[Date]


i

MONTHLY ECONOMIC REVIEW
TABLE OF CONTENTS

SELECTED ECONOMIC INDICATORS 1
STOCK MARKET DEVELOPMENTS 2
MONETARY DEVELOPMENTS 2
ANNUAL INFLATION OUTTURN 4
NATIONAL PAYMENTS SYSTEM 5
FISCAL DEVELOPMENTS 5
COMMODITY PRICE DEVELOPMENTS 6
STATISTICAL TABLES 9

MONTHLY ECONOMIC REVIEW

August

September
Month-on-
Month
Change
Z.S.E. Mining Index1
104.80
92.75
-11.50%
Z.S.E. Industrial Index1
196.43
195.25
-0.60%
Money Supply (Total Bank Deposits) (US$)2
4.32 billion
4.39 billion
1.54%
Money Supply (M3) Annual Growth2
13.85%
12.22%

Yearly Inflation3
0.15%
0.09%
0.15%
Nominal Lending Rate (%)
6.00-35.00
6.00-35.00

Sources:
1 Zimbabwe Stock Exchange (ZSE)
2 Reserve Bank of Zimbabwe (RBZ)
3 Zimbabwe National Statistics Agency (ZIMSTAT)


SELECTED ECONOMIC INDICATORS

MONTHLY ECONOMIC REVIEW
STOCK MARKET DEVELOPMENTS

In September 2014, global markets were weaker as a
result of concerns over global economic outlook.
According to the World Economic Outlook Report
(October 2014), weak economic data from the
world’s major economies; notably Europe and China
has triggered renewed concerns surrounding global
growth. Zimbabwe’s stock market indicators were
down, reflecting the loss of investor confidence in the
ZSE during the month of analysis.
The volume of shares traded declined by 36.7%, from
328.3 million shares in August 2014 to 207.8 million
shares in September. On a year-on-year basis,
however, volumes of shares registered a 67.7%
increase. During the month under review, total market
turnover declined by 48.7%, from US$66.4 million to
US$34.1 million. On a year-on-year basis, total
market turnover also declined by 9.6%.


The slowdown in trading activities, saw the industrial
index declining by 0.6%, from 196.43 points in
August to 195.25 points in September 2014. On a year
to date basis, the industrial index declined by 3.3%.
During the month under review, the mining index also
fell by 11.5% to close the month at 92.75 points.

Source: ZSE
The above developments resulted in the total market
capitalization closing the period under review at
US$5 140.2 million. This represented a marginal
decline of 0.9%, from US$5 186.6 million in August
2014. On a year-to-date basis, total market
capitalization declined by US$13.20 million.
MONETARY DEVELOPMENTS
Annual broad money growth slowed down from
13.85% in August 2014 to 12.22% in September
2014. This was underpinned by deceleration in
deposit growth, as well as weak growth in credit to
the private sector. On a monthly basis, broad money
increased from US$4 322.08 million in August to
US$4 388.50 million in September 2014.

VALUES TRADED (US$ MILLIONS)
VOLUMES TRADED (MILLIONS)
ZSE: Daily Volumes and Values
Traded
Volume
Turnover

30-May-12
30-Jul-12
30-Sep-12
30-Nov-12
31-Jan-13
31-Mar-13
31-May-13
31-Jul-13
30-Sep-13
30-Nov-13
31-Jan-14
31-Mar-14
31-May-14
31-Jul-14
30-Sep-14
ZSE Indices
Industrial
Mining
Source: ZSE


MONTHLY ECONOMIC REVIEW

Source: RBZ
Increases were recorded across all deposit classes,
with long term deposits registering a 57.32% annual
growth in September 2014. Over the same period,
savings, demand, and short term deposits, recorded
increases of 19.36%, 3.27% and 0.86%, respectively.
The continued increase in long term deposits has
resulted in a change in the overall structure of
deposits. This has seen the decline of demand
deposits’ contribution to total deposits from 53.41%
in January 2014 to 48.55% by September. In addition,
the proportion of long term deposits rose from
16.32% in January to 19.31% in September 2014.
Despite the increase in long term deposits, which are
suitable for advancing long term loans, growth in
domestic credit has, however, remained weak,
reflecting the slowdown in economic activity. Annual
growth in domestic credit increased from 6.16% in
August to 6.51% September 2014. On a monthly
basis, domestic credit rose from US$4 234.47 million
in August to US$4 267.18 million in September 2014,
reflecting a 0.77% growth.

