rose by 10.6%, from
US$1,961.6 million in the third quarter of 2021,
to US$2,169.1 million in the fourth quarter. The
country’s major imports during the period under
review were diesel (US$220.2 million); petrol
(US$96.0 million); fertilisers (US$94.6 million),
and other commodities, as shown in Table 4.
Table 4: Quarterly Merchandise Imports
(US$ m)
Source: ZIMSTAT & RBZ Computations

Major Import Sources
During the fourth quarter of 2021, the country’s
imports were mainly sourced from South Africa
(41.6%); Singapore (15.6%); China (11.5%);
Mozambique (4.0%), and other countries, as
shown in Figure 8.


South Africa
United Arab Emirates
China
Mozambique
Belgium
Zambia
Ukraine
Botswana
Indonesia
Turkey
1,496.5
1,961.3
2,169.1
2020Q4
2021Q3
2021Q4

Q3
(US$m
)
2021 Q4
(US$m)
2021 Q3Q4
Changes
(%)
2021 Q4
Share
of Total
(%)
Total
Imports

Of Which:
Diesel

Petrol

Fertiliser
Chemicals

Crude
soya
bean oil

Medicaments

Jet A1 fuel

Rice

Electricity

Vaccines

Insecticides


Figure 8: Merchandise Import Sources (%
Share)

Source: ZIMSTAT & RBZ Computations

TRADE BALANCE
The country’s trade balance worsened from a
deficit of US$221.3 million in the third quarter,
to a deficit of US$395.7 million in the fourth
quarter of 2021, as shown in Figure 9.
Figure
9:
Merchandise
Trade
Balance
(US$ m)

Source: ZIMSTAT & RBZ Computations

EXCHANGE RATE DEVELOPMENTS

During the quarter under review, the Zimbabwe
dollar (ZW$) depreciated by about 16.8% against
the greenback, from an average of ZW$85.96 per
US$1 in the third quarter, to ZW$100.41 per
US$1. The parallel market exchange rate
premium also widened in the fourth quarter to
between 93.1% and 100.0%, partly on account of
the high demand for foreign currency, due to the
general increase in economic activity.
The Bank continued to fine-tune the foreign
exchange auction system, to stabilize the
exchange rate, while promoting external sector
competitiveness
and
curbing
rent-seeking
behaviour. The developments in exchange rates
since the introduction of the interbank market in
February 2019, are shown in Figure 10.
Figure 10: Exchange Rate Developments

Source: Reserve Bank of Zimbabwe, Market Surveys


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

2021Q3
2021Q4
Exports

25-Feb-19
25-May-19
25-Aug-19
25-Nov-19
25-Feb-20
25-May-20
25-Aug-20
25-Nov-20
25-Feb-21
25-May-21
25-Aug-21
25-Nov-21
PREMIUM (%)[RHS]
INTERBANK RATE
PARALLEL RATES

3.
DOMESTIC
ECONOMIC
DEVELOPMENTS

REAL SECTOR DEVELOPMENTS

Economic
activity
remained
robust,
notwithstanding Covid-19 induced lockdowns
that also extended into the fourth quarter of 2021.
In this regard, the envisaged growth of 7.8% in
2021 remained on course, on the back of a
favourable agriculture season boosted by good
rains and macroeconomic stability.
Inflation expectations were anchored leading to a
decline of headline inflation, from a peak of
837.5% in July 2020 to 60.7% in December
2021. This was due to strong complementarity
between monetary and fiscal policies.

AGRICULTURE
The agriculture sector is estimated to have grown
by over 40% in 2021, owing to a highly
successful 2020/21 cropping season, as well as
favourable conditions for livestock production.
The industry also benefited from the various
Government input support schemes covering
cereal and oilseed production.

Rainfall outturn
Contrary to the forecast of normal to above
normal rainfall countrywide for October to
December 2021, the period was characterised by
late onset of rains, with the bulk of the Regions I
and II receiving below normal cumulative
rainfall amounts. Region III, which comprises
the central and southern parts of the country,
including Masvingo, Midlands and parts of
Matabeleland
South
Provinces,
however,
received normal to above normal rainfall.
The late onset and poor distribution of rains in
the first half of the season negatively impacted on
planting and crop germination in the affected
areas.
Tobacco
Land planted under the tobacco crop declined
slightly to 66 806 hectares by end December
2021, from 66 870 hectares planted during the
same period in 2020, as shown in Table 5. The
decline was attributed to the slow start of the
season, as the late onset of rains delayed planting.
Table 5: Planted Tobacco (Ha) by December

Season
Irrigated Dryland Total

Source: Tobacco Industry and Marketing
Board, 2022
Wheat
Winter wheat output increased to an estimated
record high of 337 212 tonnes in 2021, from
about 212 000 tonnes produced in 2020. Winter
wheat benefitted from Government support,
which accounted for 75.14% of area planted and
73.58% of total output. Stable power supply also
contributed to the increase in wheat output in
2021.
Livestock
Beef and pork output increased, while that for
sheep and goats declined in 2021, compared to
the performance in 2020. The increase in beef
and pork output was partly attributed to higher
consumer demand for the products. Sheep and

goat slaughters from the formal market,
however, declined in line with the fall in
demand from the hospitality industry. Table 6
shows cumulative formal sector slaughters of
cattle; pigs; and sheep and goats in 2021.

