QUARTERLY
ECONOMIC
REVIEW


December 2019

CONTENTS

List of Figures

List of Tables


1.
OVERVIEW

Global growth is estimated to have slowed down
in 2019, due to subdued global manufacturing
activities and weaker performance in Europe and
Asia. The International Monetary Fund (IMF), in
its January 2020 update of the World Economic
Outlook (WEO) for 2019, revised the global
growth estimate further down to 2.9% for 2019,
from its October 2019 projection of 3.0%.
On the domestic front, economic activity was
constrained by the challenging
operating
environment in 2019. Resultantly, real GDP
growth is estimated to have declined by 6.5%,
following estimated declines in major sectors of
the economy as follows: agriculture (-18.0%);
construction (-14%); mining (-11.9%); and
manufacturing (-5.9%).
Month-on-month inflation declined further to
16.6% by the end of the fourth quarter of 2019,
from 18% by the end of the third quarter. This
was attributed to a decline in both food and nonfood inflation. Going forward, the Bank will
enhance liquidity management, in order to
stabilise the exchange rate and anchor inflation
expectations.

Total merchandise trade for the fourth quarter of

amounted
to
US$2,698.7
million,
representing an 11.3% decline from US$3,042.3
million recorded in the corresponding quarter in

1 From November 2017, broad money was adjusted by a
reclassification of “lines of credit” that were incorrectly
classified as deposits included in broad money. This
reduced the stock of money and at the same time reduced
the net foreign assets of Other Depository Corporations.
2018. This was on account of declines of 29.1%
and 13.3% in imports and exports, respectively.
Broad money1 increased from Z$23 551.73
million in September 2019 to Z$34 983.47
million2 in December 2019. This followed
increases in transferrable deposits, 52.29%;
currency in circulation, 30.97%; time deposits,
13.53; and negotiable certificates of deposits
(NCDs), 10.95%.
During the fourth quarter of 2019, the Zimbabwe
Stock Exchange (ZSE) was characterized by
bearish sentiments. Consequently, the All Share
and Top 10 indices shed 2.44 and 15.41 points to
close at 230.08 and 202.68 points, respectively.
Similarly, ZSE market capitalization declined
from Z$30.53 billion at the end of the third
quarter, to Z$29.77 billion at the end of the fourth
quarter of 2019.

The value of transactions processed through the
National Payment System increased by 62% to
Z$218.97 billion as at 31st December 2019, from
Z$135.06 billion recorded by the end of the third
quarter. NPS transaction volumes, however,
decreased by 5% to 596.01 million in the fourth
quarter of 2019, from 626.88 million in the third
quarter.


2 Provisional numbers compiled using RBZ balance sheet
as at 27th December 2019.

2. INTERNATIONAL
ECONOMIC
DEVELOPMENTS

Global economic activity is estimated to have
slowed down in 2019, partly due to slower global
manufacturing activities, weaker performance in
Europe and Asia, and negative effects of the
trade war between the United States and China.
Moreover, the prolonged uncertainty regarding
Britain’s withdrawal from the European Union
(Brexit), posed vulnerabilities to the Eurozone
and the rest of the global economy. In particular,
the slower global manufacturing and trade
activities weighed down on commodity prices.
Accordingly, the International Monetary Fund
(IMF), in its January 2020 update on the World
Economic Outlook (WEO), estimated global
growth for 2019 at 2.9%, down from 3.6% in
2018.
Table 1 summarizes global economic growth
developments and prospects for selected regions
and countries.


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

(Estimate)

(Projection)
World Output
3.6
2.9
3.3
Advanced
Economies
2.2
1.7
1.6
US
2.9
2.3
2.0
Euro Area
1.9
1.2
1.3
Japan
0.8
1.0
0.7
Emerging
Market
&
Developing
Economies
4.5
3.7
4.4
China
6.6
6.1
6.0
India
6.8
4.8
5.8
Sub-Saharan
3.2
3.3
3.5
Zimbabwe3
3.4
-6.5
3.0
Latin America &
the Caribbean
1.1
0.1
1.6
Source: IMF World Economic Outlook: July 2019
Global growth is, however, projected to increase
modestly to 3.3% in 2020, largely boosted by
indications that manufacturing activity and
global trade are on a recovery path; a shift to
accommodative monetary policy in a number of
advanced economies; positive US-China trade
negotiations; and the conclusion of Brexit.
Downside risks in the form of elevated
geopolitical tensions between the United States
and Iran as well as social unrest in other
countries, however, continue to linger and if they
materialize, could dampen sentiments and lead to
lower than projected global growth.

Growth for advanced economies is estimated to
have slowed to 1.7% in 2019 and is projected to
further slowdown to 1.6% in 2020. This is mainly
on account of a return to a neutral fiscal stance in
the United States, as well as the civil unrest in
Hong Kong.
The growth in emerging market and developing
economies is estimated to have decelerated to
3.7% in 2019, from 4.5% in 2018. It is, however,
projected to increase to 4.4% in 2020. An
improvement in the global trade environment and
prospects for the easing of geopolitical tensions
in some regions, is expected to anchor the growth
in emerging markets and developing economies.
In sub-Saharan Africa, growth is estimated to
have improved slightly from 3.2% in 2018 to
3.3% in 2019. The growth is projected to further
increase to 3.5% in 2020, largely emanating from
non-resource-intensive countries.

INTERNATIONAL COMMODITY PRICE
DEVELOPMENTS

During the fourth quarter of 2019, international
prices for precious metals, copper and Brent
crude oil were higher, compared to the previous
quarter. Nickel prices, however, declined in the
fourth quarter of 2019, compared to the third
quarter.
Table 2 shows the evolution of international
prices for selected commodities, during the third
and fourth quarters of 2019.

Table 2: International Commodity Prices:
Q4 2019


Gold
Platinum
Copper
Nickel
Brent
Crude Oil

US$/oz
US$/oz
US$/tonne
US$/tonne
US$/Barrel
2019 Q3
Average

Oct-19

Nov-19

Dec-19

2019 Q4
Average


Q3-Q4
Changes

Source: Bloomberg, BBC, 2019
Precious Metals
Gold prices firmed by 0.5%, to a quarterly
average of US$1,481.73/oz in the fourth quarter
of 2019, from US$1,4744.44/oz in the third
quarter. The decision by the Federal Reserve, to
hold interest rates constant through 2019,
dampened the appetite for interest bearing assets,
thereby, boosting precious metal prices. The rise
in the price of the yellow metal, was, however,
capped by optimism about the positive impact of
the interim trade agreement between the US and
China.
Platinum prices averaged US$ 897.10 per ounce
during the fourth quarter, a 1.6% rise from a
quarterly average of US$882.70 per ounce
during the previous quarter. In addition to strong
investment demand, platinum prices were further
boosted by supply disruptions in South Africa.
This was occasioned by power outages in the
world’s top platinum producer.