Source: RBZ
Net credit to Government, largely driven by Treasury
Bill issuances, registered a 93.53% annual growth
during the period under review. The stock of
Government Treasury Bills, issued through private
placements, rose from US$159.15 million in January
to US$305.34 million in September 2014. On a
monthly basis, net credit to Government increased by
3.62%, from US$437.47 million in August to
US$442.44 million in September 2014.
Annual growth in credit to the private sector stood at
0.93% in September 2014, compared to 0.88% in
August and 0.87% in July. On a month on month
basis, credit to the private sector registered a marginal
growth of 0.69%, from US$3 726.67 million in
August to US$3 752.36 million in September 2014,
as banks tried to curtail growth in nonperforming
loans.
Credit to the private sector was made up of loans and
advances, 83.60%; mortgages advanced by building
societies, 12.05%; bills discounted, 1.61%; bankers’
acceptances, 0.76%; and other investments, 1.98%.


Apr
Jun
Aug
Oct
Dec
Feb
Apr
Jun
Aug
Oct
Dec
Feb
Apr
Jun
Aug
US$ BILLIONS
%
Money Supply
M3
M3 Annual Growth
Under 30day,
19.0%
Longterm
, 19.4%
Demand,
48.6%
Savings,
13.0%
Banking Sector Deposits
September 2014


MONTHLY ECONOMIC REVIEW

Source: RBZ
Loans and advances were largely channeled to
agriculture (19.05%), manufacturing (17.12%) and
distribution (15.99%). Households accounted for
16.55% of total loans and advances to the private
sector.
Credit to the private sector was mainly utilized for
asset purchases, 41.23% and inventory build-up,
34.74%. Loans and advances utilized for fixed
investment
activity
remained
low,
with
the
procurement of plant and equipment accounting for
2.95% and pre and post shipment financing at 2.21%
of total loans and advances.
ANNUAL INFLATION OUTTURN

Annual headline inflation retreated from 0.15% in
August 2014, to 0.09% in September 2014. This
followed a fall in food inflation, coupled with a
deceleration in non-food inflation.
Annual Food Inflation
Annual food inflation eased from -2.79% in August
2014, to -2.95% in September 2014. All food
categories, except unclassified food items, registered
price decreases in September 2014.

Source: ZIMSTAT
Food prices continued to fall on account of improved
domestic and global food supply, as well as depressed
effective domestic demand.
Annual non-food inflation decelerated from 1.61% in
August 2014 to 1.59% in September 2014. This was
due to declines in communication; health; recreation
and culture; as well as housing, water, electricity, gas
and other fuels categories.
Monthly Inflation
Month-on-month inflation for September 2014 was -
0.01%, gaining 0.30% on the August 2014 rate of -
0.31%. The increase was mainly driven by monthly
non-food inflation.
Monthly food prices continued to fall, albeit at a
slower pace, easing from -0.81% in August 2014, to -
0.34% in September 2014. This was on account of
increases in prices of fish and sea food; fruit; sugar,
jam honey, chocolate and confectionaries; and
unclassified food products.
Loans and
Advances
83.60%
Bills
Discounted
1.61%
Bankers
Acceptance
s
0.76%
Mortgages
12.05%
Other
Investments
1.98%
Credit to Private Sector
Total credit to the private sector as at the end of September
2014 was US$3 752.36 million.


