QUARTERLY
ECONOMIC
REVIEW


SEPTEMBER 2020

CONTENTS

List of Figures

List of Tables


1.
OVERVIEW

Economic activity continued to pick up in the
third quarter of 2020, reflecting macroeconomic
stability achieved following the introduction of
the auction system in June 2020. As a result, the
domestic economy is now projected to contract by
4.1% in 2020, compared to the initial projected
decline of 4.5%. This trend is also consistent with
global economic outlook where the global
economy is now expected to decline by 4.4% up
from the initial forecast of a 4.9% decline.
Reflecting general macroeconomic stability in the
economy, the quarter under review saw annual
headline inflation decelerating from 737.26% in
June 2020 to 659.40% by end of September 2020.
The significant decline in annual inflation was on
account of reduced impact of exchange rate pass
through on inflation given the stability of the
exchange rate witnessed since June 2020. The
parallel market exchange rate premium also
significantly reduced from 73.4% in June to about
19% in September 2020.

Domestic economic performance was also
spurred by external sector performance which
recorded significant improvements in exports and
remittances. Total merchandise trade for the first
nine months of 2020 grew by 9.9% from
US$3155.5 million in 2019 to US$3468.6 million
in 2020. Similarly, remittances improved from
US$225.2 million in 2019 to US$287.3 million in
2020, notwithstanding the impact of the COVID19 on world economies. The strong export
performance against subdued imports, saw trade
balance narrowing from a deficit of US$164.8
million registered during the second quarter of
2020 to a deficit of US$131.0 million in the third
quarter
of
2020.
Strong
external
sector
performance is critical for sustaining exchange
rate stability.

On the monetary front, the monetary policy
remained accommodative with reserve money
growth firmly contained within the Bank’s
desired inflation neutral and growth enhancing
quarterly growth target of less than 25%. Broad
money, however increased by 54.1% from
ZW$99.82 billion in June 2020 to Z$153.84
billion in September 2020. The growth in broad
money was largely due to increase in the foreign
currency component, from Z$57.70 billion as at
end June 2020 to Z$92.19 billion as at end of
September 2020.

Activity on the National Payment system (NPS)
was buoyant, with the value of transactions
processed through the NPS increasing by 109% to
Z$738.02 billion during the third quarter from
ZWL$353.20 billion recorded in the second
quarter of 2020. Volumes of transactions,
however, decreased by 8% to 426.40 million in
the third quarter from 465.50 million recorded
during the second quarter of 2020.

2. GLOBAL DEVELOPMENTS

Global economic activity continues to pick up
during the third quarter of 2020, following easing
of Covid-19 lockdown restrictions in the second
quarter of the year. As a result, global economic
growth has been revised upwards by the IMF, in
its July 2020 World Economic Outlook update, to
-4.4% up from the June forecast of -4.9%.
The revision in global growth suggest that the
global economy is somewhat responding to the
various
stimulus
measures
instituted
by
policymakers to counteract the demand-slumping
effects of the worldwide health crisis.


1 Growth rates projections for Zimbabwe are from
Treasury, Reserve Bank & actuals from Zimstat
Table
1:
Global
Economic
Growth
&
Outlook(%)

(Projectio
n)

(Projection)
World Output
2.9
-4.4
5.2
Advanced
Economies
1.7
-5.8
3.9
US
2.3
-4.3
3.1
Euro Area
1.3
-8.3
5.2
Japan
0.7
-5.3
2.3
Emerging
Market
&
Developing
Economies
3.7
-3.3
6.0
China
5.5
-1.7
8.0
India
6.1
1.9
8.2
Sub-Saharan
4.2
-10.3
8.8
Zimbabwe1
-6.0
-4.5
7.4
Nigeria
2.2
-4.3
1.7
South Africa
0.2
-8.0
3.0
Source: IMF World Economic Outlook: June 2020
Growth in the advanced economies group is
projected at –5.8% in 2020. In 2021 the advanced
economies growth rate is projected to strengthen
to 3.9%. The US economy is, however, projected
to contract by 4.3% in 2020 before rebounding by
3.1% percent in 2021.

Amongst emerging market and developing
economies, growth is forecast at –3.3% in 2020,
before strengthening to 6% in 2021. India is
expected to be hardest hit at -10.3%, while
prospects for China are much stronger than for
most emerging and developing countries, with the

economy projected to grow by about 1.9% in
2020.

The Sub-Saharan African region also continues to
be adversely affected by the economically
disruptive effects of the COVID-19 pandemic.
Growth in Sub-Saharan Africa is projected to be -
3% in 2020, before recovering to 3.1% in 2021 on
the back of continued re-opening of the global
economy.

INTERNATIONAL COMMODITY PRICE
DEVELOPMENTS

The international prices of Brent crude oil,
selected precious and base metals were all on a
positive trajectory during the third quarter of
2020. This was on the back of economic stimulus
and easing lockdown restrictions in most
economies, which supported the demand side for
commodities. Commodity prices were also
affected to a larger extent by the COVID-19induced disruptions across markets.

Table 2 shows the evolution of international
prices for selected commodities, during the third
quarter of 2020.


Table 2: International Commodity Prices:
Q3 2020

Gold
Platinum
Copper
Nickel
Brent
Crude Oil

US$/oz
US$/oz
US$/tonne
US$/tonne
US$/Barrel
2020 Q2
Average

Jul-20

Aug-20

Sep-20

2020 Q3
Average

2020 Q2Q3
Changes

Source: Bloomberg, BBC, 2020
Precious Metals
Precious metal prices rallied during the third
quarter of 2020, supported by robust safe-haven
demand, as investors shifted from riskier assets.
This followed mounting fears of the impact of the
global pandemic, and concerns about slowing
global economic growth. In addition, precious
metal prices were also supported by decisions of
the U.S. Federal Reserve and other central banks,
to ease their monetary policy stance, as a way of
moderating the impact of the coronavirus on the
global economy.

Quarterly average prices of gold prices surged by
11.7% to US$1,911.02 per ounce in the third
quarter from US$1,710.50 per ounce in the second
quarter. Similarly, quarterly average platinum
prices gained 14.2% to US$903.29 per ounce in
the third quarter from US$790.83 per ounce
registered in the second quarter. Figure 1 shows
the evolution of gold and platinum prices for the
period from March 2019 to September 2020.

Figure
1:
Precious
Mineral
Prices
(US$/ounce): Mar 2019 – September 2020

Source: Bloomberg, 2020

Base Metals
Base metal prices continued to rally during the
third quarter of 2020, mainly as a result of
improved demand from China as industrial
activity reached pre-pandemic levels and tight
supply conditions in source markets, supported
prices during the period under review. On the
supply-side, COVID-19 and industrial actioninduced disruptions in Chile, the World’s top
copper producer also supported the firming
prices. In addition, disruptions in Peru on back of
unfavourable weather and labour shortages,
lowered supply of copper. Further, supply
disruptions in the Philippines the top supplier of
nickel to China, suffered from mine closures
during the period under analysis.

Quarterly
average
copper
prices
rose
to
US$6,520.28 per tonne in the third quarter, an
increase of 22%, from US$5,341.75 per tonne
recorded in the second quarter in 2020. Quarterly
average prices of nickel also exhibited similar
trends to copper and increased by 16.7% to
US$14,232.67 per tonne in the third quarter from
US$12,198.16 per tonne recorded in the second
quarter of 2020.

Figure 2 shows the monthly trends for base metal
prices for the period from March 2018 to June
2020.

Figure 2: Base Metal Prices (US$/ton):
Mar 2018 – Sept 2020

Source: Bloomberg, 2020
Brent Crude Oil
The international price of Brent crude oil
averaged US$43.34 per barrel during the third
quarter of 2020. Prices continued to recover from
all-time lows reached in April 2020, when
coronavirus-induced lockdowns took effect. The
rebounding of economic activity in China and
stockpiling of oil proved a boon for oil exporters
as a significant demand-side driver during the

Mar-19
May-19
Jul-19
Sep-19
Nov-19
Jan-20
Mar-20
May-20
Jul-20
Sep-20
Gold
Platinum (RHS)

Jan-18
Mar-18
May-18
Jul-18
Sep-18
Nov-18
Jan-19
Mar-19
May-19
Jul-19
Sep-19
Nov-19
Jan-20
Mar-20
May-20
Jul-20
Sep-20
Copper
Nickel (RHS)

period under review. The Organization of
Petroleum
Exporting
Countries
(OPEC)’s
interventions on the supply-side conspired with
high demand to further support oil prices.

Figure 3 shows the monthly evolution of crude oil
prices for the period from March 2018 to June
2020.