Table 6: Cumulative Livestock Slaughters as
at 31st December 2021.
Cattle
Pigs
Sheep &
Goats

231 257
183 923
11 538

293 692
196 173
11 258
Variance
27.0%
6.7%
-2.4%
Source: Ministry of Lands, Agriculture, Fisheries,
Water, and Rural Development, 2022

Cattle
Cattle slaughters in the fourth quarter of 2021
fell by 1.04%, from 79 446 head in quarter three
to 78 618 head. Compared to the same quarter in the
previous year, however, cattle slaughters were up
by 12.64%, from 69 798 head. This was
attributed to the increase in herd size, improved
availability of feeds, grazing pastures and
water, as well as higher consumer demand.

Table 7: Quarterly Cattle Slaughters

%
Change
Q1
54 073
62 929
16.38
Q2
42 446
72 699
71.27
Q3
64 940
79 446
22.34
Q4
69 798
78 618
12.64
Total
231 257
293 692
27.00
Source:
Ministry
of
Lands,
Agriculture,
Fisheries, Water, and Rural Development, 2022.


Pigs

Pig slaughters in the fourth quarter of 2021 at
53 168 head were 5.42%, up from 50 434 head
slaughtered in the third quarter. The slaughters
were also 4.67% higher than slaughters in the
same period in 2020. The higher performance
was partly due to improved availability of
feeds, in line with higher locally produced
cereal and oilseed output in 2021. Table 8
summarises the pig slaughter trends in 2020
and 2021.

Table 8: Quarterly Pig Slaughters

% Change
Q1
47 198
45 246
-4.14
Q2
43 918
47 325
7.76
Q3
42 012
50 434
20.05
Q4
50 795
53 168
4.67
Total
183 923
196 173
6.66
Source:
Ministry
of
Lands,
Agriculture,
Fisheries, Water, and Rural Development, 2022.


Milk Production
Quarterly fresh milk output progressively
increased from the low first quarter of 2021
outturn of 17.83 million litres, to 22.00 million
litres in the fourth quarter. Figure 11 shows the
trend in milk output in 2020 and 2021.

Figure 11: Quarterly Fresh Milk Output
(liters)

Source:
Ministry
of
Lands,
Agriculture,
Fisheries, Water, and Rural Development, 2022.
On a quarter-on-quarter basis, milk output
increased by 5.8%, from 20.8 million litres in
quarter three of 2021, to 22.00 million litres in
quarter four.

The higher dairy industry performance in 2021
was largely attributed to improved feeds,
grazing and water availability. The increase in
dairy herd size, following the ongoing heifer
importation programme, also contributed to
increase in fresh milk output in 2021. The
programme is being conducted under the
ZAGP’s Transforming Zimbabwe's Dairy
Value Chain for the Future (TransZDVC)
project.

MINING

The mining industry registered strong growth in
diamond, gold, platinum, coal and black granite
output in the fourth quarter of 2021, compared to
the same quarter in 2020. The industry’s
performance was, however, weighed down by
the decline in the output of chrome, nickel and
palladium, compared to the same quarter in 2020,
as shown in Table 9.


Table 9: Quarterly Mineral Output Statistics

q4 2021
q3 2021
q4 2020
Gold (kg)
11,178.17
9,422.66
4,794.42
Platinum
(kg)
3,486.16
3,597.52
3,324.61
Palladium
(kg)
2,872.75
3,106.80
3,015.27
Rhodium
(kg)
309.19
327.32
306.83
Iridium
(kg)
137.12
143.08
132.88
Ruthenium
(kg)
294.57
304.88
285.84
Diamonds
(cts)
1,338,500.45
1,243,079.65
584,228.36
Chrome
(MT)
288,671.00
481,287.68
311,494.45
Nickel (MT)
4,075.65
4,022.13
4,212.67
Copper
(MT)
1,541.11
2,196.45
1,564.39
Cobalt
(MT)
52.81
52.25
176.72
Coal (MT)
708,124.88
1,153,391.20
487,672.00
Granite
(MT)
40,146.73
49,996.85
35,158.90
Vermiculite
(MT)
0.00
10,251.00
7,669.50
Source: Ministry of Mines & Mining Development,
Chamber of Mines of Zimbabwe, FGR, 2022


Gold

Total gold output stood at 11 178.17 kg in the
fourth quarter of 2021, a 132% increase from
9,422.6 kg produced in the third quarter. This
was largely on account of the more than
anticipated increase in deliveries from the
artisanal and small-scale gold miners (ASGM),
as shown in Figure 12.

