QUARTERLY
ECONOMIC
REVIEW


SEPTEMBER 2021

CONTENTS

List of Figures

List of Tables

1.
OVERVIEW


Global economic recovery weakened in the third
quarter of 2021, owing to increased downside
risks in economic prospects of most countries, as
the Covid-19 pandemic continued to disrupt
supply chains. The global growth projection for
2021 was thus revised downwards marginally to
5.9%, from an earlier projection of 6.0% and
remains unchanged at 4.9% for 2022.

Business activity in the domestic market picked
up during the third quarter of 2021, on account of
a stable macroeconomic environment and the
easing of Covid-19 containment measures.

Prudent monetary and fiscal policies, coupled
with uninterrupted foreign currency allotments
through the auction system, helped anchor
inflationary expectations, during the third quarter
of 2021. Resultantly, annual inflation rapidly fell
from 106.4% in June 2021, to end the third
quarter of 2021 at 51.55%.

Total merchandise trade during the third quarter
of 2021 amounted to US$3,701.3 million,
representing a 62.3% increase from US$2,280.7
million recorded in the comparative quarter in
2020. The increase largely reflected a technical
low base effect in 2020, when global trade was
adversely affected by disruptions induced by
Covid-19 containment measures imposed in
most countries in 2020.
Reserve money stood at ZW$26.24 billion in the
quarter ended 30th September 2021, a quarterly
growth of 5.6% over the quarter ending 30th June
2021. This was well within the Bank’s quarterly
reserve money growth target of 20%.

Broad money stock stood at ZW$364.60 billion,
as at end September 2021, compared to
ZW$302.93 billion in June 2021. The increase
largely
reflected
quarterly
expansions
in
negotiable certificates of deposits (NCDs),
104.66%; time deposits, 23.30%; local currency
transferable deposits, 26.29%; and foreign
currency
deposits,
13.04%.
Currency
in
circulation, however registered a 12.61%
decline, during the quarter under review.

Bullish sentiment characterized the Zimbabwe
Stock Exchange (ZSE), during the third quarter
of 2021. Resultantly, the Top 10, Top 15, All
Share, Small Cap and Medium Cap gained
53.98%, 52.47%, 38.50%, 33.71% and 19.26%
to close at 4 857.20 points, 5 578.65 points, 8
580.16 points, 254 232.90 points and 20 599.24
points, respectively.

The value of transactions processed through the
National Payment Systems (NPS) increased by
31% to ZW$2.085 trillion in the quarter ending
30th September, from ZW$1.594 trillion recorded
in the quarter ending 30th June 2021. Similarly,
NPS transaction volumes increased by 3% to
365.9 million, from 354.7 million recorded in the
second quarter of 2021.

Overall, the economy remains on a sustainable
growth trajectory. The current price and
exchange rate stability brought by prudent
monetary and fiscal policies, coupled with an
efficient foreign exchange auction system is
expected to continue supporting economic
activity going forward.

2. INTERNATIONAL
ECONOMIC
DEVELOPMENTS

The global economy remained on a recovery path
during the quarter under review, albeit at a
reduced pace, due to the spread of the highly
transmissible Delta variant of Covid-19. The
outbreak of the new variant disrupted critical
links of the global supply chains, posing elevated
risks to the global economic outlook. As a result,
the IMF revised its global economy growth
projection downwards for 2021 to 5.9%, while
maintaining the 2022 growth forecast at 4.9%
(WEO October 2021).
The downward revision reflected downgrades in
the growth projections for advanced economies
due to supply disruptions, while in low-income
economies the growth prospects were worsened
by the negative impact of Covid-19.
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
-3.1
5.9
4.9
Advanced
Economies
-4.5
5.2
4.5
o/w: United States
-3.4
6.0
5.2
Euro-Area
-6.3
5.0
4.3
Japan
-4.6
2.4
3.2
Emerging Market
& Developing
Economies
-2.1
6.4
5.1
Asia
-0.8
7.2
6.3
o/w: China
2.3
8.0
5.6
India
-7.3
9.5
8.5
Sub Saharan
Africa
-1.8
3.7
3.8
o/w: Nigeria
-1.8
2.6
2.7
South Africa
-6.4
5.0
2.2
Source: IMF World Economic Outlook, (October 2021
Update)
The projected growth of 4.9% for 2022 will be
mainly driven by additional fiscal support in
advanced economies, especially in the US and
Europe, as well as the anticipated vaccinepowered recovery in the second half of 2021. The
Fund further expects that developing and
emerging market economies will join advanced
economies in gaining broad access to vaccines,
on the back of the US$650 billion Special
Drawing Rights allocated to member countries in
August 2021.
Growth prospects for advanced economies were
revised downwards for 2021, in tandem with
growth forecast downgrades for the US,
Germany and Japan. Notwithstanding additional
fiscal support in the second half of 2021, the
outlook for advanced economies was dampened

by supply disruptions and softening consumption
in the third quarter. Across advanced economies,
an anticipated stronger rebound in the first half
of 2022, as vaccination roll outs intensify,
persuaded the Fund to revise upwards the growth
prospects for 2022 to 4.5%.
The growth forecast for the emerging market and
developing economies group was also revised
upwards, mirroring upgrades across most
regions. The group was projected to grow by
6.4% in 2021, up from the earlier forecast of
6.3% in July. China’s prospects for 2021 were,
however, slightly marked down due to the
country’s stronger-than-anticipated scaling down
in public investment and overall fiscal support.
Real GDP growth is projected at 3.7% for the
Sub-Saharan African region for 2021. The
region’s large economies of Nigeria and South
Africa are expected to grow by 2.6% and 5.0%,
respectively. Unrelenting lack of access to
vaccines and limited policy space to support the
crisis response and recovery continued to weigh
down on economic recovery in the region.
INTERNATIONAL COMMODITY PRICE
DEVELOPMENTS
During the third quarter of 2021, global prices for
gold, platinum and copper, retreated. Nickel and
crude oil prices, however firmed. Developments
in commodity markets were mainly influenced
by a combination of a stronger US dollar, the
negative impact of the Covid-19 pandemic, as
well as economic developments in China, the
world’s top metal consumer.
Table 2 shows the developments in international
commodity prices for selected commodities,
during the quarter under review
Table 2: International Commodity Prices

Gold
Platinum
Copper
Nickel
Brent
Crude Oil

US$/oz
US$/oz
US$/tonne
US$/tonne
US$/Barrel
2021 Q2
Average

July-21

Aug-21

Sept-21

2021 Q3
Average


Q2-Q3
Changes

Source: Bloomberg, BBC, 2021
Precious Metals
Gold prices retreated by 1.3%, from a quarterly
average of US$1,813.96 per ounce in the second
quarter, to US$1,789.93 per ounce during the
quarter under review. Prices were largely
weighed down by a stronger US dollar and
elevated US Treasury yields. The decline in the
price of the yellow metal was moderated by
concerns that the rapid spread of the Covid-19
Delta variant could slow down the pace of global
economic recovery.

