QUARTERLY
ECONOMIC
REVIEW


JUNE 2024

CONTENTS

List of Figures


List of Tables

1.
OVERVIEW
The global economy is expected to grow by 3.2%
in 2024 and 3.3% in 2025, as world trade firmed
up at the turn of the year, spurred by strong
exports from Asia, particularly in the technology
sector. Global inflation is projected to be on a
negative trajectory due to tighter monetary
policies and lower international commodity
prices.

Domestic activity slowed down in the second
quarter of 2024 mainly due to the adverse effects
of the El nino drought and subdued performance
in
the
mining
sector
due
to
depressed
international commodity prices. The tourism
sector, however experienced growth during the
second quarter of 2024. In the outlook, the
domestic economy is anticipated to grow,
supported
by
new
investments
in
the
manufacturing and mining sectors, as well as
robust performance in the service sectors.

On the 5th of April 2024, Reserve Bank of
Zimbabwe launched the Zimbabwe Gold (ZiG)
currency as part of a broader effort to curtail
inflation, stabilize the exchange rate, and restore
macroeconomic stability. As part of the
transition, all Zimbabwe Dollar (ZW$) balances
were converted to the new ZiG currency using a
conversion factor of 2498.7242 ZW$ to 1 ZiG.
This conversion helped to align the pricing of
goods and services, which subsequently shifted
from the Zimbabwe Dollar to the new ZiG
currency.

Prices and the exchange rate have remained stable
under the new currency system. Month on month
ZiG inflation remained almost constant and
averaged 0.0% in the second quarter of 2024. The
US$ month-on-month inflation rate decelerated
from 0.2% recorded in March 2024 to -0.3% in
June 2024.

During the second quarter of 2024, the country’s
merchandise
exports
were
US$1,621.2,
merchandise
imports
were
US$2,188.7.
Resultantly, the country’s trade deficit was
US$567.5 million in the second quarter of 2024
compared to US$421.5 million in the first quarter
of 2024. The decline was mainly due to a
significant reduction in both merchandise exports
and imports during the second quarter of 2024.

Broad money stock (M3) stood at ZiG42.73
billion in June 2024, compared to ZiG38.75
billion recorded in April 2024. The growth
reflected expansion of ZiG2.89 billion (33.10%)
and ZiG1.69 billion (5.30%) in local currency and
foreign currency components of broad money,
respectively.
Foreign
currency
deposits
accounted for 78.49% of broad money, followed
by local currency deposits, at 21.39%; while
currency in circulation constituted the balance of
0.12%.

The Zimbabwe Stock Exchange (ZSE) exhibited
bullish sentiments during the second quarter of
2024, with the All-Share index adding 28.64%, to
close at 128.64 points. Similarly, the Victoria
Falls Stock Exchange (VFEX) also exhibited
bullish sentiments in the same quarter, with the
All-Share index adding 2.64%, to close at 103.73
points as at end of June 2024.

The value of electronic transactions processed
through the National Payment Systems (NPS)
increased by 144.64% to ZiG244.01 billion, up
from ZiG99.74 billion recorded in the previous
quarter. The volume of NPS transactions,
however, declined by 26.58% to 145 million in
the second quarter of 2024 from 198 million.

2.
INTERNATIONAL DEVELOPMENTS
The global economy is expected to grow by 3.2%
in 2024 and 3.3% in 2025. Global economic
recovery remains on track, as world trade firmed
up at the turn of the year, spurred by strong
exports from Asia, particularly in the technology
sector.

Growth in advanced economies is expected to
slightly increase from 1.7% in 2024 to 1.8% in
2025. Similarly, growth for the US is projected at
2.6% in 2024, and 1.9% in 2025, as the labour
market cools and consumption moderates,
accompanied by a gradual tightening of fiscal
policy. Meanwhile, the growth outlook for the
Euro area is projected to improve from 0.9% in
2024 to 1.5% in 2025, mainly supported by
stronger consumption driven by rising real wages
and increased investment, amidst
gradual
monetary policy loosening.

The growth forecast for emerging market and
developing economies is projected at 4.3% for
both 2024 and 2025, driven by stronger economic
activity in Asia, especially in China and India.


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


Table 1: Global Growth Projections (%)

2023 2024

World Output
3.3
3.2
3.3
Advanced
Economies
1.7
1.7
1.8
USA
2.5
2.6
1.9
Euro Area
0.5
0.9
1.5
Emerging Markets and
Development
Economies (EMDEs)
4.4
4.3
4.3
China
5.2
5.0
4.5
Sub-Saharan
Africa
3.4
3.7
4.1
South
Africa
0.7
0.9
1.2
Source: IMF, World Economic Outlook Update, April 2024
Global Inflation
Global inflation is projected to decline from 8.7%
in 2022 to 5.8% in 2024, due to tighter monetary
policies and lower international commodity
prices. In advanced economies, disinflation will
slow in 2024 and 2025 due to persistent service
price hikes and higher commodity prices.
However, cooling labour markets and declining
energy prices are expected to bring headline
inflation back to target by the end of 2025. In
emerging and developing economies, inflation
will remain high and decline more slowly, though
it is already near pre-pandemic levels partly due
to falling energy prices.

Risks
Upside risks to inflation have increased, raising
the possibility of higher interest rates for a
prolonged horizon amid escalating trade tensions

and increased policy uncertainty. Near-term risks
have gained prominence, including decreased
progress on services disinflation and price
pressures from renewed trade or geopolitical
tensions. Escalating trade tensions could elevate
inflation risks by increasing the cost of imported
goods along the supply chain. This heightened
inflation risk increases the likelihood of
prolonged
higher
interest
rates,
elevating
external, fiscal, and financial risks.

Policies
The rise in sequential inflation in the U.S. has
delayed
policy
normalisation.
Emerging
economies are also cautious about cutting rates
due to risks from interest rate differentials and
currency
depreciation.
Global
financial
conditions, however, remain accommodative,
with long-term yields increasing, putting pressure
on fiscal discipline. Structural reforms are,
therefore, crucial for achieving higher long-term
growth, especially in governance, business
regulations, and the external sector. These
reforms have potential to help unlock growth and
make subsequent reforms more effective.


INTERNATIONAL COMMODITY PRICE
DEVELOPMENTS
During the second quarter of 2024, gold,
platinum, copper, nickel, lithium and crude oil
prices increased while palladium price decreased.
Commodity prices were backed by continuous
safe-haven appeal and increased demand. Table 2
shows the evolution in selected commodity prices
during the second quarter of 2024.

Table 2: International Commodity Prices:
Q1 and Q2 2024
Commodity
Unit Price
2024 Q1
Average
2024 Q2
Average
Quarterly
Changes
(%)
Gold
US$/oz
2,071.77
2,336.21
12.8
Platinum
US$/oz
910.61
980.16
7.6
Palladium
US$/oz
977.97
971.40
-0.7
Nickel
US$/tonne
16,859.86
18,639.13
10.6
Lithium
US$/tonne
13,724.43
13,829.07
0.8
Crude Oil
US$/barrel
81.72
84.95
4.0
Source: World Bank and Bloomberg, 2024
Precious Metals
Gold prices hit new record highs in April 2024,
reaching $2,400 per ounce on account of elevated
geopolitical tensions, strong safe-haven demand
and the anticipated interest rate cuts in advanced
economies. Gold prices thus firmed by 12.8%,
from a quarterly average of US$2,071.77 per
ounce recorded in the first quarter of 2024, to
US$2,336.21 per ounce in the second quarter of
2024.

Platinum prices increased by 7.6% to US$980.16
per ounce during the quarter under review, from
US$910.61 per ounce recorded in the first quarter
of 2024. This was mainly on account of increased
demand and anticipation for the rebound in the
industrial sector and the speculation around future
demand, as latest US inflation indicated signs of
upcoming easing cycle by the Fed.

Palladium prices remained subdued, declining by
0.7% from US$977.97 per ounce, to US$971.40
per ounce during the second quarter of 2024. The
decline was primarily due to a sustained drop in
demand for the metal as the market gradually

shifts from internal combustion engines (ICE) to
battery electric vehicles.

The developments in precious metal prices for the
period from June 2023 to June 2024, as shown in
Figure 1.

Figure
1:
Precious
Minerals
Prices
(US$/ounce: June 2023 – June 2024

Source: Bloomberg, 2023
Base Metals
During the quarter under review, copper prices
firmed by 15.4%, from US$8,555.51 per tonne
recorded during the first quarter of 2024 to
US$9,869.91 per tonne, due to stronger demand
in China, ongoing production cuts of the metal
and disruptions in South America.
Similarly, Nickel prices rose in response to
concerns regarding supply disruptions stemming
from political unrest in New Caledonia, a French
territory that constitutes 10% of the world's nickel
reserves, in addition to restrictions imposed by
Russia. Consequently, nickel prices increased by
10.6%, rising from a quarterly average of
US$16,859.86 per tonne to US$18,639.13 per
tonne during the period under review. Figure 2
depicts the trends in base metal prices from June
2023 to June 2024.
Figure 2: Base Metal Prices (US$/tonne): June
2023 – June 2024

Source: Bloomberg, 2024

Lithium
Lithium prices increased by 0.8%, from an
average of US$13,724.43 per ounce in the
previous quarter to US$13,829.07 per ounce in the
reporting period. The price for the metal rose due
to increased demand from energy transition
technologies, such as Electric Vehicles (EVs) and
renewable energy.
Figure 3 shows the trends in lithium prices from
June 2023 to June 2024.

1,000
1,050
1,100


Jun-23
Jul-23
Aug-23
Sep-23
Oct-23
Nov-23
Dec-23
Jan-24
Feb-24
Mar-24
Apr-24
May-24
Jun-24
Gold
Palladium
Platinum (RHS)


Jun-23
Jul-23
Aug-23
Sep-23
Oct-23
Nov-23
Dec-23
Jan-24
Feb-24
Mar-24
Apr-24
May-24
Jun-24
Copper
Nickel

Figure 3: Lithium Prices (US$/tonne): June
2023 – June 2024

Source: Bloomberg, 2024

Brent Crude Oil
The escalating geopolitical tensions and supply
management measures led to a 4% increase in
crude oil prices, from US$81.72 per barrel in the
first quarter of 2024 to US$84.95 per barrel in
the second quarter of 2024.

Market fundamentals also played a role, with
recent reductions in U.S. inventories and the
International Energy Agency’s shift in midMarch 2024, from predicting a significant oil
surplus to a slight deficit, boosting bullish
trading sentiment. Ongoing conflicts in the
Middle East have further raised concerns about
potential disruptions to oil supply. Figure 4
shows Brent crude oil price developments from
June 2023 to June 2024.


Figure
4:
Brent
Crude
Oil
Prices
(US$/barrel): June 2023 – June 2024
Source: Bloomberg, 2024

MERCHANDISE TRADE DEVELOPMENTS
During the second quarter of 2024, the country’s
total merchandise trade amounted to US$3,809.9
million, down 7.9% from US$4,137.4 million
realized in the same period of 2023. The decline
was mainly due to a significant reduction in both
merchandise exports and imports during the
quarter under review.

Figure

shows
merchandise
total
trade
developments during the second quarters of 2023
and 2024 and the first quarter of 2024.


