i


JANUARY 2017

Table of Contents


December

January
Month-on-
Month
Change
Z.S.E. Mining Index1
58.5
56.3
-2.20%
Z.S.E. Industrial Index1
144.5
140.2
-4.29%
National Payment System Transactions
(US$ millions)
7 326.0
6 211.5
-15.2%
Money Supply (US$ millions)2
5 680.5
5 663.4
-0.45%
Money Supply (M3) Annual Growth2 (%)
19.1
19.8

Yearly Inflation3 (%)
-0.93
-0.65

Monthly Inflation3 (%)
0.06
0.23

Nominal Lending Rate2 (% per annum)
4.0-18.0
4.0-18.0

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

INTERNATIONAL COMMODITY PRICE
DEVELOPMENTS

International commodity prices for precious
metals firmed in January 2017, reversing the
negative trend witnessed in December 2016.
The performance of base metal prices was
mixed during the month under review, with
copper prices maintaining an upward trend,
while nickel prices softened.
The
nascent
recovery
in
international
commodity prices, if sustained, is a welcome
development for the country, given our high
dependence on primary commodity exports.
Crude oil prices continued to be supported by
OPEC’s September 2016 agreement to limit
total output to 32.5-33.0 million barrels per day.

Precious Metals
Precious metal prices rebounded on account of
a weaker US dollar in the month of January
2017. Gold and platinum prices gained by 3.7%
and 5.8% to US$1,195.3/oz and US$972.5/oz,
respectively. The weakening US dollar reflected
the market’s response to the US president’s
sentiment to the effect that the dollar was
overvalued at the time.

Source: Bloomberg, 2017
Base Metals

During the month under review, copper prices
increased by 0.5 % to US$5,720.5/tonne from
US$11,082.6/tonne in December 2016. This
was largely driven by falling inventories and
expectations of higher demand for the metal,
particularly in China and US.
Nickel prices, however, registered a 10%
decline from US$11,082.63/tonne in December
2016 to US$9,976.40/tonne in January 2017.
This was on the back of reports concerning the
removal of the export ban on nickel ore by
Indonesia, one of the world’s largest nickel
producers. The removal of the export ban by
Indonesia offset the supply disruptions that had
resulted from mine closures over environmental
concerns in the Philippines.
Brent Crude Oil
During the month under analysis, crude oil
prices firmed by 0.2%, to a monthly average of
US$55.6/barrel
in
January
2017,
from


Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Sep-16
Oct-16
Nov-16
Dec-16
Jan-17
US$\OUNCE
Figure 1: Precious Minerals Prices
Figure 1: Precious Minerals Prices
Gold
Platinum

US$55.5/barrel recorded in the previous month.
Prices continued on an upward trend, following
reports indicating that OPEC had reduced oil
production by more than 1 million barrels per
day in January 2017. This was in line with
efforts by oil-producers to cut production, as
part of a collaborative strategy to revive the
global oil industry.
The surge in oil prices has a significant pass
through effect on domestic prices, given the
country’s high fuel imports.

Source: Bloomberg, 2017
MERCHANDISE TRADE
DEVELOPMENTS

Total merchandise trade stood at US$643.2
million, in January 2017, a 17.7% decline from
the US$781.2 million recorded in the previous
month.

Merchandise export developments
Merchandise exports amounted to US$258.6
million in January 2017, registering a 11.4%
decline from US$291.9 million realized in
December 2016.
Source: Zimstat, 2017
The slowdown in merchandise exports during
the month under review was mainly due to the
seasonality of tobacco exports, which is the
country’s anchor export commodity. During the
month of January 2017, flue-cured tobacco,
gold, nickel and ferrochrome were the country’s
major export earners, collectively accounting
for about 81.9% of the total export revenues.
Table 1: Exports Classified by HS Code:
Product
December 2016
(US$m)
January 2017
(US$m)
January 2017
Share of
Total (%)
Flue-cured
119.3
99.7
38.6
Gold
67.8
56.7
21.9
Nickel ores &
concentrates
29.9
29.3
11.3
Ferro-chrome
22.5
26.1
10.1
Chromium ores &
concentrates
0.1
8.6
3.3
Unwrought &
platinum
5.9
7.5
2.9
Cane sugar
4.9
3.9
1.5
Industrial
diamonds
1.4
2.0
0.8
Other
40.0
24.7
9.6
Total
291.9
258.6
100.0
Source: Zimstat, 2017 & RBZ Calculations, 2017

Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Sep-16
Oct-16
Nov-16
Dec-16
Jan-17
US$\Barrel
Figure 2:Brent crude oil prices

2017Figure 4:Merchandis
Figure 4:Merchandise Exports (US$m)
(US$m)

Major Merchandise Export Destinations
The country’s major merchandise export
destinations
were
mainly
South
Africa,
Mozambique, the United Arab Emirates,
Belgium and Zambia in January 2017.
Merchandise exports to South Africa were
82.8% of the country’s total merchandise
exports during the month under review,
followed by Mozambique, 9.2%; United Arabs
Emirates, 3.2%; Belgium, 2.2%; and Zambia,
1.5%.

Source: Zimstat, 2017 & RBZ Calculations, 2017

Merchandise Import Developments
The country’s monthly merchandise imports at
US$384.6 million in January 2017, were 21.4%
lower compared to the previous month. The
decline in imports during the month under
review was mainly driven by decreases in
fuels (-32.5%); electricity (-15.3%); and maize
imports (-11.5%).
Energy imports continued to be the key driver of
the country’s imports, with diesel accounting for
13.1% of the total import bill. Petrol and
electricity imports accounted for 6.5% and
4.7%, respectively. Electricity imports may
moderate in 2017 due to improved rains, which
increased the dam level at Kariba. In this regard,
the output from the hydropower station is
expected to increase.
Major Import Sources
The country’s imports were mainly sourced
from South Africa (37.8%); Singapore (18.0%);
China (15.10%); Zambia (2.6%) and Mauritius
(2.6%) during the month under analysis

Source: Zimstat, 2017 & RBZ Calculations, 2017
Merchandise Trade Balance
The country’s trade deficit narrowed to
US$126.0 million in January, on the back of a
sharp slowdown in imports. Exports have,
South
Africa
82.7%
Mozambique
9.2%
United
Arab
Emirates
3.2%
Belgium
2.2%
Zambia
1.5%
Botswana
0.5%
Namibia
0.2%
Malawi
0.1%
USA
0.1%
Singapore
0.1%
Other
0.2%Figure 5:Major Merchandise
Figure 5:Major Merchandise Export Destinations
Export Destinations
South Africa
Singapore
China
Zambia
India
Mozambique
Japan
United Kingdom
Mauritius
United States
United Arab Emirates

Figure 6: Major Mechandise Import
sources (% Share)

however, underperformed relative to imports
since 2009.

Source: Zimstat, 2017 & RBZ Computations, 2017
The country has been incurring trade deficits
since 1990 though the deficits has been
narrowing over the years. The gap implies that
on a net basis, there have been more outflows
from the economy.

MONETARY DEVELOPMENTS

Broad money1 recorded an annual growth of
19.8% in January 2017, a 0.8 percentage points
increase from 19.1% recorded in December
2016. The growth reflected increases in
transferable2
deposits,
27%;
negotiable

1 Broad money redefined using IMF’s Monetary and Financial
Statistics Manual of 2000. Major changes include the exclusion
of Government deposits held by banks from broad money.
2 Transferable deposits made up of demand and savings
deposits.
certificates of deposits (NCDs)3, 12.5% and
time deposits4, 0.6%.
On a year- on- year basis, money supply
increased from US$4 727.6 million in January
2016 to US$5 663.4 million in January 2017.