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


Source: Bloomberg, 2020

EXCHANGE RATE DEVELOPMENTS

The Zimbabwe Dollar (Z$) depreciated to
Z$81.44 per US$1 at the end of the third quarter
of 2020 from Z$57.36 per US$1 recorded at the
end of second quarter. The introduction of the
Foreign Exchange Auction System on the 23rd of
June 2020, saw the foreign currency exchange
rates almost converging as the exchange rate
premium collapsed from 73.4% to 19%, during
the period under review.
Figure 4 shows exchange rate developments since
the introduction of the interbank market in
February 2019.
Figure 4: Convergence of Foreign Currency
Rates

Source: RBZ & Bank Market Intelligent Surveys, 2020
As a result of the relative stability of the exchange
rates, foreign currency flows into the formal
system has been on an increase in 2020. The
increased foreign currency in the official market
has resulted in the amounts allocated through
successive Auctions increasing significantly for
both the main and small medium enterprises
Auctions bringing the total allocations to
US$256.60 million as at 29th September 2020.
Precisely, the average total allotments for the
main auction per week almost doubled from
US$15.62 million between June and August 2020.
During the third quarter of 2020, a total of 14
foreign currency auctions were held. Foreign
currency auctions specifically targeted at small
and medium enterprises were also held starting

Mar-18
Jun-18
Sep-18
Dec-18
Mar-19
Jun-19
Sep-19
Dec-19
Mar-20
Jun-20
Sep-20

FX02/2020
FX06/2020
FX10/2020
FX15/2020
30 Jun 20
28 Jul 20
25 Aug 20
29-Sep
Low Bid Rate
High Bid Rate
Weighted Rate
Parallel Rate

from the 4th of August 2020. Figure 5 shows the
total weekly foreign currency auction allocations
that were held during the period under review.
Figure 5: Auction Total Allocations (US$
million)

Source: Reserve Bank of Zimbabwe, 2020
Similarly, the foreign currency allocations to the
SME sector doubled from an average of
US$764, 000 per auction to US$1.47 million,
during the same period.
Figure 6: SMEs Auction Total Allocations
(US$ million)

Source: Reserve Bank of Zimbabwe, 2020
During the third quarter 2020, on average about
45% of the total foreign currency traded on the
Auction were allocated to raw materials for
production purposes. Capital goods such as
machinery and equipment were allocated about
17% of the total allocations. Figure 7 shows the
distribution of foreign currency through the
foreign currency auction system.

30-Jun-20
7-Jul-20
14-Jul-20
21-Jul-20
28-Jul-20
4-Aug-20
11-Aug-20
18-Aug-20
25-Aug-20
1-Sep-20
8-Sep-20
15-Sep-20
22-Sep-20
29-Sep-20

4-Aug-20
11-Aug-20
18-Aug-20
25-Aug-20
1-Sep-20
8-Sep-20
15-Sep-20
22-Sep-20
29-Sep-20

Figure 7: Distribution of Foreign Currency in
the Auction

Source: Reserve Bank of Zimbabwe, 2020

MERCHANDISE
TRADE
DEVELOPMENTS
Total merchandise trade for the third quarter of
2020 amounted to US$2,280.2 million which was
5.1% higher than US$2,169.0 million recorded in
the corresponding quarter in 2019, as shown in
Figure 8.


Figure 8: Quarterly Merchandise Trade
(US$ m)


Source: Zimstat, 2020
Relative to the preceding second quarter,
merchandise trade improved markedly by 25.1%
from US$1,822.4 million to US$2,280.2 million
in the third quarter of 2020.

Merchandise Export Developments
Merchandise exports for the third quarter of 2020
amounted to US$1,074.6 million, representing a
29.7% increase from US$828.8 million recorded
in preceding quarter. The recovery in commodity
prices from the coronavirus pandemic continued
to spur the country’s exports. Similarly, the
current quarter outturn also compared favourably
with the US$1,023.4 million realized in the
corresponding quarter in 2019, as shown in Figure

FX02/2020
FX06/2020
FX10/2020
FX15/2020
30 Jun 20
28 Jul 20
25 Aug 20
29-Sep
Paper and Packaging
Services
Pharmaceuticals and Chemicals
Consumables
Retail and Distribution
Machinery and Equipment
Raw Materials

2019Q3
2020Q3

Figure 9: Quarterly Merchandise Exports
(US$ m)

Source: Zimstat, 2020

Table 3 shows developments on quarterly
merchandise exports by commodity.

Table 3: Quarterly Merchandise Exports
(US$ m)
Commodity
2020Q2
(US$ m)
2020Q3
(US$ m)
2020Q2Q3
Changes
(%)
2020Q2
Share
of
Total
(%)
Total Exports

Of which:


Nickel mattes

Gold

Nickel ores and
concentrates

Tobacco

Unwrought
Platinum

Ferrochromium

Industrial
diamonds

Jewellery

Cane sugar

Chromium ores
and
concentrates

Source: Zimstat, 2019 & RBZ Calculations, 2020
Table 3 shows that the country’s export basket
continued to be skewed towards primary
commodities from mining and agriculture. The
third quarter exports were dominated by nickel
mattes (24.3%), gold (22.0%), nickel ores &
concentrates (19.4), tobacco (9.1%) and platinum
(4.6%).
Major Merchandise Export Destinations
The country’s exports during the third quarter
were mainly destined for South Africa (34.5%),
the United Arab Emirates (12.9%), Uganda
(10.1%),
Mozambique
(9.5%)
with
other
jurisdictions taking up negligibly small amounts
as shown in respectively, as shown in Figure 10.
Figure
10:
Major
Export
Destinations
third quarter 2020.

Source: Zimstat, 2020

Merchandise Import Developments

Total merchandise imports for the third quarter of
2020 amounted to US$1,205.6 million, a 5.2%
increase on US$1,145.6 million recorded in the
corresponding period in 2019. Figure 11 shows
quarterly merchandise imports for the third
quarters of 2019 and 2020.


South Africa
United Arab Emirates
Uganda
Mozambique
Kenya
Botswana
Zambia
Ukraine
Belgium
Hong Kong
1,023.4
1,074.6

1,000
1,200
2019Q3
2020Q3

Figure 11: Quarterly Merchandise Imports
(US$ m)

Source: Zimstat, 2020

On a quarter-on-quarter basis, merchandise
imports for the third quarter in 2020 were
US$993.6 million, 21.39% higher than the level
of exports registered for the second quarter of
2020. The increase in imports was also attributed
to the easing of COVID-19 induced total
lockdowns which had previously disrupted supply
chains and slowed global trade particularly during
the first half of 2020. Table 4 shows the
merchandise imports for the second and third
quarters of 2020.


Table 4: Quarterly Merchandise Imports
(US $m)

Q2
(US$m)

Q3
(US$m)

Q3-2
Changes
(%)
2020Q2
Share
of Total
(%)
Total
Imports

Of which:


Diesel

Crude
soya bean
oil

Electricity

Wheat

Rice

Maize
(Excludin
g Seed)

Structures
of
iron/
steel

Medicines

Road
tractors

Chemicals


Source: ZIMSTAT & RBZ Computations

Major Import Sources

The country’s imports for the third quarter of
2020 were mainly from South Africa (53.0%),
China (10.2%), Singapore (4.7%), India (3.3%),
Mauritius (3.2%), and Mozambique (3.1%), as
shown in Figure 12.


1,145.6
1,205.6
2019Q3
2020Q3

Figure 12: Major Merchandise Import Sources
(% of Share)

Source: ZIMSTAT & RBZ Computations, 2020

TRADE BALANCE
The country’s trade balance narrowed from a
deficit of US$164.8 million registered during the
second quarter of 2020 to a deficit of US$131.0
million in the third quarter of 2020, as shown in
Figure 13.


Figure 13: Merchandise Trade Balance
(US$ m)

Source: Zimstat, 2020 & RBZ Computations, 2020


3.
DOMESTIC
ECONOMIC
DEVELOPMENTS

REAL SECTOR DEVELOPMENTS

Gross Domestic Product

During the third quarter of 2020, there was a
rebound of business activity compared to the
second quarter of 2020, on the back of a stable
macroeconomic environment and the easing of
COVID-19 restriction measures.

Despite the relative improvement in business
environment, the effects of the 2019/20 drought
season and COVID-19 pandemic are still evident.
The economy is, therefore, projected to contract
by -4.1% in 2020, with output declines expected
in the productive sectors of agriculture, -0.2%;
mining, -4.7%; manufacturing, -9.6%; and
electricity and water, -7.9%.


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

2020Q2
2 0 2 0 Q 3
Exports
Imports
Trade Balance

AGRICULTURE
The agriculture sector is expected to further
contract by 2.4% in 2020 on account of a poor
rainfall outturn as well as the increasing cost and
shortage of inputs. The output of tobacco, beef,
poultry, milk and soyabeans, among others are
expected to decline significantly in 2020.

Crops

Tobacco
A total of 183.34 million kilogrammes of tobacco
had been sold under both the contract and auction
sales by 30th September 2020, representing a
27.97% decline from 2019 sales. The tobacco
sold was valued at US$458.51 million, at an
average price of US250 cents. The tobacco
production volumes dipped due to drought
conditions prevailing during the growing season.
Table 5 shows the tobacco sales outturn as at end
September 2020.

Table 5: Cumulative Tobacco Sales as at
September 2019 and 2020

Variance
(%)
Total Quantity Sold
(million Kgs)
183.34

-27.97
Total Value (US$
million)
458.51

-11.05
Average Price
(US$)/Kg
2.50
2.03
23.15
Source: Tobacco Industry and Marketing Board, 2020.
Wheat
The total area under winter wheat in 2020 was
recorded at 44 466 hectares, which is significantly
higher than the 24 186 hectares in 2019. About
36 165 hectares (81.3%) was contracted under the
command agriculture programme with the
remainder being self-financed.