Platinum prices averaged US$1,024.84 per
ounce in the quarter under review, representing a
13.4% decline from US$1,182.89 per ounce,
recorded in the second quarter of 2021. Prices
were subdued on account of a gloomy investment
demand outlook for the metal, occasioned by a

stronger US dollar and higher US Treasury
yields, a development which rekindled investor
appetite for riskier assets.
Figure 1 shows developments in precious metal
prices for the period from March 2020 to
September 2021.
Figure
1:
Precious
Mineral
Prices
(US$/ounce)

Source: Bloomberg, 2021


Base Metals
Base metal prices exhibited a mixed trend, during
the third quarter of 2021, as copper prices
strengthened, while nickel prices eased.
Copper prices decreased by 3.5%, from an
average of US$9,708.48 per tonne in the second
quarter of 2021, to US$9,371.69 per tonne in the
third quarter. The decline was underpinned by
investor fears of tepid demand in China,
following signs of slowing economic recovery in
the world’s biggest consumer of base metals.

Nickel prices increased by 10.3%, from a
quarterly average of US$17,341.06 per tonne in
the second quarter, to US$19,125.29 per tonne in
the quarter under analysis. Prices rebounded,
supported by supply concerns, following
Russia’s announcement of possible export taxes
and Indonesia’s plan to restrict investment in
nickel pig iron and ferro-nickel smelters.

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

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

Source: Bloomberg, 2021

Brent Crude Oil
Brent crude oil prices increased by 6.0%, from a
quarterly average of US$68.98 per barrel in the
second quarter, to US$73.10 per barrel in the


Mar-20
May-20
Jul-20
Sep-20
Nov-20
Jan-21
Mar-21
May-21
Jul-21
Sep-21
Gold
Platinum (RHS)

Mar-20
May-20
Jul-20
Sep-20
Nov-20
Jan-21
Mar-21
May-21
Jul-21
Sep-21
Copper
Nickel (RHS)

quarter under review. The rally in crude oil prices
was underpinned by sharp declines in crude oil
stockpiles in the US, the world's top oil
consumer.

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

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


Source: Bloomberg, 2021

MERCHANDISE
TRADE
DEVELOPMENTS
Total
merchandise
trade
amounted
to
US$3,701.3 million, during the third quarter of
2021, representing a 62.3% increase from
US$2,280.7 million recorded in the comparative
quarter in 2020. The huge increase largely
reflected a technical low base effect in 2020,
when global trade was adversely affected by
disruptions induced by Covid-19 containment
measures imposed in most economies in 2020.
Figure 4 shows the country’s total merchandise
trade developments.
Figure 4: Quarterly Merchandise Total Trade
(US$ m)
Source: Zimstat, 2021

The third quarter total merchandise trade outturn
of US$3,701.3 million was 15.1% higher than the
US$3,214.6 million realised in the second
quarter of 2021. This was on account of increases
in both exports and imports.

Merchandise Export Developments

During the third quarter of 2021, the country’s
merchandise exports stood at US$1,740.0
million, up by 21.3% from US$1,434.2 million
recorded in previous quarter. On a year-on-year
basis, merchandise exports registered a growth of

Mar-20
May-20
Jul-20
Sep-20
Nov-20
Jan-21
Mar-21
May-21
Jul-21
Sep-21

2020Q3
2021Q2
2021Q3

61.9%, from US$1,074.6 million realized in the
corresponding quarter in 2020, as shown in
Figure 5.

Figure 5: Quarterly Merchandise Exports
(US$ m)

Source: Zimstat, 2021
During the quarter under analysis, the country’s
exports were dominated by PGMs, valued at
US$736.0 million, followed by gold, US$492.2
million and tobacco, US$ 171.3 million. The top
three commodities accounted for about 80.6% of
the third quarter’s export revenue.
Gold exports were notably higher in the third
quarter of 2021, compared to the previous
quarter, as production was spurred by firm
international prices as well as the incentives
availed to gold miners. Gold producers (both
large scale and small scale) who deliver gold
quantities above their average monthly deliveries
are entitled to a retention level of 80% on the
incremental portion of the Gold delivered to
Fidelity Gold Refiners.

Furthermore, large-scale gold producers who
qualify for the 80% retention threshold on the
incremental portion are also be entitled to
directly export (i.e., export under their name)
gold equivalent to the incremental portion, to
enable them to secure funding in the form of
international gold loans.

Gold producers who are licenced under the
Special Economic Zones (SEZ) or listed on the
Victoria Falls Stock Exchange (VFSE), are
entitled to a retention level of 100% on the
incremental portion of the gold delivered to
Fidelity Gold Refinery. Table 3 shows the
country’s major exports during the second and
third quarters of 2021, respectively.

Table 3: Quarterly Merchandise Exports
(US$ m)

Q2
(US$
m)

Q3
(US
$m)

Q2-Q3
Chang
es (%)

Q3
Share
of
Total
(%)
Total Exports

Of Which:
(PGMs)*

Gold

Tobacco (Inc.
cigarettes)

Ferro-chromium

Industrial
diamonds

Ginned cotton

Coal

Chromium ores
and concentrates

Granite

Macadamia nuts

Source: Zimstat, 2021 & RBZ Calculations, 2021
1,074.6
1,434.2
1,740.0


2020Q3
2021Q2
2021Q3

Major Merchandise Export Destinations

The country’s exports were mainly absorbed by
South Africa (47.5%), the United Arab Emirates
(30.7%), Mozambique (8.3%), China (2.7%) and
Belgium (1.7%), as shown in Figure 6.

Figure
6:
Major
Merchandise
Export
Destinations (% Share)

Source: ZIMSTAT & RBZ Computation

Merchandise Import Developments
The country imported merchandise valued at
US$1,961.3 million during the third quarter of
2021. This represented a 62.6% increase from
US$1,206.1
million
recorded
in
the
corresponding quarter in 2020, as shown in
Figure 7.


Figure 7: Quarterly Merchandise Imports
(US$ m)

Source: Zimstat, 2021

On a quarter-on-quarter basis, merchandise
imports for the third quarter of 2021 were 10.2%
more than the US$1,780.3 million recorded in the
second quarter. Among the country’s top imports
were diesel, Covid-19 vaccines and unleaded
petrol, which contributed 8.6%, 7.0% and 3.6%,
respectively. The high fuel import bill was, in
large part, attributable to an increase in economic
activity and the global rise in oil prices. Table 4
shows merchandise imports for the second and
third quarters of 2021, respectively.