Q1
Q2
Q3
Q4
Millions

Figure 12: Quarterly trends in Gold Output
by sector

Source: Ministry of Mines & Mining Development, FGR,

Gold production got a boost from the incentive
system introduced during the first half of 2021,
which spurred deliveries to FPR.


PGMs

Major PGMs, namely, platinum and rhodium
registered higher performance in the fourth
quarter of 2021, compared to the same quarter in
2020. Palladium output, however, declined, as
shown in Figures 13 and 14.

Figure 13: Quarterly Trends in Platinum and
Palladium Output

Source: Ministry of Mines & Mining Development, 2022


Figure 14: Quarterly Trends in Rhodium
Output

Source: Ministry of Mines & Mining Development, 2022


Nickel

During the fourth quarter of 2021, nickel output
increased by 1.3%, from 4 022.13 tonnes in the
third quarter to 4 075.65 tonnes, as shown in
Figure 15.

10000
12000
Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021
KG
Large Scale Producers(kg)
Small Scale Producers (kg)
Secondary Producers (Kg)
Total Gold (kg)


Q4 2020
Q3 2021
Q4 2021
Kg
Platinum (Kg)
Palladium (kg)

Q4 2020
Q3 2021
Q4 2021
Kg

Figure 15: Quarterly trends in Nickel Output:
(2020-2021)

Source: Ministry of Mines & Mining Development, 2021

The output of nickel was adversely affected by
the loss of production time, due to scheduled
maintenance at one of the PGM mines, during the
quarter under review.


Diamond

Diamond output stood at 1.34million carats in the
fourth quarter of 2021, up by 7.7%, from the third
quarter output of 1.24 million carats. Compared
to the same quarter in 2020, diamond output in
the quarter under review was higher by 129%.
Figure 16 shows the quarterly trends in diamond
output.

Figure 16: Quarterly trends in Diamond
Output: (2020-2021)

Source: Ministry of Mines & Mining Development, 2022
The increase in the output of diamond was
largely driven by increased activities at one of the
major mining houses, which saw output surging
by 331%, compared to the same period in 2020.
Investments in efficient plant and machinery that
improved
recoveries,
coupled
with
mine
development during the first half of the year, also
boosted production.

Chrome

The country produced 288 671 tonnes of chrome,
during the fourth quarter of 2021, representing a
40% decline from the output produced in the
third quarter. The fourth quarter output of
chrome was also 7.3% lower than the output
produced in the comparable quarter in 2020, as
shown in Figure 17.
Figure 17: Quarterly Trends in Chrome Ore
Output: (2020-2021)

Source: Ministry of Mines & Mining Development, 2022

Coal
Coal output stood at 708 125 tonnes in the fourth
of 2021, exceeding output in comparable period
in 2020 by 45.2%. Compared to the third quarter
of 2021, however, the output for the quarter

Q4 2021
Q3 2021
Q4 2020
Tonnes


Q4 2020
Q3 2021
Q4 2021
Carats
311494.45
481287.68
288671.00


Q4 2020
Q3 2021
Q4 2021
tonne

under review was lower by 38.6%, as shown in
Figure 18.

Figure 18: Quarterly Trends in Coal Output:
(2020-2021)

Source: Ministry of Mines & Mining Development, 2022
Coal output was adversely affected by the loss of
production at most coal producers, during the
fourth quarter of 2021.

ELECTRICITY

The amount of power generated during the fourth
quarter of 2021 was 2,222.29 GWhs, a slight
increase from the 2,220.63 GWhs produced in
the previous quarter, as shown in Table 10.

Cumulatively, 8,459.45GWh of electricity were
produced in 2021, about 35.58% higher than in
2020, largely due to increased output from most
of the power plants, except Hwange Power
Station. The power station suffered machinery
breakdowns, which reduced pant availability
resulting in low output levels.
Table 10: Quarterly Power Output
Q4 2020
Q3 2021
Q4 2021
Kariba
976.92
1,423.72
1,608.17
Hwange
607.90
720.70
559.18
Bulawayo
4.11
13.47
6.31
Munyati
23.66
23.90
17.30
Harare
19.77
21.17
16.68
IPPs
37.82
17.67
14.65
Total
(GWhs)
1 670.17
2 220.63
2 222.29
Source: ZERA ZPC, 2021.

Kariba Power Station continued to dominate
electricity generation in the fourth quarter of 2021,
accounting for 72% of total production. Power
production at Kariba Power Station largely
benefitted from the increased water allocation in
2021, as lake levels improved. Production at
Hwange
Power
Station
decreased
from
720.70GWh
in
the
previous
quarter
to
559.18GWh, during the quarter under analysis.
Production was constrained by the unavailability
of two generation units that were being serviced.