Jan-12
Mar-12
May-12
Jul-12
Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-13
Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-14
Sep-14
Annual Inflation
(%)
Headline Inflation
Food
Non Food


MONTHLY ECONOMIC REVIEW

Monthly Non-Food Inflation
Monthly non-food inflation accelerated from -0.07%
in August 2014 to 0.15% in September 2014, driven
by increases in alcoholic beverages and tobacco;
clothing and footwear; housing, water, electricity, gas
and other fuels; and health and transport categories.
NATIONAL PAYMENTS SYSTEM

Zimbabwe Electronic Transfer Settlement System
(ZETSS)
The value of transactions processed through the Real
Time Gross Settlement (RTGS) system in September
2014 increased by stood at US$4.0 billion in
September 2014 up from US$3.5 billion recorded in
August 2014. In volume terms, RTGS transactions
registered an increase of 16% from 170 858 to
197 878 during the same period.

Source: Reserve Bank of Zimbabwe


Card Based Transactions
The total value of card based transactions stood at
US$418.89 million in September 2014, up from
US$409.29 million in August 2014.
Mobile and Internet Based Transactions
The value of mobile and internet based transactions
increased from US$423.62 million in August 2014, to
US$457.17 million in September 2014.
Cheque Transactions
The value of cheque transactions increased to
US$11.16 million in September 2014, from
US$9.37 million in August 2014.
FISCAL DEVELOPMENTS

Cumulative
fiscal
revenue
inflows
totaled
US$2 800.74 million, against total expenditure
outlays of US$2 747.92 million in September 2014.
This culminated in a surplus of US$26.72 million.
Government Revenue
For the nine month period to September 2014, fiscal
revenues amounted to US$2 800.74 million, against a
target of US$2 901.82 million, resulting in a negative
variance of US$101.08 million. This represented a
3.31% decline from US$2 896.68 million collected
during the same period in 2013.


Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
Mar-13
Jun-13
Sep-13
Dec-13
Mar-14
Jun-14
Sep-14
VALUE IN US$ BILLIONS
VOLUME IN THOUSANDS
ZETSS Volumes and Values
Value
Volume


MONTHLY ECONOMIC REVIEW

Source: Ministry of Finance and Economic Development
Tax revenue, predominantly the major source of
Government revenue, accounted for 93.40% of total
revenue, while the remaining 6.60% was non-tax
revenue.
Tax on income and profits as well as VAT continued
to dominate, in terms of contribution to total revenue
during the period under review, accounting for
38.42% and 32.45%, respectively. The lower than
anticipated collections were, in large part, a result of
subdued economic activity.

Source: Ministry of Finance and Economic Development
Cumulative
Government
expenditure
up
to
September 2014 was US$2 747.92 million, for the
nine months September 2014, 5.30% below the target
of US$2 901.82 million. This reflected the
constrained fiscal position emanating from depressed
revenue collections. Recurrent expenditure continued
to dominate Government expenditure, accounting for
88.22% of total expenditure for the period under
review.
Recurrent expenditure for the nine months to
September 2014 totaled US$2 559.78 million,
accounting for 88.22% of total expenditure.
Capital expenditure and net lending, which accounted
for 6.08% of total expenditure, amounted to
US$167.11
million,
against
a
target
of
US$304.44 million. This points to significant
crowding out of the capital budget due to low revenue
collections and increased recurrent expenditure.

Source: Ministry of Finance and Economic Development
COMMODITY PRICE DEVELOPMENTS

Primary commodity prices have been on a declining
trend, with international market fundamentals not
-

Jan
Feb Mar Apr May Jun
Jul
Aug Sep
US$ M
Monthly Government Revenue
Actual
Target
Tax on
Income and
profits
41%
Customs
duties
8%
Excise
duties
13%
VAT
26%
Other
indirect
taxes
4%
Non-tax
Revenue
8%
Structure of Government Revenue
Other
Current
Expenditure
37%
Employmen
t Costs
57%
Capital
expenditure
6%
Expenditure Categories as a
Proportion of Total Expenditure