Figure 1 shows the monthly trends of precious
metal prices for the period from June 2018 to
December 2019.
Figure
1:
Precious
Mineral
Prices
(US$/ounce): Jun 2018 – Dec 2019


Source: Bloomberg, 2019

Base Metals
Nickel prices which rallied in the third quarter of
2019, on fears of supply disruptions in Indonesia,
eased during the period under review as the
impact of an export ban by Indonesia dissipated.
Nickel stockpiles rose in the fourth quarter,
signalling ample supply of the base metal and
this dampened its demand prospects.
Slowing demand from the stainless steel industry
in China also exerted downward pressure on
nickel prices. In addition, the Philippines came
on board as a supplier of nickel late in the quarter,
adding to fears of a global glut. As a result, the
average price of the base metal declined by 1.8%
to US$15,359.22 per tonne in the fourth quarter
of 2019, from US$15,635.11 per tonne in the
third quarter.
Copper prices rose by 1.7% to US$5,898 per
tonne, during the fourth quarter of 2019, from
US$5,801.38 per tonne in the third quarter 2019.
Positive investor sentiments, prompted by the deescalation in the US-China trade disputes,
following the signing of an interim trade deal,
supported copper prices. In addition, industrial
data from China, which showed a 6.2% year-onyear growth in November 2019, also acted as a
positive signal for the price of the base metal.
Figure 2 shows the monthly trends of base metal
prices for the period from June 2018 to
December 2019.

Figure 2: Base Metal Prices (US$/ton): June
2018 – September 2019
Source: Bloomberg, 2019

Jun-18
Aug-18
Oct-18
Dec-18
Feb-19
Apr-19
Jun-19
Aug-19
Oct-19
Dec-19
Gold
Platinum (RHS)


Jun-18
Aug-18
Oct-18
Dec-18
Feb-19
Apr-19
Jun-19
Aug-19
Oct-19
Dec-19
Copper
Nickel (RHS)

Brent Crude Oil
During the quarter under review, average crude
oil prices increased by 0.6%, buoyed by positive
sentiments on US-Sino trade relations and key
production decisions taken by the Organisation
of Petroleum Exporting Countries. In addition,
instability in the Middle East contributed to
tighter supply conditions and uncertainty in the
market. Agreements to cut global production
going into 2020, to avert a supply glut, also lent
some support to oil prices. Against this
background, Brent crude oil prices closed the
fourth quarter at an average of US$62.67 per
barrel, up from US$62.28 per barrel recorded in
the previous quarter.

Figure 3 shows the monthly evolution of crude
oil prices for the period from June 2018 to
December 2019.

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


Source: Bloomberg, 2019

EXCHANGE RATE DEVELOPMENTS

The Zimbabwe dollar (ZWL) depreciated on
both the official and parallel markets, by 33.9%
and 42.5%, respectively, during the fourth
quarter of 2019. Premiums widened from 15.7%
in the third quarter of 2019 to 33.6% in the fourth
quarter. Figure 4 illustrates developments in the
exchange rate premium, since the introduction of
the interbank market in February 2019.
Figure 4: Exchange Rate Developments:
February - December 2019


Source: RBZ, 2019; Market Intelligent Surveys,
2019.

Jun-18
Aug-18
Oct-18
Dec-18
Feb-19
Apr-19
Jun-19
Aug-19
Oct-19
Dec-19

25-Feb
18-Mar
8-Apr
29-Apr
20-May
10-Jun
1-Jul
22-Jul
12-Aug
2-Sep
23-Sep
14-Oct
4-Nov
25-Nov
16-Dec
2019Q4
PREMIUM (%) [RHS]

MERCHANDISE
TRADE
DEVELOPMENTS
Total merchandise trade for the fourth quarter of
2019 amounted to US$2,698.7 million, an 11.3%
decline from US$3,042.3 million recorded in the
corresponding quarter in 2018.
Figure 5: Quarterly Merchandise Total Trade
(US$ m)


Source: Zimstat, 2019
On a quarter–on-quarter basis, however, total
merchandise trade increased by 24.4%, from
US$2,169.0 million in the third quarter of 2019,
to US$2,698.7 million in the fourth quarter.
Merchandise Export Developments
Merchandise exports stood at US$1,447.9
million in the fourth quarter of 2019,
representing a 13.3% decline from US$1,277.8
million realized in the corresponding quarter in
2018, as shown in Figure 6.
Figure 6: Quarterly Merchandise Exports
(US$ m)

Source: Zimstat, 2019
The country’s export basket continued to be
dominated
by
primary
commodities.
In
particular, gold, flue-cured tobacco, nickel,
ferrochrome, chrome and industrial diamonds,
contributed about 83% of total exports, as shown
in Table 3.


2018 Q4
2019 Q4
1,277.8
1,447.6


2018Q4
2019Q4

Table 3: Quarterly Merchandise Exports (US$ m)
Commodity
2019Q3
2019Q4
2019Q3Q4
Changes
(%)
2019Q4
Share
of
Total
(%)
Flue-cured tobacco

Semi-manufactured
gold

*Nickel ores and
concentrates4

Nickel mattes

Ferrochrome

*Unwrought
Platinum

Industrial diamonds

Cane sugar

Ginned cotton

Chrome ores and
concentrates

Other

Total

Source: Zimstat, 2019 & RBZ Calculations, 2019

Major Merchandise Export Destinations
During the fourth quarter of 2019, the country’s
exports were mainly destined for South Africa,
accounting for 57.9% of total exports, followed
by the United Arab Emirates (15.9%) and
Mozambique (7.3%), as shown in Figure 7.


4 Nickel ores and concentrates, nickel mattes and
unwrought platinum are components of the platinum group
of metals (PGMs).
Figure
7:
Major
Export
Destinations
third quarter 2019.


Source: Zimstat, 2019

Merchandise Import Developments

Total merchandise imports for the fourth quarter
of 2019 amounted to US$1,251.1 million, a
29.1% slump from US$1,764.5 million recorded
for the comparative period in 2018.
Figure 8 shows quarterly merchandise imports
for the fourth quarters of 2018 and 2019.


South Africa
U.A.E
Mozambique
Botswana
Zambia
Belgium
Swaziland
Kenya
Hong Kong
Namibia
Other

Figure 8: Quarterly Merchandise Imports
(US$ m)


Source: Zimstat, 2019
The country’s major imports for the period under
review were diesel, petrol, wheat, crude soya
bean oil and fertilizers. Notably, diesel and petrol
imports collectively constituted about 25% of
total imports.
On a quarter-on-quarter basis, merchandise
imports for the fourth quarter of 2019 were 9.2%
higher at US$1,251.1 million, compared to
US$1,145.6 million recorded in the third quarter.
The increase was largely due to higher imports of
diesel, petrol and medicines, during the period
under review, as shown in Table 4.