Cotton
By the end of September 2020 about 83.06
million kilogrammes of seed cotton sales had
been recorded, 11.7% up from the 74.36 million
kilogrammes sold during the same period in 2019.
The crop continues to benefit from government
input support aimed at strengthening the cotton to
clothing value chain.

Livestock
The negative impact of impact of COVID-19
lockdown measures, drought induced shortage of
stock feeds and low demand saw formal livestock
slaughters in the third quarter of 2020 lagging
behind the performance in the same period in
2019.

Cattle
Cumulatively, 161 495 cattle were slaughtered in
the 9 months to September 2020, 12% lower than
slaughters during the same period in 2019. Cattle
offtake in 2020 were largely weighed down by the
COVID-19 restrictions as well reduction on the
beef herd in 2020 due to higher mortality induced
by drought and high incidence of tick borne
diseases. Table 6 summarises cattle slaughters in
2019 and 2020.

Table 6: Cattle Slaughters

% Change
Q1
57 674
54 073
-6.24
Q2
64 946
42 446
-34.64
Q3
63 233
64 940
2.70
Total
187 872
161 459
-12.98
Source: Ministry of Lands, Agriculture, Water, and Rural
Resettlement, 2020
Pigs
Pig slaughters continued to decline through to the
third quarter of 2020, as shown in the Table 7.
Third quarter pig slaughters were 3.43% lower
than the second quarter slaughters. The decline in
slaughters in the subsector is attributed protracted
destocking since June 2019 which reduced parent
stock. Due to declines in second and third quarters
of 2020, cumulative slaughters fell by 9.82% to
133 128 by September 2020.

Table 7: Quarterly Pig Slaughters
Pigs

% Change
Q1
46 128
47 198
2.32
Q2
52 598
43 918
-16.50
Q3
48 898
42 012
-14.08
Total
147 624
133 128
-9.82
Source: Ministry of Lands, Agriculture, Water and Rural
Resettlement, 2020.

Dairy
Reversing the declines in the first half of the year,
quarterly milk output increased to 19.51 million
litres, up from 19.23 million litres and 18.34
million litres recorded in the second quarter of
2020, as shown in Figure 14.

Figure 14: Quarterly Fresh Milk Output
(litres)

Source: Ministry of Lands, Agriculture, Water and Rural
Resettlement, 2020

MINING

Activities in the mining industry generally
improved during the third quarter of 2020,
compared to same period in 2019. Gold, chrome,
coal and black granite, however, underperformed,
as shown in Table 8.


Millions

Table 8: Quarterly Mineral Production
Statistics

q3 2019 q2 2020 q3 2020
Gold (kg)
8,744
5,408
4,519
Platinum (kg)
3,159
4,461
3,675
Palladium (kg)
2,735
3,780
3,138
Rhodium (kg)

Iridium (kg)

Ruthenium (kg)

Diamonds (cts)
479,922 933,507 541,390
Chrome (MT)
394,253 336,477 245,515
Nickel (MT)
3,791
3,818
4,369
Copper (MT)
1,993
2,518
1,732
Cobalt (MT)

Coal (MT)
879,154 970,967 830,105
Lithium (MT)
13,929

-
Phosphate (T)
3,839
15,131
6,341
Granite (MT)
40,440
551,400
38,518
Vermiculite (MT)
7,515
7,401
3,781
Source: Ministry of Mines, Chamber of Mines,
FPR, 2020

The performance of the mining sector was largely
impacted by COVID-19 induced lockdown in
source and transit markets.
Gold
Gold output fell by 48.3% to 4 519 kg in the third
quarter of 2020 from 8 744 kg that was produced
in the comparable period in 2019. This was
mainly due to declines in deliveries by artisanal
and small-scale miners. The declines in gold
output occurred despite a 30% increase in average
international prices recorded in the third quarter
of 2020. Figure 15 depicts quartely trnds in gold
output and average international prices.
Figure 15: Quarterly Trends in Gold Output
and International Prices: 2019-2020

Source: FPR, Chamber of Mines, Ministry of
Mines. 2020

PGMs
The output of the key PGMS, platinum and
palladium, in the third quarter of 2020, surpassed
the output that was produced in the same period
in 2019 by 16.3% and 14.7%, respectively.
Output was, however, 17.6% and 17%, down
when compared the to the previous quarter of
2020, as shown in Figures 16 and 17.

Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020
US$
Output Kg
Primary producers (kg)
ASM producers (kg)
Secondary Producers (Kg)
Average International Prices (US$/ounce)

Figure 16: Quarterly Trends in Platinum
Output and International Prices

Source: Ministry of Mines, Chamber of Mines 2020

Figure 17: Quarterly Trends in Palladium
Output and International Prices

Source: Ministry of Mines, Chamber of Mines 2020

PGMs largely benefitted from the firming prices,
on account of supply bottlenecks as a result of
Covid-19 induced work stoppages in South
Africa, the major supplier, as well as strong
demand in precious metals by investors that offset
the decrease in demand from automotive,
jewellery and industrial use.
Nickel
Nickel output stood at 4 369 tonnes in the third
quarter of 2020, surpassed both output for the
same period in 2019 and the second quarter of
2020 by 15.2% and 14.4%, respectively, as shown
in the Figure 18.
Figure 18: Quarterly Trends in Nickel Output
and International prices

Source: Ministry of Mines, Chamber of Mines, 2020

Nickel production continues to be dominated by
secondary producers, who contributed about
58.7% in the third quarter of 2020 while primary
producers contributed about 42.3% in the same
period.
Diamond
Diamond output stood at 54,1390 carats in the
third quarter of 2020, about 12.8% more than in
the comparable period in 2019. Production was,

Q3 2019 Q4 2019 q2 2020
q3 2020
US$
Output Kg
Platinum (Kg)
Average Price (US$/Ounce)

Q3

Q4

q1

q2

q3

US$
Output Kg
Palladium
Average prices


Q3 2019 Q4 2019 q1 2020 q2 2020 q3 2020
Nickel (tonnes)
Average Price (US$/tonne)

however, 42% lower than in the second quarter of
2020, partly due to processing of low ore grades
at one of the mines, as well as working capital
challenges as mining houses faced cash flow
challenges due to closure of markets.

Chrome
Chrome production remained subdued during the
third quarter of 2020 largely due to the Covid-19
pandemic which culminated in reduced demand
for chrome and related products in the major
markets, China and Europe. Consequently,
chrome output in the third quarter of 2020 was
27%, lower than in the second quarter of 2020.
Figure shows quarterly trends in chrome
production and developments in chrome ore and
HCF average international prices.
Figure 19: Quarterly trends in chrome
production and average prices

Source: Ministry of Mines, Chamber of Mines, 2020
ELECTRICITY
Total power generated during the third quarter of
2020 amounted to 1,825.62 GWh, 29% up from
the 1,411.77 GWh produced in the preceding
quarter, and 20% above the performance of the
comparable period in 2019. The increase in
electricity output for the third quarter of 2020 is
largely due to a 65% increase in output from
Kariba Hydro. Table 9 shows the quarterly power
output from the various plants during the period
under review.

Table 9: Total Electricity Output (GWh)

Q3 2019
Q2 2020
Q3 2020
Kariba
609.79
747.69
1,235.90
Hwange
839.12
618.44
522.89
Bulawayo
13.88
5.90
7.77
Munyati
17.57
2.53
13.70
Harare
24.98
10.02
27.17
IPPS
16.61
27.18
18.20
Total
1,521.95
1,411.77 1,825.62
Source: ZERA, ZPC, 2020
Cumulatively, energy sent out amounted to
4 569.15 GWh in the nine months to September
2020, compared to 6 342.61 produced in 2019.

All power producers recorded declines in power
generation throughout the period under review.
The poor performance of the thermal power
stations is attributable to the frequent machinery


Q3

Q4

q1

q2

q3

US$/tonne
Tonnes
Total Chrome ore
Average Price of Chrome ore (US$/tonne)

breakdowns and shortage of spares, while lower
water allocation affected production at Kariba.
Table 10 compares the performance of the power
producers in 2019 and 2020.

Table 10: Electricity output
Power
Station

Q1-Q3

Q1-Q3
Variance
%
Kariba
3,597.98
2,638.15
-26.66
Hwange
2,443.97
1,768.96
-27.59
Bulawayo
42.03
19.87
-52.73
Munyati
72.45
20.20
-72.12
Harare
65.12
39.24
-39.74
IPPs
123.05
82.72
-32.78
Total (GWhs)
6,342.61

4,569.15
-27.96
Source: ZERA, ZPC, 2020
INFLATION DEVELOPMENTS
Headline inflation decelerated from 737.26% in
June 2020 to end the third quarter at 659.40%.
The easing of inflationary pressures is attributed
to the stability of the Z$ exchange rate against
major currency following the introduction of the
Forex Auction System to manage the allocation
of forex in the formal market.

Annual food inflation eased from 835.56% in
June 2020 to 724.40% in September 2020, price
increases
in
the
major
subcategories
of
vegetables, bread, cereals and meat, resulted in
high food inflation over the third quarter.

Year-on-year non-food inflation also declined
from 678.29% at the end of the second quarter, to
619.77 in September 2020. Housing, water,
electricity, gas and other fuels, miscellaneous
goods and services, communication and transport
drove non-food inflation during the quarter.
Figure

depicts
the
annual
inflation
developments
from
September

to
September 2020.