MONTHLY ECONOMIC REVIEW

overly supportive for higher prices, during the month
of September 2014. The decreases in commodity
prices were mainly due to abundant supply for most
commodities, amid weakening demand. The weak
demand for commodities, largely reflected the
appreciation of the U.S. dollar, as the US economic
outlook improved.
According to the World Economic Outlook Report
(October 2014), weak economic data from the
world’s major economies; notably Europe and China
has triggered renewed concerns surrounding global
growth. Consequently, the demand for commodities
in these key consuming countries is likely to slow
down.
The buildup of inventories for most industrial metals
as well as crude oil further depressed prices.
Precious Metals
Gold prices retreated by 9%, from an average of
US$1 361.77 in August 2014, to an average of
US$1 240.26/oz in September 2014. A stronger US
dollar dampened the demand of the yellow metal as a
safe haven asset.

Source: Bloomberg, BBC and KITCO

Similarly, Platinum prices retreated by 6%, from an
average of US$1 444.92/oz in August 2014, to
US$1 364.91/oz in September 2014.

Source: Bloomberg, BBC and KITCO

Base Metals
Base metal prices declined in September 2014 on
concerns about global demand, in particular the
extent of the economic slowdown in China, largest
consumer.
Nickel prices slipped 2% from US$18 594.71/tonne
in August, to US$18 067.95/tonne in September
2014, as stocks continue to climb to record highs. The
effect of Indonesia’s ban of nickel ore exports, which
commenced in January 2014, was partly offset by
surging exports to China from the Philippines.
Copper
and
zinc
prices
slid
2%
from
US$7 002.08/tonne in August to US$6 871.14/tonne
September 2014, due to concerns over lower demand.

1,200
1,250
1,300
Gold (US$/oz)

Platinum (US$/oz)


MONTHLY ECONOMIC REVIEW

Source: Bloomberg, BBC and KITCO


Source: Bloomberg, BBC and KITCO

Crude Oil
Crude
oil
prices
decreased
by
4%,
from
US$103.21/barrel in August to $98.72/barrel in
September 2014. The decline was largely due to
rising crude oil supplies against weak demand.
Geopolitical tensions in the Middle East, however,
capped the price declines in September 2014.

Source: Bloomberg, BBC and KITCO

RESERVE BANK OF ZIMBABWE
OCTOBER 2014

Copper (US$/Tonne)
16000
18000
20000
Nickel (US$/Tonne)

1-Sep
3-Sep
5-Sep
7-Sep
9-Sep
11-Sep
13-Sep
15-Sep
17-Sep
19-Sep
21-Sep
23-Sep
25-Sep
27-Sep
29-Sep
Crude Oil (US$/Barrel)

MONTHLY ECONOMIC REVIEW
STATISTICAL TABLES

1. Monetary Statistics

1.1 Monetary Aggregates

1.2 Broad Money Survey

1.3 Analysis of Monthly Changes in Money Supply

1.4 Analysis of Yearly Changes in Money Supply

2. Sectoral Analysis of Bank Loans and Advances and Deposits

2.1 Sectoral Analysis of Commercial Banks Loans and Advances 15

2.2 Sectoral Analysis of Commercial Banks Deposits

3. External Statistics

3.1 Total External Debt Outstanding by Debtor

4. Interest Rates

4.1 Lending Rates

4.2 Banks Deposit Rates

5. Inflation

5.1 Monthly Inflation

5.2 Yearly Inflation

6. Exchange Rates

7. Commercial Banks

7.1 Assets

7.2 Liabilities

MONTHLY ECONOMIC REVIEW

8. Accepting Houses

8.1 Assets

8.2 Liabilities

9. Building Societies

9.1 Assets

9.2 Liabilities

10. Zimbabwe Stock Exchange Statistics

11. Savings with Financial Institutions

12. Analysis of Liquid Assets of Monetary Banks

13. ZETSS, Cheques and Cards Activity


13.1 Values of Transactions

13.2 Volumes of Transactions

MONTHLY ECONOMIC REVIEW


August
September
October
November
December
January
February
March
April
May
June
July
August
September
RBZ Demand Deposits