South Africa
United Arab Emirates
Mozambique
China
Belgium
Zambia
Botswana
Ukraine
France
Egypt
1,206.1
1,780.3
1,961.3
2020Q3
2021Q2
2021Q3
M E R CHA NDIS E IM P OR TS :
2020Q3 & 2021Q3

Table 4: Quarterly Merchandise Imports
(US$ m)

2021 Q2
(US$ m)
2021 Q3
(US$ m)
2021 Q2Q3
Changes
(%)
2021 Q3
Imports
Share
of Total
(%)
Total Imports

Of Which:


Diesel

COVID-19
Vaccines

Unleaded
Petrol

-1.5
3.6
Crude soya
bean oil

Electricity

Rice

Wheat

Medicaments

Chemicals -
ammonium
phosphate)

Road tractors

Source: ZIMSTAT & RBZ Computations
Major Import Sources
The country’s imports for the third quarter of
2021 were mainly sourced from South Africa
(40.8%), China (13.4%), Singapore (12.3%),
Hong Kong (6.4%), Mozambique (3.1%) and
United Arab Emirates (2.6%), as shown in Figure
8.
Figure 8: Merchandise Import Sources (%
Share)

Source: ZIMSTAT & RBZ Computations

TRADE BALANCE
The
afore-mentioned
trade
developments
culminated in the narrowing of the country’s
trade balance, from a deficit of US$346.1 million
in the second quarter of 2021, to a deficit of
US$221.3 million in the third quarter, as shown
in Figure 9.

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

Figure
9:
Merchandise
Trade
Balance
(US$ m)


EXCHANGE RATE DEVELOPMENTS

On the foreign exchange market, the Zimbabwe
dollar (ZW$) depreciated by about 1.4% against
the greenback, moving from an average of
ZW$84.75 per US$1 in the second quarter of
2021 to ZW$85.96 per US$1 in the third quarter.
The premiums on the parallel market continued
to widen, closing the period under review at
about 94.0%. To stabilise volatility of the parallel
market exchange rate, the Bank introduced more
instruments to mop up excess liquidity. The Bank
also continued to refine the foreign exchange
auction system to strengthen its effectiveness as
a foreign currency price discovery platform.
Figure 10 shows exchange rate developments
since March 2019.
Figure 10: Exchange Rate Developments

Source: Reserve Bank of Zimbabwe, Market Surveys

3.
DOMESTIC
ECONOMIC
DEVELOPMENTS

REAL SECTOR DEVELOPMENTS

Business activity generally improved during the
third quarter of 2021, on the back of a stable
macroeconomic environment and the easing of
Covid-19 related restrictions.


AGRICULTURE
Agriculture sector growth was revised to 36.2%
in 2021, up from earlier forecast of 34.0%. This
was spurred by higher than anticipated estimates
of tobacco, wheat, cotton, beef and pork output,
among others.

2021Q2
2021Q3
Exports
Imports

30-Mar-19
30-May-19
30-Jul-19
30-Sep-19
30-Nov-19
31-Jan-20
31-Mar-20
31-May-20
31-Jul-20
30-Sep-20
30-Nov-20
31-Jan-21
31-Mar-21
31-May-21
31-Jul-21
30-Sep-21
PREMIUM (%)[RHS]
INTERBANK RATE
PARALLEL RATES

Crops

Tobacco
Cumulative tobacco sales stood at 210,725,122
kg as at 30th September 2021, up from sales of
184,042,292 kg for the same period in the
previous year. The golden leaf was sold at an
average price of US$2.79/kg, compared to the
average price of US$2.50/kg realised during the
same period in the previous year. The sales value
of the golden leaf stood at US$588.86 million, up
from US$459.67 million realised over the same
period in 2020. Table 5 shows the tobacco sales
outturn as at end September 2021.


Table 5: Cumulative Tobacco Sales as at
September 2020 and 2021

Variance
(%)
Total quantity Sold
(million kgs)

14.50
Total value (US$
million)

28.11
Average price (US$)/kg 2.79
2.50
11.88
Source: Tobacco Industry and Marketing Board,

Wheat
Wheat output is expected to exceed 300 000
tonnes in 2021, up from 212 000 tonnes produced
in 2020. The anticipated improvement in wheat
output is due to the increase in area planted,
estimated at 66 976 hectares, compared to 44 466
hectares in 2020. In addition, yields are expected
to be higher, owing to improved water and power
availability for irrigation as well as improved
financing for the crop.
The Government wheat financing scheme
covered an area of 49 509 hectares, accounting
for approximately 74% of the total area under
production. Private entities financed the
remaining 16 854 hectares.

While harvesting of the early-planted crop had
begun by end of September 2021, challenges
faced by some of the farmers included accessing
combine harvesters and fuel.

Cotton
Total seed cotton sales stood at 129,085,589 kg
at the end of the third quarter of 2021, compared
to 83,059,898 kg sold, in the comparable period
in 2020. The intake of about 111 million
kilograms by the Cotton Company of Zimbabwe
(Cottco) accounted for 86% of total sales. The
company administers Government’s free input
scheme, designed to revive production of the
crop as a raw material for downstream industries.
Cotton output had fallen far below the country’s
potential,
prompting
the
Government
to
intervene through the provision of inputs.


Livestock

The performance of the livestock industry,
measured
from
formal
sector
slaughters,
improved significantly in the third quarter of
2021. This was in line with improved offtake,
supported by availability of stock feed, grazing
pastures and water. In addition, the relatively
relaxed Covid-19 lockdown measures resulted in
higher economic activity, leading to greater
consumption of livestock related products.

Cattle
Formal sector cattle slaughters stood at 79 446
head in the third quarter of 2021, an increase of
22.34% from 64 940 head slaughtered in the
same quarter in 2020.

Cumulatively, 215 074 cattle were slaughtered
up to September 2021, up from 161 495 cattle
that were slaughtered in 2020. The increase in the
number of cattle slaughtered was also indicative
of the recovery of the national beef herd from the
effects of droughts and high disease incidence,
which occurred in the previous two seasons.
Table 6 summarises cattle slaughter statistics,
during the period under review.

Table 6: Cattle Slaughters

% Change
Q1
54 073
62 929
16.38
Q2
42 446
72 699
71.27
Q3
64 940
79 446
22.34
Total
161 459
215 074
33.21
Source: Ministry of Lands, Agriculture, Water, and Rural
Development, 2021.

Pigs
Pig slaughters increased by 20.1% to 50 434 in
the third quarter of 2021, from 42 012 in the
comparable quarter in 2020. Cumulative pig
slaughters stood at 143 005 in 2021, up by 7%,
from 133 128 over the same period in 2020, as
shown in Table 7.