Table 4:
Quarterly
Merchandise
Exports (US$ m)

Commodity 2019 Q2
2019 Q3
2019Q22019Q3
2019Q3
Changes
(%)
Share
of Total
(%)
Diesel

Unleaded
Petrol

Medicines

Electricity

Wheat

Rice

Fertilisers
(Urea
&
potassium
sulphate)

Crude Soya
Bean Oil

Maize
(Excluding
Seed)

Other

Total

Source: Zimstat, 2019


Major Import Sources
The country mainly sourced imports from South
Africa (40.6%); Singapore (23.3%); China
(8.4%); India (4.0%); Mauritius (2.5%) and the
United Arab Emirates (1.6%), as shown in Figure
9.


1,764.5
1,251.1
2018Q4
2019Q4

Figure 9: Major Merchandise Import Sources
(% Share)

Source: ZIMSTAT & RBZ Computations, 2019
TRADE BALANCE
The
aforementioned
merchandise
trade
developments resulted in an improvement in the
trade balance, from a deficit of US$122.2 million
recorded for the third quarter of 2019, to a
surplus of US$195.5 million in the fourth
quarter, as shown in Figure 10.


Figure 10: Merchandise Trade Balance
(US$m)


Source: Zimstat, 2019 & RBZ Computations, 2019


South Africa
Singapore
China
India
Mauritius
U.A.E
Zambia
United Kingdom
Mozambique
Denmark
Ukraine


2019 Q3
2019 Q4
Exports
Imports
Trade Balance

3. DOMESTIC
ECONOMIC
DEVELOPMENTS

REAL SECTOR DEVELOPMENTS
Gross Domestic Product
The challenging operating environment that
prevailed during the year under review,
constrained economic activity. Resultantly,
major sectors of the economy are estimated to
have declined as follows; agriculture (-18.0%);
construction (-14%); electricity and water
(-13.9%); mining (-11.9%); and manufacturing
(-5.9%).
AGRICULTURE
Agriculture activity was constrained by high
costs and poor availability of inputs, and erratic
rainfall in the fourth quarter of 2019. In addition,
the late reconfiguration of Command agriculture,
to a private sector led scheme, delayed the
distribution of inputs at the commencement of
the season. These factors resulted in a slow start
to the season and adversely affected the timely
planting of crops.

Rainfall outturn
The first half of the 2019/20 cropping season
(October-December), was characterised by very
little rainfall and high temperatures. According
to the Meteorological Services Department, most
of the country received below normal rainfall
during the period from October to December
2019.

The updated weather forecast indicate that
Meteorological Regions 1 and 2, covering
Northern and Western Parts of the country were
expected to receive normal to below normal
rainfall, while region 3, South Western parts of
the country were likely to receive below normal
rains.

Tobacco
The area planted under tobacco in the 2019/20
cropping season stood at 81 977 hectares as at
31st December 2019, compared to 79 708
hectares planted during the same period in the
previous season. This was despite the 15%
decline in farmer registrations, as well as the
82% fall in new farmer registrations.

Wheat
Winter wheat output fell to an estimated 94 685
tonnes in 2019, from 161 000 tonnes produced in
2018. The decline was largely due to a drastic fall
in area planted, amidst financing challenges.
Power
availability
challenges
experienced
during the growing season adversely affected the
irrigation of the crop, culminating in the writingoff of about 748 hectares of the crop.

Livestock
Cumulative slaughters of cattle, sheep and goats
at registered abattoirs declined in 2019,
compared to 2018. The off-take of pigs, however,
increased significantly over the same period, as
shown in the Table 5.

Table 5: Cumulative Livestock Slaughters as
at 31st December 2019.

Cattle
Pigs
Sheep &
Goats

263 006
153 164
22 778

235 027
193 820
17 210
% change
-10.6%
26.5%
-24.4%
Source: Ministry of Lands, Agriculture, Water
Climate, and Rural Resettlement, 2019

Cattle
Cattle slaughters at 49 174 head during the fourth
quarter of 2019, declined significantly, from
57 846 head in the third quarter. The decline was
attributed to high disease prevalence; low
effective demand for beef; as well retention of
stock by farmers for drought power. The Cold
Storage Company suspended slaughters during
the fourth quarter, awaiting the finalisation of the
takeover deal by the new investor. Figure 11
shows quarterly cattle slaughter statistics in
2017, 2018 and 2019.

Figure 11: Quarterly Cattle Slaughters

Source: Ministry of Lands, Agriculture, Water,
Climate and Rural Resettlement, 2019.
Pigs

Pig slaughters stood at 46 196 head in the fourth
quarter of 2019 and were lower, compared to
slaughters in both the third quarter of 2019 and
the fourth quarter of 2018, as shown in Figure 12.
Despite the fall in pig slaughters in the fourth
quarter of 2019, cumulative slaughters in 2019
were 26.5% higher than in the previous year.
This was attributed to high production costs that
impacted negatively on viability, leading to
scaling down of herd size by producers.

Figure 12: Quarterly Pig Slaughters


Source: Ministry of Lands, Agriculture, Water,
Climate and Rural Resettlement, 2019.

Milk Production

Milk output at 20.57 million litres in the last
quarter of 2019, was marginally higher than the
20.55 million litres produced in the third quarter.
The output was, however, slightly lower than the
21.01 million litres produced in the same period
in 2018. This was an indication of some level of
stagnation of national milk output, due to the


Q1
Q2
Q3
Q4


Q1
Q2
Q3
Q4

effects of the drought and rising costs of
production.

Figure 13 shows the trends in quarterly milk
production since 2017.

Figure 13: Quarterly Fresh Milk Output

Source: Ministry of Lands, Agriculture, Water, Climate
and Rural Resettlement, 2019.

MINING DEVELOPMENTS
The output of most minerals was lower in the
fourth quarter of 2019, compared to the same
period in 2018. Notable underperformances were
recorded
for
coal,
diamonds,
ruthenium,
phosphate, lithium, chrome, nickel and gold
production, as shown in Table 6. Granite and
iridium production, however, performed strongly
during the fourth quarter of 2019.


Table 6: Quarterly Mineral Production
Statistics: 2018-2019

Q4 2018
Q3 2019
Q4 2019
Gold (kg)
5 529.3
8 744.3
7 414.6
Platinum (kg)
3 707.5
3 159.4
3 274.8
Palladium (kg)
3 058.4
2 735.3
2 753.6
Rhodium (kg)
336.4
278.8
286.9
Iridium (kg)
142.6
188.0
206.6
Ruthenium (kg)
296.1
189.4
178.1
Diamonds (cts)
774 791.5
479 922.3
560 875.0
Chrome (MT)
397 388.2
394 252.8
369 347.0
Nickel (MT)
4 498.4
3 790.6
3 902.3
Copper (MT)
2 286.8
1 992.8
1 991.0
Coal (MT)
615 516.0
826 914.8
256 318.5
Lithium (MT)
20 192.1
13 929.1
11 689.3
Phosphate (T)
15 288.0
3 839.0
1 836.0
Granite (MT)
44 516.2
40 440.4
28 553.7
Source: Ministry of Mines, Chamber of Mines, 2019.