INFLATION DEVELOPMENTS

Annual headline inflation accelerated from
51.55% in September 2021 to end the fourth
quarter of 2021 at 60.74%. The indexation of
prices to the parallel market exchange rate,
coupled with the elevated global inflation
pressures significantly contributed to the surge in
inflation, during the quarter under review.
Annual food inflation increased from 54.52% in
September 2021 to 64.91% in December 2021.


Q4 2021
Q3 2021
Q4 2020
Tonne

Vegetables, meat, bread and cereals continued to
be the major drivers of annual food inflation.

Year-on-year non-food inflation also increased,
from 49.98% at the end of the third quarter of
2021 to 57.74% in December 2021. Figure 19
depicts the quarterly inflation developments
since September 2019.

Figure 19: Quarterly Inflation Profile (%)

Source: Zimstat 2021
Month-on-month inflation surged to 5.76% in
December 2021, from 4.73% in September 2021.
This was, in large part, due to the upward
adjustment of both food and non-food prices, as
a result of price indexation to the parallel market
exchange rate. Figure 20 shows the monthly
developments of inflation since November 2019.

Figure 20: Monthly Inflation Profile (%)

Source: Zimstat 2021
4. MONETARY DEVELOPMENTS

Reserve money stock stood at ZW$25.5 billion
in the fourth quarter of 2021, compared to the
target of ZW$28.9 billion. This translated to a
quarterly growth of -1.14%, against a targeted
growth of 10%. The reserve money quarter- on-
quarter growth target was reduced from 20% to
10%, in the fourth quarter of 2021.
The quarterly growth in reserve money was
contained within target, during the fourth quarter
of 2021, as shown in Figure 21.

Food
Non-Food
All Items

Mar-20
Jun-20
Sep-20
Dec-20
Mar-21
Jun-21
Sep-21
Dec-21
Food
Non-Food
Overall

Figure 21: Reserve Money Developments in
2021 (ZW billion)

Source: RBZ

The lower reserve money stock, in part, reflected
liquidity mopping by the Central Bank through
open market operations. Mopping was largely
through issuance of securities (non-negotiable
certificates of deposits and savings bonds),
supported by the liquidity withdrawing impact of
net Government revenue collections and net
foreign exchange selling by the Reserve Bank.

Open market operations (OMO) securities issued
by the Reserve Bank rose from ZW$41.19 billion
in the third quarter to ZW$72.82 billion in
December 2021, thus mopping up excess
liquidity amounting to ZW$31.63 billion from
the market, during the quarter under review.


Broad money stock stood at ZW$475.36 billion in
December 2021, compared to ZW$364.60 billion
as at end September 2021. Quarter- on- quarter,
broad money grew from 20.36% in September to
30.38% in December 2021. The increase in money
supply largely reflected quarter- on- quarter
expansions of 41.78% in time deposits; foreign
currency
deposits,
39.49%;
local
currency
transferable
deposits,
21.53%;
currency
in
circulation, 20.68%; and certificates of deposits,
15.80%.

Local currency transferable deposits accounted for
the largest share of broad money at 46.54%;
followed by foreign currency deposits, 44.33%;
and time deposits, 7.87%.

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

Figure 22: Broad Money Developments

Source: RBZ

Domestic Credit

Domestic credit registered a quarter-on-quarter
growth of 50.56%, from ZW$225.09 billion in
September 2021 to ZW$340.29 billion in
December 2021. The growth was largely driven
by increases in claims on other financial

Dec-20
Jan-21
Feb-21
Mar-21
Apr-21
May-21
Jun-21
Jul-21
Aug-21
Sep-21
Oct-21
Nov-21
Dec-21
Reserve Money
Q1 Target
Q2 Target
Q3 Target
Q4 Target

Dec-18
Apr-19
Aug-19
Dec-19
Apr-20
Aug-20
Dec-20
Apr-21
Aug-21
Dec-21
%
ZW$ Billion
NCDs
Currency in Circulation
Time Deposits
Foreign Currency Deposits
Local Currency Transferable Deposits
Annual Growth

corporations,
111.16%;
net
claims
on
Government, 95.38%; credit to private sector,
39.17%; and claims on public non-financial
corporation, 34.30%. Claims on Government,
however, reflected the accounting treatment of
the local currency equivalent of the drawdowns
on the IMF Special Drawing Rights (SDRs)
allocated to the country.
Credit to the private sector amounted to
ZW$222.93 billion in the fourth quarter of 2021,
an increase of 39.17%, from ZW$160.19 billion
in the third quarter. Credit to the private sector
was mainly extended towards agriculture,
29.14%;
households, 23.22%;
distribution,
13.19%;
manufacturing,
11.88%;
services,7.79%; financial organizations, 5.91%;
and mining, 5.68%; as shown in Figure 23.