Table 7: Quarterly Pig Slaughters
Pigs

% Change
Q1
47 198
45 246
-4.14
Q2
43 918
47 325
7.76
Q3
42 012
50 434
20.05
Total
133 128
143 005
7.42
Source: Ministry of Lands, Agriculture, Water and Rural
Development, 2020.

Dairy
Quarterly fresh milk output increased from 18.95
million litres in the second quarter of 2021 to
20.81 million litres in the third quarter of 2021.
The trend in milk output is as shown in Figure
11.

Figure 11: Quarterly Fresh Milk Output
(litres)

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

Third quarter output surpassed performance in
the corresponding quarter of 2020, due to
improvements
in
stock
feed
and
water
availability.

Millions

MINING

The industry registered mixed performances,
during the third quarter of 2021. Gold, diamond,
coal and granite recorded strong growth, which
drove the quarterly output, while PGMs, chrome
and nickel, registered subdued growth.

Table 8: Quarterly Mineral Output Statistics

Q1 2020
Q2 2021
Q3 2021
Gold (kg)
4,519
6,480
9,381
Platinum
(kg)
3,675
4,279
3,559
Palladium
(kg)
3,138
3,570
2,985
Rhodium
(kg)

Iridium (kg)

Ruthenium
(kg)

Diamonds
(cts)
541,390
940,962
1,242,711
Chrome
(MT)
256,192
361,091
481,288
Nickel (MT)
4,369
4,448
4,022
Copper
(MT)
1,732
2,716
2,196
Cobalt (MT)

Coal (MT)
830,105
711,633
1,153,391
Lithium
(MT)
2,583
21,070
3,521
Phosphate
(T)
6,341
5,993,161

Granite
(MT)
38,518
32,210
49,997
Vermiculite
(MT)
3,781
380,848
10,251
Source: Ministry of Mines & Mining Development,
Chamber of Mines of Zimbabwe, FGR, 2021


Gold
Gold output at 9,380.7 kg in the third quarter of
2021, surpassed the output produced in the same
period in 2020 by 107.6%. Output was, in large
part, driven by artisanal and small-scale gold
miners, who delivered output that exceeded the
comparable period in 2020 by 312.4% and the
previous quarter by 87.8%, as shown in Figure
12.

Figure 12: Quarterly trends in Gold Output
by sector

Source: Ministry of Mines & Mining Development, FGR,

Gold production was enhanced by the incentives
introduced during the first half of the year. The
incentives included a downward revision of
royalties from 2% to 1%, for Artisanal and Small
Gold Miners (ASGM) effected in early 2021, the
introduction of a 2.5% to 5% incentive for
ASGM and the formalization of their activities.


kg
Large Scale Producers(kg)
Small Scale Producers (kg)
Secondary Producers (Kg)
Total Gold (kg)

PGMs

Key PGMs namely platinum, palladium and
rhodium underperformed in the third quarter of
2021, compared to the same quarter in 2020, as
shown in Figures 13.

Figure 13: Quarterly Trends in Platinum and
Palladium Output

Source: Ministry of Mines & Mining Development, 2021

Platinum output stood at 3,559 kg in the third
quarter of 2021, about 3% lower than 3,675 kg
produced in the same quarter in 2020. Similarly,
palladium output at 2,985 kg, was 4.9% lower
than 3,138 kg produced in the third quarter of
2020.

The output of PGMs was weighed down by the
loss of production time due to planned
maintenance of plant and equipment at two of the
major producers, during the period under review.

Nickel
Cumulative nickel output for the third quarter of
2021 amounted to 4,022.1 tonnes, about 7.9%
lower than in the third quarter of 2020, as shown
in Figure 14.

Figure 14: Quarterly trends in Nickel Output:
2020-2021

Source: Ministry of Mines & Mining Development, 2021

Nickel output was, weighed down by reduced
throughput from both primary and secondary
producers, which fell by 31% and 8%,
respectively, compared to same period in 2020.
Producers failed to take advantage of the
favourable international prices.


Kg
Platinum (Kg)
Palladium (kg)

Q3 2020
Q2 2021
Q3 2021
Nickel (tonnes)

Diamond
Diamond output stood at 1,242,711 carats in the
third quarter of 2021, representing a 129.5%
increase compared to the same period in 2020.
The increase was driven by one of the major
mining houses in the industry, through increased
investments in efficient plant and machinery,
which improved recoveries and fostered mine
development, during the first half of the year.

Figure 15: Quarterly trends in Diamond
Output: 2020-2021

Source: Ministry of Mines & Mining Development, 2021

Chrome
Chrome output at 481,287.7 tonnes in the third
quarter of 2021, was 96% more than the output
produced in the same period in 2020, as shown in
Figure 16.

Figure 16: Quarterly Trends in Chrome Ore
Output: 2020-2021
Source: Ministry of Mines & Mining Development,
MMCZ, 2021

The resumption of smelting activities during the
second quarter of 2021, following the easing of
Covid-19 restrictions, coupled with the ban
imposed on the export of raw chrome, resulted in
most of the chrome (67%) being disposed as
High Carbon Ferrochrome (HCF), with 23%
being sold as raw chrome, during the period
under review.

Coal
During the period under review, coal output
amounted to 1.15 million tonnes, an increase of
39% over the comparable period in 2020, as
shown in Figure 17.


Q3 2020
Q2 2021
Q3 2021
Diamonds (Carats)
830,105
711,633
1,153,391


Q3 2020
Q2 2021
Q3 2021
tonnes

Figure 17: Quarterly Trends in Coal Output:
2020-2021
Source: Ministry of Mines & Mining Development, 2021
Coal production was enhanced by increased
investments in plant and mining equipment by
some key players, during the first half of the year.
The export window extended to the miners to
cater for the low uptake of coal by the power
utility also boosted output, as mining houses
sought to increase foreign currency earnings.

ELECTRICITY

Power generated during the third quarter of 2021
amounted to 2,220.63 GWhs, a 0.87% increase
from the 2,201.53 GWhs produced in the
previous quarter. The power generated during the
quarter under review was 21.64% above the
performance of the comparable period in 2020,
with an output of 1,825.62 GWhs. Kariba Power
Station contributed 67.4% of the total energy
production, while Hwange Power Station
supplied 28% and the small thermals contributed
4.5%, during the period under review.

Table 9 shows the general trend in power
production in all of the major power stations,
during the third quarter of 2021.

Table 9: Quarterly Power Output.

Q2
Q3
Q2
Q3
Kariba
747.69
1,235.90
1,498.27 1,423.72
Hwange

Bulawayo

Munyati

Harare

IPPs

Total
(GWhs)
1,419.57
1825.62
2,201.53 2,220.63
Source: ZERA ZPC, 2021.