Source: Reserve Bank of Zimbabwe, 2017
Money
supply
also
recorded
a
month -on -month increase of 0.5%, from
US$5 638.3 million in December 2016 to US$5
663.4 million in January 2017.
3 NCDs are also referred to as securities included in broad
money.
4All classes of time deposits, short and long term are classified
as time deposits, which are also termed other deposits.
-250
-150
-50

Dec-16
Jan-17Figure 7: Merchandise Trade
Figure 7: Merchandise Trade Balance(US$m)
Balance(US$m)
Exports
Imports
Trade Balance
-5


Mar-15
May-15
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-16
Sep-16
Nov-16
Jan-17
%
US$ BILLIONS
Figure 10: Money Supply
Figure 10: Money Supply
M3
M3 Annual Growth rate

Source: Reserve Bank of Zimbabwe, 2017
During the month under review, transferable or
transitory deposits accounted for 70.4% of
money supply, an indication of the short term
nature of deposits in the economy. The high
proportion of transferrable deposits, in part, is
reflected in the high demand for cash, especially
in the informal economy. Time deposits
accounted for 27.3%; currency in circulation,
1.5%; and negotiable certificates of deposits,
0.9%.
Domestic credit recorded an increase of 20%,
from US$6 494.6 million in January 2016 to
US$7 643.3 million in January 2017. On a
month-on-month basis, however, domestic
credit declined by 0.3%, from US$7 669.5
million recorded in December 2016, largely
weighed down by credit to the private sector.
Year on year credit to the private sector5,
recorded a 6.7% decrease from US$3 628.6
million
recorded
in
January
2016,
to

5 Credit to the private sector now excludes claims on other
financial corporations, as well as claims on state and local
government (local authorities)
US$3 385.8 million in January 2017. On a
month on month basis, credit to the private
sector also went down by 4.0% from US$3
528.4 million in December 2016.
t
recorded
an
increase
of
19.96%,
from
US$6
494.6
million
in
January

to
US$7
643.3
million
in
January
2017.
On
a
month-on-month
basis,
however,
domestic
credit
went
down
by
0.34%,
from
US$7
669.5
million
recor
ded in December 2016, mainly pulled down by credit to the private sector.
Credit to the private sector , recorded an annual decrease of 6.69% to US$3 385.8 million in January 2017 from US$3 628.6 million recorded in January 2016. On a month on month basis, credit to the private sector also went down by 4.04% from US$3 528.4 million in December 2016.
Source: Reserve Bank of Zimbabwe, 2017
The sectoral distribution of outstanding credit to
the private sector, showed an inclination
towards sectors that have short turn around. As
at end of January 2017, credit to households
claimed the largest share of credit, at 22.8%,
followed by agriculture, 17.3%; services,
15.2%; and manufacturing, 13.5%. Sectors
requiring long term capital investments such as
transport,
communication,
mining
and
construction, received relatively lower shares of
the credit.
Due to the short term nature of credit, a
significant portion of credit was channelled
Transferable
deposits
70.37%
time
deposits
27.28%
Negotiable
certificates of
deposits
0.89%
Currency outside
Depository
Corporations
1.46%Figure 11:Composition of Money
Figure 11:Composition of Money Supply January 2017
Supply January 2017
Households
22.80%
Agriculture
17.29%
Services
15.23%
Manufacturing
13.53%
Financial
Organisations
and
investiments
10.88%
Distribution
10.21%
Mining
5.57%
Transport and
Communication
2.43%
Construction
1.61%
Other
0.44%Figure
Figure 12: Sectoral Distribution Of Credit
Credit

towards working capital and other short-term
purposes.
Private sector credit was utilised for inventory
build-up, 28%; consumer durables, 16.0%;
fixed capital investment, 13.9%; and pre and
post shipment financing, 1.4%. Amounts
channelled towards other recurrent expenditures
constituted 40.8% of the total outstanding loans
and advances.

STOCK MARKET DEVELOPMENTS

During the month of January 2017, trading
activity on the Zimbabwe Stock Exchange
(ZSE) was subdued, as most investors usually
adopt a wait and see strategy at the beginning of
the year. Consequently, both the industrial and
mining indices declined by 4.3 points and 2.2
points, to close the month under review at 140.2
points and 56.3 points, respectively.
The steady decline recorded in both the
industrial and mining indices in January 2017,
can also be attributed to the traditional slow start
of trading at the beginning of the year, as
investors weigh options after the festive session.