Figure 23: Distribution of Private Sector
Credit

Source: RBZ
Credit to the private sector was largely channeled
towards inventory build-up, 34.0%; other
recurrent expenditures, 27.20%; and fixed capital
investment, 17.64%.


Interest Rates
During the quarter ending December 2021,
nominal lending rates quoted by banks ranged
between 6% and 85%. Time deposit interest rates
for 60-day and 90-day tenures averaged 10.79%
and 11.26%, from 14.89% and 15.05%,
respectively, recorded in the previous quarter.
Average maximum savings rates were quoted at
5.26% in the quarter under review, compared to
5.74% in the second quarter of 2021.

5. STOCK MARKET DEVELOPMENTS

The Zimbabwe Stock Exchange (ZSE) was
characterized by bullish sentiment, during the
fourth quarter of 2021. All the major indices,
including the All Share, Top 10, Medium Cap
and mining increased, as shown in Table 11.

Table 11: Key Stock Market Indicators.
ZSE Indicator Sept-21
Dec-21
Change
(%)
All
Share
Index (points)
8,580.16
10,822.36
26.13%
Top 10 Index
(points)
4,857.20
6,811.43
40.23%
Medium Cap
Index (points)
20,599.24
20,407.26
-0.93%
Small
Cap
Index (points)
254,232.90
402,753.21 58.42%
Mining Index
(points)
6,014.53
7,815.37
29.94%
Volume
of
shares traded
(m)
3 237.69
1 128.72
-65.14
Market
Turnover
($m)
11 108.51
33 122.25
198.17
ZSE
Capitalization
($m)
1 032 472.92 1

205.11
27.58
Net
Foreign
Position ($m)
-685.02
-4 307.87
-528.87
All
Share
Index (points)
8,580.16
10,822.36
26.13%
Source: Zimbabwe Stock Exchange, 2021
Households
23.22%
Agriculture
29.13%
Mining
5.68%
Manufacturing
11.88%
Distribution
13.19%
Construction
0.96%
Transport &
Communicati
ons
1.92%
Services
7.79%
Financial Org.
& Investments
6.22%
Other
0.02%

The fourth quarter of 2021 experienced positive
trading, with major indices registering increases.
The All Share, Top 10, Top 15 and Small Cap
added 26.13%, 40.23%, 34.97% and 58.42% to
close at 10 822.36 points, 6 811.43 points,
7 529.37 points and 402 753.21 points,
respectively. The resources index also increased
by 29.94% during the quarter under review, to
close at 7 815.37 points, from 6 014.53 points in
the previous quarter.

On an annual basis, the All Share, Top 10, Top
15, Small Cap and mining indices went up by
310.51%, 307.51%, 280.85%, 3 280.46% and
89.05%, from 2 636.34 points, 1 671.47 points,
1 976.98 points, 11 914.14 points and 4 134.09
points recorded in December 2020, respectively.

Figure 24 shows the developments on the ZSE
All Share and Top 10 Indices, for the period from
December 2020 to December 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

Market Capitalisation and Turnover
During the quarter under review, the bullish
sentiments that characterized the local bourse
resulted in the ZSE gaining ZW$284.73 billion,
or 27.58% worth of capitalization to close at
ZW$1 317.21 billion, from ZW$1 032.47 billion
recorded in the quarter ending September 2021.

Figure 25 shows ZSE market capitalization
developments for the period from 31st December
2020 to 31st December 2021.

Figure 25: Market Capitalization

Source: Zimbabwe Stock Exchange, 2021
During the quarter under review, trading activity
was skewed towards counters with strong
balance sheets. In this regard, the cumulative
value of shares traded increased by 198.17% to
Z$33.12 billion, despite the 65.14% decline in
the volume of shares traded.

Figure 26 shows developments in market
turnover volumes and values for the period from
31st December 2020 to 31st December 2021.


11300
12800
31-Dec-20
31-Jan-21
28-Feb-21
31-Mar-21
30-Apr-21
31-May-21
30-Jun-21
31-Jul-21
31-Aug-21
30-Sep-21
31-Oct-21
30-Nov-21
31-Dec-21
All Share Index
Top 10 Index
Mining Index

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

Figure 26: ZSE Market Turnover


Source: Zimbabwe Stock Exchange, 2021

Foreign investor participation, as measured by its
contribution to value of shares traded, increased
to 4.05%, compared to 3.76% recorded in the
third quarter of 2021. The net foreign position,
however, declined to -ZW$4 307.87 million,
from -ZW$685.02 million recorded during the
quarter ended 30th September 2021.