Comm. Banks Dem. Deposits

Merchant Banks Dem. Deposits

M1

Comm. Banks Savings Deposits

Building Soc. Savings Deposits

P O S B Savings Deposits

Comm. Banks U-30 Day Deposits

Merchant Banks U-30 Day Deposits

Building Soc. U- 30 Day Deposits

M2

Comm. Banks O-30 Day Deposits

Merchant Banks O-30 Day Deposits

Building Soc. O- 30 Day Deposits

Building Soc. Other Share Deposits

P O S B Time Deposits

M3


TABLE 1.1 : MONETARY AGGREGATES
US$ Thousands


MONTHLY ECONOMIC REVIEW

AUGUST
SEPTEMBER
OCTOBER
NOVEMBER
DECEMBER
JANUARY
FEBRUARY
MARCH
APRIL
MAY
JUNE
JULY
AUGUST
SEPTEMBER
NET FOREIGN ASSETS

Assets

Reserve Bank (RBZ)

Deposit Money Banks (DMBs)

Other Banking Institutions (OBI

Liabilities \2

RBZ

DMBs

OBIs

NET DOMESTIC ASSETS

DOMESTIC CREDIT

Claims on Government (net)

RBZ

DMBs

OBIs

Claims on Public Enterprises

RBZ

DMBs

Agri-PEs

Other

OBIs

Claims on Private Sector

RBZ

DMBs

OBIs

OTHER ITEMS (NET)

BROAD MONEY (M3)


$

TABLE 1.2 : BROAD MONEY SURVEY
US$ Thousands


MONTHLY ECONOMIC REVIEW

SEPTEMBER
OCTOBER
NOVEMBER
DECEMBER
JANUARY
FEBRUARY
MARCH
APRIL
MAY
JUNE
JULY
AUGUST
SEPTEMBER
NET FOREIGN ASSETS

Assets

Reserve Bank (RBZ)

Deposit Money Banks (DMBs)

Other Banking Institutions (OBIs) \1

Liabilities \2

RBZ

DMBs

OBIs

NET DOMESTIC ASSETS \3

DOMESTIC CREDIT

Claims on Government (net)

RBZ

DMBs

OBIs

Claims on Public Enterprises

RBZ

DMBs

Agri-PEs

Other

OBIs

Claims on Private Sector

RBZ

DMBs

OBIs

OTHER ITEMS (NET)

BROAD MONEY (M3)

Broad Money (M3)

Domestic Credit

Claims on Private Sector


TABLE 1.3 : ANALYSIS OF MONTHLY CHANGES IN MONEY SUPPLY (M3)
US$ Thousands


MONTHLY ECONOMIC REVIEW

AUGUST
SEPTEMBER
OCTOBER
NOVEMBER
DECEMBER
JANUARY
FEBRUARY
MARCH
APRIL
MAY
JUNE
JULY
AUGUST
SEPTEMBER
NET FOREIGN ASSETS

Assets

Reserve Bank (RBZ)

Deposit Money Banks (DMBs)

Other Banking Institutions (OBIs) \1

Liabilities \2

RBZ

DMBs

OBIs

NET DOMESTIC ASSETS \3

DOMESTIC CREDIT

Claims on Government (net)

RBZ

DMBs

OBIs

Claims on Public Enterprises

RBZ

DMBs

Agri-PEs

Other

OBIs

Claims on Private Sector

RBZ

DMBs

OBIs

OTHER ITEMS (NET)

BROAD MONEY (M3)

GROWTH RATES
Broad Money (M3)