Gold
Gold
deliveries
declined
from

744.3
kilogrammes in the third quarter of 2019 to
7 414.7 kilogrammes in the fourth quarter of
2019. This, however, represented a surge in
deliveries, compared to the fourth quarter of
2018. In terms of contribution, small scale
producers were the major contributors to total
gold deliveries during the fourth quarter, as
shown in Figure 14.

Q1
Q2
Q3
Q4
Millions (litres)

Figure 14: Sectoral contribution to gold
output in Q4 2019

Source: FPR, Ministry of Mines & Chamber of Mines,
2019.
Gold deliveries mimicked developments in the
exchange
rate
premiums,
with
deliveries
responding positively to lower premiums, as
shown in Figure 15. This development shows
that deliveries to Fidelity Printers and Refinery
(FPR) were partly dampened by smuggling
activities and diversion of gold by small scale
and artisanal miners to the parallel market, where
buyers pay the full amount in foreign currency.

Figure 15: Gold Deliveries and Exchange Rate
Premium

Source: RBZ, FPR, 2020
PGMs
Platinum output increased from 3 159.4
kilogrammes in the third quarter of 2019 to
3 274.8 kilogrammes in the fourth quarter. The
output for the fourth quarter of 2019, however,
was 8% lower than 3 707.5 kilogrammes
produced in the same quarter in 2018. Similar
trends were also experienced for palladium
output which stood at 2 753.6 kilogrammes in the
fourth quarter of 2019, about 10% lower than the
3 0584.6 kilogrammes realised in same quarter in
2018.


Diamonds
The output of diamond declined from 774 791.5
carats in the fourth quarter of 2018 to 560 875
carats in the fourth quarter 2019. The
underperformance of diamonds during the period
under review was largely on account of reduced


q1
q2
q3
q4
Large scale producers/kg
Small Scale producers/kg
Secondary Producers/kg


Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Gold (kg)
Premium (RHS)

throughput at one of the major diamond
producers. A combination of shortages of fuel for
plant and machinery and working capital
challenges, as a consequence of the suspension
of sales, affected production. Furthermore,
insufficient investment in exploration as well as
delays in resuscitating mining operations in the
aftermath of Cyclone Idai in the Chimanimani
mining area, negatively affected production.

Compared to the 479 922 carats produced in the
third quarter of 2019, however, diamond output
in the fourth quarter was 16.9% higher.

Coal
Coal output in the fourth quarter of 2019 was
69% down, from 826 914.8 tonnes produced in
third quarter. This was, in large part, due to
shortages of working capital, as surging inflation
pushed up costs of production. In addition,
production was also weighed down by foreign
exchange constraints which resulted in the
shortage of imported critical spares and
consumables.

Chrome
Chrome production was subdued during the
fourth quarter 2019, compared to the third
quarter. Output declined from 394 252.8 tonnes
in the third quarter of 2019 to 369 347.0 tonnes
in the fourth quarter. Production was also
constrained compared to the similar period in
2018, despite the firming High Carbon
Ferrochrome (HCF) prices. Challenges of
foreign currency for the importation of spares
and explosives; shortages of fuel; and power
outages adversely affected production.

ELECTRICITY
Electricity generation fell across all power
producers in the fourth 2019, resulting in a
decline in output, from 1 522GWh produced in
third quarter 2019 to 1 238GWh. Production at
Kariba was affected by low water allocation for
power generation. The low output from all
thermal power stations was attributed to
outages of critical generation units, due to
frequent breakdowns of machinery. Table 7
shows the 2019 quarterly generation of power
by power stations.
Table 7: 2019 Quarterly Power Output
Station
Q1
Q2
Q3
Q4
Kariba

Hwange

839.1
695.1
Bulawayo

13.9
9.7
Munyati

17.6
12.2
Harare

25.0
10.7
IPPs

16.6
11.7
Source: ZPC, ZERA, 2019
Cumulatively, electricity output declined by
19%, from 9 339.6 GWh in 2018 to 7 580.6
GWh in 2019. Figure 16 shows the trend in
quarterly power generation in 2018 and 2019.

Figure 16: Quarterly Electricity Generation
(GWh) 2018 and 2019

Source: ZPC, ZERA, 2020


INFLATION DEVELOPMENTS

Monthly inflation decelerated from 39% in
October 2019 to 17.46% in November and 16.6%
in December 2019. The rent-seeking pricing
behaviour of a few holders of excess liquidity,
generated speculative attacks on the exchange
rate, with a pass-through effects on inflation.
Figure 17 shows the trends in monthly inflation
since February 2018.

Figure 17: Monthly Inflation Profile (%)
Source: Zimstat, 2020

Food Inflation

Month-on-month food inflation fell from 37% in
October 2019 to 18% in November 2019 and
ended the fourth quarter of 2019 at 13%. Bread
and cereals; meat; vegetables continued to have
the largest impact on food inflation, as shown in
Figure 18.

Q1
Q2
Q3
Q4


Feb-18
Apr-18
Jun-18
Aug-18
Oct-18
Dec-18
Feb-19
Apr-19
Jun-19
Aug-19
Oct-19
Dec-19

Figure 18: Contribution to Food Inflation by
Sub-category (%)

Source: RBZ, Zimstat, 2020

Non-Food Inflation

Month-on-month non-food inflation decelerated
from 32.9% in October, to 13.9% in November,
before increasing to 17.1% in December 2019.
Monthly non-food inflation was largely driven
by housing, water, electricity, gas and other
fuels; and restaurants and hotels, during the
fourth quarter of 2019, as shown in Figure 19.


Figure
19:
Contribution
to
Non-Food
Inflation by Sub-category (%)


Source: RBZ, Zimstat, 2020

Oct-19
Nov-19
Dec-19
Mineral waters, soft drinks, fruit and vegetable juices
Coffee, tea and cocoa
Food products n.e.c
Sugar,jam,honey,chocolate and confectionery
Fruit
Oils and fats
Milk,Cheese,Eggs
Fish and sea food
Vegetables
Meat
Bread and Cereals

Oct-19
Nov-19
Dec-19
Miscellaneous goods and services
Restaurants and hotels
Education
Recreation and culture
Communication
Transport
Health
Furniture, household equipment and maintenance
Housing water electricity gas and other fuels
Clothing and footwear
Alcoholic beverages and tobacco

4. MONETARY DEVELOPMENTS5

Broad money6 increased from Z$23 551.73
million
in
September

to
Z$34 983.47 million7 in December 2019.
The quarter- on- quarter growth in money supply
was on the back of expansions in transferrable
deposits, 52.29%; currency in circulation8,
30.97%; time deposits, 13.53; and negotiable
certificates of deposits (NCDs), 10.95%.
During the quarter under review, transferable
deposits constituted 91.32% of broad money, of
which 52.19% were in domestic currency and
34.13%, in foreign currency. Time deposits,
currency in circulation and NCDs accounted for
5.40%, 2.59% and 0.70%, respectively.
Figure 20 shows annual broad money supply
components in nominal terms as well as growth
rates.