6.
PAYMENT,
CLEARING
AND
SETTLEMENT ACTIVITIES

The value of electronic transactions processed
through the National Payment Systems in the
quarter ended 31st December 2021, increased by
42% to ZW$2.96 trillion, from ZW$2.08 trillion
recorded in the quarter ended 30th September
2021. Similarly, NPS volumes increased by 4%
to 380.9 million from 367.5 million, during the
same quarter.

Table 12 provides the statistical information on
various payment streams for the third and fourth
quarters of 2021, respectively.

Table
12:
Consolidated
Transactional
Activities
Values in ZW$ Million

Q3
Q4
Change
Proportion

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 47%, from ZW$1.255
trillion in the third quarter of 2021 to ZW$1.850
trillion in the fourth quarter. NPS volumes also
increased by 7% to 3.479 million, from 3.266
million, during the same period in the previous
year, as shown in Figure 27.


31-Dec-20
31-Jan-21
28-Feb-21
31-Mar-21
30-Apr-21
31-May-21
30-Jun-21
31-Jul-21
31-Aug-21
30-Sep-21
31-Oct-21
30-Nov-21
31-Dec-21
Millions
Block Trade:
Meikles Ltd

Figure 27: Values and Volumes of RTGS
Transactions

Source: Reserve Bank of Zimbabwe, 2021

Retail Payments

The aggregate values of retail transactions
increased by 33.9% to ZW$1,110.9 trillion in the
quarter under review, from ZW$829.7 billion
recorded in the quarter ended 31st September 2021.
The retail volumes increased by 3.6% to 377.4
million in the fourth quarter of 2021, from 364.3
million in the third quarter.

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


1 The local collateral figure comprises of Cheque, Zimswitch,
Chengetedzai Deposit Corporation settlement system
Figure 28: Retail Transaction Values

Source: Reserve Bank of Zimbabwe, 2021

Figure 29: Retail Transaction Volumes

Source: Reserve Bank of Zimbabwe, 2021
Collateral1
The value of collateral for cheque, retail payments
and central securities depository settlement
systems increased to ZW$4.93 billion in the quarter
ended 31st December 2021, from ZW$4.87 billion
recorded in the quarter ended 30th September 2021,
as shown in Figure 30.


Q4

Q1

Q2

Q3

Q4
RTGS Volumes Thousands
RTGS Values
Billions
Volumes
Values

2020 Q2
2020 Q3
2020 Q4
2021 Q1
2021 Q2
2021 Q3
2021 Q4
Mobile in Billions
Other Retail Values in Billions
POS
ATMS
INTERNET
MOBILE

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

Figure 30: Collateral: December 2020 to
December 2021

Source: Reserve Bank of Zimbabwe, 2021
The Victoria Falls Exchange collateral declined
marginally to US$49,830.62 in the last quarter of
2021, from US$49,859.57 recorded during the third
quarter.

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 2021.

The POS population increased to 138,210 in the
fourth quarter of 2021, from 136,669 in the third
quarter. The ATM population remained constant at
410 in the quarter under analysis.

During the quarter under review, there 4.13 million
registered
active
mobile
financial
services
subscribers, compared to 4.05 million registered
subscribers in the quarter ended 30th September
2021.

Table 13 shows payment access points and devices
for the second, third and fourth quarters of 2021.

Table 13: Payment Systems Access Points and
Devices

Quarter
ending
Jun 2021
Quarter
ending
Sept

Quarter
ending
Dec2021
Mobile
Banking
agents

ATMs

POS
128,771
136,669
138,210
PAYMENT SYSTEM ACCESS DEVICES
Debit Cards
6,430,419
6,323,462 6,352,240
Credit Cards
15,217
13,229
13,812
Prepaid
Cards
129,509
142,157
145,614
Mobile
Banking
subscribers
3,949,341
4,052,994 4,129,470
Internet
Banking
subscribers
499,789
615,139
607,246
Source: Reserve Bank of Zimbabwe, 2021

7. FISCAL DEVELOPMENTS
During the fourth quarter of 2021, government
revenue amounted to ZW$160.35 billion, against
expenditures of ZW$196.39 billion, resulting in
a budget deficit of ZWL$36.04 billion. Table 14
shows the summarised fiscal positions, during
the third and fourth quarters of 2021.


Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021
MILLIONS

Table 14: Third and Fourth Quarter 2021
Fiscal Positions (ZW$ billion)
Q3
Q4
Revenue
119.17
160.35
Tax revenue
110.65
151.46
Non-Tax Revenue
8.51
8.88
Expenditure
158.06
196.39
Current expenditure
98.53
142.24
Capital Expenditure
59.53
54.14
Overall Balance
-38.89
-36.04
Source: Ministry of Finance and Economic Development,

Government Revenue
Government revenue collections stood at
ZW$160.3 billion in the fourth quarter of 2021,
and were 7.7% below the target of ZW$173.7
billion. Tax revenues accounted for 94.5% of
total revenue, with the remaining 5.5% being
non-tax revenues.
Figure 31: Government Revenue Structure

Source:
Ministry
of
Finance
and
Economic
Development, 2022
Tax on income and profits amounted to ZW$61.3
billion, accounting for 38.2% of total revenue.
Value added tax collections accounted for
23.1%; tax on financial and capital transfers,
10.3%; excise duty collections; 10.2%; tax on
gross revenue, 5.4%; customs duties, 5.7%; and
non-tax revenue, 5.5% of total fiscal revenue.
Government Expenditure
Government spending stood at ZW$196.4
billion, in the fourth quarter of 2021. This was
comprised of ZW$142.2 billion and ZW$54.1
billion in current and capital expenditures,
respectively.
Table 15 shows a comparison of government
expenditure in the third and fourth quarters of
2021.
Table 15: Government Expenditure: 3rd and
4th Quarters 2021 (ZW$ billion)

Q3

Q4 2021
Total Expenditure
158.05
196.38
Current Expenditure
98.53
142.24
Of which Compensation of
Employees
44.97
60.25
Capital Expenditure
59.53
54.14
Source:
Ministry
of
Finance
and
Economic
Development, 2022
Current Expenditure
Current government expenditure stood at
ZW$142.24 billion in the fourth quarter of 2021,
constituting 72.4% of total expenditure. The
current
expenditure
was
dominated
by
employment costs at 42.35% and use of goods
and services, 34.88%.

Tax on Income
and Profits
38%
Customs
duties
6%
Excise duties
10%
Taxes on
Specific
Services
2%
Value Added
Tax (VAT)
23%
tax on gross
Revenue
5%
Taxes on
financial and
capital
transactions
10%
Other Indirect
taxes
0%
Non-tax
Revenue
6%

Capital Expenditure
Government capital expenditure was ZW$54.14
billion and accounted for 27.6% of total
spending, during the quarter under review.
Allocations to capital grants and construction
projects, such as the rehabilitation of national
roads
like
the
Harare-Beitbridge
Road,
accounted for the bulk of capital expenditure.
Figure 32 shows the composition of Government
expenditure in the fourth quarter of 2021.
Figure 32: Composition of Government
Expenditure, 4th Quarter 2021

Source:
Ministry
of
Finance
and
Economic
Development, 2022
Overall Budget Balance
The fiscal developments in the fourth quarter of
2021 culminated in a budget deficit of ZW$36.04
billion.
Figure

shows
the
quarterly
developments in the government budget balance
in 2021.

Figure 33: Quarterly Budget balance, 2021
(ZW$ billion)

Source:
Ministry
of
Finance
and
Economic
Development, 2022


RESERVE BANK OF ZIMBABWE
MARCH 2022


Use of
Goods and
Services
25%
Subsidies
1%
Social
Benefits
9%
Other
Expenses
Grants
5%
Compensation
of Employees
31%
Capital
Expenditur
e
28%
-100
-50

Q1
Q2
Q3
Q4
Revenue
Expenditure
Overall Balance


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


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


Dec-20
Jan-21
Feb-21
Mar-21
Apr-21
May-21
Jun-21
Jul-21
Aug-21
Sep-21
Oct-21
Nov-21
Dec-21
Net Foreign Assets
-392,036,907.50 -406,631,588.87 -411,000,792.44 -404,663,451.67 -402,310,198.93 -418,533,821.61 -408,677,935.81 -412,168,208.49 -411,964,116.26 -421,707,589.69 -470,115,861.82 -508,301,508.78 -513,012,570.17
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


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

326,063,153.33

324,530,996.23

358,772,700.20

411,414,591.01

430,568,735.58

467,748,846.19

Transferable Deposits
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

303,027,890.88

297,479,440.56

332,392,044.95

383,509,833.78

397,358,917.93

430,345,882.39

of which FCAs
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

141,156,359.97

133,760,212.96

151,047,925.52

179,306,272.75

181,546,290.69

210,688,453.17

Other Deposits

Money Market Instruments
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

1,523,179.12

1,873,132.76

3,191,934.31

3,729,670.68

4,007,812.73

3,696,333.82

Source:Reserve Bank of Zimbabwe,2021
TABLE 3 : OTHER DEPOSITORY CORPORATIONS SURVEY ( ZWL$ '000)


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

Jul

Aug

Sep

Oct

Nov

Dec

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

Jul

Aug

Sep

Oct

Nov

Dec

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
oca
Governemt
Other2
Government
Local
Public
Institutional
Other cliams
Contigent Assets
Other Assets
Non Financial
Coins
RBZ
Corporations
Foreign Banks
Non-residents
Securities
securities
Government
Enterprises
Units
Assets