Domestic Credit

Claims on Private Sector


TABLE 1.4 : ANALYSIS OF YEARLY CHANGES IN MONEY SUPPLY (M3)
$ Thousands

MONTHLY ECONOMIC REVIEW

AGRICULTURE
CONSTRUCTION
COMMUNICATION
DISTRIBUTION
FINANCIAL &
FINANCIAL
MANUFACTURING
MINING
SERVICES
TRANSPORT
INDIVIDUALS
CONGLOMERATE
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

/1 Including the only merchant bank still in operation.
TABLE 2.1 : SECTORAL ANALYSIS OF COMMERCIAL BANKS LOANS AND ADVANCES/1
$ Thousands


MONTHLY ECONOMIC REVIEW

END OF
AGRICULTURE
CONSTRUCTION
COMMUNICATIONS
DISTRIBUTION
FINANCIAL &
FINANCIAL
MANUFACTURING
MINING
SERVICES
TRANSPORT
INDIVIDUALS
CONGLOMERATES
TOTAL
INVESTMENTS
ORGANISATIONS

JANUARY

FEBRUARY

MARCH

APRIL

MAY

JUNE

JULY

AUGUST

SEPTEMBER

OCTOBER

NOVEMBER

DECEMBER


JANUARY

FEBRUARY

MARCH

APRIL

MAY

JUNE

JULY

AUGUST

SEPTEMBER

/1 Including the only merchant bank still in operation.
TABLE 2.2: SECTORAL ANALYSIS OF COMMERCIAL BANKS DEPOSITS
US$ Thousands


MONTHLY ECONOMIC REVIEW

End Period
Jun-05
Jun-05

(US$ millions)
Long-Term External Debt

Government

Bilateral Creditors


Multilateral Creditors

Private Creditors

Public Enterprises

1,092
1,198
1,356
Bilateral Creditors

Multilateral Creditors

Private Creditors

Monetary Authorities

Multilateral Creditors - IMF

Private

1,002
Short-Term External Debt

1,198
1,382
1,289

1,564
Supplier's Credits

Reserve Bank

Private

Total External Debt

Gross Domestic Product

External Debt / GDP

TABLE 3.1: ZIMBABWE: EXTERNAL DEBT OUTSTANDING BY DEBTOR (INCLUDING ALL ARREARS) (WITH RBZ)


MONTHLY ECONOMIC REVIEW

End Period
Nominal Lending Rates

Individuals
Corporate
Nominal Lending
Rates

Individuals
Corporate

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Notes
TABLE 4.1 LENDING RATES (percent per annum)

2. Nominal Lending Rates depict the range of rates quoted by banks.
Commercial Banks
Merchant Banks
Weighted Average Lending Rates

Weighted Average Lending Rates

1. Table revised, to separate weighted lending rates for individuals and corporate bodies.
3. Lending rates exclude rates on staff loans.


MONTHLY ECONOMIC REVIEW

ACCEPTING HOUSES
END OF
SAVINGS
3 MONTHS
3 MONTHS

Jan
0.15-8.00
4.00-20.00
6.00-17.00
Feb
0.15-8.00
4.00-20.00
6.00-17.00
Mar
0.15-8.00
4.00-20.00
8.00-12.00
Apr
0.15-8.00
4.00-20.00
8.00-12.00
May
0.15-8.00
4.00-20.00
6.00-17.00
Jun
0.15-8.00
4.00-20.00
6.00-17.00
Jul
0.15-8.00
3.00-20.00
6.00-17.00
Aug
0.15-8.00
3.00-20.00
6.00-17.00
Sep
0.15-8.00
3.00-20.00
11.00-12.00
Oct
0.15-8.00
3.00-20.00
11.00-12.00
Nov
0.15-8.00
3.00-20.00
11.00-12.00
Dec
0.15-8.00
3.00-20.00
11.00-12.00