5 All monetary numbers are in Z$ since the adoption of the
inter-bank foreign exchange market in February 2019.
6 From November 2017, broad money was adjusted by a
reclassification of “lines of credit” that were incorrectly
classified as deposits included in broad money. This
reduced the stock of money and at the same time reduced
the net foreign assets of Other Depository Corporations.
Figure 20: Annual Broad Money Supply
Growth Rates and Components of
Broad Money in Levels

Source: RBZ, 2019
Domestic Credit
On a quarterly basis, net domestic credit
increased by 42.41%, from Z$21 168.77 million
in the previous quarter to Z$30 146.50 million in
the fourth quarter of 2019. The growth was
largely driven by increases in credit to the private
7 Provisional number compiled using RBZ balance sheet as
at 27th December 2019.
8 Currency in circulation is local currency notes and coins
outside the banking system.

Dec 17
Feb-18
Apr-18
Jun-18
Aug-18
Oct-18
Dec-18
Feb-19
Apr-19
Jun-19
Aug-19
Oct-19
Dec-19
%
Billion
Negotiable Certificates of Deposits
Currency in Circulation
Time Deposits
FCA included in Broad Money
Domestic Currency Transferable Deposist
Annual Broad Money Growth (%)

sector, 61.74%; and net claims on Government,
24.32%.
Net claims on Government increased from
Z$13
061.89
million
in
September
to
Z$16 238.82 million in December 2019. Credit
to the private sector stood at Z$11 037.16 million
in December 2019, up from Z$6 875.50 million
recorded in September 2019.

Credit to the private sector was mainly
channelled
towards
agriculture,
31.69%;
financial organisations, 15.09%; households,
13.88%; and distribution, 10.84%; as shown in
Figure 21.

Figure 21: Distribution of Private Sector
Credit

Source: Reserve Bank of Zimbabwe, 2019
Credit to the private sector was utilised for
inventory build-up, 33.36%; other recurrent
expenditures,
33.15%;
consumer
durables,
12.24%; and fixed capital investment, 18.42%.
Interest Rates
During the quarter under review, nominal
lending rates ranged between 5% and 65%.
Average maximum interest rates for savings, 60day and 90-day deposits increased marginally,
from 4.14%, 4.68% and 4.81%, in the third
quarter of 2019 to 4.74%, 5.04% and 5.46%,
respectively, in the fourth quarter.

5. STOCK MARKET DEVELOPMENTS

The Zimbabwe Stock Exchange (ZSE) was
characterized by bearish sentiments, during the
fourth quarter of 2019. Consequently, the All
Share and Top 10 indices shed 2.44 and 15.41
points to close at 230.08 and 202.68 points,
respectively. This resulted in a Z$760 million
decrease in market capitalization, from Z$30.53
billion at the end of the third quarter to Z$29.77
billion at the end of the fourth quarter of 2019.
On a year-on-year basis, the local bourse gained
Z$10.34 billion worth of capitalization.


Households
13.88%
Agriculture
31.69%
Mining
7.99%
Manufacturing
9.99%
Distribution
10.84%
Construction
1.37%
Transport
&Communicatio
ns
1.09%
Services
8.00%
Financial
Org.&Investments
15.09%
Other
0.07%

Figure 22: Market Capitalization


Source: Zimbabwe Stock Exchange, 2019

Figure 23: ZSE All share and Top 10 Indices

Source: Zimbabwe Stock Exchange, 2019


Industrial and Mining Indices
The industrial and mining indices decreased by
8.21 and 1.09 points to end the quarter under
review at 766.34 and 316.66 points, respectively.
On a year-on-year basis, the industrial and
mining indices grew by 279.21 and 88.95 points,
respectively.
Figure 24: Zimbabwe Stock Exchange
Indices
Source: Zimbabwe Stock Exchange, 2019

Market Turnover
Trading activity was concentrated in some
selected blue-chip counters, during the quarter
under review. This resulted in a 13.40% increase
in the cumulative value of shares traded to
Z$529.16 million, despite a 14.46% decline in
the volume of shares traded. The volume of
shares traded decreased to 526.76 million shares,
from 615.80 million shares recorded in the third
quarter of 2019.


31-Dec-18
31-Jan-19
28-Feb-19
31-Mar-19
30-Apr-19
31-May-19
30-Jun-19
31-Jul-19
31-Aug-19
30-Sep-19
31-Oct-19
30-Nov-19
31-Dec-19
$ Millions

31-Dec-18
31-Jan-19
28-Feb-19
31-Mar-19
30-Apr-19
31-May-19
30-Jun-19
31-Jul-19
31-Aug-19
30-Sep-19
31-Oct-19
30-Nov-19
31-Dec-19
All Share Index
Top 10 Index

Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Mining
Industrial
Industrial Index
Mining Index

The net foreign position, declined from
US$31.06 million in the third quarter to a
negative US$0.36 million in the fourth quarter of
2019. This partly reflected the loss of foreign
investor interest in the local bourse.

Figure 25: Market Turnover Value

Source: Zimbabwe Stock Exchange, 2019

6. PAYMENT,
CLEARING
AND
SETTLEMENT ACTIVITIES

The value of transactions processed through the
National Payment Systems increased by 62% to
Z$218.97 billion as at end December 2019, from
Z$135.06 billion as at end September 2019. NPS
transaction volumes decreased by 5% to 596.01
million in the fourth quarter of 2019, from 626.88
million in the third quarter.


Table 8 provides the statistical information on
various payment streams for the fourth quarter
ending December 2019.

Table
8:
Consolidated
Transactional
Activities

Values in Z$ Million

Q3
Q4
Change
Proportion

RTGS

CASH

CHEQUE

POS

ATMS

MOBILE

INTERNET

TOTAL

Volumes
RTGS

CASH

CHEQUE

POS

ATMs

MOBILE

INTERNET

TOTAL

Source: Reserve Bank of Zimbabwe, 2019

31-Dec-18
31-Jan-19
28-Feb-19
31-Mar-19
30-Apr-19
31-May-19
30-Jun-19
31-Jul-19
31-Aug-19
30-Sep-19
31-Oct-19
30-Nov-19
31-Dec-19
US$ Millions

LARGE VALUE PAYMENTS
Zimbabwe
Electronic
Transfer
and
Settlement System
The value of transactions processed through the
RTGS system increased by 68% to Z$129.87
billion in the fourth quarter of 2019, from
Z$77.23 billion recorded in the third quarter.
Transaction volumes processed through the NPS
registered an increase of 7% to 3,065,300 in the
fourth quarter, from 2,867,139 recorded in the
third quarter 2019, as shown in Figure 26.