The availability of a high boiler plant at
Bulawayo power station, coupled with the
increase in water levels at Kariba Power Station,
partially contributed to the rise in electricity
generation, during the quarter under review.
There was also growth in power generated from
the power station in Hwange, from 613.56
GWHs to 720.70 GWHs.

Figure 18 shows the power generated by all the
IPP’s during the quarter under review. The
largest power output from the IPPs came from
Pungwe B, 7.06 Gwhs; followed by Pungwe A,
1.80 Gwhs; Duru, 1.71 Gwhs; and Pungwe C,
1.38 Gwhs.
256,192
361,091
481,288


Q3 2020
Q2 2021
Q3 2021
tonnes

Figure 18: Power Generation by IPP
Source: ZERA, ZPC 2021

INFLATION DEVELOPMENTS

Annual headline inflation decelerated sharply to
51.55% as at end of September 2021, from
106.4% in June 2021. This followed declines in
both annual food and non-food inflation.

Annual food inflation fell from 55.09% in June
2021 to 54.52% in September 2021. The major
drivers of annual food inflation were meat,
vegetables, bread and cereals, during the quarter
under review.

Year-on-year non-food inflation also declined,
from 105.12% at the end of the second quarter of
2021, to 49.98% in September 2021. Transport,
housing water, electricity, gas and other fuels
drove non-food inflation during the quarter under
review. Figure 19 depicts the annual inflation
developments since September 2019.
Figure 19: Quarterly Inflation Profile (%)

Source: Zimstat 2021

Month-on-month inflation increased to 4.73% in
September 2021, from 4.19% in August 2021.
Figure 20 shows the monthly developments of
inflation since January 2020.

Figure 20: Monthly Inflation Profile (%)

Source: Zimstat 2021

Gwhs
July
August
September

Food
Non-Food
All Items
-5

Jan-20
Mar-20
May-20
Jul-20
Sep-20
Nov-20
Jan-21
Mar-21
May-21
Jul-21
Sep-21
Food
Non-Food
Overall

4. MONETARY DEVELOPMENTS1

Reserve money for the quarter ended 30
September 2021 stood at ZW$26.24 billion, a
quarterly growth of 5.6% over the quarter ending
30th June 2021. This was well within the 20%
quarterly growth target in reserve money.

The quarterly growth in reserve money contained
within targets for all the quarters of 2021, as
shown on the Figure 21.

Figure 21: Reserve Money Developments in

Source: RBZ

The positive performance in reserve money
growth was largely attributed to the Bank’s

1 All monetary numbers are in ZW$ since the adoption of
the inter-bank foreign exchange market in February 2019.
excess liquidity mopping exercise, through open
market
operations,
coupled
with
foreign
exchange sales at the auction.

Figure 22 suggests that there is a co-movement
between reserve money growth and inflation,
which justifies the use, by the Bank, of the
monetary targeting framework, among other
instruments.

Figure 22: Inflation and Annual Reserve
Money Growth

Source: RBZ & ZIMSTAT

Broad money stock stood at ZW$364.60 billion,
as at September 2021, compared to ZW$302.93
billion in June 2021. The increase largely

Dec-20
Jan-21
Feb-21
Mar-21
Apr-21
May-21
Jun-21
Jul-21
Aug-21
Sep-21
ZW$ Billion
Reserve Money
Q1 Target
Q2 Target
Q3 Target

Mar-19
Jun-19
Sep-19
Dec-19
Mar-20
Jun-20
Sep-20
Dec-20
Mar-21
Jun-21
Sep-21
Annual Reserve Money Growth
Inflation
Annual Inflation
Annual Reserve Money Growth

reflected quarterly expansions in negotiable
certificates of deposits (NCDs), 104.66%; time
deposits, 23.30%; local currency transferable
deposits, 26.29%; and foreign currency deposits,
13.04%. Currency in circulation, however
registered a 12.61% decline, during the quarter
under review.

Local currency transferable deposits accounted
for the largest share of broad money at 49.93%,
followed by foreign currency deposits, 41.43%
and time deposits, 7.24%.

Figure 23 shows annual broad money supply
components in nominal terms and annual growth
rates.

Figure 23: Broad Money Developments

Source: RBZ
Domestic Credit
Domestic credit registered a quarter-on-quarter
growth of 32.27%, from ZW$170.18 billion in
June 2021, to ZW$225.09 billion in September
2021. The increase was largely driven by the
increase in credit to public non-financial
corporations, 47.16%; credit to the private sector,
23.11%; and other financial corporations, 8.70%.
Net credit to Government, largely in the form of
Treasury bill holdings by banks, also increased
by 79.39%, from ZW$23.67 billion in the
previous quarter to ZW$42.46 billion, during the
quarter ended September 2021.

Credit to the private sector, which amounted to
ZW$160.19 billion in the quarter under review,
from ZW$130.12 billion in June 2021, was
mainly extended towards agriculture, 28.42%;
households, 21.31%;
distribution, 11.54%;
financial
organizations,
10.49%;
and
manufacturing, 10.55%; among others, as shown
in Figure 24.


Jun-20
Sep-20
Dec-20
Mar-21
Jun-21
Sep-21
Percent
$ Million
NCDs
Currency in Circulation
Time Deposits
Foreign Currency Deposits
Local Currency Transferable Deposits

Figure 24: Distribution of Private Sector
Credit
Source: RBZ
Credit to the private sector was largely channelled
towards
inventory
build-up,
32.94%;
other
recurrent expenditures, 29.98%; and fixed capital
investment, 17.51%.

Interest Rates
During the quarter ending September 2021,
nominal lending rates quoted by banks ranged
between 6% and 85%. Time deposit rates for 60day and 90-day tenures averaged 13.71% and
14.03%, from 11.75% and 11.72%, respectively,
recorded in the previous quarter. The average
maximum savings deposit rate was recorded at
5.74% in the quarter under review, compared to
4.24% in the second quarter of 2021.