Consequently, trading volumes fell by 89.2%,
from 292 538 969 shares in December 2016 to
31 616 982 shares in January 2017. Over the
same period, the value of shares traded also
declined by 67.1% to US$8 552 699.


Source: Zimbabwe Stock Exchange, 2017

30-Jan-16
29-Feb-16
31-Mar-16
30-Apr-16
31-May-16
30-Jun-16
31-Jul-16
31-Aug-16
30-Sep-16
31-Oct-16
30-Nov-16
31-Dec-16
31-Jan-17
Figure 8: ZSE Indices
Industrial
Mining

Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Sep-16
Oct-16
Nov-16
Dec-16
Jan-17
VALUES TRADED (US$ MILLIONS)
VOLUMES TRADED (MILLIONS)
Figure 9: ZSE: Monthly Volumes
Figure 9: ZSE: Monthly Volumes and Values Tr
and Values Traded
Volume
Turnover
Source: Zimbabwe Stock Exchange, 2017

Reflecting thin trading in the market, during the
month ending 31st January 2017, the ZSE
market capitalisation declined by 2.6% to close
at US$3.9 billion.
INFLATION OUTTURN

Annual Inflation

Annual headline inflation continued on an
upward trend, increasing to -0.65% in January
2017, from -0.93% in December 2016. The
increase emanated from both food and non-food
categories.


Source: ZIMSTAT, 2017
Yearly food inflation increased from -0.95% in
December 2016, to -0.30 % in January 2017.
The rise in food inflation was largely on account
of price increases in bread and cereals; oils and
fats; and fish and sea food sub-categories.
Declines in the meat; milk, cheese and eggs; and
vegetables sub categories partially offset the
increases.

Annual non-food inflation also increased from
-0.92% in December 2016, to -0.82% in January
2017. This was largely due to increases in
education, recreation and culture, restaurants
and hotels as well as miscellaneous goods and
services. Partially offsetting the increases were
declines in housing, water, electricity, gas and
other fuels; transport; clothing; and footwear.


Monthly Inflation


The month-on-month inflation rate stood at
0.23% in January 2017, up from 0.06% in
December 2016. The increase was driven by
both
food
and
non-food inflation.

Source: ZIMSTAT, 2017
Non-food inflation increased from -0.09% in
December 2016, to 0.03% in January 2017. This
followed price increases in the restaurants and
hotels category, as well as recreation and
culture.

Monthly food inflation rose from 0.38% in
December 2016, to 0.80% in January 2017,
driven by increases in prices of bread and
cereals, meat and vegetables, among others.


Figure 13: Annual Inflation
(%)
Headline Inflation
Food
Non Food

0.6Figure 14: M
Figure 14: M-
-O
O-
-M Inflation
M Inflation

Partially offsetting the increases, were decreases
in prices of oils and fats as well as fruits.

NATIONAL PAYMENTS SYSTEM

The value of transactions processed through the
national payments system decreased from
US$7 326.00 million in December 2016, to
US$6 211.63 million in January 2017. Over the
same period, the volume of transactions
declined by 13%, from 50 196 324 to
43 905 251. This decline is consistent with low
business volumes associated with the beginning
of the year.

Zimbabwe Electronic Transfer Settlement
System (ZETSS)

The value of transactions processed through the
RTGS system declined by 17%, to close the
month under review at US$ 4 052.79 million.
The total RTGS transaction volumes also
decreased by 14%, from 405 380 in December
2016 to 350 023 in January 2017. The decline
was largely due to the end of the festive season.
Source: Reserve Bank of Zimbabwe, 2017


Cash transactions

Cash transactions stood at US$321.0 million in
January 2017, a 5.2% decline from the
US$397.5 million recorded in December 2016.


Mobile and Internet Based Transactions

The total value of mobile and internet based
transactions closed the month of January 2017
lower at US$814.5 million, compared to
US$891.2 million in December 2016.

Card Based Transactions
Card based transactions also decreased from
US$551.8 million in December 2016, to
US$ 439.1 million in January 2017.