Figure 26: Values and Volumes of RTGS
Transactions

Source: Reserve Bank of Zimbabwe, 2019
SWIFT Foreign Currency Transactions
SWIFT foreign currency payments increased by
21% to US$1 billion, during the fourth quarter of
2019, from US$0.8 billion in the previous
quarter. Similarly, SWIFT foreign currency
receipts increased by 16% to close at US$0.85
billion in the fourth quarter of 2019, from
US$0.73 billion in the third quarter, as shown in
Figure 27.

Net foreign currency outflows amounted to
US$118 million in the fourth quarter 2019, down
from a net inflow of US$68 million recorded in
the third quarter of 2019, as shown in Figure 27.

Figure
27:
SWIFT
Quarterly
Foreign
Currency Transactions

Source: Reserve Bank of Zimbabwe, 2019
CASH
Over the Counter Cash Withdrawals
The value of cash withdrawals increased by 15%
to Z$3.71 billion in the fourth quarter of 2019,
from Z$3.22 billion recorded in the third quarter.
Corresponding
cash
withdrawal
volumes,
however, decreased by 7% from 5.61 million in
the third quarter of 2019, to 5.24 million in the
fourth quarter, as shown in Figure 28.

Q2

Q3

Q4

Q1

Q2

Q3

Q4
RTGS Values in Billions
RTGS Volumes in Thousamds
Values
Volumes


Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4
Volumes in Thousands
Value in US$B
Value of Receipts
Value of Payments
Volumes of Payments
Volumes of Receipts

Figure
28:
Over
the
Counter
Cash
Withdrawals

Source: Reserve Bank of Zimbabwe, 2019
Retail Payments

The values of retail transactions increased by
54% to Z$89.11 billion in the period under
review, from Z$57.82 billion recorded in the
third
quarter.
Retail
volumes,
however,
decreased by 5% to 592.95 million, during the
fourth quarter of 2019, from 624.01 million
reported for the third quarter.

Figures 29 and 30 show the trend in the values
and volumes of retail transactions for the period
from the third quarter of 2018 to the fourth
quarter of 2019.

Figure 29: Retail Transaction Values
Source: Reserve Bank of Zimbabwe, 2019
Figure 30: Retail Transaction Volumes

Source: Reserve Bank of Zimbabwe, 2019


Q3

Q4

Q1

Q2

Q3

Q4

US$ BILLIONS
MILLIONS
Volumes
Values

Q3

Q4

Q1

Q2

Q3

Q4
Mobile transactions in $Billions
Other Retail Transactions in $ Billions
POS
ATMS
INTERNET
CASH
MOBILE

Q4

Q1

Q2

Q3

Q4
Mobile Volumes in Millions
Other Retail Volumes in Millions
CHEQUE
POS
ATMs
INTERNET
CASH
MOBILE

Collateral9
The value of collateral increased to Z$357.4
million in the fourth quarter ending December
2019, from Z$213.2 million recorded in the third
quarter, as shown in Figure 31.

Figure 31: Collateral Amounts from March
2018 to December 2019

Source: Reserve Bank of Zimbabwe, 2019

Access Points and Devices
The number of mobile banking agents increased
to 59,219 in the fourth quarter of 2019, from
55,404 reported in the third quarter.

The POS population increased to 121,413 in the
fourth quarter of 2019, from 118,004 in the third
quarter, in line with the promotion of electronic

9 The local collateral figure comprises of Cheque, Zimswitch,
Chengetedzai Deposit Corporation settlement systems.
means of payment. There was, however, a
decrease in the ATM population, from 548 in the
third quarter of 2019 to 542 in the fourth quarter.

The number of active mobile financial services
registered subscribers stood at 6.54 million
during the fourth quarter of 2019, up from 6.32
million recorded in the third quarter.

Table 9 shows payment access points and
devices, from the second to the fourth quarters of
2019.

2018 Q1
2018 Q2
2018 Q3
2018 Q4
2019 Q1
2019 Q2
2019 Q3
2019 Q4
MILLIONS
Cheque
Zimswitch
CDC

Table 9: Payment Systems Access Points and
Devices


Quarter
ending
Jun

Quarter
ending
Sept

Quarter
ending
Dec

Mobile Banking
agents
51,415
55,404
59,219
ATMs

POS
112,523
118,044
121,413
PAYMENT SYSTEM ACCESS DEVICES
Debit Cards
4,762,042
4,770,618
5,625,031
Credit Cards
17,625
17,845
18,089
Prepaid Cards
93,277
119,633
99,278
Mobile Banking
subscribers
6,095,412
6,317,385
6,543,758
Internet Banking
subscribers
382,203
378,056
415,901
Source: Reserve Bank of Zimbabwe, 2019


RESERVE BANK OF ZIMBABWE
January 2020


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


Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
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 2018
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
TABLE 1: DEPOSITORY CORPORATIONS SURVEY ($ '000)


S2


Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
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

Loans

Loans and Advances

Legacy Debt

Export Incentives

Less Liabilities to Central Government

Of which: Deposits

Other

Claims on Other Sectors

Other Financial Corporations

State and Local Government

Public Non Financial Corporations

Private Sector

Claims on Other Depository Corporations

Of which: Loans

Other Liabilities to ODCs

Of which: Aftrades Balances

Securities

Other Items(Net)

Shares and Other Equity

Other Items(Net)

Liabilities to Other Resident Sectors

Deposits and Securities Excluded from Base Money

Monetary Base Incl. foreign currency clearing balances
Monetary Base

Bond Coins

Bond Notes

Liabilities to ODCs

Reserve Deposits

Exess reserves

Of which USD RTGS Revaluations

Private Deposits

Source: Reserve Bank of Zimbabwe,2019
TABLE 2: CENTRAL BANK SURVEY ($'000)


S3


Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
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


4,187,900.42

4,644,902.11


Currency


98,685.696

126,257.461


Reserves


4,089,214.726

4,518,644.646


Securities


-

-


Other Claims


-

-


Liabilities to the Central Bank


148,760.15

150,275.70


Other Items(Net)


798,393.76

1,269,584.10


Shares and Other Equity


2,453,288.57

3,130,496.35


Liabilities to other ressident sectors


46,518.61

43,639.00


Other Items(Net)


(1,701,413.42)

(1,904,551.24)