Figure 20: Quarterly Inflation Profile (%)

Source: Zimstat 2020
The disinflationary trend experienced in the third
quarter of 2020 saw month-on-month inflation
decelerating to 3.83% in September 2020, from
8.44% in August 2020 and 35.53% in July 2020.

The fall in monthly inflation was reflected in
declines for both food and non-food inflation as
shown in Figure 21. Monthly non-food inflation
was driven by education, housing, water,
electricity, gas and other fuels, in light of
increases in municipality charges during the
period under review. Vegetables, bread and

Sep-19
Dec-19
Mar-20
Jun-20
Sep-20
Food
Non-Food
All Items

cereals and meat continued to have the largest
contribution to food inflation over the quarter.

Figure 21: Monthly Inflation Profile (%)

Source: Zimstat 2020
Blended Consumer Price Inflation
The blended CPI inflation, which combines the
average changes in price of goods and services sold
in the ZWL and the USD, largely mimicked the
disinflationary trend of headline inflation. Annual
blended CPI inflation decelerated from the June
2020 rate of 457.19%, to 376.29% in September,
largely due to declines in food inflation.

Blended non-food inflation also fell, due to declines
in alcoholic beverages and tobacco, clothing and
footwear, recreation and culture and miscellaneous
goods
and
services.
Rising
charges
in
communication, particularly for internet services,
however, partially offset the declines.


2 All monetary numbers are in ZW$ since the adoption of
the inter-bank foreign exchange market in February 2019.
Monthly blended CPI inflation declined from
29.44% in June 2020 to -0.47% in September 2020,
with actual price declines recorded for most
categories
in
September
2020,
except
for
communication; alcoholic beverages and tobacco;
and food and non-alcoholic beverages.

4. MONETARY DEVELOPMENTS2

Broad money stood at Z$153.84 billion in third
quarter of 2020, compared to Z$99.82 billion
recorded in the second quarter. The growth was
largely due to increase in the foreign currency
component, from Z$57.70 billion as at end June
2020 to Z$92.19 billion as at end of September
2020. The expansion in foreign currency
component largely reflected valuation changes
owing to exchange rate depreciation.
Time deposits also recorded a quarterly increase
of 27.69%, from Z$4.02 billion in June 2020 to
Z$6.94 billion in September 2020.
Foreign currency deposits accounted for 59.93%
of money stock. Local currency transferable, time
deposits, NCD and currency in circulation
accounted for 34.17%, 4.51%, 0.70% and 0.69%,
respectively.
Figure 22 shows annual broad money supply
components in nominal terms as well as growth
rates.
-10

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

Figure 22: Broad Money Developments

Source: RBZ, 2020
Domestic Credit
Domestic credit stood at Z$63.49 billion as at end
September 2020, an increase of 26.70% from
Z$50.11 billion recorded in June 2020. The
growth was largely driven by an increase in credit
to private sector of 52.73%, against a decline of
credit to other financial corporations of 55.19%.
During the third quarter of 2020, net claims on
Government declined by 18.79% to close the
quarter at Z$9.17 billion.

Credit to the private sector was utilised as follows:
agriculture, 27.38%; manufacturing, 18.59%;
households, 17.00%; distribution, 10.68%; and
mining, 10.68%, as shown in Figure 23.
Figure 23: Distribution of Private Sector
Credit

Source: Reserve Bank of Zimbabwe, 2020
Source: Zimbabwe Stock Exchange, 2020

Credit to the private sector was channelled
towards inventory build-up, 44.36%; other
recurrent expenditures, 22.07%; and fixed capital
investment, 17.04%; among other purposes.
Interest Rates
Nominal lending rates quoted by banks ranged
between 5% and 70% during the quarter under
review.

During the quarter under review, time deposit
interest rates for 60-day and 90-day tenures
registered maximum averages of 7.73% and
8.37%, compared to respective rates of 7.12% and
7.70, recorded in the previous quarter. Average
maximum savings rate remained unchanged at
previous quarter’s level of 5.19%.

Mar-18
Jun-18
Sep-18
Dec-18
Mar-19
Jun-19
Sep-19
Dec-19
Mar-20
Jun-20
Sep-20
%
Z$ Billion
Currency in Circulation
FCAs
LCY Transferable Deposits
Time Deposits
NCDs
Annual Growth
Households
11.77%
Agriculture
21.74%
Mining
12.57%
Manufacturing
14.96%
Distribution
12.17%
Construction
0.60%
Transport &
Communicati
ons
1.42%
Services
6.90%
Financial Org.
& Investments
17.75%
Other
0.12%

5. STOCK MARKET DEVELOPMENTS

The quarter ended 30th September 2020 was
dominated by bearish sentiments. This resulted in
declines in all the major indices. The All Share,
Top 10 and Medium Cap indices shed 8.42%,
11.33% and 4.43% to close at 1 638.17 points,
1 093.10 points and 3 156.59 points, respectively.
On an annual basis, however, the All Share and
Top 10 indices went up by 1 323.01% and
829.51%, from 115.12 points and 117.60 points
recorded in September 2019, respectively.

Table 11: Key Stock Market Developments

Source: Zimbabwe Stock Exchange 2020

During the period under analysis, the industrial
index declined by 8.26% to close at 5 385.73
points while the mining index gained 3.33% to
close at 4 128.52 points. On a year on year basis,
the industrial and mining indices grew by
1 291.77% and 2 421.08%, from 386.97 points
and 163.76 points registered in September 2019,
respectively.
Figure 24 shows the developments of the ZSE All
Share and Top 10 Indices for the period
September 2019 to September 2020.

Figure 24: ZSE All Share and Top 10 Indices

Source: Zimbabwe Stock Exchange 2020

Figure 25 shows industrial and mining indices
developments for the period September 2019 to
September 2020.

30-Sep-19
31-Oct-19
30-Nov-19
31-Dec-19
31-Jan-20
29-Feb-20
31-Mar-20
30-Apr-20
31-May-20
30-Jun-20
31-Jul-20
31-Aug-20
30-Sep-20
All Share Index
Top 10 Index
ZSE Indicator

Jun-20

Sep-20

Change
(%)
All
Share
Index
(points)
1,788.75
1,638.17
-8.42
Top 10 Index (points)
1,232.79
1,093.10
-11.33
Medium Cap Index
(points)
3,302.89
3,156.59
-4.43
Small
Cap
Index
(points)
5,558.15
5,664.14
1.91
Industrial
Index
(points)
5 870.36
5,385.73
-8.26
Mining Index (points)
3 995.48
4,128.52
3.33
Volume
of
shares
traded (m)
706.07
1 257.54
78.10
Market Turnover ($m)
2 745.81
5 667.64
106.41
ZSE
Capitalization
($m)
228 577.11
206 502.49
-9.66
Net Foreign Position
($m)
-404,75
-221,53
-221533.63

Figure 25: Industrial and Mining Indices

Source: Zimbabwe Stock Exchange, 2020

Market Capitalisation and Turnover
As a consequence of dampened activity on the
local bourse, market capitalization declined by
9.66%, from Z$228.58 billion recorded in the
second quarter of 2020 to close at Z$206.50
billion during the quarter ended September 2020.
The cumulative turnover volume and value rose
by 78.10% and 106.41% to 1.26 billion shares and
Z$5.67 billion, respectively. The increase in
volume and value of shares during the quarter
under review was largely a result of a block trade
which saw 928.35 million Bindura Nickel
Corporation (BNC) shares exchanging hands at
ZW$3.70 each. The shares were sold by a
foreigner and bought locally.


Figure

shows
market
capitalization
developments for the period September 2019 to
September 2020.
Figure 26: Market Capitalization

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

Figure 27: ZSE Market Turnover

Source: Zimbabwe Stock Exchange, 2020


30-Sep-19
31-Oct-19
30-Nov-19
31-Dec-19
31-Jan-20
29-Feb-20
31-Mar-20
30-Apr-20
31-May-20
30-Jun-20
31-Jul-20
31-Aug-20
30-Sep-20
Mining Index
Industrial Index
Industrial Index
Mining Index

30-Sep-19
31-Oct-19
30-Nov-19
31-Dec-19
31-Jan-20
29-Feb-20
31-Mar-20
30-Apr-20
31-May-20
30-Jun-20
31-Jul-20
31-Aug-20
30-Sep-20
$ Billions

1,000
22-Jan-20
05-Feb-20
19-Feb-20
04-Mar-20
18-Mar-20
01-Apr-20
15-Apr-20
29-Apr-20
13-May-20
27-May-20
10-Jun-20
24-Jun-20
08-Jul-20
22-Jul-20
05-Aug-20
19-Aug-20
02-Sep-20
16-Sep-20
30-Sep-20
ZW$ millions
Bindura Nickel
Corporation block
trade which

Foreign investor participation, as measured by its
contribution to value of shares traded, declined to
2.30%, compared to 10.35% recorded in the
second quarter of 2020. Concomitantly, net
foreign position worsened by Z$221.13 billion
during the quarter under review. This could be a
result of dampened foreign investor appetite.

6. PAYMENT,
CLEARING
AND
SETTLEMENT ACTIVITIES

The value of transactions processed through the
National Payment Systems in the third quarter
ending increased by 109% to Z$738.02 billion
from Z$353.20 billion recorded in the previous
quarter. Volumes of transactions, however,
decreased by 8% to 426.40 million from 465.50
million during the same period.