Jun-23
Jul-23
Aug-23
Sep-23
Oct-23
Nov-23
Dec-23
Jan-24
Feb-24
Mar-24
Apr-24
May-24
Jun-24

Jun-23
Jul-23
Aug-23
Sep-23
Oct-23
Nov-23
Dec-23
Jan-24
Feb-24
Mar-24
Apr-24
May-24
Jun-24

Figure 5: Quarterly Merchandise Total Trade
(US$ m)
Source: Zimstat, 2024

On a quarter-on-quarter basis, merchandise trade
decreased by 1.4% from US$3,862.7 million in
the first quarter of 2024 to US$3,809.9 million in
the second quarter underpinned by a decline in
both exports and imports.

Merchandise Export Developments
The country’s exports totalled US$1,621.2
million in the second quarter of 2024, reflecting a
decrease of 12.4% from US$1,851.3 million
recorded in the corresponding quarter of 2023.
Figure 6 shows quarterly merchandise exports for
the second quarters of 2023 and 2024 as well as
the first quarter of 2024.


Figure 6: Quarterly Merchandise Exports in
US$ million
Source: Zimstat, 2024

The second quarter outturn was 5.8% lower than
the US$1,720.6 million realized in the previous
quarter.

The decline in the country's export earnings
during the reviewed quarter, was predominantly
influenced by a substantial decrease in exports of
tobacco and industrial diamonds. Table 3 shows
developments in the country’s exports by
commodity for the first quarter of 2024 and the
second quarter of 2024.


2023Q2
2024Q1
2024Q2
1,851.3
1,720.6
1,621.2
2023Q2
2024Q1
2024Q2

Table 3: Quarterly Merchandise Exports (US$
million)

2024Q1
(USm)
2024Q2
(USm)
2024Q1
-
2024Q2
Change
s (%)
Share
of
Expo
rts
(%)

Total
1720.6
1621.2

-5.8

100.0
Of Which


Gold

PGMs

Tobacco
(Including
cigarettes)

Other ores
and
concentrates

Other
mineral
substances

FerroChromium

Industrial
diamonds

Chromium
ores and
concentrates

Coal

Electrical
energy

*PGMs Include Nickel mattes, nickel ores & concentrates and
platinum
Source: Zimstat & RBZ Calculations 2024

During the second quarter of 2024, gold, PGMs
and tobacco dominated the country’s exports. The
three commodities accounted for 31.7%, 28.9%
and 7.2% of the country's total exports,
respectively.

Major Merchandise Export Destinations
During the period under review, the country’s
exports were primarily directed towards South
Africa and the United Arab Emirates, which
accounted for 37.3% and 33.4% of the total
exports, respectively. Other significant export
destinations included Mozambique and China,
which received 9% and 6.2% of the country's
exports, respectively. Figure 7 depicts the
country’s top export destinations for the second
quarter of 2024.
Figure
7:
Major
Merchandise
Export
Destinations (% Share)
Source: ZIMSTAT & RBZ Computation 2024

Merchandise Import Developments
During the second quarter of 2024, the country’s
import bill amounted to US$2,188.7 million, a
decline of 4.3% from US$2,286.1 million in the
corresponding period of 2023, as shown in
Figure 8.


South Africa
United Arab Emirates
China
Mozambique
Zambia
Hong Kong
Viet Nam
Indonesia
Belgium
India

Figure 8: Quarterly Merchandise Imports
(US$ million)
Source: ZIMSTAT, 2024
Merchandise imports for the second quarter of
2024 were 2.1% higher than the US$2,412.9
million recorded in the first quarter of 2024 as
shown in Figure 8. The country’s imports were
largely dominated by energy imports, diesel and
petrol. Other major import drivers were vehicle
imports and food imports, mainly maize and rice
as shown in Table 4.


Table 4: Quarterly Merchandise Imports (US$
million)

2024Q1
2024Q2
2024Q12024Q2
Share of

(US$M)
(US$M)
Changes
(%)
Imports
(%)
Total

0f Which


Diesel

Petrol

Vehicles

Maize

Rice

Crude Soya
bean oil

Electricity

Butanes

Wheat

Jet fuel

Structures &
parts of
structures of
iron/steel

Parts of
machinery

Lubricating
oils and
blending
stocks

Selfpropelled
machinery

Base
stationswireless
networks

Tobacco
(Including
cigarettes)

Soya beans

Flavouring
for drinks
(Odorifer)

Cement

Boards
apparatus
electric
control

Others

Source: ZIMSTAT & RBZ Computations 2024


2,286.1
2,142.9
2,188.7
2023Q2
2024Q1
2024Q2

Major Import Sources
The country’s imports for the second quarter of
2024 were mainly sourced from South Africa
(40.8%), China (12.3%), Bahamas (8.9%), and
other markets as shown in Figure 9.

Figure 9: Major Merchandise Import Sources
(% Share)

Source: ZIMSTAT & RBZ Computations 2024

TRADE BALANCE
The country’s trade deficit of US$421.5 million
in the first quarter of 2024 widened to US$567.5
million during the second quarter of 2024.
Figure 10 depicts the country’s trade balances
for the second quarter of 2023 and, the first and
second quarter 2024.


Figure 10: Merchandise Trade Balance
(US$ million)
Source: Zimstat & RBZ Computations-2024

3.
DOMESTIC
ECONOMIC
DEVELOPMENTS

REAL SECTOR DEVELOPMENTS
The domestic economy growth slowed down in
the second quarter of 2024 mainly due to the
adverse effects the El nino drought and subdued
performance in the mining sector due to
depressed international commodity prices. The
tourism sector, however experienced growth
during the second quarter of 2024. On the
inflation front, month on month ZiG inflation
remained almost constant and averaged 0.0% in
the second quarter of 2024.

AGRICULTURE
The agriculture sector is expected to contract
significantly in 2024, following the severe impact
of the El-Nino induced drought on the
performance of most field crops, including
tobacco, cereals, and oilseeds.


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

2023Q2
2024Q1
2024Q2
Exports
Imports
Trade Balance

The poor rainfall outturn also negatively affected
the livestock sub-sector with low water and
grazing availability, a situation worsened by low
grain harvest, which is expected to negatively
affect availability and cost of stock feeds.

Crops
Estimates from the Second Round Crop Livestock
and Fisheries Assessment Report for 2024
(CLAFA-2) show a significant decline in output
and productivity of summer crops due to the
impact of drought.
Total cereal output (maize, sorghum and millets)
in 2024 is estimated at 0.74 million tonnes, down
from 2.89 million tonnes in 2023.
Table 5 shows output estimates for selected
summer food crops in 2023 and 2024.

Table 5: Area under selected key crops (Ha)
Crop
2022/23
2023/24
Change (%)
Maize
2 298 281
634 699
-72.38
Sorghum
191 125
82 063
-57.06
Pearl Millet
71 221
23 439
-67.09
Finger Millet
18 610
4 070
-78.13
Groundnut
214 145
4 971
-97.68
Round Nut
62 159
19 029
-69.39
Sweet Potato
276 784
10 941
-96.05
Sugar Beans
31 724
15 042
-52.58
Soyabeans
93 086
69 291
-25.56
Source: Ministry of Lands, Agriculture, Fisheries, Water and
Rural Development, 2024

Maize
Maize production in the 2023/24 season fell
drastically to 634 699 tonnes from 2 298 281
tonnes, recorded in the previous season due to El
Nino induced drought. The drought resulted in
significant decrease in maize output due to a
decline in output on dry cultivated land as well as,
massive write-offs on area planted, resulting in
lower maize output for the 2023/24 season. Table
6 shows the maize production trends from 2021 to
2024.
Table 6: Maize Production Trends
Season
Area (ha)
Output (ton)
Yield(t/ha)

Source: Ministry of Lands, Agriculture, Fisheries, Water, and
Rural Development, 2024.
Communal areas which had traditionally been the
largest producer of maize produced only 16
percent of total maize output in 2024, due to the
farmers’ reliance on rain. Communal farmers
traditionally accounted for over 60 percent of the
planted area. In 2024, however, most of the maize
output was produced by commercial farmers who
had access to irrigation.

Traditional Grains
The combined output of traditional grains,
sorghum and millets, is estimated at 109 572
tonnes in 2024, down from 280 956 tonnes in the
previous season, also due to impact of the severe
drought on the hardy crops.

Cotton
Seed cotton output in the 2023/24 season is
projected to decline by over 50%, to around
40 000 tonnes from the estimated 90 000 tonnes
produced in 2023. The decline in output is
attributed to the drought, compounded by lower
hectarage, as farmers shift to other crops, amidst
dissatisfaction over marketing and pricing of the
crop.

Tobacco
Tobacco output is expected to fall by 21% to 236
million kilogrammes, down in the 2023/2024
season from a record high of 297 million
kilograms produced in the previous season. The
decline in output was due to the poor rainfall
outturn throughout the production season, which
resulted in lower hectarage, poor yields and lower
quality crop.

As of end of June 2024, the total volume of
tobacco sold under the auction and contract
systems amounted to about 212.2 million
kilogrammes valued at about US$732.2 million.
Table 7 shows cumulative tobacco sales for 2023
and 2024.

Table 7: Cumulative Tobacco Sales in 2023
and 2024

Variance
(%)
Total
Quantity
Sold (million Kgs)
212.23
278.27
-23.73
Total
Value
(US$ million)
732.25
841.51
-12.98
Average
Price
(US$)/Kg
3.45
3.02
14.09
Source: Tobacco Industry and Marketing Board, 2024.
Wheat
The area planted to wheat in the 2024 season is
estimated at around 120 000 hectares, up from the
90 000 hectares in the previous season, as
government under the National Enhanced
Agricultural Productivity Scheme (NEAPS)
programme, expanded support for the winter
crop, with a view to mitigate the impact of
drought induced poor summer cereal harvest on
national food security.

In this regard, wheat output is expected to exceed
600 000 tonnes, in 2024 up from 475 000 tonnes
produced in 2023. The anticipated higher wheat
output is expected to partially alleviate the cereals
deficit during the year.

Livestock
According to CLAFA-2, the grazing veld, which
was fair in most areas of the country in the first
quarter of 2024 is expected to deteriorate as the
year progresses. The drought reduced the water
available to livestock, with 76% of the country’s
wards expected to face water challenges over the
year.

Cattle
Cattle slaughters at formal abattoirs in the second
quarter of 2024 stood at 98 658 head, up from 94
062 in the previous quarter. This was also 7.59%
higher than slaughters in the same period in 2023.
The higher cattle slaughter is partially attributable
to some destocking by farmers, ahead of
anticipated grazing and water challenges as the
year progresses.

Table 8 shows the total number of cattle
slaughters at formal abattoirs in the first and
second quarters of 2023 and 2024.