Jan
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


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


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


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

Jul

Aug

Sep

Oct

Nov

Dec

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


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

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

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

Jul

Aug

Sep

Oct

Nov

Dec

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

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

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

Jul

Aug

Sep

Oct

Nov

Dec

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

Jul

Aug

Sep

Oct

Nov

Dec

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

Jul

Aug

Sep

Oct

Nov

Dec

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

Jan

Feb

Feb

Mar

Mar

Apr

Apr

May

May

Jun

Jun

Jul

Jul

Aug

Aug

Sep

Sep

Oct

Oct

Nov

Nov

Dec

Dec

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
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
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

Jun

Jul

Aug

Sep

Oct

Nov

Dec

**As at 30 September 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

Jul

Aug

Sep

Oct

Nov

Dec

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

Jul

Aug

Sep

Oct

Nov

Dec

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

Jun

Jul

Aug

Sep

Oct

Nov

Dec

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
Jul-21
Aug-21
Sep-21
Oct-21
Nov-21
Dec-21
Total
(Q4 2021)
Merchandise Imports (excl. energy)
224.7

263.1

241.7

255.4

291.2

276.4

256.6

237.5

372.9

344.1

248.9

303.4

342.5

367.9

318.2

413.4

390.2

385.9

364.4

1,140.5

- Consumption Goods
119.6

115.7

99.7

103.5

143.2

110.8

92.4

130.8

176.4

171.7

125.6

144.8

146.2

185.1

123.7

156.0

135.8

108.8

106.9

351.5

- Capital Goods
72.5

89.9

94.9

99.7

103.9

112.6

114.6

71.5

122.6

111.2

80.0

98.9

141.6

106.1

125.0

150.5

151.3

157.4

156.4

465.0

- Intermediate Goods
32.6

57.4

47.1

52.1

44.1

53.1

49.7

35.2

73.9

61.2

43.4

59.8

54.7

76.7

69.5

107.0

103.1

119.8

101.1

324.0

Energy (Fuel & Electricity)
34.8

41.8

49.5

58.4

90.7

58.0

58.7

64.9

72.3

69.3

64.7

62.5

77.0

80.6

81.5

86.1

109.3

118.6

95.4

323.3

Service Payments
52.9

36.7

50.2

37.9

34.9

40.6

25.3

31.0

44.2

41.8

37.4

48.2

51.4

60.7

62.9

57.3

63.5

72.9

64.0

200.5

- Technical, Professional & consult
33.0

19.4

34.7

18.2

17.4

21.8

11.5

13.4

13.9

15.3

12.9

19.1

21.1

33.4

26.4

24.9

25.1

38.1

37.6

100.7

- Software
9.0

4.2

4.2

4.8

5.5

6.9

3.7

3.2

5.9

5.1

5.2

7.2

7.2

8.4

7.9

5.3

8.0

5.4

6.4

19.8

- Other (tourism, edu, freight etc)
10.9

13.2

11.2

14.9

12.0

12.0

10.2

14.5

24.4

21.5

19.3

21.9

23.1

18.9

28.5

27.1

30.5

29.4

20.1

79.9

Income Payments (Profits, Dividends)
14.8

19.9

18.2

48.2

32.9

61.1

25.7

67.7

89.3

39.2

9.0

26.2

32.2

16.5

60.0

59.7

14.8

24.0

23.4

62.1

Capital Remittances (outward)
20.3

22.2

22.4

37.3

38.7

41.9

45.8

19.6

59.3

89.0

34.3

34.3

81.0

48.5

64.9

49.1

44.0

69.6

44.3

157.9

- External Loan Repayments
17.5

15.9

19.2

29.0

30.2

35.5

37.7

18.5

51.8

79.3

28.7

26.2

63.7

43.3

61.1

45.1

40.4

62.0

36.2

138.6

- Disinvestments
1.7

3.9

1.0

3.7

3.7

3.5

6.5

0.8

3.7

7.7

3.3

4.5

11.1

3.4

1.9

3.8

3.1

4.8

7.5

15.4

- Cross Border Investment
1.2

2.5

2.1

4.6

4.9

2.8

1.6

0.2

3.8

2.0

2.2

3.6

6.3

1.8

1.9

0.2

0.5

2.8

0.5

3.9

Other Payments
6.0

7.4

7.3

9.2

9.3

9.4

4.3

13.3

27.9

15.8

5.5

16.1

17.4

15.6

10.2

12.8

15.2

18.1

13.4

46.7

TOTAL
353.5

391.1

389.2

446.4

497.7

487.4

416.4

433.9

665.9

599.2

399.8

490.7

601.4

589.8

597.7

678.5

637.0

689.1

604.9

1,931.0

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

Jul

Aug

Sep

Oct

Nov

Dec

Source: Reserve Bank of Zimbabwe, 2021
Table 13.2: Monthly Cross Border Receipts (US$Millions)