Deposits and Securities Included in Broad
Money


12,446,851.79

14,195,821.68


Deposits Included in Broad Money
9,432,073.48

9,249,189.49

9,796,911.59

9,999,066.93

9,999,066.93

12,307,411.86

14,024,153.85

16,316,355.79

18,607,561.81

22,546,030.38

27,593,648.82

29,819,025.32

32,968,794.78

Transferable Deposits
7,923,171.01

7,782,391.98

8,323,687.16

8,562,013.77


16,987,786.03

20,883,074.13

25,739,354.63

27,983,294.46

31,080,869.95

of which FCAs
343,305.00

418,087.02

1,190,521.05

1,417,836.22


5,737,719.98

9,859,484.27

11,155,597.09

11,472,035.58

11,938,732.84

Other Deposits


1,611,815.34

1,428,886.89


Money Market Instruments
58,584.04

59,302.10

71,792.12

74,503.10

74,503.10

139,439.93

171,667.83

168,169.20

202,928.98

219,889.50

205,671.08

235,117.26

243,976.57

Source:Reserve Bank of Zimbabwe,2019
TABLE 3 : OTHER DEPOSITORY CORPORATIONS SURVEY ( $ '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

Oct

Nov

Dec

Source: Reserve Bank of Zimbabwe, 2019
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

Oct

Nov

Dec

Source: Reserve Bank of Zimbabwe, 2019
*Bond coins first issued in December 2014
* Bond Notes issued on 28 November 2016
ZWL$ Thousands
Deposits


S6


Debt Securities
End of
Bond
Foreign
Balances
Balances with
Balances
Other Claims
Local
Public
Other
Notes &
Notes &
with
Other Depository
with
on
Government

Government
Enterprises
Other

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

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

Oct

Nov

Dec

Source:Reserve Bank of Zimbabwe,2019
TABLE 5.1: OTHER DEPOSITORY CORPORATIONS -ASSETS
$ 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

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

June

July

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Source:Reserve Bank of Zimbabwe,2019
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

Jun
7.0

53.3

1,578.5

141.4

82.2

110.6

1,786.8

-

16.0

35.0

47.9

16.5

82.2

2,583.5

23.9

533.5

273.6

497.3

7,869.2

Jul
6.7

40.9

1,684.5

137.6

53.7

103.6

1,752.4

-

26.1

34.4

45.2

16.9

116.3

2,495.4

24.2

513.6

295.5

482.1

7,829.0

Aug
11.8

37.1

1,882.4

124.3

161.2

7.9

1,856.2

-

26.3

64.6

41.3

18.0

145.0

2,538.1

23.8

531.8

272.6

485.7

8,228.1

Sep
11.4

35.8

1,961.8

109.6

172.7

31.3

1,998.0

-

23.5

65.0

41.5

15.6

118.2

2,585.7

28.3

472.8

281.3

487.7

8,440.0

Oct
8.1

40.5

1,961.8

143.7

175.7

61.0

2,106.6

-

24.4

65.1

34.8

17.8

99.1

2,607.0

29.4

432.4

287.8

508.9

8,604.1

Nov
9.0

45.1

2,126.7

161.1

174.7

74.3

2,230.4

-

23.5

65.4

32.3

19.6

106.9

2,618.1

26.4

417.7

324.2

511.4

8,966.9

Dec
11.4

55.3

2,373.9

141.5

203.5

66.6

2,128.7

-

23.5

66.3

29.4

19.4

145.0

2,579.8

40.0

508.3

324.5

536.4

9,253.6

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

Source:Reserve Bank of Zimbabwe,2019
TABLE 6.1: COMMERCIAL BANKS -ASSETS
$ millions
Debt Securities
Loans and Advances


S9


$ 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

Source:Reserve Bank of Zimbabwe,2019
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

Jun
0.3

3.7

65.9

208.8

9.8

-

165.3

19.0

-

-

387.6

-

452.9

109.6

126.0

1,548.8

Jul
0.4

3.9

105.8

164.6

9.2

-

168.4

17.2

-

-

391.9

-

451.9

110.9

127.3

1,551.5

Aug
0.4

3.1

142.8

152.0

3.9

-

186.7

16.3

-

-

409.3

-

465.5

104.7

127.2

1,611.9

Sep
0.6

1.8

108.4

117.0

6.7

-

193.0

16.1

-

-

412.7

-

475.2

113.4

130.1

1,574.8

Oct
0.6

1.1

145.7

110.0

14.8

-

193.9

15.4

-

-

420.7

-

493.6

149.9

130.4

1,676.0

Nov
0.7

0.9

138.8

128.4

8.7

-

193.6

18.8

-

-

420.9

-

489.0

160.4

133.0

1,693.3

Dec
1.0

2.6

170.6

134.3

9.1

-

195.1

26.8

-

-

402.3

-

516.8

163.2

135.5

1,757.3

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

Source:Reserve Bank of Zimbabwe,2019
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
$ 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

Oct

Nov

Dec

Source:Reserve Bank of Zimbabwe,2019
Amounts Owing to
TABLE 7.2: BUILDING SOCIETIES -LIABILITIES
$ millions


S12


$(000)

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


INVESTMENTS
ORGANISATIONS

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Jan


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Source:Reserve Bank of Zimbabwe,2019
/1 Including the only merchant bank still in operation.
Table 8:1 Sectorial Analysis of commercial bank Loans and Advances


S13


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

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Source: Reserve Bank of Zimbabwe,2019
TABLE 8.2: SECTORAL ANALYSIS OF COMMERCIAL BANKS DEPOSITS
$ ('000)