Table 8: Cattle Slaughters

% Change
Q1
87 352
94 062
7.68
Q2
91 698
98 658
7.59
Total
179 050
192 720
7.63
Source: Ministry of Lands, Agriculture, Fisheries, Water, and
Rural Development, 2024

Pigs
Pig slaughters at 61 450 head in the second quarter
of 2024 were 4.55% higher than 58 773
slaughters in the same period in 2023. Figure 11
shows the trend in quarterly pig slaughters since
the second quarter of 2021.
Figure 11: Quarterly Pig Slaughters
Source: Ministry of Lands, Agriculture, Water, Climate and
Rural Development, 2024
Dairy
Fresh milk output in the second quarter of 2024
increased to 27.8 million litres, up from 27.3
million litres in the first quarter of 2024. Figure
12 shows the fresh milk production statistics for
2023 and 2024.
Figure 12: Quarterly Fresh Milk Output
Source: Ministry of Lands, Agriculture, Fisheries, Water, and
Rural Development, 2024
The 19.43% increase in milk output in the second
quarter of 2024 as compared to the same period in
2023, is in line with the dairy industry’s aim of
surpassing 130 million litres per annum
benefiting from industry wide investments in herd
size and cow productivity.

MINING
The mining sector output performance in the
second quarter of 2024 was subdued largely due
to depressed international commodity prices,
which also characterised the first quarter of 2024.

Output from minerals such as PGMS (platinum,
palladium, rhodium, and iridium), copper and
lithium declined whilst gold, diamonds and
chrome increased during the second quarter of
2024, when compared to the first quarter
performance of 2024.

Table 9 shows mineral performances for first and
second quarter of 2024.

Q2:2021
Q3:2021
Q4:2021
Q1:2022
Q2:2022
Q3:2022
Q4:2022
Q1:2023
Q2:2023
Q3:2023
Q4:2023
Q1:2024
Q2:2024
Thousands


Q1
Q2
Thousands

Table 9: Q2 2023 Quarterly Mineral Output
Statistics

Q2_23
Q1_24
Q2 24
Gold (kgs)
8,567.94
6,638.05
8,208
Platinum
(kgs)
4,750.91
4,987.45
3,934
Palladium
(kgs)
3,973.28
4,136.07
3,271
Rhodium
(kgs)
415.62
436.58

Iridium
(kgs)
274.36
218.79

Ruthenium
(kgs)
240.81
367.62

Diamonds
(cts)
1,204,804.97
1,417,150.28
1,473,836.29
Chrome
(MT)
274,978.32
438,462.63
350,770.10
Nickel
(MT)
4,312.92
4,046.07

Copper
(MT)
3,012.96
3,689.82

Cobalt
(MT)
87.28
85.25

HCFC
(MT)
91,659.44
90,997.94
80,988.17
Lithium
(MT)
24,376.00
940,138.29
752,110.63
Phosphate
(T)
5,594.00
-
-
Granite
(MT)
156,402.53
446,217.57
356,974.05
Vermiculite
MT)
8,283.10
4,222.30
3,377.84
Source: Chamber of Mines, Zimbabwe, 2024

Gold
Total gold output in the second quarter of 2024
stood at 8,208 kgs, 4% lower than 8,567.94 kgs
produced in the comparable period in 2023.

When compared to first quarter performance the
gold produced in the second quarter of 2024
increased to 8,208 kgs from 6,638 kgs.

During the second quarter of 2024, gold
deliveries to Fidelity Printers and Refineries
(FPR), which excludes gold from PGMs
amounted to 7,739.42 kilograms. This represents
a 28% increase in deliveries from 6,044.87
kilograms delivered in the first quarter of 2024.
Deliveries to FGR by quarter in 2023 and 2024
are shown in Table 10.

Table 10: Quarterly Gold Deliveries to FPR for
2023 and 2024 (kgs)

Q2 2023
Q1 2024
Q2 2024
Primary
producers/kg
3,005.54
3,143.07
3,224.26
Small Scale
producers/kg
4,981.40
2,901.80
4,515.17

Total
7,986.94
6,044.87
7,739.42
Source: FPR, 2024

In terms of shares of deliveries, small scale
producers accounted for 58% whilst primary
producers accounted for 42% during the period
under review.

Platinum Group of Metals (PGMs)
Reeling from the negative impact of depressed
commodity prices and domestic setbacks, major
platinum group of metals (PGMs) namely,
platinum,
palladium,
and
rhodium
output
decreased by 21%, 21% and 23%, respectively
during the quarter under review when compared
to the first quarter of 2024. Iridium production
also declined by 27% in the second quarter 2024.

Generally, PGMs’ second quarter performance
was, largely depressed when compared to the
same period in 2023, as shown in Figure 13.

Figure 13: Quarterly Trends in Platinum and
Palladium Output
Source: Ministry of Mines and Mining Development, 2024
Rhodium output amounted to 337 kgs in the
second quarter of 2024 compared to 436.58 kgs in
the first quarter of 2024, reflecting the softening
of international commodity prices. Figure 14
shows rhodium output from 2022 to 2024.

Rhodium output was also 18% lower when
compared to 415.6kg output produced during the
second quarter of 2023.

Figure 14: Quarterly Trends in Rhodium
Output in Kgs
Source: Ministry of Mines and Mining Development, 2024
Nickel
Nickel output stood at 3,047 tonnes in the second
quarter of 2024, 25% lower than an output of
4,046.07 tonnes produced in the first quarter of
2024, as shown in Figure 15.


Figure 15: Quarterly Trends in Nickel Output
Source: Ministry of Mines and Mining Development, 2024

Diamond
Diamond output for the second quarter of 2024,
stood at 1.473 million carats, 4% up from 1.417
million carats produced in the previous quarter of
2024, as shown in Figure 16. The output was also
22.2% higher than 1.204 million carats produced
in the comparable quarter in 2023.


Q4 21
Q1 22
Q2 22
Q3 22
Q4 22
Q1 23
Q2 23
Q3 23
Q4 23
Q1 24
Q2 24
tonnes
Platinum
Palladium

Q1 22
Q2 22
Q3 22
Q4 22
Q1 23
Q2 23
Q3 23
Q4 23
Q1 24
Q2 24

Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24
tonnes

Figure 16: Quarterly Trends in Diamond
Output, measured in Carats: Q1 2023- Q1 2024
Source: Ministry of Mines and Mining Development, 2024
Diamond benefitted from the ramping up of
production driven by increased investments in
mining and processing capacity.

Chrome
Chrome ore output for second quarter 2024
amounted to 456, 001 tonnes, surpassing output
in the previous quarter by 4%. The increase in
production of chrome ore was largely driven by a
surge in demand of the mineral, which
commenced in the fourth quarter of 2023.Figure
17 shows development in the chrome ore output
performance.


Figure 17: Quarterly Trends in Chrome Ore
Output (tonnes) for 2023 and 2024
Source: Ministry of Mines and Mining Development, 2024
MMCZ, 2024

ELECTRICITY
Total power generated during the second quarter
of 2024, increased by 14.3% to 2 456.25 GWh,
from 2 149.54 GWh produced in the previous
quarter.
Hwange Power Station, inclusive of units 7 and 8
contributed 75.70% of total production during the
second quarter of 2024, compensating for the low
output from Kariba Hydro Power Station.

During the second quarter of 2024, Kariba Hydro
Power Station produced 515.10 GWh accounting
for 20.09% of total production, which is slightly
higher than the 19.76% which was generated from
the hydro power station in the first quarter of
2024.

Independent Power Producers (IPPs) contributed
about 4.21% to total power output in the quarter
under review while the small thermal stations


Q2 23
Q3 23
Q4 23
Q1 24
Q2 24
Thousands


Q1 23
Q2 23
Q3 23
Q4 23
Q1 24
Q2 24
tonnes

(Harare, Bulawayo and Munyati) were shut down
since the beginning of the year.
Table 11 shows power output statistics from the
major power stations and independent power
producers.
Table 11: Quarterly Power Output (GWh)

Q2:2023
Q1:2024
Q2:2024
Kariba
1 105.34
446.27
515.1
Hwange
560.79
402.88
610.17
Hesco
(Hwange
7&8)

1 300.39
1 330.93
IPPs
117.59
108.59
107.95
Total
(GWh)
1 804.01
2 258.13
2 565.20
Source: ZPC, ZERA, 2024
Output by Independent power producers (IPPs) at
around 108 GWh was little changed from the first
quarter output, albeit significantly lower than
performance in the same quarter in 2023.
Figure 18 shows the trend of quarterly electricity
production by IPP’s since the second quarter of
2023.

Figure 18 : Quarterly Electricity Production
by IPPs
Source: ZERA, 2024
TOURISM
The tourism sector experienced remarkable
growth in the second quarter of 2024, driven by
significant investments in new infrastructure and
refurbishments of existing facilities. Efforts to
enhance road accessibility, particularly around
Harare, were supported by the government's road
resurfacing and rehabilitation program.

The period under review also saw Zimbabwe take
center stage with several high-profile events,
including the 2024 Zimbabwe Open golf
tournament, which drew over 500 international
golf enthusiasts and cemented the country's
reputation as a premier sports tourism destination.

Tourist Arrivals
Tourist arrivals experienced a slight increase of
3% to 381,293 during the second quarter 2024
from 370,191 recorded in the previous quarter.
The rise in arrivals is attributed to improved
transportation
infrastructure
and
effective
marketing by the Zimbabwe Tourism Authority.
Africa and Oceania as the major source markets
experienced a 6% and 22% decrease in arrivals,
respectively in the second quarter of 2024. Other
important source markets showed some resilience
and recovery in response to enhanced destination
marketing of Brand Zimbabwe, as shown in Table
12.

2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2
GWhs

Table 12: Quarterly Tourist Arrivals
Source
Market
Q1 2024
Q2 2024
% Change
Africa
270,014
254,869
-6%
America
23,310
36,107
55%
Asia
16,668
24,582
47%
Europe
47,064
54,872
17%
Middle
East

1,131
66%
Oceania
12,453
9,732
-22%
Total
370,190
381,293
3%
Source: ZTA 2024

Tourism Receipts
Tourism revenue comprising both international
and domestic receipts increased by 5%, from
US$241 million in the previous quarter to
US$ 252 million during the quarter under review.
This is on the back of increasing international and
domestic tourism spending.

Table 13 shows the monthly tourism revenue
trend for the first and second quarters of 2023 and
2024.