Table 12 provides the statistical information on
various payment streams for the quarters ending
June 2020 and September 2020.


Table
12:
Consolidated
Transactional
Activities
Values in Z$ Million

Q2
Q3
Chan
ge
Proporti
on

RTGS

CASH

CHEQUE

POS

ATMS

MOBILE

INTERNET

TOTAL

Volumes
RTGS

CASH

CHEQUE

N/A
0.00%
POS

ATMs

MOBILE

INTERNET

TOTAL

Source: Reserve Bank of Zimbabwe, 2020

LARGE VALUE PAYMENTS

Zimbabwe
Electronic
Transfer
and
Settlement System
The value of transactions processed through the
RTGS system increased by 64.22% to Z$473.96
billion for the third quarter compared to previous
quarter. Volume of transactions, also increased
by 0.61% to 2.62 million transactions during the
same period, as shown in Figure 28.

Figure 28: Values and Volumes of RTGS
Transactions

Source: Reserve Bank of Zimbabwe, 2020

SWIFT Foreign Currency Transactions

SWIFT foreign currency payments increased by
25% to $1.17 billion in the third quarter from
$935.48 million in the second quarter of 2020.
During the same period, SWIFT foreign currency
receipts increased by 9% to $989.34 million, from
$909.93 million, as shown in Figure 29. The net
foreign currency outflow amounted to $177.41
million in the quarter ending 30th September 2020
from a net outflow of $26.55 million recorded in
the quarter ending 30th June 2020, as shown in
Figure 29.

Figure
29:
SWIFT
Quarterly
Foreign
Currency Transactions

Source: Reserve Bank of Zimbabwe, 2020
CASH
Over the Counter Cash Withdrawals
The value of cash withdrawals increased by 233%
from $6.08 billion in the quarter ending 30th June
2020 to Z$20.22 billion recorded in quarter
ending 30th September 2020. The corresponding


2019 Q22019 Q32019 Q42020 Q12020 Q22020 Q3
RTGS Values in Billions
RTGS Volumes in Thousamds
Values


Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Volumes in Thousands
Value in US$B
Value of Receipts
Value of Payments
Volumes of Payments
Volumes of Receipts

volumes increased by 24% to 2.41 million, as
shown in Figure 30.

Figure
30:
Over
the
Counter
Cash
Withdrawals

Source: Reserve Bank of Zimbabwe, 2020

Retail Payments
Figures 31 and 32 show the trend in the aggregate
values and volumes of retail transactions from
quarter ending 30th June 2020 to quarter ending
30th September 2020. The aggregate values of
retail transactions increased by 70.26% to
Z$264.06 billion in the period under review from
Z$155.09 billion recorded in the second quarter
ended June 2020. The retail volumes decreased by
8.55% to 423.78 million during the third quarter
of 2020, as compared to the previous quarter.

Figure 31: Retail Transaction Values

Source: Reserve Bank of Zimbabwe, 2020
Figure 32: Retail Transaction Volumes

Source: Reserve Bank of Zimbabwe, 2020

Q2

Q3

Q4

Q1

Q2

Q3

US$ BILLIONS
MILLIONS
Volumes
Values

2019 Q2
2019 Q3
2019 Q4
2020 Q1
2020 Q2
2020 Q3
Mobile in Billions
Other Retail Values in Billions
CHEQUE
POS
ATMS
INTERNET
CASH
MOBILE

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

Collateral3
The value of collateral increased to Z$1.86 billion
in the third quarter ending 30th September 2020
from Z$1.05 billion recorded in the previous
quarter, as shown in Figure 33.

Figure 33: Collateral Amounts from June 2019
to September 2020

Source: Reserve Bank of Zimbabwe, 2020
Access Points and Devices
The mobile banking agents decreased to 52,065 in
the third quarter ending 30th September 2020 from
73,281 reported in the second quarter ended 30th
June 2020. POS population increased to 128,896
from 126,696 in line with the promotion of
electronic means of payment and the ATM
population decreased to 527 from 537. There were

3 The local collateral figure comprises of Cheque, Zimswitch,
Chengetedzai Deposit Corporation settlement systems.
4.26 million active mobile financial services
subscribers registered in the period under review
from 5.31 million registered subscribers recorded
in the previous quarter ending 30th June 2020.
Table 13 shows payment access points and
devices for the first quarter of 2020 and the second
and third quarters of 2020.

Table 13: Payment Systems Access Points and
Devices

Quarter
ending
Mar 2020
Quarter
ending
Jun 2020
Quarter
ending
Sept

Mobile Banking
agents
71,054
73,281
52,065
ATMs

POS
122,138
126,696
128,896
PAYMENT SYSTEM ACCESS DEVICES
Debit Cards
5,358,746
5,837,878
5,989,282
Credit Cards
18,060
17,431
16,595
Prepaid Cards
116,143
120,433
112,154
Mobile Banking
subscribers
5,394,816

5,307,515

4,261,048
Internet
Banking
subscribers
360,850

410,724

427,993
Source: Reserve Bank of Zimbabwe, 2020


Q2 2019
Q3 2019
Q4 2019
Q1 2020
Q2 2020
Q3 2020
Z$ MILLIONS

7.
FISCAL DEVELOPMENTS
During the third quarter of 2020, Government
revenue amounted to Z$54.85 billion, against
expenditures of Z$55.89 billion, culminating in a
budget deficit of Z$1.04 billion. Table 14 shows
the summarised fiscal positions during the second
and third quarter of the 2020.

Table 14: Summary of Second and Third
Quarter 2020 Fiscal Position (Z$ million)

Q2
Q3
Revenue
19 631.45
54 852.14
Tax revenue
19 094.72
53 686.03
Non-Tax Revenue
536.74
1 166.11
Expenditure
15 214.60
55 888.73
Current expenditure
10 917.55
33 979.74
o/w employment costs
5 059.75
17 714.08
Capital Expenditure
4 297.05
21 908.99
Overall Balance
4 416.85
(1 036.59)
Source: Ministry of Finance and Economic Development,

Government Revenue
Government revenue collections during the third
quarter of 2020 increased to Z$54.85 billion,
surpassing the target by 21.6%. Tax revenue
amounted to Z$53.69 billion which accounted for
97.9% of total revenue, with the remaining
Z$1.17 billion (2.1%) being non-tax revenues.


Government Revenue Structure
Taxes on income and profits at Z$18.48 billion
accounted for 33.7% of total revenue. Value
added tax (VAT) accounted for 26.8%; followed
by excise duty 13.6%; Tax on financial and
capital transfers, 13%; customs duties, 17%.
Figure 34: Government Revenue Structure

Source: Ministry of Finance and Economic Development,

Government Expenditure
Cumulative Government spending in the third
quarter of 2020 amounted to Z$55.89 billion,
comprising
of
Z$33.98
billion
recurrent
expenditure, interest on debt of Z$0.07 billion and
capital expenditure of Z$21.91 billion.
Table 15 shows a comparison of Government
expenditure in the second and third quarters of
2020.
Tax on
Income and
Profits, 60%
Customs
duties, 17%
Excise duties,
24%
Taxes on
Specific
Services, 1%
Value Added
Tax (VAT),
47%
tax on gross
Revenue, 11%
Taxes on
financial and
capital
transactions ,
13%
Other Indirect
taxes , 0%
Non-tax
Revenue, 4%

Table 15: Summarised Government Spending
in Q2 and Q3 of 2020 (Z$ billion)

Q2

% of
Total
Q3

% of
Total
Employment cost

Operations

Interest On debt

Capital
Expenditure

Source: Ministry of Finance and Economic Development,

Overall Budget Balance
The fiscal developments in the third quarter of
2020 culminated in a budget deficit of Z$1.04
billion, down from the Z$4.42 billion surplus in
the second quarter. Figure 35 shows the monthly
developments in Government budget balance in
2020.


Figure 35: Budget balance Z$ Billion in
January to September 2020

Source: Ministry of Finance and Economic
Development, 2020


RESERVE BANK OF ZIMBABWE
DECEMBER 2020
-10
-5

January
February
March
April
May
June
July
August
September
Revenue
Expenditure
Overall Balance


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

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


S4

4.2.Reserve Bank: liabilities S5


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

6. Commercial Banks
6.1.Commercial Banks: Assets

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


7.1.Building Societies: Assets

S10

7.2.Building Societies: Liabilities S11


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

S13


9. National Payment Systems


9.1.Values of Transactions


S14
9.2.Volumes of Transactions


S14

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


S15
10.2. Deposit Rates S15


11. Stock Exchange Indices


S16

12. Inflation


12.1. Monthly Inflation


S17
12.2. Quarterly Inflation


S18
12.3. Annual Inflation


S19

13. Balance of Payments
13.1. Cross Border Payments


S20

13.2. Cross Border Receipts


S21

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


Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
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 2020
Notes:
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 ZWL$ since the introduction of the interbank foreign exchange market in February 2019
TABLE 1: DEPOSITORY CORPORATIONS SURVEY (ZWL$ '000)


S2


Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
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

of which USD Securities revaluations (Exchange rate moveme

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

Monetary Base Incl. foreign currency clearing balances
Monetary Base

Bond Coins

Bond Notes

Liabilities to ODCs

Reserve Deposits

Exess reserves

Private Deposits

Source: Reserve Bank of Zimbabwe,2020
NB: * Other Foreign Liabilities include blocked funds amounting to USD2.2 billion assumed by the Central Bank on behalf of Government.
TABLE 2: CENTRAL BANK SURVEY (ZWL$'000)