S14


End of
ZETSS
CHEQ UE
PO S
ATM
MO BILE
INTERNET
End of
ZETSS
CHEQ UE
PO S
ATM
MO BILE
INTERNET

Jul

Jul
521.80 30.00
20,013.70
636.10 61,162.40 382.60
Aug

Aug
541.50 26.60
20,303.00
595.60 70,771.60 419.10
Sep

Sep
620.00 27.17
20,731.00
478.00 83,303.00 432.00
Oct

Oct
609.60 27.20
23,764.60
475.10 92,540.60 478.90
Nov

Nov
575.30 25.60
22,748.60
347.30 97,945.20 473.00
Dec

Dec
524.20 19.20
26,779.10
347.20 118,198.90 524.80
Annual
Total

Annual
Total
5,903.41 319.95 214,857.35 8,121.03 754,742.20 4,248.89

Jan

Jan
548.13 22.73 20,981.21 449.60 100,593.90 501.80
Feb

Feb
457.19 22.48
18,869.05
292.22 89,584.32 463.78
Mar

Mar
545.18 23.68
21,996.85
268.41 116,119.95 510.51
Apr

Apr
505.50 17.38
21,170.05
253.60 117,616.79 456.96
May

May
611.14 21.22
23,278.20
213.17 137,422.97 496.62
Jun

Jun
553.60 22.46
23,790.00
175.19 156,609.78 502.22
Jul

Jul
560.15 20.07
25,075.47
223.13 169,416.76 559.58
Aug

Aug
553.01 15.15
25,249.87
317.35 164,917.97 518.70
Sep

Sep
542.96 19.37
24,918.01
300.81 161,289.50 511.27
Oct

Oct
571.60 20.40
21,025.40
345.50 161,427.40 495.99
Nov

Nov
477.40 16.70
17,845.40
334.90 133,862.10 430.60
Dec

Dec
478.60 13.00
27,419.10
236.20 161,540.70 409.10

Jan

Jan
401.51 12.20
40,613.79
232.61 135,481.07 413.39
Feb

Feb
456.54 16.35
27,811.17
226.77 119,081.12 463.62
Mar

Mar
525.91 15.42
30,417.55
248.88 142,597.83 441.02
Apr

Apr
535.02 13.65
32,092.53
168.79 157,348.28 390.08
May

May
642.59 14.66
15,542.62
121.44 166,491.56 494.29
Jun

Jun
705.96 13.34
18,012.05
79.60 160,873.03 486.81
Jul

Jul
983.53 13.59
20,465.37
99.56 170,823.27 638.17
Aug

Aug
872.91 8.99
21,919.77
85.24 179,281.20 542.28
Sep

Sep
1,010.70 11.88
22,749.60
62.44 200,441.85 679.42
Oct

Oct
1,079.40 12.66
23,191.58
65.00 206,621.48 1,099.30
Nov

Nov
982.10 10.32
25,737.50
225.22 152,919.89 2,044.08
Dec

Dec
1,003.81 7.64 27,800.46 385.47 146,316.57 1,273.62
Source:Reserve Bank of Zimbabwe,2019
TABLE 9.1 : ZETSS AND RETAIL PAYMENTS TRANSACTIONAL ACTIVITY
Values of Transactions ($ in millions)
TABLE 9.2 : ZETSS AND RETAIL PAYMENTS TRANSACTIONAL ACTIVITY
Volumes of Transactions (in thousands)


S15


End of
Nominal Lending
Rates2
Individuals
Corporate
Savings
3 Months2

Jan
4.45-18.00
9.33
6.99
Jan
0.22-12.00
0.75-8.00
Feb
4.45-18.00
9.57
6.93
Feb
0.22-12.00
0.75-8.00
Mar
4.45-18.00
9.64
6.98
Mar
0.22-12.00
0.75-8.00
Apr
4.00-18.00
9.32
7.08
Apr
0.22-12.00
0.75-8.00
May
4.00-18.00
9.28
7.09
May
0.22-12.00
0.75-8.00
Jun
4.00-18.00
9.32
7.14
Jun
0.22-12.00
0.75-8.00
Jul
4.00-18.00
9.75
6.97
Jul
0.22-12.00
0.75-8.00
Aug
4.00-18.00
9.87
7.10
Aug
0.22-12.00
0.75-8.00
Sep
4.00-18.00
9.56
7.11
Sep
0.22-12.00
0.75-8.00
Oct
4.00-18.00
9.47
7.38
Oct
0.22-12.00
0.75-8.00
Nov
4.00-18.00
9.49
7.38
Nov
0.22-12.00
1.00-8.00
Dec
4.00-18.00
9.48
7.39
Dec
0.22-12.00
1.00-6.75

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
9.30
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
8.40
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
Source:Reserve Bank of Zimbabwe,2019
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 Rates 3
Commercial Banks
Commercial Banks
End of


S16


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

$ Millions
TABLE 11: ZIMBABWE STOCK MARKET STATISTICS
Indices


S17


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


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

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


S18


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


S19


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


Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

TABLE 12.3 : ANNUAL INFLATION -- PERCENTAGE CHANGE IN CONSUMER PRICE INDEX
( FEB 2019=100)
NON-FOOD INFLATION
Source :ZIMSTATS, 2019


S20


End of
Dec-17
Dec-18
Jan-19
Feb-19
Mar-19 Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Merchandise Imports (excl. energy)
208.2

175.4

149.3

151.3

204.5

168.1

217.8

168.6

222.3

182.1

232.9

209.0

226.1

216.0

- Consumption Goods
92.3

75.5

49.4

52.8

84.7

73.2

88.4

62.6

97.3

73.3

85.4

87.8

97.3

94.4

- Capital Goods
64.2

57.7

55.0

57.0

62.7

59.5

80.3

70.6

87.4

73.4

118.4

91.1

89.0

90.8

- Intermediate Goods
51.7

42.2

44.9

41.5

57.0

35.3

49.2

35.5

37.6

35.4

29.0

30.2

39.9

30.8

Energy (Fuel & Electricity)
57.5

21.4

25.0

12.2

29.5

31.1

31.9

54.2

55.7

50.9

46.1

67.8

39.1

39.4

Service Payments
45.7

25.2

41.1

32.7

41.9

29.7

48.5

58.6

46.7

50.4

44.6

51.5

52.6

22.1

- Technical, Professional & consult
17.8

14.4

20.2

11.6

12.3

13.0

22.6

30.9

21.6

22.0

17.7

17.4

19.1

17.3

- Software
2.6

2.1

2.5

3.7

5.2

2.9

4.4

9.3

6.4

3.5

4.1

5.8

5.2

37.4

- Other (tourism, edu, freight etc)
25.4

8.7

18.4

17.3

24.5

13.8

21.6

18.4

18.7

24.9

22.8

28.4

28.3

17.7

Income Payments (Profits, Dividends)
11.2

17.8

12.5

19.3

19.1

17.2

21.1

14.7

38.3

14.3

24.4

6.8

14.7

15.4

Capital Remittances (outward)
27.8

35.4

24.8

32.1

10.7

48.8

81.3

36.2

44.9

49.7

55.6

74.5

39.9

73.3

- External Loan Repayments
11.8

35.2

24.6

31.8

10.7

48.3

80.4

31.9

39.3

46.8

53.2

70.7

38.5

71.5

- Disinvestments
2.8

0.1

0.0

-

0.1

-

0.3

2.2

4.0

0.8

2.4

3.8

1.5

1.6

- Cross Border Investment
13.1

0.0

0.2

0.3

0.0

0.5

0.7

2.0

1.7

2.1

-

0.0

0.0

0.2

Other Payments
0.1

15.7

9.7

9.0

4.3

8.1

10.9

4.6

11.9

6.3

15.4

11.0

24.3

15.7

TOTAL
350.5

290.8

262.5

256.6

310.0

323.8

347.5

371.3

395.0

418.7

442.5

466.2

489.9

513.7

Source: Reserve Bank of Zimbabwe, 2019
Table 13.1: Monthly Cross Border Payments (US$ Millions)


S21


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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Source: Reserve Bank of Zimbabwe, 2019
Table 13.2: Monthly Cross Border Receipts (US$Millions)