Table 13: Quarterly Receipts 2024 and 2023
(US$ M)

% Change
Q1

35%
Q2

15%
Total

24%
Source: ZTA 2024

INFLATION DEVELOPMENTS
In April 2024, the Zimbabwe Gold (ZiG)
currency was introduced as part of a raft of policy
interventions to address exchange rate volatility,
curtail inflation and restore macro-economic
stability.
Following the introduction of the ZiG currency
and the subsequent replacement of the ZWL, the
index reference period for ZiG and weighted
inflation was rebased to April 2024.
Month on Month Inflation
The ZiG monthly inflation rate remained constant
averaging 0.0% in the second quarter of 2024,
reflecting stable exchange rate dynamics.
Month on month weighted inflation rate ended
the second quarter of 2024 at -0.1%. Housing,
water,
electricity,
gas
and
other
fuels;
communication and education drove inflation
Table 14: Monthly Inflation Profile (%)

ZiG
USD
Weighted
April 2024

0.8

May 2024
-2.4
0.1
-0.6
June 2024
0.0
-0.3
-0.2
Source: ZIMSTAT, 2024
The
US$
month-on-month
inflation
rate
decelerated from 0.2% recorded in March 2024 to
-0.3% in June 2024. Monthly inflation was
largely driven by the decrease in food and nonalcoholic beverages inflation which, fell from
0.14% to -0.72% over the period.
Month on month non-food inflation also retreated
from 0.18% to -0.10% in the second quarter of

2024. Figure 19 shows inflation developments
since August 2022.

Figure 19 : Monthly Inflation Profile

Source: ZIMSTAT, 2024
Annual US$ Inflation
Annual US$ inflation accelerated from 3.2% in
March 2024 to end the second quarter of 2024 at
3.8%. Though overall inflation was stable, nonfood inflation largely shaped developments
during the second quarter of 2024.
Annual food inflation decreased from 3.77% in
the first quarter of 2024, to 3.65% in the second
quarter of 2024. The decline in food prices was
partially attributed to softening global cereal
prices which had a positive impact on domestic
food prices during the second quarter of 2024.
Figure 20: Annual US$ Inflation Profile (%)
Source Zimstat. 2024
Annual non-food inflation however, quickened
from 1.55% in March 2024 to end the second
quarter of 2024 at 3.81%. Housing, water,
electricity, gas, and other fuels; transport and
education drove non-food inflation during the
quarter.

4.
MONETARY DEVELOPMENTS

Broad money stock (M3) stood at ZiG42.73
billion in June 2024, compared to ZiG38.75
billion recorded in April 2024. The growth
reflected expansion of ZiG2.89 billion (33.10%)
and ZiG1.69 billion (5.30%) in local currency
and foreign currency components of broad
money, respectively.

Foreign currency deposits accounted for 78.49%
of broad money, followed by local currency
deposits, at 21.39%; while currency in
circulation constituted the balance of 0.12%.
Figure 21 shows the components of broad
money.

Aug-22
Oct-22
Dec-22
Feb-23
Apr-23
Jun-23
Aug-23
Oct-23
Dec-23
Feb-24
Apr-24
Jun-24
Food
Non food
All Items
-10

Dec-22
Feb-23
Apr-23
Jun-23
Aug-23
Oct-23
Dec-23
Feb-24
Apr-24
Jun-24
Food
Non food
All Items

Figure 21: Broad Money Developments

Source: Reserve Bank of Zimbabwe, 2024
Domestic Credit
Domestic credit registered a growth of 7.10%,
from ZiG35.52 billion in April 2024 to ZiG38.04
billion in June 2024. The growth was largely
driven by an increase of ZiG2.73 billion in credit
to the private sector, from ZiG23.98 billion in
April 2024 to ZiG26.71 billion in June 2024. Net
Claims on Government, however, declined from
ZiG10.22 billion in April 2024 to ZiG9.91 billion
as of the end of June 2024.

Outstanding credit to the private sector was
mainly channeled to households, manufacturing,
and agriculture which received 24.89%, 16.20%,
and 14.88% of the total credit, respectively. The
mining and distribution sectors received 12.00%
and 10.95% of the total outstanding credit,
respectively. Private sector credit shares by
economic sectors are shown in Figure 22.


Figure 22: Distribution of Private Sector
Credit
Source: Reserve Bank of Zimbabwe. 2024
Credit to the private sector was largely utilized for
recurrent expenditures, 36.66%; inventory buildup, 26.59%; and fixed capital investments,
12.84%.

Interest Rates
In June 2024, nominal lending rates quoted by
banks on local currency-denominated loans
ranged between 10% and 50%. Time deposit rates
for 90-days, 360-days, and over a year tenure
ranged between 5% and 10%. The savings rates
were quoted between 2% and 9%, during the
period under review. Developments in the interest
rates are shown in Figure 23.


ZiG millions
Local currency deposits
Foreign currency deposits
Currency in Circulation
Households
24.89%
Agriculture
14.88%
Mining
12.00%
Manufacturing
16.20%
Distribution
10.95%
Construction
3.00%
Transport &
Communications
9.55%
Services
5.84%
Financial Org. &
Investments
1.94%
Other
0.77%

Figure 23: Interest Rates Developments (%)

Source: Reserve Bank of Zimbabwe, 2024

Lending rates for foreign currency-denominated
loans advanced to individuals ranged between
6.50% and 20.00% per annum, as of end of June
2024. Foreign currency lending rates for
corporate clients ranged from a minimum of
5.00% to a maximum of 20.00%.

5.
STOCK MARKET DEVELOPMENTS

ZIMBABWE STOCK EXCHANGE (ZSE)

During the second quarter of 2024, the ZSE was
characterised by bullish sentiments, resulting in
all the indices registering gains. As such, the All
Share, Top 10, Top 15, Medium Cap, and Small
Cap indices added 28.64%, 35.92%, 33.71%,
15.80%, and 0.09% to close at 128.64 points,
135.92 points, 133.71 points, 115.80 points, and
100.09 points, respectively.


In the same vein, the resource index added
14.16% to close at 114.16 points during the
quarter under analysis.

Figure 24 shows the developments of the ZSE All
Share, Top 10 and Mining indices for the period
from May 2024 to June 2024.

Figure 24: ZSE All Share, Top 10 and Mining
Indices


Source: Zimbabwe Stock Exchange, 2024

Market Turnover
Over the period 5 April 2024 to 28 June 2024,
turnover volumes and values increased by 23.12%
and 45.95% to 256.09 million shares and
ZiG198.03 million, as shown in Figure 25.

Jun-23
Jul-23
Aug-23
Sep-23
Oct-23
Nov-23
Dec-23
Jan-24
Feb-24
Mar-24
Apr-24
May-24
Jun-24
Policy rate
Max Weighted Lending Rates Individuals
Max Weighted Lending Rates Corporates
90 Day Deposit Rates

10-May-24
17-May-24
24-May-24
31-May-24
07-Jun-24
14-Jun-24
21-Jun-24
28-Jun-24
Top 10 Index
Mining Index (Points)
ZSE ALL SHARE INDEX

Figure 25: ZSE Market Turnover
Source: Zimbabwe Stock Exchange, 2024
Foreign investor participation, as measured by its
contribution to the value of shares traded
improved to 23.00%, compared to 4.82%
recorded in the first quarter of 2024. Net foreign
position,
however,
worsened
to
negative
ZiG165.49 million, from negative ZiG8.61
million registered during the quarter ending
March 2024.

Market Capitalisation
Owing to improved sentiments on the ZSE, as
investors began to warm up to the newly
introduced ZiG during the period under review,
the ZiG-denominated market added 36.92%, or
ZiG10.44 billion worth of capitalization to close
at ZiG38.71 billion, compared to ZiG28.27 billion
recorded in the first quarter of 2024.

Figure 26 shows developments of market
capitalization for the period from 30 June 2023 to
30 June 2024.

Figure 26: ZSE Market Capitalisation (ZiG
Million)

Source: Zimbabwe Stock Exchange, 2024

VICTORIA FALLS STOCK EXCHANGE
(VFEX)
The VFEX traded in a positive trajectory in the
second quarter of 2024. Resultantly, the VFEX
All Share index added 2.64% to close at 103.73
points, from 101.06 points recorded in March
2024.
On an annual basis, the VFEX All Share index
gained 36.18%, from 76.17 points recorded in
June 2023.

Volumes Traded (millions)
Values Traded (millions)
Volumes
Turnover

Millions

Figure 27: Victoria Falls Stock Exchange All
Share Index

Source: Victoria Falls Stock Exchange, 2024

VFEX Capitalization
During the second quarter of 2024, VFEX market
capitalization increased by 2.64%, or US$32.23
million to US$1.25 billion, compared to US$1.22
billion recorded in the first quarter of 2024.
Annually, VFEX market capitalization added
26%, from US$0.99 billion in the comparable
period in 2023.


Figure 28: VFEX Market Capitalization in
billions of US$


Source: Victoria Falls Stock Exchange, 2024

6.
PAYMENT,
CLEARING
AND
SETTLEMENT ACTIVITIES

During the quarter under review, the value of
electronic transactions processed through the
National Payment Systems (NPS) increased by
144.64% to ZiG244.01 billion, from ZiG99.74
billion recorded in the previous quarter. The
volume of transactions, however, decreased by
26.58% to 145 million down from 198 million
during the same period.

Table 15 provides the statistical information on
various payment streams for the second quarter of
2024.


30-Jun-23
31-Jul-23
31-Aug-23
30-Sep-23
31-Oct-23
30-Nov-23
31-Dec-23
31-Jan-24
29-Feb-24
31-Mar-24
30-Apr-24
31-May-24
30-Jun-24

30-Jun-23
31-Jul-23
31-Aug-23
30-Sep-23
31-Oct-23
30-Nov-23
31-Dec-23
31-Jan-24
29-Feb-24
31-Mar-24
30-Apr-24
31-May-24
30-Jun-24

Table
15:
Consolidated
Transactional
Activities
Values in ZiG Billions
Payment
Stream
Q1

Q2

Change
Proportion
RTGS

POS

ATMS

Mobile

Internet

TOTAL

Volumes in millions
RTGS

POS

ATMs

Mobile

Internet

TOTAL

Source: Reserve Bank of Zimbabwe, 2024

LARGE VALUE PAYMENTS
Zimbabwe Electronic Transfer and Settlement
System
The value of transactions processed through the
Real Time Gross Settlement system increased by
187.42% from ZiG50.83 billion to ZiG146.11
billion during the second quarter of 2024.
Similarly, the volume of transactions increased by
0.73% to 2.77 million during the second quarter
of 2024, as shown in Figure 29.


Figure 29: Values and Volumes of RTGS
Transactions
Source: Reserve Bank of Zimbabwe, 2024
Retail Payments
The aggregate values of retail transactions
increased by 100.18% from ZiG48.91 billion in
March 2024 to ZiG97.90 billion in June 2024.
Retail volumes, however, decreased by 26.97% to
142.51 million from 195.13 million during the
first quarter of 2024.

Figures 30 and 31 show the trend in the values
and volumes of retail transactions.

Vaules in Billions
Volumes in Millions
Values
Volumes

Figure 30: Retail Transaction Values

Source: Reserve Bank of Zimbabwe, 2024

Figure 31: Retail Transaction Volumes


Source: Reserve Bank of Zimbabwe, 2024


1 The local collateral figure comprises of Cheque,
Zimswitch, Chengetedzai Deposit Corporation settlement
system.
Collateral1
The value of collateral for Cheque Clearing,
Zimswitch and Central Securities Depository
(CSD)
settlement
systems
increased
to
ZiG291.24 million in the quarter ended 30 June
2024 from ZiG71.62 million recorded in the in
the quarter ended 31 March 2024. The increase
was due to a 350% increase in Zimswitch
collateral following the growth in the value of
transactions. Figure 32 shows the balances for
the individual collateral accounts.


Figure 32: Collateral Amounts (ZiG) from Q2
2023 to Q2 2024

Source: Reserve Bank of Zimbabwe, 2024
The Victoria Falls Stock Exchange (VFEX)
Limited foreign currency collateral for the quarter

Mobile in Billions
Other Retail Values in Billions
POS

Q2

Q3

Q4

Q1

Q2
Mobile Volumes in Millions
Other Retai Volumes in Millions
POS
ATMs
INTERNET
MOBILE

Q2 2023
Q3 2023
Q4 2023
Q1 2024
BILLIONS
Clearing
Zimswitch
CDC

ended 30 June 2024 was US$72 495.53 which
remained stable and adequately covered the risk
levels associated with the platform’s transactional
activities.