Cheque Transactions
The value of check transactions was 33.1%
higher at US$7.5 million during the month
under analysis, from US$5.6 million in
December 2016.

RESERVE BANK OF ZIMBABWE
MAY 2017


VALUE IN US$ BILLIONS
VOLUME IN THOUSANDS
Figure 15: ZETSS Volumes and
Figure 15: ZETSS Volumes and Values
Values
Volume
Value

Statistical Tables

Monetary Statistics

1 Depository Corporations Survey

2 Central Bank Survey

3 Other Depository Corporations Survey

Other Depository Corporations

4.1 Assets

4.2 Liabilities

Commercial Banks
5.1 Assets

5.2 Liabilities

Building Societies
6.1 Assets

6.2 Liabilities

Sectoral Analysis of Bank Loans and Advances and Deposits

7.1 Sectoral Analysis of Commercial Banks Loans and Advances

7.2 Sectoral Analysis of Commercial Banks Deposits

Interest Rates

8.1 Lending Rates

8.2 Banks Deposit Rates

Inflation

9.1 Monthly Inflation

9.2 Yearly Inflation

External Statistics

10. Total External Debt Outstanding by Debtor

11. Exchange Rates

12. Zimbabwe Stock Exchange Statistics

National Payments System Statistics


13.1 Values of Transactions

13.2 Volumes of Transactions

14. Merchandise Trade Statistics

Jan-16
Mar-16
Jun-16
Jul-16
Aug-16
Sep-16
Oct-16
Nov-16
Dec-16
Jan-17
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

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

Other Items(net)

Broad Money-M3

Securities Other than Shares Included in Broad Mo

Broad Money-M2

Other Deposits

Narrow Money-M1

Transferable Deposits

Currency Outside Depository Corporations

Source: Reserve Bank of Zimbawe
Note:
(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.
TABLE 1: DEPOSITORY CORPORATIONS SURVEY (US$ '000)

Jan-16
Mar-16
Jun-16
Jul-16
Aug-16
Sep-16
Oct-16
Nov-16
Dec-16
Jan-17
Y
O
Net Foreign Assets

Claims on Non Residents

Official Reserves Assets

Other Foreign Assets

Less Liabilities to Non Residents

Short Term Liabilities

Other Foreign Liabilities

Net Domestic Assets (NDA)

Domestic Claims

Net Claims on Central Government

Claims on Central Government

Of which: Securities Other than Shares

Less Liabilities to Central Government

Of which: Deposits

Claims on Other Sectors

Other Financial Corporations

State and Local Government

Public Non Financial Corporations

Private Sector

Claims on Other Depository Corporations

Other Liabilities to ODCs

Other Items(Net)

Monetary Base Incl. foreign currency clearing balances
Monetary Base

Bond Notes and Coins in Circulation

Liabilities to ODCs

Reserve Deposits

Other

Private Deposits

Source: Reserve Bank of Zimbawe
TABLE 2: CENTRAL BANK SURVEY (US$'000)

Jan-16
Mar-16
Jun-16
Jul-16
Aug-16
Sep-16
Oct-16
Nov-16
Dec-16
Jan-17
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)
4,741,030.24

4,878,305.20

5,132,752.46

5,060,208.14

5,148,766.23

5,245,432.00

5,321,500.90

5,442,974.41

5,549,018.98

5,580,169.12

Domestic Claims
4,938,889.13

4,968,416.04

5,052,675.36

4,986,309.07

4,950,022.79

5,022,442.51

5,110,022.06

5,157,302.61

5,249,484.24

5,193,549.03

Net Claims on Central Government
1,149,204.34

1,230,643.24

1,415,342.33

1,425,743.21

1,396,177.93

1,446,944.29

1,503,220.41

1,472,146.07

1,528,867.51

1,617,356.78

Claims on Central Government
1,175,561.7580

1,247,585.3619

1,440,948.5355

1,476,643.9874

1,443,114.9290

1,490,684.3763

1,546,271.8214

1,518,299.1187

1,571,032.9250

1,670,420.5050

Securities
1,147,046.9897

1,225,003.3297

1,412,869.1273

1,450,083.5207

1,420,220.1988

1,463,404.5297

1,517,535.6764

1,500,671.4257

1,553,239.1020

1,654,534.6290

Loans
28,514.7683

22,582.0322

28,079.4082

26,560.4666

22,894.7303

27,279.8466

28,736.1450

17,627.6930

17,793.8230

15,885.8760

Other
0.00

-

-

-

-

(0.00)