5. STOCK MARKET DEVELOPMENTS

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

Table 10: Key Stock Market Indicators.
ZSE Indicator Jun-21
Sept-21
Change
(%)
All
Share
Index (points)
6,194.88
8,850.16
38.50
Top 10 Index
(points)
3,154.44
4,857.20
53.98
Medium Cap
Index (points)
17,272.09
20,599.24
19.26
Small
Cap
Index (points)
190,131.50
254,232.90
33.71
Industrial
Index (points)
-
-
-
Mining Index
(points)
6,211.49
6,014.53
-3.17
Volume
of
shares traded
(m)
640.62
3 237.69
405.40
Market
Turnover
($m)
11 452.26
11 108.51
-3.00
ZSE
Capitalization
($m)
745 175.95
1 032 472.92
38.55
Net
Foreign
Position ($m)
-3 269.45
-685.02
79.05
Source: Zimbabwe Stock Exchange, 2021
The third quarter of the year 2021 experienced
positive trading, with major indices registering
upward growth. The Top 10, Top 15, All Share,
Small Cap and Medium Cap gained 53.98%,
52.47%, 38.50%, 33.71% and 19.26% to close at
4 857.20 points, 5 578.65 points, 8 580.16 points,
254 232.90 points and 20 599.24 points,
respectively. The resources index, however, fell
by 3.17% during the quarter under review, to
Households
21.31%
Agriculture
28.42%
Mining
6.26%
Manufacturing
10.55%
Distribution
11.54%
Construction
1.14%
Transport &
Communicat
ions
1.78%
Services
8.27%
Financial Org.
& Investments
10.71%
Other
0.01%

close at 6 014.53 points, from 6 211.49 points in
the previous quarter.

On an annual basis, the Small Cap, All Share,
Top 10, Top 15 and mining indices went up by
4 388.46%, 423.76%, 344.35%, 336.01% and
45.68%, from 5 664.14 points, 1 638.17 points,
1 093.10 points, 1 279.48 points and 4 128.52
points recorded in September 2020, respectively.

Figure 25 shows the developments on the ZSE
All Share and Top 10 Indices for the period
September 2020 to September 2021.
Figure 25: 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 ended 30th September 2021,
the bullish sentiment that characterized the local
bourse resulted in an increase of ZW$287.30
billion, or 38.55% worth of capitalization to close
at ZW$1 032.47 billion, from ZW$745.18 billion
recorded in the second quarter of 2021.

The cumulative value of shares traded on the
ZSE,
however,
decreased
by
3.00%
to
ZW$343.75 million, despite the 405.40%
increase in the volume of shares traded to 3
237.69 million shares. The decline in the value of
shares traded could partially be attributed to
trading being highly concentrated in small
weight counters, during the quarter under review.

Figure 26 shows ZSE market capitalization
developments for the period 30th September 2020
to 30th September 2021.

Figure 26: Market Capitalization

Source: Zimbabwe Stock Exchange, 2021
Figure 27 shows developments in market
turnover volumes and values for the period from
30th September 2020 to 30th September 2021.

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

30-Sep-20
30-Nov-20
31-Jan-21
31-Mar-21
31-May-21
31-Jul-21
30-Sep-21
$ Billions

Figure 27: ZSE Market Turnover


Source: Zimbabwe Stock Exchange, 2021

Foreign investor participation, as measured by its
contribution to the value of shares traded,
decreased to 3.76%, compared to 7.38% recorded
in the second quarter of 2021. The net foreign
position, however, improved to -ZW$685.02
million, from -ZW$3.27 billion recorded during the
quarter ended 30th June 2021.

6. PAYMENT,
CLEARING
AND
SETTLEMENT ACTIVITIES

The value of transactions processed through the
National Payment Systems in the quarter ending
30th September 2021, increased by 31% to
ZW$2.085 trillion, from ZW$1.594 trillion
recorded in the quarter ending 30th June 2021.
Similarly, NPS volumes increased by 3% to
365.9 million from 354.7 million, during the
same quarter.

Table 11 provides the statistical information on
various payment streams for the quarters ending
June 2021 and September 2021.

Table
11:
Consolidated
Transactional
Activities
Values in ZW$ Million

Q2
Q3
Change
Proportion

RTGS

POS

ATMS

MOBILE

INTERNET

TOTAL

Volumes
RTGS

POS

ATMs

MOBILE

INTERNET

TOTAL

Source: Reserve Bank of Zimbabwe


30-Sep-20
31-Oct-20
30-Nov-20
31-Dec-20
31-Jan-21
28-Feb-21
31-Mar-21
30-Apr-21
31-May-21
30-Jun-21
31-Jul-21
31-Aug-21
30-Sep-21
ZW$ millions
Block trade of
926.78 million
Block Trade of
FBC Holdings Ltd
Block trades
of 66.53
million and
14.35
Block
Trade
of FBC
Block
trade
of Star

LARGE VALUE PAYMENTS
Zimbabwe
Electronic
Transfer
and
Settlement System
The value of transactions processed through the
RTGS system increased by 21%, from ZW$1.039
trillion in the second quarter of 2021 to
ZW$1.255 trillion in the third quarter. NPS
volumes increased by 7% to 3.266 million in the
same quarter, as shown in Figure 28.

Figure 28: Values and Volumes of RTGS
Transactions

Source: Reserve Bank of Zimbabwe, 2021

Retail Payments
The aggregate values of retail transactions
increased by 49% to ZW$829.7 billion in the
quarter under review, from ZW$555.1 billion
recorded in the quarter ended June 2021. Retail
volumes increased by 3% to 362.6 million, during
the same period.

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

Figure 29: Retail Transaction Values

Source: Reserve Bank of Zimbabwe, 2021


Q3

Q4

Q1

Q2

Q3
RTGS Volumes
Thousands
RTGS Values
Billions
Volumes
Values

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

Figure 30: Retail Transaction Volumes

Source: Reserve Bank of Zimbabwe, 2021

Collateral2
The value of collateral for cheque, retail payments
(Zimswitch) and central securities depository
settlement systems increased to ZW$4.868 billion
in the quarter ended 30th September 2021, from
ZW$3.083 billion recorded in the previous quarter,
as shown in Figure 31.


2 The local collateral figure comprises of Cheque, Zimswitch,
Chengetedzai Deposit Corporation settlement systems.
Figure 31: Collateral: September 2020 to
September 2021

Source: Reserve Bank of Zimbabwe, 2021
The Victoria Falls Exchange collateral declined
marginally to US$49,859.57 in the quarter ended
30th September 2021, from US$49,894.32 recorded
during the second quarter of 2021.

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


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


Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021
MILLIONS

The POS population increased to 136,669 in the
third quarter of 2021, from 128,771 in the second
quarter. The ATM population decreased from 456
in the second quarter of 2021 to 410 in the third
quarter.

During the quarter under review, there 4.1 million
registered
active
mobile
financial
services
subscribers, compared to 3.9 million registered
subscribers in the quarter ended June 2021.

Table 12 shows payment access points and devices
for the first, second and third quarters for 2021.