ACCESS POINTS AND DEVICES

Table 16 shows the access points and devices, for
the second quarter of 2023 and the second quarter
of 2024.

Table 16: Payment Systems Access Points and
Devices
Payment System Access Points

Q2 2023
Q1 2024
Q2 2024
Mobile
Banking
Merchants
54,050
54,865
55,139
ATMs

POS
132,171
133,021
133,961
Payment Systems Access Devices
Debit Cards
5,842,785
6,009,483
5,766,583
Credit Cards
15,867
18,574
18,927
Prepaid Cards
136,611
108,913
140,228
Mobile
Banking
Subscribers
7,958,441
10,226,072
9,530,064
Internet
Banking
Subscribers
474,463
519,779
538,113
Source: Reserve Bank of Zimbabwe, 2024
Ordinary POS population increased to 133,961
from 133,021 during the quarter under review.

There were 9.53 million active mobile financial
services subscribers registered in the period under
review, a decrease of 7.48% from 10.23 million
recorded in the quarter ended March 2024.


FISCAL DEVELOPMENTS

Cumulative revenue inflows for the second
quarter of 2024 were ZiG19.84 billion whilst the
corresponding expenditures for the same period
amounted to ZiG21.06 billion. This resulted in a
fiscal deficit of ZiG1.22 billion.

Table 17 shows the summary of fiscal
developments during the second quarter of 2024.
Table 17: Summary of 2nd Quarter 2024 Fiscal
Position

ZiG Millions
Revenue
19 841.50
Tax revenue
18 099.11
Non-Tax Revenue
1 742.39
Expenditure
21 062.41
Current expenditure
15 759.02
o/w employment costs
8 649.75
Capital Expenditure
5 303.39
Overall Balance
(1 220.91)
Source: Ministry of Finance, Economic Development, and
Investment Promotion, 2024
Government Revenue
In the second quarter of the year, a total of
ZiG18.10 billion were collected in tax revenues.
This represented 91.22% of total government
revenue. Non-tax revenues collected amounted to
ZiG1.74 billion, as shown in Figure 33.

Figure 33: Government Revenue Structure
Source: Ministry of Finance and Economic Development, 2024

Government Expenditure
Total Government expenditures of ZiG21.62
billion were recorded in the quarter under review.
Of this, recurrent expenditures were ZiG15.75
billion and capital expenditures totalled ZiG5.30
billion.

Table 18 shows the summarised Government
spending for the first and second quarters of 2024.

Table
18:
Summarised
Government
Expenditure (ZiG Millions)

Q1 2024
Q2 2024
Total Expenditure
17 800.6
21 062.41
Current Expenditure
12 650.54
15 759.02
Employment Costs
6 894.17
8 649.75
Operations and
Maintenance
5 331.64
7 013.24

Interest On debt
311.06
56.97
Transfers to
Provincial and Local
Authorities
114.21
39.06
Capital Expenditure
5 149.52
5 303.39
Source: Ministry of Finance Economic Development, and
Investment Promotion

Current Expenditure
During the second quarter of 2024, Government
spent ZiG5.33 billion on operations and
maintenance whilst employment costs amounted
to ZiG8.65 billion, and transfers to provincial and
local authorities stood at ZiG39.06 billion.

Capital expenditure amounted to ZiG5.30 billion,
accounting for 25.1% of total spending and was
largely driven by significant increase
in
expenditures on infrastructure such as road
construction and rehabilitation. In addition,
Government invested in various infrastructure
projects in anticipation of the SADC summit
scheduled for the third quarter of 2024. Figure 34
shows
the
composition
of
Government
expenditure in the second quarter of 2024.


Figure 34: Government Expenditure, Second
Quarter 2024
Source: Ministry of Finance Economic Development, and
Investment Promotion 2024


Tax on
Income and
Profits,
33.63%
Customs
duties, 5.80%
Excise duties,
12.15%
Taxes on
Specific
Services,
7.48%
Value Added
Tax (VAT),
23.40%
Tax on gross
Revenue,
5.36%
Taxes on
financial and
capital
transactions ,
3.32%
Other Indirect
taxes , 0.08%
Non-tax
Revenue,
8.8%
Operations
and
Maintenance
33.5%
Transfers to Provincial
Councils and Local Authorities
0.2%
Employment
Costs
41.0%
Interest on debt
0.3%
Capital Expenditure
25.1%

Overall Budget Balance
The fiscal developments in the second quarter of
2024 resulted in a budget deficit of ZiG1.22
billion. Figure 35 shows the overall budget
balance in the first quarter and second quarter of
2024.


Figure 35: Budget Balance (ZiG Million)

Source: Ministry of Finance, Economic Development and
Investment Promotion, 2024

RESERVE BANK OF ZIMBABWE
AUGUST 2024


Revenue
Expenditure
Overall
Balance
ZIG MILLIONS
Q1 2024
Q2 2024
STATISTICAL TABLES
1. Depository Corporation Survey 34
2. Central Bank Survey 35
3. Other Depository Corporation Survey 36

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

4.2.Reserve Bank: liabilities 38


5. Other Depository Corporation
5.1.Other Depository Asset 39
5.2.Other Depository Liabilities 40

6. Commercial Banks
6.1.Commercial Banks: Assets

6.2.Commercial Banks: Liabilities

7. Building Societies


7.1.Building Societies: Assets

7.2.Building Societies: Liabilities 44


8. Sectoral Analysis of Commercial Banks
8.1.Sectoral Analysis of Commercial Banks’ Loans and Advances 45
8.2.Sectoral Analysis of Commercial Bank’s Deposits

9. National Payment Systems


9.1.Values of Transactions

9.2.Volumes of Transactions

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

10.2. Deposit Rates 48


11. Stock Exchange Indices

12. Inflation


12.1. Monthly Inflation

12.2. Quarterly Inflation

12.3. Annual Inflation

13. Balance of Payments
13.1. Cross Border Payments

13.2. Cross Border Receipts

Jun-23
Jul-23
Aug-23
Sep-23
Oct-23
Nov-23
Dec-23
Jan-24
Feb-24
Mar-24
*Apr-24
*May-24
*Jun-24
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

of which Foreign Currency Accounts

Narrow Money-M1

Transferable Deposits

Of which Foreign Currency Accounts

Currency Outside Depository Corporations

Memorandum Items
Reserve Money

FCAs as a Percentage of Deposits in M3

End Period Exchange Rate

Source: Reserve Bank of Zimbabwe, 2024
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
*Statistics are denominated in ZiG
TABLE 1: DEPOSITORY CORPORATIO

Jun-23
Jul-23
Aug-23
Sep-23
Oct-23
Nov-23
Dec-23
Jan-24
Feb-24
Mar-24
*Apr-24
*May-24
*Jun-24
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

Zig Notes
1,240.55
12,162.56
16,066.84
ZiG Coins
8,848.60
33,390.00
36,721.62
Liabilities to ODCs

Local Currency Reserve Deposits

Foreign Currency Reserve Deposits

Exess reserves

Private Deposits

Source: Reserve Bank of Zimbabwe 2024
NB: * Other Foreign Liabilities include blocked funds amounting to USD2.2 billion assumed by the Central Bank on behalf of Government.
*Statistics are denominated in ZiG
TABLE 2: CENTRAL BANK SURVEY (ZWG'000)

Jun-23
Jul-23
Aug-23
Sep-23
Oct-23
Nov-23
Dec-23
Jan-24
Feb-24
Mar-24
*Apr-24
*May-24
*Jun-24
Net Foreign Assets

Claims on Non Residents

Of Which: Foreign Currency

Deposits

Other

Less Liabilities to Non Residents

Of Which: Deposits

Loans

Other

Net Domestic Assets (NDA)

Domestic Claims

Net Claims on Central Government

Claims on Central Government

Securities

Loans

Other

Less Liabilities to Central Government

Of which: Deposits

Other

Claims on Other Sectors

Other Financial Corporations

State and Local Government

Public Non Financial Corporations

Private Sector

Claims on the Central Bank

Currency

Reserves

Securities

Other Claims

Liabilities to the Central Bank

Other Items(Net)

Shares and Other Equity

Liabilities to other ressident sectors

Other Items(Net)

Deposits and Securities Included in Broad Money

Deposits Included in Broad Money

Transferable Deposits

of which FCAs

Other Deposits

of which FCAs

Money Market Instruments

Source: Reserve Bankof Zimbabwe, 2024
*Statistics are denominated in ZiG
TABLE 3: OTHER DEPOSITORY CORPORATIONS SURVEY (ZWG'000)

ZWG 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, 2024
*Statistics are denominated in ZiG
TABLE 4.1: RESERVE BANK - ASSETS
Foreign Assets
Loans and advances
Investments

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

Source: Reserve Bank of Zimbabwe, 2024
*Bond coins first issued in December 2014
* Bond Notes issued on 28 November 2016
*Statistics are denominated in ZiG
ZWG Thousands
Deposits