-

(0.00)

0.00

(0.00)

Less Liabilities to Central Government

Claims on Other Sectors
3,789,684.78

3,737,772.80

3,637,333.03

3,560,565.86

3,553,844.86

3,575,498.22

3,606,801.65

3,685,156.54

3,720,616.72

3,576,192.25

Other Financial Corporations
105,432.43

106,004.42

110,807.60

120,221.91

116,453.99

117,440.18

106,745.29

109,892.67

102,641.44

100,223.50

State and Local Government
44,413.96

42,766.93

40,448.43

48,803.79

47,676.40

43,554.41

41,728.47

37,784.82

34,237.41

35,909.11

Public Non Financial Corporations
68,576.96

109,014.22

98,902.80

100,732.47

100,520.49

93,825.28

103,499.64

101,612.03

86,631.35

84,675.48

Private Sector
3,571,261.43

3,479,987.23

3,387,174.20

3,290,807.69

3,289,193.98

3,320,678.35

3,354,828.25

3,435,867.03

3,497,106.53

3,355,384.15

Claims on the Central Bank
735,799.887

810,741.643

1,017,467.818

1,055,340.530

1,178,684.455

1,209,909.110

1,156,606.119

1,323,120.314

1,435,556.219

1,475,197.651

Bond Notes and Coins
1,218.436

1,526.163

1,614.904

1,620.368

1,580.191

1,627.106

1,420.818

4,565.027

16,563.071

20,206.055

Reserves
734,581.451

809,215.480

1,015,852.915

1,053,720.162

1,177,104.264

1,208,282.003

1,155,185.301

1,318,555.287

1,418,993.147

1,454,991.597

Liabilities to the Central Bank

Other Items(Net)
933,649.98

900,850.66

937,390.03

981,438.87

979,940.77

986,918.90

945,127.17

1,037,448.30

1,134,271.35

1,088,577.32

Shares and Other Equity
1,110,598.52

1,103,911.46

1,160,998.70

1,174,877.57

1,188,635.39

1,194,352.25

1,211,644.10

1,228,902.77

1,271,826.05

1,272,987.21

Liabilities to other financial corporations
86,000.67

37,325.07

47,396.74

46,151.88

41,248.99

36,195.23

28,299.00

28,777.63

48,770.44

41,105.95

Other Items(Net)
(262,949.20)

(240,385.87)

(271,005.41)

(239,590.58)

(249,943.61)

(243,628.59)

(294,815.93)

(220,232.10)

(186,325.14)

(225,515.85)

Deposits and Securities Included in Broad Money
4,718,898.14

4,890,832.17

5,103,294.98

5,047,074.28

5,167,680.67

5,263,571.88

5,302,500.30

5,397,590.93

5,567,120.14

5,579,371.63

Deposits Included in Broad Money
4,673,965.52

4,835,248.40

5,022,342.85

4,975,283.25

5,086,840.39

5,189,453.59

5,229,143.63

5,353,728.76

5,504,225.78

5,528,809.61

Transferable Deposits
3,137,455.10

3,242,880.58

3,453,134.13

3,457,573.92

3,533,492.69

3,654,543.14

3,720,200.45

3,886,146.76

4,032,568.59

3,983,863.96

Other Deposits
1,536,510.42

1,592,367.82

1,569,208.72

1,517,709.33

1,553,347.70

1,534,910.45

1,508,943.19

1,467,582.00

1,471,657.19

1,544,945.66

Money Market Instruments
44,932.62

55,583.77

80,952.14

71,791.03

80,840.29

74,118.29

73,356.67

43,862.17

62,894.35

50,562.02

Source: Reserve Bank of Zimbawe
TABLE 3: OTHER DEPOSITORY CORPORATIONS SURVEY ( US '000)