Jan
0.15-8.00
3.00-20.00
11.00-12.00
Feb
0.15-8.00
3.00-20.00
11.00-12.00
Mar
0.15-8.00
3.00-20.00
11.00-12.00
Apr
0.15-8.00
3.00-20.00
11.00-12.00
May
0.15-8.00
3.00-20.00
11.00-12.00
Jun
0.15-8.00
3.00-20.00
11.00-12.00
Jul
0.15-8.00
3.00-20.00
11.00-12.00
Aug
0.15-8.00
4.00-20.00
11.00-12.00
Sep
0.15-8.00
4.00-20.00
11.00-12.00
* The range of rates qouted by banks during the period.
TABLE 4.2 : BANKS DEPOSIT RATES (percent per annum)*
COMMERCIAL BANKS


MONTHLY ECONOMIC REVIEW

FOOD
INFLATION
ALL
ALCOHOLIC
BEVERAGES
CLOTHING
HSING,
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


OCTOBER

NOVEMBER

DECEMBER


JANUARY

FEBRUARY

MARCH

APRIL

MAY

JUNE

JULY

AUGUST

SEPTEMBER

NON-FOOD INFLATION
TABLE 5.1 : MONTHLY INFLATION -- PERCENTAGE CHANGE IN CONSUMER PRICE INDEX
( DECEMBER 2012 = 100)


MONTHLY ECONOMIC REVIEW

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


SEPTEMBER

OCTOBER

NOVEMBER

DECEMBER


JANUARY

FEBRUARY

MARCH

APRIL

MAY

JUNE

JULY

AUGUST

SEPTEMBER

NON-FOOD INFLATION
TABLE 5.2 : YEARLY INFLATION -- PERCENTAGE CHANGE IN CONSUMER PRICE INDEX
(DECEMBER 2012 = 100)


MONTHLY ECONOMIC REVIEW

SA
BW
JAPANESE
EUROPEAN
POUND
END OF
RAND/1
PULA/1
YEN/1
CURRENCY/2
STERLING/2

JANUARY

FEBRUARY

MARCH

APRIL

MAY

JUNE

JULY

AUGUST

SEPTEMBER

OCTOBER

NOVEMBER

DECEMBER


JANUARY

FEBRUARY

MARCH

APRIL

MAY

JUNE

JULY

AUGUST

SEPTEMBER

TABLE 6 : SELECTED INTERNATIONAL EXCHANGE RATES
1. Fo reign currency per US Do llar.
2. US Do llar per unit o f fo reign currency.


MONTHLY ECONOMIC REVIEW

Loans &
Contigent
Other
Non Financial
TOTAL
End of
Notes
Total
Other Balances
Advnces
Assets
Assets
Assets
&
Balances
Balances
Balances
with RBZ
Coin
with
with Other
at
Trade
Treasury
Agric PEs

at Banks
RBZ
Banks
Foreign Banks
Bills
Bills
Jan

Feb

Mar

Apr

May

Jun

Jul

Aug.

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Liquid Assets
TABLE 7.1: COMMERCIAL BANKS - ASSETS
Securities
US$ Millions


MONTHLY ECONOMIC REVIEW

Deposits
Capital
Contigent
Other
Total
Of which
and
Liablities
Liablities
Liabilities to the
End of
Demand
Savings and Short-term
Long-term
Total
Foreign Liabilities
RBZ
Other Banks
Reserves
Public

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug.

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

TABLE 7.2: COMMERCIAL BANKS - LIABILITIES
US$ Millions
Amounts Owing to


MONTHLY ECONOMIC REVIEW

Loans &
Contigent
Other
Non Financial
TOTAL
End of
Notes
Total
Other Balances
Advnces
Assets
Assets
Assets
&
Balances
Balances
Balances
Liquid
with RBZ
Coin
with
with Other
at
Trade
Treasury
Agris Pes
Assets
at Banks
RBZ
Banks
Foreign Banks
Bills
Bills