S3


Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Net Foreign Assets

Claims on Non Residents

Of Which: Foreign Currency

Deposits

Other

Less Liabilities to Non Residents

Of Which: Deposits

Loans

Other

Net Domestic Assets (NDA)

Domestic Claims

Net Claims on Central Government

Claims on Central Government

Securities

Loans

Other

Less Liabilities to Central Government

Of which: Deposits

Other

Claims on Other Sectors

Other Financial Corporations

State and Local Government

Public Non Financial Corporations

Private Sector

Claims on the Central Bank

Currency

Reserves

Securities

Other Claims

Liabilities to the Central Bank

Other Items(Net)

Shares and Other Equity

Liabilities to other ressident sectors

Other Items(Net)

Deposits and Securities Included in Broad Money

Deposits Included in Broad Money
22,546,030.38

27,593,648.82

29,819,025.32

32,968,794.78

34,202,472.63

36,052,337.44

45,274,086.77

49,685,009.94

57,713,065.69

97,187,347.86

############
############
############
Transferable Deposits
20,883,074.13

25,739,354.63

27,983,294.46

31,080,869.95

32,175,873.35

33,858,024.37

42,922,095.92

47,162,154.77

54,870,283.47

93,169,652.47

121,190,660.19

134,852,887.37

140,657,703.75

of which FCAs
9,859,484.27

11,155,597.09

11,472,035.58

11,938,732.84

12,458,349.93

12,476,934.91

20,909,726.92

19,463,088.16

24,984,322.48

57,701,775.14

79,076,606.18

82,607,196.16

88,430,395.05

Other Deposits

Money Market Instruments
219,889.50

205,671.08

235,117.26

243,976.57

255,563.69

260,055.92

476,793.67

337,556.97

359,194.93

863,206.40

1,024,311.11

1,111,664.44

1,083,907.10

Source:Reserve Bank of Zimbabwe,2020
TABLE 3 : OTHER DEPOSITORY CORPORATIONS SURVEY ( ZWL$ '000)


S4


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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Source: Reserve Bank of Zimbabwe, 2020
TABLE 4.1: RESERVE BANK - ASSETS
Foreign Assets
Loans and advances
Investments


S5


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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Source: Reserve Bank of Zimbabwe, 2020
*Bond coins first issued in December 2014
* Bond Notes issued on 28 November 2016
ZWL$ Thousands
Deposits


S6


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

Jan
23.4

66.9

2,528.5

291.2

111.9


Feb
20.0

46.8

2,516.8

347.6

114.2


Mar
16.7

57.9

2,457.7

312.8

139.2


Apr
14.9

61.9

2,423.5

337.0

120.8


May
14.2

71.7

2,543.0

477.8

138.6


Jun
9.0

58.5

3,081.0

509.8

120.0


Jul
20.6

61.9

3,450.6

466.4

111.6


Aug
23.1

72.3

3,475.7

377.8

105.3


Sep
18.2

61.5

3,781.6

398.1

159.1


Oct
39.9

70.4

3,771.3

368.3

185.5


Nov
30.6

84.6

3,696.3

300.6

209.8


Dec
20.5

94.5

3,949.5

439.6

235.5


Jan
49.0

113.4

3,901.0

401.9

261.6


Feb
59.7

256.8

3,764.8

357.1

570.4


Mar
62.5

263.2

3,891.0

432.9

739.3


Apr
45.2

363.5

4,153.9

578.9

1,031.9


May
98.7

484.2

4,089.2

694.1

1,890.1


Jun
126.3

882.2

4,518.6

560.2

2,383.0


Jul
232.4

968.8

5,605.6

370.4

3,738.0


Aug
184.4

1,150.4

7,956.5

527.8

3,904.2


Sep
124.5

2,108.5

9,128.1

874.0

5,678.3


Oct
144.3

1,906.0

11,613.0

2,511.0

7,644.9


Nov
128.8

2,243.1

11,417.7

2,236.3

8,417.4


Dec
169.8

2,526.2

13,994.1

1,254.7

8,415.7


Jan
183.4

3,176.6

13,217.3

1,073.2

8,142.0


Feb
267.1

3,136.4

13,817.0

1,504.5

8,642.5


Mar
263.6

3,607.6

16,167.1

2,214.4

12,681.9


Apr
298.5

3,642.9

17,926.4

1,523.3

13,697.1


May
330.0

3,581.8

21,376.4

1,749.6

15,757.4


Jun
606.6

9,584.7

29,457.9

3,974.7

35,786.5


Jul
690.8

18,357.0

54,139.7

5,578.7

42,159.7


Aug
975.1

28,776.0

54,868.5

4,623.1

41,100.2


Sep
1,084.2

30,217.6

56,679.6

4,426.6

39,530.8


Source:Reserve Bank of Zimbabwe,2020
Notes
1.Government securities includes treasuary bills and bonds
2.Includes bankers acceptances, discounted bills and negotiable certificates of deposits.
3.Includes households and other financial corporations.
Debt Securities
Loans and Advances
Public
Enterprises
TABLE 5.1: OTHER DEPOSITORY CORPORATIONS -ASSETS
ZWL$ millions


S7


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

Jan

Feb

Mar

Apr

May

June

July

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Source: Reserve Bank of Zimbabwe, 2020
TABLE 5.2 : OTHER DEPOSITORY CORPORATIONS - LIABILITIES
ZWL$ millions
Deposits
Amounts Owing to