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

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

Jan
1,483.3

42,733.9

77,994.4

13,109.2

40,071.8


Feb
1,735.4

41,180.7

76,140.3

17,748.1

39,141.4


Mar
1,457.1

40,953.3

83,032.1

6,945.5

42,516.8


Apr
1,699.7

40,964.4

85,330.2

6,844.8

49,733.4


May
1,906.1

30,579.1

94,330.9

7,907.2

63,644.8


Jun
1,702.8

30,255.6

75,795.2

25,605.9

72,780.6


Jul
2,139.9

30,509.1

104,983.5

17,817.9

82,032.9


Aug
2,551.1

33,323.4

93,806.9

11,919.2

72,753.9


Sep
2,853.7

38,500.1

100,996.0

8,626.8

68,707.9


Oct
2,611.1

50,074.7

108,009.2

9,575.8

89,822.4


Nov
2,721.5

53,424.3

107,781.7

15,560.6

74,072.3


Dec
2,838.3

50,031.0

118,451.3

13,654.0

91,352.6


Jan
2,891.2

53,378.3

116,654.8

13,232.3

69,668.2


Feb
2,577.7

62,064.5

122,479.8

17,480.5

76,802.2


Mar
2,111.5

76,544.2

142,962.5

19,239.6

87,884.5


Apr
2,624.9

74,716.9

160,466.5

28,352.1

123,190.3


May
3,155.9

142,118.9

236,166.0

35,928.9

207,812.8


Jun
2,801.2

138,347.1

266,691.8

45,952.0

241,920.1


Jul
2,427.6

159,024.6

315,832.5

39,388.2

230,432.5


Aug
2,640.6

263,637.4

411,439.9

69,203.5

311,107.0


Sep
3,030.7

289,230.8

504,071.1

75,446.7

417,007.1


Oct
3,022.6

300,240.3

525,870.3

104,483.2

389,979.7


Nov
3,251.4

286,365.2

575,885.7

111,716.1

342,790.1


Dec
3,361.7

295,435.1

652,284.4

119,932.8

351,906.8


Jan
4,923.3

379,841.7

704,168.6

151,980.1

389,342.8


Feb
1,880.1

436,062.8

743,888.5

81,067.5

518,081.0


Mar
2,031.6

425,326.5

817,631.1

112,374.3

531,935.4


Apr
1,844.7

462,081.4

972,122.7

161,740.7

620,095.0


May
1,107.2

1,048,116.4

2,049,066.1

309,234.1

1,554,969.0


Jun
1,984.5

2,249,201.6

4,424,350.0

471,360.3

3,050,984.1


Jul
1,489.0

1,584,403.3

4,137,377.2

380,493.0

3,132,849.9


Aug
2,292.1

1,505,916.2

4,651,358.8

448,025.8

3,179,274.3


Sep
2,465.6

2,015,621.6

5,263,338.5

560,033.8

3,210,332.7


Oct
2,425.4

2,312,575.1

5,910,277.9

751,077.6

2,663,186.5


Nov
2,705.3

2,558,589.3

6,324,144.1

730,377.0

2,788,783.6


Dec
3,398.4

2,868,505.6

5,973,706.9

918,524.5

2,631,445.7


Jan
2,947.9

5,196,670.6

9,096,074.6

1,414,527.9

3,957,664.6


Feb
3,143.6

7,309,077.0

12,595,037.9

2,395,225.7

5,340,576.7


Mar
2,831.0

9,785,505.6

16,734,744.0

3,185,636.7

7,548,560.1


*Apr
7.5

4,794.8

11,004.0

2,108.7

5,798.1


*May
15.0

4,337.6

12,420.7

2,281.4

6,437.2


*Jun
9.2

4,753.1

12,746.0

2,349.5

6,493.3


Source:Reserve Bank of Zimbabwe, 2024
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.
*Statistics are denominated in ZiG
Debt Securities
Loans and Advances
Public
Enterprises
TABLE 5.1: OTHER DEPOSITORY CORPORATIONS -ASSETS
ZWG millions

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

Source:Reserve Bank of Zimbabwe,2024
*Statistics are denominated in ZiG
TABLE 5.2 : OTHER DEPOSITORY CORPORATIONS - LIABILITIES
ZWG millions
Deposits
Amounts Owing to
Debt Securities

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

Jan
1,237.43

39,565.64

71,463.64

12,288.89

39,092.85

10,921.99

8,281.80

-

-

1.18

16.67

18.01

1,264.28

71,090.96

718.83

25,036.22

12,333.21

32,123.11

325,454.7

Feb
1,320.27

38,100.03

69,341.48

16,867.76

38,108.83

6,341.39

12,518.15

-

-

1.26

24.15

22.69

1,493.66

77,324.34

774.89

28,339.17

15,953.14

33,612.14

340,143.4

Mar
1,244.16

38,369.53

76,479.44

5,317.61

41,401.24

8,733.65

15,889.61

-

19.21

34.56

15.17

21.67

1,309.75

80,607.03

878.97

32,908.13

19,302.34

30,861.86

353,393.9

Apr
1,430.83

38,008.89

79,592.64

5,639.40

48,564.03

7,679.05

18,267.01

-

19.23

62.89

19.86

12.71

1,336.70

91,062.16

956.75

34,537.88

21,214.88

32,383.77

380,788.7

May
1,648.09

28,677.21

87,611.51

6,479.66

59,745.10

11,582.44

18,846.75

-

152.75

93.37

21.77

16.58

1,263.75

94,790.46

990.41

35,592.28

21,398.95

31,307.45

400,218.5

Jun
1,419.27

28,452.53

69,413.26

24,215.35

70,835.98

17,601.31

17,152.75

-

19.46

92.91

17.91

77.79

1,511.86

106,954.15

1,247.08

26,856.45

26,444.57

33,288.94

425,601.6

Jul
1,794.72

29,100.73

97,429.50

15,901.02

79,937.02

25,314.30

21,665.10

-

290.76

47.39

17.32

67.80

1,351.13

117,348.16

1,301.18

26,869.18

29,079.64

33,587.68

481,102.6

Aug
2,137.72

31,734.84

85,441.98

9,099.10

70,391.64

25,194.95

31,434.20

-

339.72

51.28

22.49

63.94

1,583.28

132,522.63

1,337.19

32,281.12

30,022.43

37,697.05

491,355.6

Sep
2,417.81

36,259.54

93,032.71

6,164.78

66,640.78

25,023.38

31,460.81

-

366.88

57.60

21.07

62.45

1,531.08

134,780.92

1,342.62

31,980.97

30,439.34

34,630.85

496,213.6

Oct
1,993.06

47,379.62

99,470.02

7,339.71

86,302.62

26,924.18

37,639.16

-

188.07

121.59

21.20

75.41

1,683.89

149,477.36

1,523.34

49,580.96

40,853.06

36,664.31

587,237.6

Nov
2,168.80

49,327.15

100,125.90

12,723.73

71,667.33

29,748.47

41,015.56

-

187.03

999.12

21.24

74.76

1,882.53

168,661.25

1,484.24

52,327.68

40,073.22

43,878.52

616,366.5

Dec
2,315.32

46,412.99

109,803.84

10,942.92

87,347.07

33,690.93

38,610.29

-

185.99

4,146.13

21.09

167.53

2,798.61

184,836.87

3,368.75

60,916.98

41,811.67

59,011.63

686,388.6

Jan
2,359.27

49,206.02

108,119.97

10,419.90

66,808.45

30,774.31

38,636.84

-

186.80

801.50

20.33

163.02

3,628.73

199,495.34

2,997.94

53,627.76

47,405.91

69,989.80

684,641.89

Feb
1,971.78

57,553.54

112,522.99

14,300.66

70,750.63

28,703.53

44,705.21

-

-

976.55

20.34

158.06

5,367.16

215,520.37

3,055.50

55,099.61

53,459.12

70,832.47

734,997.53

Mar
1,541.49

70,856.33

130,423.48

15,503.46

82,662.70

43,284.13

44,874.23

-

-

1,380.20

19.40

253.42

6,240.94

258,715.05

3,092.69

65,660.61

58,874.69

76,938.87

860,321.67

Apr
1,939.64

70,204.43

144,168.02

23,452.88

117,033.42

26,628.79

57,772.47

-

-

722.54

37.54

252.44

6,858.06

305,476.79

4,348.46

53,372.28

62,788.55

71,414.75

946,471.05

May
2,397.94

131,996.38

211,837.59

31,586.61

190,366.81

61,757.62

64,373.91

-

154.99

1,559.14

41.28

289.00

16,193.81

398,048.90

4,712.74

134,993.54

94,851.60

111,543.84

1,456,705.70

Jun
2,263.18

127,839.16

234,109.43

40,937.28

219,607.39

63,631.76

83,690.44

-

653.97

2,159.12

61.20

226.29

13,888.60

478,163.38

8,954.46

169,511.81

110,528.09

168,440.54

1,724,666.09

Jul
1,578.47

147,217.74

284,912.89

34,334.13

202,815.28

41,246.78

86,971.63

-

394.34

1,852.14

100.65

349.68

22,516.21

556,692.12

9,737.92

144,090.18

129,869.55

192,524.32

1,857,204.02

Aug
1,630.70

247,190.46

377,078.80

64,650.96

273,181.97

29,186.59

95,346.12

-

330.12

3,556.96

113.50

287.14

26,564.57

681,253.30

11,493.92

167,029.36

238,442.98

194,745.11

2,412,082.57

Sep
1,791.71

270,594.59

465,301.31

68,020.95

370,323.69

18,184.96

134,414.53

-

267.40

4,916.56

115.11

306.33

21,773.50

806,774.24

12,680.89

146,133.14

215,417.68

219,933.24

2,756,949.83

Oct
1,704.79

281,204.64

480,106.49

94,573.08

343,440.15

22,895.35

136,939.74

-
204.69

2,201.55

116.48

341.96

22,935.50

852,069.39

15,525.65

165,306.91

232,188.99

245,924.22

2,897,679.60

Nov
1,644.95

259,109.18

533,438.97

101,870.32

299,715.01

17,089.04

180,534.44

-
141.97

2,292.28

119.53

303.55

22,178.73

960,814.77

15,450.39

170,944.78

196,338.19

250,551.19

3,012,537.30

Dec
1,778.71

263,863.65

603,136.26

110,935.77

299,087.30

7,965.37

266,725.41

-
79.26

3,887.78

114.42

282.61

30,272.25

1,066,654.12

16,130.63

159,126.16

189,560.01

344,235.10

3,363,834.80

Jan
2,391.61

340,953.56

654,740.29

143,455.70

335,380.17

(1,443.59)