Table 12: Payment Systems Access Points and
Devices

Quarter
ending
Mar

Quarter
ending
Jun 2021
Quarter
ending
Sept

Mobile Banking
agents

ATMs

POS
128,803
128,771
136,669
PAYMENT SYSTEM ACCESS DEVICES
Debit Cards
5,977,006
6,430,419
6,323,462
Credit Cards
15,217
15,217
15,227
Prepaid Cards
143,438
129,509
142,157
Mobile Banking
subscribers
6,488,359
3,949,341
4,052,994
Internet Banking
subscribers
490,679
499,789
480,926
Source: Reserve Bank of Zimbabwe, 2021

FISCAL DEVELOPMENTS
Cumulative Government revenue for the third
quarter of 2021 amounted to ZW$119.17 billion,
against expenditures of ZW$151.27 billion,
culminating in a budget deficit of ZW$32.1
billion. Table 13 shows the summarised fiscal
positions during the second and third quarters of
2021.
Table 13: Summary of fiscal Position: Q2 and
Q3 (ZW$ million)
Q2
Q3
Revenue
109 195.18
119 166.02
Tax revenue
103 522.58
110 653.94
Non-Tax Revenue
5 672.60
8 512.07
Expenditure
125 895.27
151 265.83
Current Expenditure
74 428.46
92 059.30
o/w
employment
costs
36 056.68
44 279.18
Capital Expenditure
51 466.81
59 206.53
Overall Balance
(16 700.10)
(32 099.82)
Source: Ministry of Finance and Economic Development,

Government Revenue
Government revenue collections amounted to
ZW$119.17 billion, during the third quarter of
2021, surpassing the target of ZW$99.63 billion
by 19.6%. Tax revenue amounted to ZW$110.65
billion and accounted for 92.9% of total revenue,
with non-tax revenue contributing the remaining
7.1%.

Figure 32: Government Revenue Structure

Source: Ministry of Finance and Economic Development,

Tax on income and profits amounted to
ZW$40.3 billion and accounted for 33.8% of
total revenue. Value added tax collections
accounted for 25.1%; tax on financial and capital
transactions, 10.4%; excise duty, 9.7%; non tax
revenue, 7.1%; custom duties, 5.9%; taxes on
gross revenue, 5.0%; taxes on specific services,
2.7% and other indirect taxes, 0.2%.
Government Expenditure
Total Government spending amounted to
ZW$151.27 billion in the third quarter of 2021,
comprising of ZW$92.06 billion in current
expenditures and ZW$59.21 billion of capital
expenditure.
Table 14 shows total Government expenditure
for second and third quarters of 2021.

Table
14:
Summary
of
Government
Expenditure (ZW$ million)

Q2 2021
Q3 2021
Total Expenditure
125 895
151 265
Current Expenditure
74 428
92 059
Of which Compensation of
Employees
36 057
44 279
Capital Expenditure
51 467
59 206
Source: Ministry of Finance and Economic Development,

Capital expenditures increased by 15% to
ZW$59 206 million, from ZW$51,467 in the
second quarter, largely reflecting expenditure on
infrastructure projects being undertaken by
government.
Current expenditures accounted for 61% of total
Government expenditure. Compensation of
employees dominated current expenditures, at
48% of the total, with use of goods and services,
social benefits, subsidies, interest on debt
accounting for 52%.

Figure 33 shows the composition of Government
expenditure in the third quarter of 2021.

Tax on Income
and Profits,
33.8%
Customs duties,
5.9%
Excise duties,
9.7%
Taxes on
Specific
Services, 2.7%
Value Added
Tax (VAT),
25.1%
Tax on gross
Revenue, 5.0%
Taxes on
financial and
capital
transactions ,
10.4%
Other Indirect
taxes , 0.2%
Non-tax
Revenue, 7.1%

Figure 33: Composition of Government
Expenditure: Q2, 2021

Source:
Ministry
of
Finance
and
Economic
Development, 2021
Overall Budget Balance
The fiscal developments in the third quarter of
2021 culminated in a budget deficit of ZW$32.1
billion, up from the cumulative budget deficit of
ZW$16.7 billion, recorded in the second quarter
of 2021.


RESERVE BANK OF ZIMBABWE
DECEMBER 2021


Use of Goods
and Services
16%
Subsidies
1%
Social
Benefits
3%
Other
Expenses
3%
Grants
9%
Compensation
of Employees
29%
Capital Expenditure
39%
STATISTICAL TABLES

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

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


S4

4.2.Reserve Bank: liabilities S5


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

6. Commercial Banks
6.1.Commercial Banks: Assets

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


7.1.Building Societies: Assets

S10

7.2.Building Societies: Liabilities S11


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

S13


9. National Payment Systems


9.1.Values of Transactions


S14
9.2.Volumes of Transactions


S14

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


S15
10.2. Deposit Rates S15


11. Stock Exchange Indices


S16

12. Inflation


12.1. Monthly Inflation


S17
12.2. Quarterly Inflation


S18
12.3. Annual Inflation


S19

13. Balance of Payments
13.1. Cross Border Payments


S20
13.2. Cross Border Receipts


S21

14. External Sector
14.1. External Debt Outstanding By Debtor


S22
14.2. External Debt Outstanding by Source


S23
14.3. External Debt Service and Service Ratios


S24


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

Central Bank(net)

Foreign Assets

Foreign Liabilities

Other Depository Corporations(net)

Foreign Assets

Foreign Liabilities

Net Domestic Assets (NDA)

Domestic Claims

Claims on Central Government(net)

Claims on Central Government

Central Bank

ODCs

Less Liabilities to Central Government

Central Bank

ODCs

Claims on Other Sectors

Other Financial Corporations

State and Local Government

Public Non Financial Corporations

Private Sector

Central Bank

ODCs

Other Items(Net)

Shares and Other Equity

Liabilities to Other Financial Corporations

Restricted Deposits

Deposits and Securities Excluded from Base Money

Other Items(net)

Broad Money-M3

Securities Other than Shares Included in Broad Money

Broad Money-M2

Other Deposits

Narrow Money-M1

Transferable Deposits

Of which Foreign Currency Accounts

Currency Outside Depository Corporations

Memorandum Items
Reserve Money

FCAs as a Percentage of Deposits in M3

End Period Exchange Rate

Source: Reserve Bank of Zimbabwe, 2021
Notes:
(i) Depository corporations survey - formerly Monetary Survey.
(ii) Broad money redefined using IMF's Monetary and Financial Statistics Manual of 2000. Major changes include exclusion of Government deposits held by banks from broad money.
(iii) Transferable deposits made up of demand and savings deposits.
(iv) NCDs are also referred to as securities included in broad money.
(v) All classes of time deposits, short and long term are classified as time deposits, which are also termed other deposits.
(vi) Credit to the private sector now excludes claims on other financial corporations, as well as claims on state and local government (local authorities)
(vii) Depository corporations made up of the Central Bank and other depository corporations
(viii) Other depository corporations (ODCs) - Commercial banks, merchant banks, building societies and POSB.
(ix) In December 2017, the statistics were adjusted in restrospect by reclassifying Securities issued under Aftrades from claims on government to claims on central bank
(x) In December 2017, the statistics were adjusted in restrospect by reclassifying amounts accessed by banks under the Aftrades from liabilities to Other Depository corporations and Other Financial Corporations to liabilities to Central Bank
(xi) In December 2018, statistics were revised from November 2017 due to reclassification of lines of credit (foreign liabilities) that were initially classified as deposits included in broad money
(xii) All monetary and financial statistics are valued in $ since the introduction of the interbank foreign exchange market in February 2019
(xii) All monetary and financial statistics are valued in ZWL$ since the introduction of the interbank foreign exchange market in February 2019
TABLE 1: DEPOSITORY CORPORATIONS SURVEY (ZWL$ '000)