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

Local Governemt
Public Enterprises
Other

Government
Local
Public
Other Institutional Units

Other cliams
Contigent Assets
Other Assets
Non Financial
Coins
RBZ
Corporations
Foreign Banks
Non-residents
Securities
securities
Government
Enterprises
Assets

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Source:Reserve Bank of Zimbabwe,2017
Notes
1.Government securities includes treasuary bills and bonds
2.Includes bankers acceptances, discounted bills and negotiable certificates of deposits.
3.Includes households, other financial corporations,
TABLE 4.1: - OTHER DEPOSITORY CORPORATIONS -ASSETS
US$ millions
Debt Securities
Loans and Advances

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


Source:Reserve Bank of Zimbabwe,2017
TABLE 4.2 : OTHER DEPOSITORY CORPORATIONS - LIABILITIES
Deposits
Amounts Owing to
US$millions

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
1.05


Feb
1.21


Mar
1.31


Apr
1.35


May
1.38


Jun
1.42


Jul
1.45


Aug
1.36


Sep
1.40


Oct
1.27


Nov
4.24


Dec
14.07


Jan
17.72


Source:Reserve Bank of Zimbabwe,2017
Notes
1.Government securities includes treasuary bills and bonds
2.Includes bankers acceptances, discounted bills and negotiable certificates of deposits.
3.Includes households, other financial corporations,
TABLE 5.1: - COMMERCIAL BANKS -ASSETS
US$ millions
Debt Securities
Loans and Advances

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

Jan

Feb

Mar

Apr

May

June

July

Aug

Sep

Oct

Nov

Dec


Jan

Source:Reserve Bank of Zimbabwe,2017
TABLE 5.2 : COMMERCIAL BANKS - LIABILITIES
Deposits
Amounts Owing to

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

Jan
0.13


Feb
0.20


Mar
0.19


Apr
0.19


May
0.14


Jun
0.18


Jul
0.16


Aug
0.20


Sep
0.21


Oct
0.12


Nov
0.14


Dec
1.72


Jan
2.35


Source:Reserve Bank of Zimbabwe,2017
Notes
1.Government securities includes treasuary bills and bonds
2.Includes bankers acceptances, discounted bills and negotiable certificates of deposits.
3.Includes households, other financial corporations,
TABLE 6.1: BUILDING SOCIETIES -ASSETS
US$ millions
Debt Securities
Loans and Advances

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

Jan

Feb

Mar

Apr

May

June

July

Aug

Sep

Oct

Nov

Dec


Jan

Source:Reserve Bank of Zimbabwe,2017
Amounts Owing to
TABLE 6.2: BUILDING SOCIETIES -LIABILITIES
US$ millions

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

Source:Reserve Bank of Zimbabwe,2017
/1 Including the only merchant bank still in operation.
TABLE 7.1 : SECTORAL ANALYSIS OF COMMERCIAL BANKS LOANS AND ADVANCES/1
US$ thousands

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Source: Reserve Bank of Zimbabwe,2017
TABLE 7.2: SECTORAL ANALYSIS OF COMMERCIAL BANKS DEPOSITS
US$ thousands

End Period
Nominal Lending Rates 1
Individuals
Corporate

Jan
6.00-22.00
12.08
7.38
Feb
4.00-22.00
11.48
7.29
Mar
4.00-22.00
11.44
7.16
Apr
4.00-22.00
11.50
7.20
May
4.00-18.00
11.43
7.35
Jun
4.00-18.00
11.40
7.48
Jul
4.00-18.00
10.69
6.79
Aug
4.00-18.00
10.67
6.84
Sep
4.00-18.00
10.66
6.95
Oct
4.00-18.00
10.70
6.93
Nov
4.00-18.00
10.69
6.99
Dec
4.00-18.00
10.59
6.87