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

US$ Millions
TABLE 8.1 : ACCEPTING HOUSES - ASSETS
Liquid Assets
Securities


MONTHLY ECONOMIC REVIEW

Of which
Deposits
Capital
Contigent
Other
Total
Liabilities to the
and
Liablities
Liablities
Public
End of
Demand
Savings and Short-term
Long-term
Total
Foreign Liabilities
RBZ
Other Banks
Reserves

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Amounts Owing to
TABLE 8.2 : ACCEPTING HOUSES - LIABILITIES
US$ Millions


MONTHLY ECONOMIC REVIEW

Mortgage
Other
Other
Non Financial
TOTAL
End of
Notes
Total
Other Balances
Advances
Advances
Assets
Assets
&
Balances
Nostro
with RBZ/1
Coin
with Other
Balances
Trade
Treasury
Agris Pes
at Banks
Banks
Bills

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Liquid Assets
Securities
TABLE 9.1 : BUILDING SOCIETIES - ASSETS
US$ Millions


MONTHLY ECONOMIC REVIEW

Of which
Capital
Other
Total
Liabilities to the
and
Liabilities
Public
End of
Savings and Short-term
Long-term
Total
Foreign Liabilities
Other Banks
Reserves

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Deposits
TABLE 9.2 : BUILDING SOCIETIES - LIABILITIES
US$ Millions
Amounts Owing to


MONTHLY ECONOMIC REVIEW

Market Capitalisation
Industrial
Mining
US$ Millions

Jan
179.34
84.07
4700.33
Feb
182.3
72.01
4748.24
Mar
183.9
66.2
4726.34
Apr
189.66
71.98
4894.68
May
212.72
73.99
5471.22
Jun
211.19
73.29
5436.57
Jul
232.87
66.77
59136.78
Aug
181.67
48.73
4682.27
Sep
200.05
49.9
5157.2
Oct
209.74
52.68
5407.42
Nov
213.04
47.02
5482.03
Dec
202.12
45.79
5203.13

Jan
189.25
35.4
4882.11
Feb
189.45
39.24
4906.94
Mar
176.32
29.51
4560.29
Apr
172.91
29.64
4473.51
May
174.89
35.45
4485.11
Jun
186.57
61.32
4873.4
July
188.07
95.00
4959.21
Aug
196.43
104.8
5186.63
Sep
195.25
92.75
5140.20
Indices
Table 10: ZIMBABWE STOCK MARKET STATISTICS


MONTHLY ECONOMIC REVIEW

Commercial
Accepting
Building
End of
Banks
Houses
P.O.S.B.
Societies
TOTAL

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

1/ Comprises all deposits other than demand deposits.
TABLE 11 : SAVINGS /1 WITH FINANCIAL INSTITUTIONS
US$ Millions


MONTHLY ECONOMIC REVIEW

Liquid
Prescribed
Excess
Liquid
Prescribed
Excess
assets
liquid
liquid
assets
liquid
Liquid
End of
held
assets/1
assets
held
assets/1
assets

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

1/ With effect from 1 August 2011, the prescribed liquid asset ratio was reviewed to 25% of liabilities to the public, from 20%.
US$ Millions
TABLE 12 : ANALYSIS OF LIQUID ASSETS OF MONETARY BANKS
Commercial Banks
Accepting Houses


MONTHLY ECONOMIC REVIEW

MONTH
ZETSS
CHEQUE
POS
ATM
MOBILE
INTERNET

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Annual Total


Jan

Feb

Mar

Apr

May

Jun

Jul
3955.45
11.72
125.81

312.35
101.75
Aug

Sep

TABLE 13.1 : ZETSS AND RETAIL PAYMENTS TRANSACTIONAL ACTIVITY
Values of Transactions (US$ in millions)


MONTHLY ECONOMIC REVIEW

MONTH
ZETSS
CHEQUE
POS
ATM
MOBILE
INTERNET

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Annual Total


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

TABLE 13.2 : ZETSS AND RETAIL PAYMENTS TRANSACTIONAL ACTIVITY
Volumes of Transactions (in thousands)