301,026.07

-

105.97

4,873.87

228.45

251.24

44,113.17

1,307,512.98

17,767.70

227,545.42

204,830.78

374,080.77

3,957,814.16

Feb
1,470.56

366,544.71

691,937.49

71,097.36

452,795.43

21,074.53

306,913.92

-

50.02

1,524.98

318.96

197.44

44,691.50

1,481,851.05

18,037.18

226,932.96

224,983.29

411,002.80

4,321,424.21

Mar
1,771.98

344,570.46

755,463.34

103,284.07

478,333.21

41,928.66

330,669.68

-

-

3,884.11

432.22

149.78

48,725.38

1,679,284.89

28,439.56

554,840.85

254,605.57

438,790.17

5,065,173.94

Apr
1,631.24

388,822.83

903,029.49

144,252.31

555,886.92

32,206.95

361,846.09

-

-

8,716.45

559.82

99.28

54,058.39

1,722,384.40

28,899.91

214,270.92

321,765.39

476,263.19

5,214,693.59

May
1,010.26

907,818.70

1,932,225.57

281,052.93

1,351,116.97

84,147.32

570,367.60

-

-

8,974.78

4,599.15

80.34

112,188.06

3,844,133.80

65,696.39

607,438.10

669,908.72

758,154.17

11,198,912.85

Jun
1,762.11

1,979,000.71

4,218,755.04

444,538.09

2,584,596.63

350,042.51

865,465.55

-

-

221.09

10,133.46

8,052.34

260,946.26

8,487,837.63

92,224.26

1,390,786.24

1,304,228.92

2,222,499.38

24,221,090.21

Jul
1,305.13

1,428,604.02

3,898,282.53

359,151.15

2,646,743.26

337,541.82

1,133,463.14

-

-

153.30

7,368.09

68.07

208,253.70

6,917,007.30

129,308.58

829,382.28

1,155,945.57

2,438,538.20

21,491,116.14

Aug
1,664.09

1,370,651.81

4,309,693.74

391,792.23

2,693,989.06

208,098.88

1,084,784.90

-

-

138.30

7,469.95

75.80

205,341.47

6,863,348.14

127,816.16

701,626.16

1,081,800.09

2,446,465.02

21,494,755.81

Sep
1,503.56

1,763,364.33

4,914,305.55

517,813.92

2,760,807.78

247,094.60

1,204,684.14

-

-

9.75

9,935.82

92.05

219,878.94

8,245,053.80

151,685.43

776,997.57

1,312,147.78

2,668,520.81

24,793,895.84

Oct
1,977.18

2,059,471.85

5,625,069.70

562,790.91

2,202,475.21

175,235.94

1,172,130.22

-

-

0.03

10,816.83

98.06

237,525.73

8,864,363.09

153,534.70

958,746.42

1,351,846.54

2,767,099.33

26,143,181.72

Nov
2,295.18

2,278,921.91

5,913,094.15

568,556.41

2,451,981.00

180,229.25

1,337,040.40

-

-

0.03

10,921.42

59.77

238,702.30

9,040,518.08

158,702.11

1,046,256.98

1,702,370.26

2,868,031.98

27,797,681.23

Dec
2,947.49

2,536,437.97

5,489,443.24

657,432.63

2,268,702.96

155,742.88

2,420,663.39

-

-

0.03

12,324.59

73.45

248,699.79

9,507,281.46

255,007.08

1,184,706.91

1,748,495.98

3,349,062.31

29,837,022.16

Jan
2,536.36

4,749,173.95

8,535,153.83

940,210.80

3,564,879.01

285,807.60

3,972,600.87

-

-

0.03

17,912.41

198.80

374,088.29

14,957,169.30

312,516.30

1,949,662.45

2,737,500.88

4,289,981.53

46,689,392.37

Feb
2,519.25

6,564,463.71

11,709,703.62

1,772,649.65

4,708,270.62

153,450.01

5,911,393.45

-

-

0.03

26,073.06

232.00

488,602.76

22,234,523.09

378,975.16

2,608,075.14

3,125,793.33

5,812,047.28

65,496,772.18

Mar
2,435.72

8,601,285.46

15,501,059.95

2,213,233.27

6,701,169.42

775,336.87

8,098,495.31

-

-

0.03

47,609.35

143.35

729,484.92

34,077,197.02

597,886.20

2,860,196.61

4,317,386.46

8,974,860.63

93,497,780.56

*Apr
5.89

4,141.51

9,980.68

1,414.28

5,461.70

287.09

5,206.08

-

-

0.00

31.18

88.00

440.49

20,170.86

246.21

2,510.15

5,472.97

4,360.99

59,818.08

*May
10.60

3,583.02

11,575.45

1,506.01

6,092.37

382.87

5,420.56

-

-

0.00

29.63

1.37

433.36

21,315.87

348.50

2,114.73

6,339.55

4,613.87

63,767.76

*Jun
8.01

4,111.49

11,498.97

1,627.32

5,775.34

298.05

6,080.69

-

-

7.23

24.70

1.49

446.45

22,801.09

345.72

2,541.32

6,558.03

5,419.46

67,545.34

Source:Reserve Bank of Zimbabwe,2024
Statistics are denominated in ZiG
TABLE 6.1: COMMERCIAL BANKS -ASSETS
ZWG millions
Debt Securities
Loans and Advances

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun


Source: Reserve Bank of Zimbabwe, 2024
*Statistics are denominated in ZiG
TABLE 6.2 : COMMERCIAL BANKS - LIABILITIES
Deposits
Amounts Owing to

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

Jan
188.7

2943.3
5,986.5

793.8
843.5

-

1,783.8

10.2
-

211.3

1,091.3

0.0

9,329.1

2980.3
7,685.1

33,846.9

Feb
345.7

2762.9
6,004.8

811.1
984.2

-

2,731.0

9.2
-

236.8

2,089.3

-

8,950.2

2949.2
7,790.6

35,665.0

Mar
168.3

2278.9
6,313.1

1594.4
1,028.2

-

1,341.7

8.4
-

415.1

1,242.4

-

10,867.7

3027.5
7,841.0

36,126.8

Apr
206.9

2702.1
5,302.6

1156.7
1,085.4

-

871.7

7.7
-

508.9

1,581.5

-

14,233.6

3431.1
7,237.9

38,326.2

May
210.3

1687.6
5,962.2

1250.9
3,847.1

-

116.9

7.0
-

517.7

1,568.8

-

17,154.9

2927.9
7,532.9

42,784.2

Jun
249.6

1649.7
6,202.6

1163.8
1,866.7

-

204.6

6.5
-

588.0

1,851.9

-

18,795.4

2580.9
7,701.1

42,860.7

Jul
283.7

1212.2
7,193.4

1892.7
1,875.4

-

1,143.4

6.0
-

447.3

1,963.2

-

18,280.3

3923.5
7,695.6

45,916.5

Aug
352.8

1408.8
7,869.3

2537.6
2,316.2

-

3,535.6

5.4
-

399.5

2,101.3

-

19,422.2

3837.6
7,666.6

51,453.0

Sep
349.8

1926.6
7,608.5

2430.2
1,941.4

-

4,314.6

5.1
-

205.2

2,231.7

-

20,461.1

4013.2
9,460.7

54,948.1

Oct
411.5

2396.2
8,221.0

2162.4
3,421.5

-

5,627.7

4.3
-

271.1

2,539.5

-

22,881.3

5432.3
9,501.3

62,870.1

Nov
339.8

3578.4
7,561.6

2568.8
2,299.5

-

5,882.7

3.7
-

566.4

2,788.5

-

27,326.1

4400.3
9,614.3

66,930.0

Dec
351.1

3217.3
8,557.8

2619.2
3,620.2

-

2,353.6

3.0
-

1,189.0

2,786.9

-

33,115.3

5610.8
11,334.1

74,758.3

Jan
324.6

3504.3
8,506.5

2680.3
2,631.0

-

1,110.8

2.4
-

1,487.3

2,967.6

-

35,913.5

6693.8
14,008.7

79,830.9

Feb
411.5

4021.5
9,763.6

3069.7
5,678.0

-

4,048.9

1.6
-

1,465.4

3,241.1

-

39,977.5

4511.5
13,964.4

90,154.6

Mar
354.3

4413.6
11,882.6

3691.3
4,932.3

-

5,235.0

0.9
-

1,590.0

3,888.3

-

42,741.3

9086.6
15,421.2

103,237.4

Apr
546.4

3054.1
15,585.8

4857.7
5,768.6

-

5,714.4

0.2
-

1,861.4

4,143.7

-

48,582.4

9654.2
16,999.2

116,768.1

May
639.5

8326.7
23,817.6

4251.9
16,001.6

-

6,150.9

0.0
-

1,486.3

8,474.8

-

74,864.0

14793.9
17,091.2

175,898.5

Jun
418.5

8464.3
32,497.6

3807.5
21,184.8

-

2,639.3

0.0
-

1,340.0

10,851.1

-

85,145.9

18155.8
35,128.1

219,633.0

Jul
700.4

9914.6
30,660.3

4983.4
24,902.9

-

4,077.6

0.0
-

1,411.5

13,722.1

-

98,066.0

9998.6
45,127.9

243,565.1

Aug
863.8

14422.1
33,703.2

4483.0
34,971.8

-

4,379.8

0.0
-

2,106.6

16,515.4

-

115,491.9

8745.3
45,694.0

281,377.1

Sep
1,086.8

14998.2
37,911.3

7470.1
45,094.8

-

8,440.8

0.0
-

1,302.8

17,996.8

-

129,242.7

11630.7
60,830.4

336,005.2

Oct
1,158.3

14768.7
44,296.5

10013.7
44,664.1

-

14,109.9

0.0
-

1,142.4

16,817.7

-

123,793.8

30036.4
47,678.2

348,479.7

Nov
1,449.3

22456.9
41,398.0

9771.8
41,317.6

-

17,572.6

0.0
-

2,085.3

16,785.8

-

136,029.9

30694.0
46,275.8

365,836.9

Dec
1,470.7

23012.7
48,533.8

8913.7
50,229.0

-

21,411.1

0.0
19993.4
2,176.2

17,693.7

-

119,322.3

39279.1
69,102.5

421,138.1

Jan
2,402.7

32405.1
47,062.6

8410.8
50,364.6

-

17,976.2

0.0
23,668.5

2,406.3

18,311.0

-

132,757.4

41367.4
69,570.1

446,702.8

Feb
234.9

59685.4
50,103.0

9568.6
62,701.4

889.9

24,809.7

0.0
26,667.1

4,451.9

21,629.1

-

146,798.4

50093.6
70,987.9

528,620.9

Mar
214.6

72311.9
57,399.6

9196.8
51,300.9

-

28,841.5

0.0
24,689.0

5,503.9

19,118.6

-

170,376.6

54524.7
84,489.1

577,967.3

Apr
184.1

61341.6
63,129.5

16343.2
61,444.0

-

28,727.0

0.0
28,119.0

5,989.2

27,619.9

-

205,412.2

81442.9
86,571.2

666,323.9

May
78.1

125685.1
100,808.7

22707.0
195,646.6

-

81,344.3

0.0
69,908.9

6,246.8

53,180.7

-

440,462.4

103176.1
116,103.7

1,315,348.2

Jun
176.6

227001.8
172,666.5

25998.2
452,772.6

40,326.7

115,193.3

0.0
196,310.3

4,209.5

121,677.5

-

870,075.1

230604.4
544,587.8

3,001,600.3

Jul
162.7

132017.2
220,995.0

20797.2
459,668.2

32,010.8

105,308.6

0.0
154,472.7

13,777.8

153,638.5

-

697,177.8

209734.6
612,937.8

2,812,698.9

Aug
611.0

105296.6
309,821.7

55744.7
475,838.3

37,447.1

102,495.2

0.0
153,578.2

6,767.5

135,193.3

-

758,439.2

223114.4
564,622.1

2,928,969.2

Sep
949.3

193065.6
339,269.2

41680.1
437,996.0

58,554.5

110,351.3

0.0
161,346.6

4,522.1

153,113.7

-

880,148.8

290026.7
565,616.4

3,236,640.3

Oct
403.8

204713.4
254,684.1

187632.1
440,150.3

65,022.1

97,046.1

0.0
176,111.9

13,771.8

173,523.5

-

829,479.5

345029.3
586,015.6

3,373,583.5

Nov
370.5

222344.7
387,213.2

160896.0
326,510.1

50,688.3

159,225.4

0.0
173,990.9

28,127.2

187,363.3

-

926,663.7

395549.5
595,811.6

3,614,754.5

Dec
403.7

251968.8
457,034.9

261067.9
345,348.0

56,551.7

185,131.1

0.0
166902.0
27,875.9

222,503.1

0.7

973,788.6

507890.9
658,045.7

4,114,512.9

Jan
367.9

368046.7
524,020.9

471915.0
363,325.6

40,412.9

280,803.2

0.0
280441.0
45,935.9

339,610.7

-

1,563,405.5

649087.4
742,734.0

5,670,106.8

Feb
578.8

637645.2
797,581.2

618074.6
613,309.7

24,680.4

425,783.2

0.0
399313.5
67,900.2

519,513.4

-

2,188,186.8

904519.6
937,957.6

8,135,044.1

Mar
356.6

1026840.5
1,171,941.4

888362.3
829,470.4

-

440,943.8

0.0
528820.5
103,276.3

787,872.2

-

3,761,909.8

1403556.4
1,697,667.5

12,641,017.5

*Apr
1.0

564.4
864.1

693.0
326.5

67.2

337.2

0.0
313.5
-

593.2

212.7

2,856.8

420.1
824.2

8,074.0

*May
4.0

639.2
783.2

772.6
296.2

109.6

407.6

0.0
303.7
-

309.2

19.8

2,946.5

712.1
903.7

8,207.5

*Jun
1.1

520.3
1,122.4

718.7
678.1

110.9

188.6

0.0
282.9
-

424.7

20.4

2,998.6

858.8
1,229.8

9,155.3

Source:Reserve Bank of Zimbabwe,2024
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,
* Statistics are denominated in ZiG
TABLE 7.1: BUILDING SOCIETIES -ASSETS
ZWG millions
Debt Securities
Loans and Advances