S8


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

Jan
22.4

64.1

2,294.5

192.1

103.4

81.9

2,143.2

-

23.5

65.9

26.3

20.6

154.8

2,451.1

28.7

501.0

294.2

538.9

9,006.6

Feb
18.3

44.0

2,296.8

223.7

108.3

96.2

2,109.3

-

23.5

66.1

24.3

21.1

145.0

2,461.5

28.7

507.8

290.6

536.3

9,001.5

Mar
14.8

53.6

2,238.8

240.7

124.5

99.5

2,164.0

-

23.5

66.7

19.2

15.9

127.1

2,535.8

30.4

504.1

325.8

552.3

9,136.6

Apr
13.5

56.7

2,207.9

275.0

116.7

78.5

2,314.9

-

24.7

67.0

13.4

20.9

120.8

2,519.8

28.3

532.0

299.0

554.9

9,244.0

May
12.9

62.8

2,309.0

339.5

130.1

85.7

2,562.4

-

25.0

66.9

8.4

20.9

134.0

2,556.2

23.9

458.9

307.9

555.3

9,659.8

June
7.5

52.6

2,848.5

331.8

117.3

84.1

2,538.3

-

26.2

66.5

7.4

19.4

196.0

2,662.2

25.5

551.4

302.9

563.4

10,401.0

July
17.9

54.3

3,189.6

281.1

109.3

95.4

2,949.2

-

-

67.5

4.5

21.0

182.0

2,414.6

26.0

611.4

322.5

565.1

10,911.4

Aug
21.0

67.8

3,196.7

232.3

102.5

66.3

3,014.9

-

-

67.3

7.1

20.6

186.7

2,491.0

29.8

647.7

329.4

566.3

11,047.4

Sep
16.3

58.2

3,487.9

305.3

137.8

78.0

2,789.8

-

45.2

68.1

5.4

20.4

212.2

2,577.1

36.7

637.4

357.4

571.8

11,405.0

Oct
33.1

68.0

3,505.8

272.1

173.1

51.4

2,728.8

-

45.2

68.4

4.6

9.4

188.8

2,697.4

38.7

647.5

353.2

569.2

11,454.9

Nov
25.8

81.4

3,384.4

264.6

198.2

63.9

2,793.9

-

45.2

68.7

7.0

8.1

217.7

2,672.3

46.1

633.2

406.6

569.8

11,486.9

Dec
18.2

89.9

3,737.0

317.3

224.4

74.8

2,633.7

-

43.4

69.2

6.2

9.2

204.3

2,707.6

53.7

573.8

406.2

633.9

11,802.7

Jan
42.05

106.91

3,766.70

338.09

249.77

46.14

2,621.20

-

61.02

68.66

4.41

8.06

189.15

2,594.53

33.84

517.24

428.82

649.94

11,726.5

Feb
52.63

238.67

3,601.94

293.36

549.59

205.65

2,675.29

-

60.52

2.00

5.84

7.71

208.31

2,784.17

31.04

490.74

472.78

696.82

12,377.1

Mar
59.17

244.62

3,729.81

393.22

712.08

55.05

2,635.68

-

61.52

4.53

4.27

9.53

340.66

2,660.90

25.33

523.72

755.57

971.53

13,187.2

Apr
40.82

331.97

3,876.83

492.10

981.80

91.75

2,590.97

-

61.79

3.95

3.98

9.62

407.85

2,721.57

24.55

620.52

935.27

1,002.47

14,197.8

May
94.59

444.70

3,886.07

571.50

1,747.69

154.08

2,508.43

-

62.12

4.20

3.93

9.43

636.78

3,056.86

34.46

910.14

1,832.95

1,142.77

17,100.7

Jun
119.69

810.71

4,104.17

413.18

2,244.98

538.88

2,596.97

-

63.09

6.62

3.89

8.73

929.36

3,667.45

37.02

1,606.53

1,374.23

1,621.33

20,146.8

Jul
224.75

791.31

5,081.19

275.44

3,602.89

801.93

2,640.55

-

103.36

5.49

2.18

9.00

164.58

4,043.75

32.65

1,587.68

1,873.44

1,722.66

22,962.9

Aug
178.74

1,054.06

7,123.10

461.83

3,778.75

1,050.74

3,106.90

-

103.86

6.78

1.04

9.21

212.50

4,430.78

37.42

2,614.64

1,744.16

1,989.27

27,903.8

Sep
108.51

1,915.41

8,246.09

676.17

5,563.16

1,575.75

3,240.85

-

26.96

6.47

1.37

9.40

187.53

4,993.71

42.30

3,707.80

3,074.10

2,440.63

35,816.2

Oct
138.01

1,702.35

10,537.81

2,437.08

7,376.80

906.98

3,416.23

-

27.05

5.29

1.15

7.94

254.84

5,859.32

41.94

4,081.09

1,658.19

2,434.21

40,886.3

Nov
113.92

2,078.54

10,430.55

2,073.35

7,977.27

940.70

3,737.72

-

27.15

11.83

1.37

8.74

248.79

7,670.96

42.07

3,148.28

1,627.27

3,059.40

43,197.9

Dec
158.44

2,300.01

12,821.54

934.73

7,898.48

1,984.08

3,716.31

-

24.75

20.65

1.33

8.11

268.61

8,976.00

61.84

4,867.67

2,740.16

6,935.56

53,718.3

Jan
165.80

2,845.62

12,018.43

708.00

7,706.57

1,811.38

4,029.43

-

125.52

14.97

5.11

12.17

326.11

10,766.91

77.59

2,965.93

3,395.90

8,058.15

55,033.6

Feb
251.70

2,756.57

12,731.97

889.16

8,264.76

1,532.87

3,877.19

-

117.45

13.99

5.15

11.56

329.47

11,656.91

88.37

5,441.70

11,907.90

8,653.69

68,530.4

Mar
242.41

3,063.92

14,545.58

1,948.14

12,381.17

2,497.47

4,373.76

-

0.08

20.23

4.39

11.39

765.82

14,041.67

127.46

7,917.31

5,718.53

9,244.62

76,904.0

Apr
263.29

3,147.75

16,673.44

1,287.51

13,285.14

3,056.32

4,235.96

-

0.08

18.39

4.47

9.75

834.72

14,864.30

129.90

7,642.80

6,534.14

9,703.93

81,691.9

May
284.33

3,144.57

19,827.46

1,553.68

15,003.29

3,130.38

4,160.50

-

0.12

45.79

4.53

9.61

768.01

17,762.27

143.44

7,042.04

6,012.40

9,845.09

88,737.5

Jun
515.11

8,372.39

26,368.55

3,570.85

34,550.44

7,527.46

5,841.98

-

0.12

90.14

4.29

9.41

2,010.79

26,638.87

215.56

24,299.33

14,590.26

18,983.05

173,588.6

Jul
577.99

16,536.53

49,470.13

4,219.81

40,259.84

11,399.93

6,357.84

-

-

74.57

4.33

12.61

1,025.78

33,054.99

229.06

28,551.07

10,247.64

19,646.49

221,668.6

Aug
821.16

26,519.73

49,165.59

4,265.44

38,763.72

14,219.24

6,484.68

-

-

39.07

14.05

14.74

1,046.29

38,741.31

231.00

25,354.64

9,460.49

19,961.16

235,102.3

Sep
891.26

27,646.41

51,169.67

3,898.65

38,420.20

14,126.83

6,354.19

-

-

107.40

9.61

22.30

1,050.38

41,088.91

228.95

28,289.36

17,608.70

19,375.08

250,287.9

Source:Reserve Bank of Zimbabwe, 2020
TABLE 6.1: COMMERCIAL BANKS -ASSETS
ZWL$ millions
Debt Securities
Loans and Advances


S9


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

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Source: Reserve Bank of Zimbabwe, 2020
TABLE 6.2 : COMMERCIAL BANKS - LIABILITIES
Deposits
Amounts Owing to


S10


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

Jan
0.9

2.3

197.4

98.7

7.8

-

129.8

34.5

-

-

413.2

-

508.7

144.9

136.1

1,674.3

Feb
1.5

1.8

172.4

123.5

5.5

-

141.3

33.5

-

-

414.8

-

507.9

125.7

135.7

1,663.6

Mar
1.4

3.4

175.9

72.1

14.1

-

212.6

32.8

-

-

411.4

-

539.4

142.8

132.3

1,738.2

Apr
1.1

4.3

185.5

61.9

3.6

-

184.4

32.0

-

-

413.3

-

582.7

141.6

135.2

1,745.7

May
1.0

7.6

196.3

138.2

8.1

-

191.0

30.9

-

-

415.0

-

608.4

128.1

137.4

1,862.0

June
1.2

4.9

188.6

177.8

1.9

-

266.2

30.1

-

-

413.9

-

614.3

124.0

141.5

1,964.5

July
1.8

6.6

207.1

185.1

1.7

-

283.2

33.3

-

-

423.5

-

636.1

128.2

141.1

2,047.7

Aug
1.6

3.7

224.7

145.3

2.4

-

288.9

32.2

-

-

428.2

-

579.4

139.1

143.7

1,989.2

Sep
1.9

2.9

245.6

92.6

20.8

-

291.1

31.2

-

-

430.3

-

650.2

148.1

144.4

2,059.1

Oct
4.9

2.1

220.0

95.8

11.9

-

318.9

30.2

-

-

427.7

-

639.8

154.2

147.0

2,052.5

Nov
3.6

2.9

243.3

35.7

10.4

-

320.7

28.9

-

-

433.5

-

635.7

148.0

145.8

2,008.5

Dec
2.3

4.3

157.4

121.3

10.4

-

339.4

28.0

-

-

444.8

-

645.9

179.7

151.9

2,085.6

Jan
6.3

4.6
108.2

63.5
10.9

-

343.8

27.3
33.6

-

438.0

-

649.3

136.7
151.2

1,973.3

Feb
5.4

17.6
120.6

62.8
18.1

-

339.6

26.5
-

-

416.1

-

696.1

171.1
156.7

2,030.8

Mar
2.6

18.0
126.3

38.6
23.9

-

331.7

25.5
-

-

415.1

-

710.1

172.1
207.4

2,071.2

Apr
3.7

30.6
220.3

85.0
47.6

-

271.6

25.0
-

-

414.1

-

705.0

169.0
276.2

2,247.8

May
3.9

38.4
162.2

115.4
139.0

-

345.5

23.9
-

-

406.2

-

776.6

165.7
363.4

2,540.1

Jun
6.3

69.8
361.6

144.5
132.4

-

265.8

22.6
-

-

421.7

-

873.6

210.5
473.0

2,981.8

Jul
6.5

174.7
473.9

89.7
131.1

-

258.3

22.2
-

-

416.0

-

934.6

203.1
565.6

3,275.8

Aug
5.5

94.5
758.0

60.6
115.5

-

247.4

21.5
-

-

418.1

-

970.6

345.1
567.6

3,604.2

Sep
15.8

180.3
831.8

195.4
104.2

-

267.6

20.9
-

-

499.1

-

1,137.6

528.8
1,042.2

4,823.6

Oct
6.2

198.7
997.2

72.2
243.7

-

268.8

20.2
-

-

429.8

-

1,286.7

503.4
1,069.3

5,096.2

Nov
11.9

156.1
872.3

159.7
426.0

-

338.6

19.6
-

-

443.5

-

1,357.4

575.8
1,068.7

5,429.6

Dec
9.2

223.9
1,016.9

317.4
492.3

-

308.3

18.2
-

-

454.5

-

1,413.5

700.6
1,470.0

6,424.9

Jan
16.3

322.3
1,106.8

361.8
421.8

-

283.0

20.1
-

-

478.2

-

1,498.8

717.5
1,552.8

6,779.5

Feb
14.5

368.2
977.2

612.5
370.5

-

357.1

20.1
-

1.5

503.6

-

2,097.7

735.9
1,538.8

7,597.4

Mar
20.1

529.4
1,423.7

261.8
282.6

-

341.6

19.2
-

0.6

526.4

-

2,406.4

1165.6
1,914.1

8,891.5

Apr
33.1

493.1
914.2

232.1
384.9

-

424.3

18.1
-

-

525.9

-

2,568.2

1528.5
2,134.4

9,256.8

May
39.7

434.7
1,248.4

192.3
725.0

-

382.4

17.0
-

-

517.6

-

2,793.4

2669.6
2,146.1

11,166.3

Jun
88.7

1167.9
2,857.8

395.9
1,222.0

-

385.4

13.8
-

-

653.4

-

4,663.9

2688.0
4,712.1

18,848.8

Jul
109.1

1780.7
3,878.9

1342.9
1,879.4

-

346.6

13.4
-

-

585.7

-

5,648.0

3879.5
4,927.7

24,391.8

Aug
142.9

2175.5
4,799.3

341.7
2,310.6

-

294.6

13.1
-

-

688.7

-

6,552.1

4480.3
6,104.6

27,903.4

Sep
179.8

2469.9
4,547.1

504.6
1,027.7

-

218.3

12.9
-

0.4

741.5

-

6,518.3

2774.9
6,503.8

25,499.1

Source: Reserve Bank of Zimbabwe, 2020
Notes
1.Government securities include treasuary bills and bonds
2.Includes bankers acceptances, discounted bills and negotiable certificates of deposits.
3.Includes households and other financial corporations,
TABLE 7.1: BUILDING SOCIETIES -ASSETS
ZWL$ millions
Debt Securities
Loans and Advances


S11


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

Mar

Apr

May

June

July

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Source: Reserve Bank of Zimbabwe, 2020
Amounts Owing to
TABLE 7.2: BUILDING SOCIETIES -LIABILITIES
ZWL$ millions


S12


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

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


INVESTMENTS
ORGANISATIONS

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Source:Reserve Bank of Zimbabwe, 2020
/1 Including the only merchant bank still in operation.