Jan
4.00-18.00
10.61
6.68
Source:Reserve Bank of Zimbabwe, 2017
Notes
TABLE 8.1: LENDING RATES (percent per annum)
1. Nominal Lending Rates depict the range of rates quoted by banks.
Commercial Banks
Weighted Average Lending Rates

END OF
SAVINGS
3 MONTHS

Jan
0.50-8.00
0.75-17.00
Feb
0.50-8.00
0.75-17.00
Mar
0.50-8.00
0.75-17.00
Apr
0.50-8.00
0.75-17.00
May
0.50-8.00
0.75-17.00
Jun
0.50-6.00
0.75-17.00
Jul
0.50-6.00
0.75-17.00
Aug
0.50-6.00
1.00-17.00
Sep
0.50-6.00
1.00-17.00
Oct
0.50-6.00
1.00-17.00
Nov
0.50-6.00
1.00-17.00
Dec
0.50-6.00
1.00-17.00

Jan
0.50-6.00
1.00-17.00
Source:Reserve Bank of Zimbabwe, 2017
* The range of rates qouted by banks during the period.
TABLE 8.2 : BANKS DEPOSIT RATES (percent per annum)*
COMMERCIAL BANKS

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

Source:Zimstat, 2017
NON-FOOD INFLATION
TABLE 9.1 : MONTHLY INFLATION -- PERCENTAGE CHANGE IN CONSUMER PRICE INDEX
( DECEMBER 2012 = 100)

F OOD
IN F LA TION
A LC OHOLIC
C LOTHIN G
HOUS IN G,
WA TER ,
F UR N ITUR E
M IS C .
F OOD &
B EVER A GES
&
ELEC TR IC T
Y, GA S
A N D
R EC R EA TION
&
R ES TA UR A N TS
&
GOOD S &
TOTA L N ON
N ON
A LC OHOLIC
A LL
& TOB A C C O
F OOTWEA R
& OTHER
EQUIP M EN T
C ULTUR E
HOTELS
S ER VIC ES
F OOD
B EVER A GES
ITEM S
F UELS

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Source: Zimstat, 2017
C OM M UN IC A TION
TR A N S P OR T
HEA LTH
ED UC A TION
N ON -F OOD IN F LA TION
TABLE 9.2 : YEARLY INFLATION -- PERCENTAGE CHANGE IN CONSUMER PRICE INDEX
(DECEMBER 2012 = 100)

(US$ millions)
End Period

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

1,198
1,382
1,289


Supplier's Credits

Reserve Bank

Private

1,807
1,671
1,731
Total External Debt

Source: Ministry of Finance & Economic Development, 2017; & Reserve Bank of Zimbabwe, 2017
TABLE 10: ZIMBABWE: EXTERNAL DEBT OUTSTANDING BY DEBTOR (INCLUDING ALL ARREARS)

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

JAN

FEB

MAR

APR

MAY

JUN

JUL

AUG

SEP

OCT

NOV

DEC


Jan

Source: Reserve Bank of Zimbabwe, 2017
TABLE 11 : SELECTED INTERNATIONAL EXCHANGE RATES
1. Foreign currency per US dollar.
2. US dollars per unit of foreign currency.

Market Capitalisation
US$ millions

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Source:Zimbabwe Stock Exchange (ZSE),2017
Indices
TABLE 12: ZIMBABWE STOCK MARKET STATISTICS
Industrial
Market Turnover
US$ million
Volume of Shares
Mining

MONTH
ZETSS
CHEQUE
POS
ATM
MOBILE INTERNET

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Source:Reserve Bank of Zimbabwe, 2017
TABLE 14.1 : ZETSS AND RETAIL PAYMENTS
Values of Transactions (US$ millions)

MONTH
ZETSS
CHEQUE
POS
ATM
MOBILE
INTERNET

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Annual Total


Jan

Source:Reserve Bank of Zimbabwe, 2017
TABLE 14.2 : ZETSS AND RETAIL PAYMENTS
Volumes of Transactions (000's)

Month
Exports
Imports
Total Trade
Trade Balance

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Total


Jan

Source: Zimstat, 2017
TABLE 14 : MERCHANDISE TRADE STATISTICS
(US$ millions)