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

Claims on Non Residents

Official Reserves Assets

Other Foreign Assets

Less Liabilities to Non Residents

Short Term Liabilities

Other Foreign Liabilities*

of which blocked funds

Net Domestic Assets (NDA)

Domestic Claims

Net Claims on Central Government

Claims on Central Government

Of which: Securities Other than Shares

Loans

Loans and Advances

Legacy Debt

Export Incentives

Less Liabilities to Central Government

Of which: Deposits

Other

Claims on Other Sectors

Other Financial Corporations

State and Local Government

Public Non Financial Corporations

Private Sector

Claims on Other Depository Corporations

Of which: Loans

Other Liabilities to ODCs

Of which: Aftrades Balances

Securities

Other Items(Net)

Shares and Other Equity

Other Items(Net)

Liabilities to Other Resident Sectors

Deposits and Securities Excluded from Base Money

Monetary Base

Bond Coins

Bond Notes

Liabilities to ODCs

Reserve Deposits

Exess reserves

Private Deposits

Source: Reserve Bank of Zimbabwe,2021
NB: * Other Foreign Liabilities include blocked funds amounting to USD2.2 billion assumed by the Central Bank on behalf of Government.
TABLE 2: CENTRAL BANK SURVEY (ZWL$'000)


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

Claims on Non Residents

Of Which: Foreign Currency

Deposits

Other

Less Liabilities to Non Residents

Of Which: Deposits

Loans

Other

Net Domestic Assets (NDA)

Domestic Claims

Net Claims on Central Government

Claims on Central Government

Securities

Loans

Other
-

-

-

-

-

-

-

-

-

-

-

-

-

Less Liabilities to Central Government

Of which: Deposits

Other

Claims on Other Sectors

Other Financial Corporations

State and Local Government

Public Non Financial Corporations

Private Sector

Claims on the Central Bank

Currency

Reserves

Securities

Other Claims

Liabilities to the Central Bank

Other Items(Net)

Shares and Other Equity

Liabilities to other ressident sectors

Other Items(Net)

Deposits and Securities Included in Broad Mone

Deposits Included in Broad Money
97,187,347.86

127,237,814.07

140,284,498.63

147,593,137.33

161,784,545.97

179,622,031.80

200,965,243.38

217,355,104.75

222,450,885.44

229,411,015.11

229,411,015.11

229,411,015.11

298,537,512.57

Transferable Deposits
93,169,652.47

121,190,660.19

134,852,887.37

140,657,703.75

153,387,406.86

170,624,218.30

191,058,398.68

206,003,627.38

208,504,172.16

215,242,961.41

215,242,961.41

215,242,961.41

277,141,914.54

of which FCAs
57,701,775.14

79,076,606.18

82,607,196.16

88,430,395.05

91,944,864.16

100,147,096.67

102,824,762.68

108,386,216.00

109,466,728.50

114,435,612.97

114,435,612.97

114,435,612.97

133,608,092.81

Other Deposits

Money Market Instruments
863,206.40

1,024,311.11

1,111,664.44

1,083,907.10

1,231,944.90

1,237,340.99

1,436,202.84

1,422,437.87

1,457,355.54

1,641,213.33

1,641,213.33

1,641,213.33

1,559,661.34

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


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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

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


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

Source: Reserve Bank of Zimbabwe, 2021
*Bond coins first issued in December 2014
* Bond Notes issued on 28 November 2016
ZWL$ Thousands
Deposits


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


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


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

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


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

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


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

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

Source: Reserve Bank of Zimbabwe, 2021
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
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

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


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

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


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

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


INVESTMENTS
ORGANISATIONS

Jan

Feb

Mar

Apr

May

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

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


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

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


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

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

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

Jan
255,551.32 -
21,042.23
4,532.12 35,306.27 64,996.35
Jan
720.03 -
9,849.33
228.95 94,691.39 872.24
Feb
226,335.83 -
22,882.64
2,288.90 36,383.01 61,941.70
Feb
805.99 -
12,309.28
527.83 90,078.04 754.86
Mar
320,422.14 -
28,569.92
3,316.59 44,523.99 86,463.87
Mar
1,112.80 -
15,178.81
751.04 105,271.97 1,003.73
Apr
288,958.76 -
30,071.50
2,807.02 44,131.56 90,580.45
Apr
951.67 -
15,184.98
605.53 97,253.26 1,040.08
May
361,427.10 -
36,765.06
3,193.67 49,745.80 89,471.34
May
1,029.79 -
16,511.28
664.43 103,708.73 994.81
Jun
388,757.52 -
38,540.10
3,200.04 51,437.41 115,145.66
Jun
1,076.92 -
14,797.88
581.86 99,349.63 982.07
Jul

Jul

Aug

Aug

Sep

Sep

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)


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
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


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

Jan

Feb

Mar

Apr

May

June*

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

June

Jul

Aug

Sep

**As at 30 September 2020
Source: Zimbabwe Stock Exchange (ZSE), 2021
ZW$
TABLE 11: ZIMBABWE STOCK MARKET STATISTICS
Indices
*All Share index was


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


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

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


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


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

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


FOOD
INFLATION
ALCOHOLIC
CLOT HING
HOUS ING,
W AT E R,
FURNIT URE
MIS C.
FOOD &
B E VE RAGE S
&
E LE CT RICT Y,
GAS
AND
RE CRE AT ION &
RE S T AURANT S
&
GOODS &
T OT AL NON
NON
ALCOHOLIC
ALL
& T OB ACCO
FOOT W E AR
& OT HE R
E QUIP ME NT
CULT URE
HOT E LS
S E RVICE S
FOOD
B E VE RAGE S
IT E MS
FUE LS
WEIGHTS


Jan

Feb

Mar

Apr

May

Jun


Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

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


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
Total
(Q3 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

1,099.5

- 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

464.8

- 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

381.5

- 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

253.2

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

248.2

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

180.8

- 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

84.7

- 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

21.6

- 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

74.5

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

136.3

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

162.5

- 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

149.5

- 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

9.1

- 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

3.8

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

38.6

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

1,865.9

Source: Reserve Bank of Zimbabwe, 2021
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

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