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

Source:Reserve Bank of Zimbabwe, 2024
* Statistics are denominated in ZiG
Amounts Owing to
TABLE 7.2: BUILDING SOCIETIES -LIABILITIES
ZWG millions

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

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


INVESTMENTS
ORGANISATIONS

Jan

Feb

Mar

Apr

May

June

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

Source:Reserve Bank of Zimbabwe,2024
*Statistics are denominated in ZiG

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

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

Source:Reserve Bank of Zimbabwe, 2024
*Statistics are denominated in ZiG
TABLE 8.2: SECTORAL ANALYSIS OF COMMERCIAL BANKS DEPOSITS
ZWG('000)

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

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

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

Jan
3,289,379.32
-
240,010.34 68,386.68 238,455.31 1,107,756.41
Jan
918.88
-
11,733.99 444.00 48,617.07 1,692.96
Feb
3,050,933.28
-
219,437.84 73,672.28 245,282.55 1,202,998.52
Feb
886.75
-
10,301.47 479.91 43,326.51 1,895.81
Mar
5,068,223.68
-
308,609.08 85,343.38 328,822.35 1,517,972.57
Mar
1,092.60
-
13,216.99 593.97 50,037.43 1,927.14
Apr
5,294,044.55
-
341,571.29 79,754.60 355,007.31 1,517,972.57
Apr
907.55
-
14,375.14 526.73 47,171.67 1,982.93
May
6,275,310.72
-
518,333.86 173,170.74 532,078.61 3,274,968.53
May
1,119.24
-
12,808.69 576.68 49,143.18 2,233.62
Jun
17,059,664.04
-
882,362.57 615,190.92 1,210,486.16 6,640,627.10
Jun
1,050.21
-
10,190.63 606.04 45,488.80 1,212.97
Jul
17,859,586.39
-
1,033,836.89 541,445.55 1,620,242.78 6,077,538.29
Jul
942.67
-
8,226.82 1,777.10 42,648.82 993.68
Aug
17,955,865.49
-
1,017,990.47 649,827.89 1,440,537.41 6,244,772.44
Aug
888.00
-
8,434.65 653.58 42,648.82 977.54
Sep
18,690,087.00
-
1,221,725.29 773,363.92 1,672,654.21 7,746,084.35
Sep
964.06
-
9,658.95 703.55 45,148.73 1,061.36
Oct
19,808,639.10
-
1,264,577.16 826,681.17 5,116,902.86 8,661,662.90
Oct
949.14
-
9,449.30 618.97 50,640.61 904.41
Nov
23,685,304.81
-
1,429,269.50 901,515.57 1,999,069.40 9,557,300.70
Nov
924.50
-
9,525.69 623.29 52,332.44 1,048.50
Dec
26,396,219.43
-
1,805,050.47 1,092,682.60 2,604,059.19 10,150,615.33
Dec
924.47
-
11,845.97 776.49 56,450.97 1,026.21

Jan
28,285,124.94
-
1,907,120.03 1,843,871.04 4,295,911.58 22,017,137.88
Jan
914.90
10,017.90 708.10 52,445.00 882.80
Feb
38,298,901.05
-
2,856,866.96 2,676,718.17 5,734,025.51 29,563,851.53
Feb
889.70
-
7,868.70 737.50 51,545.90 904.20
Mar
60,432,584.71
-
3,937,099.72 4,464,712.77 8,691,084.21 37,343,406.06
Mar
941.14
-
7,569.28 728.43 58,151.43 921.38
*Apr
41,317.54
-
2,063.05 2,797.06 4,754.91 15,996.48
*Apr
791.83
-
5,729.47 744.79 30,450.44 938.01
*May
53,741.28
-
3,335.65 3,355.39 7,058.05 22,545.40
*May
1,046.65
-
7,950.08 899.38 42,290.80 1,690.28
*Jun
51,046.38
-
3,281.73 3,230.95 6,470.44 22,040.12
*Jun
927.30
-
7,224.24 849.61 41,224.15 1,155.79
Source:Reserve Bank of Zimbabwe, 2024
*Statistics are denominated in ZiG
TABLE 9.1 : ZETSS AND RETAIL PAYMENTS TRANSACTIONAL ACTIVITY
Values of Transactions (ZWG in millions)
TABLE 9.2 : ZETSS AND RETAIL PAYMENTS TRANSACTIONAL ACTIVITY
Volumes of Transactions (in thousands)

End of
Nominal Lending
Rates2
Individuals
Corporate
Savings
3 Months2

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

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

Jan
100.00-240.00
90.05
116.03
Jan
40.00
80.00-110.00
Feb
65.00-230.00
60.12
80.88
Feb
30.00
50.00-110.00
Mar
65.00-230.00
74.35
81.46
Mar
30.00
50.00-110.00
Apr
70.00-230.00
74.48
86.96
Apr
30.00
50.00-110.00
May
70.00-230.00
77.86
83.61
May
30.00
50.00-110.00
Jun
70.00-155.00
76.33
92.64
Jun
30.00
50.00-110.00
Jul
64.00-155.00
77.82
94.80
Jul
30.00
50.00-110.00
Aug
64.00-155.00
77.63
93.18
Aug
30.00
50.00-110.00
Sep
64.00-160.00
76.49
92.69
Sep
30.00
50.00-110.00
Oct
64.00-160.00
71.72
92.43
Oct
30.00
50.00-110.00
Nov
64.00-160.00
70.15
93.15
Nov
30.00
50.00-110.00
Dec
64.00-155.00
69.02
93.77
Dec
30.00
50.00-110.00

Jan
70.00-230.00
70.18
95.24
Jan
33.75
50.00-110.00
Feb
70.00-230.00
76.05
93.76
Feb
33.75
50.00-110.00
Mar
70.00-230.00
73.43
91.40
Mar
33.75
50.00-110.00
*Apr
20.00-60.00
25.91
24.29
*Apr
5.22
5.00-10.00
*May
10.00-60.00
25.17
24.52
*May
3.75
5.00-10.00
*Jun
10.00-40.00
24.89
24.46
*Jun
3.75
5.00-10.00
Source:Reserve Bank of Zimbabwe, 2024
Notes
*Statistics are denominated in ZiG
3. Lending rates exclude rates on staff loans.
TABLE 10.2 : BANKS DEPOSIT RATES (percent per annum)1
1. The range of rates qouted by banks during the period.
2. Three (3) months deposit rates revised to exclude rates on
inactive or dormant accounts.
TABLE 10.1: LENDING RATES (percent per annum)1
1. Table revised, to separate weighted lending rates for individuals and
corporate bodies.
2. Nominal Lending Rates depict the range of rates quoted by banks.
Weighted Average Lending Rates3
Commercial Banks
Commercial Banks
End of

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar


*Apr

*May

*Jun

Source:Zimbabwe Stock Exchange, 2024
*Statistics are denominated in ZiG
**As at 30 September 2020
ZWG
TABLE 11: ZIMBABWE STOCK MARKET STATISTICS
Indices
*All Share index was

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


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

*May

*Jun

Source:Zimstat, 2024
*Statistics are in ZiG
NON-FOOD INFLATION
TABLE 12.1 : MONTHLY INFLATION -- PERCENTAGE CHANGE IN CONSUMER PRICE INDEX
( April 2024 = 100)

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


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source: ZIMSTAT, 2024
TABLE 12.2 : QUARTERLY INFLATION -- PERCENTAGE CHANGE IN CONSUMER PRICE INDEX
(FEBRUARY 2019 = 100)
NON-FOOD INFLATION

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


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

Source: ZIMSTAT, 2024
TABLE 12.3 : YEARLY INFLATION - % CHANGE IN CONSUMER PRICE INDEX
(February 2019 = 100)
CO MMUNICAT IO N
T RANS P O RT
HE ALT H
E DUCAT IO N
NON-FOOD INFLATION

End of
Jun-23 Jul-23 Aug-23
Sep-23
Oct-23 Nov-23
Dec-23 Jan-24 Feb-24 Mar-24
Apr-24 May-24
Jun-24
Merchandise Imports (excl. energy)
369.0

461.7

463.3

462.1

411.0

367.3

344.4

397.2

378.8

346.3

353.8

447.0

373.4

- Consumption Goods
88.1

121.4

123.1

138.9

121.0

101.0

90.7

119.1

104.6

100.6

144.2

163.2

143.2

- Capital Goods
148.8

194.4

181.5

169.3

153.3

146.0

145.0

148.8

140.0

135.2

126.5

165.2

123.4

- Intermediate Goods
132.1

145.9

158.7

153.9

136.7

120.3

108.7

129.4

134.3

110.4

83.1

118.6

106.8

Energy (Fuel & Electricity)
145.9

166.8

165.0

141.5

188.8

161.4

160.0

142.5

133.9

131.4

142.0

155.1

127.1

Service Payments
81.9

89.0

101.1

85.7

84.2

70.0

90.1

72.3

88.4

77.5

71.7

81.1

79.6

- Technical, Professional & consult
38.8

39.5

49.6

42.7

39.9

30.4

51.0

32.8

40.0

34.1

26.9

32.9

25.2

- Software
10.1

11.7

13.9

13.6

11.5

12.2

8.8

98.0

11.3

12.9

8.9

13.0

12.7

- Other (tourism, edu, freight etc)
33.0

37.8

37.6

29.5

32.7

27.4

30.3

29.7

37.0

30.5

35.9

35.2

41.7

Income Payments (Profits, Dividends)
42.5

25.4

28.2

22.9

26.5

30.9

23.9

22.4

21.1

30.6

28.3

13.1

23.7

Capital Remittances (outward)
58.0

91.2

51.9

58.0

106.1

112.6

50.2

77.5

76.5

55.4

49.0

83.3

48.8

- External Loan Repayments
42.9

68.1

46.1

51.2

97.0

97.7

39.4

61.5

66.4

40.3

31.6

59.0

41.8

- Disinvestments
12.9

16.5

4.6

2.1

2.3

7.4

7.7

67.7

45.4

75.8

6.4

17.2

2.6

- Cross Border Investment
2.1

6.6

1.2

4.7

6.8

7.6

3.1

92.9

54.8

74.9

11.0

7.1

4.4

Other Payments
20.6

19.3

22.1

18.7

27.2

28.1

16.9

17.7

22.7

23.6

7.9

31.0

22.3

TOTAL
717.9

853.3

831.6

788.8

843.8

770.2

685.4

729.7

721.4

664.8

652.8

810.7

675.0

Table 13.1: Monthly Cross Border Payments (US$ Millions)

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Source:Reserve Bank of Zimbabwe, 2024
Table 13.2: Monthly Cross Border Receipts (US$Millions)