S13


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

Source:Reserve Bank of Zimbabwe, 2020
/1 Including the only merchant bank still in operation.


S14


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

Source: Reserve Bank of Zimbabwe,2020
TABLE 8.2: SECTORAL ANALYSIS OF COMMERCIAL BANKS DEPOSITS
$ ('000)


S15


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

Jan
5,548.05 4.89
663.45
21.29 2,318.80 1,006.05
Jan
548.13 22.73 20,981.21 449.60 100,593.90 501.80
Feb
4,706.60 4.50
594.00
13.90 2,015.11 831.05
Feb
457.19 22.48
18,869.05
292.22 89,584.32 463.78
Mar
6,300.40 4.50
654.20
12.50 2,657.10 864.83
Mar
545.18 23.68
21,996.85
268.41 116,119.95 510.51
Apr
5,786.75 3.28
640.94
11.46 3,002.63 822.58
Apr
505.50 17.38
21,170.05
253.60 117,616.79 456.96
May
7,298.41 4.25
819.74
10.51 3,550.07 968.58
May
611.14 21.22
23,278.20
213.17 137,422.97 496.62
Jun
7,997.28 4.70
779.37
8.29 3,724.31 1,135.49
Jun
553.60 22.46
23,790.00
175.19 156,609.78 502.22
Jul
8,290.00 3.96
790.00
9.39 4,446.68 1,262.53
Jul
560.15 20.07
25,075.47
223.13 169,416.76 559.58
Aug
7,762.86 2.88
811.19
13.98 4,558.54 1,254.96
Aug
553.01 15.15
25,249.87
317.35 164,917.97 518.70
Sep
7,155.04 3.97
842.48
17.01 4,462.40 1,393.08
Sep
542.96 19.37
24,918.01
300.81 161,289.50 511.27
Oct
8,230.50 4.20
821.30
17.90 4,607.38 1,428.20
Oct
571.60 20.40
21,025.40
345.50 161,427.40 495.99
Nov
7,922.50 3.70
657.50
19.90 3,964.78 1,026.70
Nov
477.40 16.70
17,845.40
334.90 133,862.10 430.60
Dec
8,355.20 2.80
917.20
14.60 4,833.80 1,102.90
Dec
478.60 13.00
27,419.10
236.20 161,540.70 409.10

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
Source:Reserve Bank of Zimbabwe,2020
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)


S16


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
Source:Reserve Bank of Zimbabwe,2020
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


S17


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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

June*

Aug

Sep
1,638.17
5,385.73
4,128.52
`
1,093.04
206,502.49
Source: Zimbabwe Stock Exchange (ZSE), 2020
$ Millions
TABLE 11: ZIMBABWE STOCK MARKET STATISTICS
Indices
*All Share index was introduced in


S18


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, 2020
NON-FOOD INFLATION
TABLE 12.1 : MONTHLY INFLATION -- PERCENTAGE CHANGE IN CONSUMER PRICE INDEX
( FEBRUARY 2019 = 100)


S19


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, 2020
TABLE 12.2 : QUARTERLY INFLATION -- PERCENTAGE CHANGE IN CONSUMER PRICE INDEX
(FEBRUARY 2019 = 100)
NON-FOOD INFLATION


S20


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


Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun


Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Source:Zimstat, 2020
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


S21


End of
Jun-19
Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Total
(Q3 2020)
Merchandise Imports (excl. energy)
168.6

222.3

182.1

232.9

209.0

226.1

216.0

164.4

170.7

178.2

153.1

162.0

221.1

302.6

235.8

242.3

780.7

- Consumption Goods
62.6

97.3

73.3

85.4

87.8

97.3

94.4

75.1

90.2

82.2

76.6

86.3

116.4

116.4

97.6

101.1

315.1

- Capital Goods
70.6

87.4

73.4

118.4

91.1

89.0

90.8

64.9

60.3

61.5

52.8

47.5

72.4

97.9

93.3

96.3

287.4

- Intermediate Goods
35.5

37.6

35.4

29.0

30.2

39.9

30.8

24.4

20.1

34.5

23.7

28.3

32.3

88.3

44.9

44.9

178.2

Energy (Fuel & Electricity)
54.2

55.7

50.9

46.1

67.8

39.1

39.4

43.9

53.2

50.7

27.0

40.3

34.9

36.5

49.1

57.4

143.0

Service Payments
58.6

46.7

50.4

44.6

51.5

52.6

37.4

43.3

40.0

67.3

36.6

33.8

52.7

30.4

31.6

33.1

95.2

- Technical, Professional & consult
30.9

21.6

22.0

17.7

17.4

19.1

16.9

17.7

17.9

39.1

16.7

11.8

32.9

13.1

16.7

15.1

44.8

- Software
9.3

6.4

3.5

4.1

5.8

5.2

2.8

5.7

3.4

4.5

5.1

6.8

9.0

4.2

4.0

4.1

12.3

- Other (tourism, edu, freight etc)
18.4

18.7

24.9

22.8

28.4

28.3

17.7

20.0

18.7

23.7

14.8

15.2

10.9

13.2

11.0

13.9

38.1

Income Payments (Profits, Dividends)
14.7

38.3

14.3

24.4

6.8

14.7

15.4

18.7

28.1

17.4

26.4

11.1

14.8

19.9

18.7

46.1

84.7

Capital Remittances (outward)
36.2

44.9

49.7

55.6

74.5

39.9

73.3

38.7

30.1

62.1

34.8

16.1

20.3

22.2

20.9

36.8

79.9

- External Loan Repayments
31.9

39.3

46.8

53.2

70.7

38.5

71.5

35.3

27.2

60.9

34.2

16.0

17.5

15.9

17.8

28.5

62.1

- Disinvestments
2.2

4.0

0.8

2.4

3.8

1.5

1.6

1.0

1.7

1.2

0.6

0.1

1.7

3.9

1.0

3.7

8.6

- Cross Border Investment
2.0

1.7

2.1

-

0.0

0.0

0.2

2.5

1.2

0.0

-

0.0

1.2

2.5

2.1

4.6

9.2

Other Payments
4.6

11.9

6.3

15.4

11.0

24.3

15.7

13.7

13.3

10.3

4.6

3.4

6.0

7.4

5.9

7.5

20.8

TOTAL
336.9

419.9

353.8

418.9

420.6

396.8

397.3

322.8

335.3

386.0

282.5

266.7

349.9

419.0

361.9

423.3

1,204.2

Source: Reserve Bank of Zimbabwe, 2020
Table 13.1: Monthly Cross Border Payments (US$ Millions)


S22


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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

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


S23


End of

Est
Long-Term External Debt

Government

Bilateral Creditors

Multilateral Creditors

Private Creditors

Public Enterprises


Bilateral Creditors

1,155

Multilateral Creditors

Private Creditors

Monetary Authorities

Multilateral Creditors - IMF

Private


Short-Term External Debt
1,348
2,040
1,286


Supplier's Credits

Reserve Bank

1,300

2,463
Private


Total External Debt

Gross Domestic Product

External Debt / GDP

Source: Ministry of Finance & Economic Development, 2020; & Reserve Bank of Zimbabwe, 2020
TABLE 14.1: ZIMBABWE: EXTERNAL DEBT OUTSTANDING BY DEBTOR (INCLUDING ALL ARREARS)


S24


End of

2019 Est
(US$ millions)
Total Medium to Long-Term External Debt

Public and Publicly Guaranteed Debt

Bilateral Creditors

Multilateral Creditors

Private Creditors

Private Non-Guaranteed Long term


Short-Term External Debt

3,799
Public and Publicly Guaranteed Debt

Reserve Bank

2,463
Private

-37


Total External Debt

Gross Domestic Product

External Debt / GDP

Source: Ministry of Finance & Economic Development, 2020 ; Reserve Bank of Zimbabwe, 2020
TABLE 14.2: External Debt Outstanding by Source
(US$ millions)


S25


End of

Government

Capital

Interest

Parastatals

Capital

Interest

Private

Capital

Interest

Total

Capital

Interest

Exports of Goods
and Services

Debt Service ratio

Capital Service Ratio

Interest Service ratio

Note: Figures reflect scheduled debt service.

Source: Ministry of Finance & Economic Development, 2020 ; Reserve Bank of Zimbabwe, 2020
TABLE 14.3: EXTERNAL DEBT SERVICE AND DEBT SERVICE RATIOS
(US$ MILLIONS)