QUARTERLY
ECONOMIC
REVIEW


DECEMBER 2024

CONTENTS


List of Figures

Figure 13: Quarterly Trends in Platinum and Palladium Output & Average International
Figure 15: Quarterly Trends in Nickel Output and Average International prices (US$/tonne)
Figure 29: Values (ZiG) and Volumes of RTGS Transactions from Jan 2024 to Dec 2024 . 24


iii
List of Tables

Table 15: Consolidated Transactional Activities for the Fourth Quarter Ending 31 Dec 2024
Table 16: Payment Systems Access Points and Devices for the Fourth Quarter of 2024 .... 26

1.
OVERVIEW
According to the International Monetary Fund
(IMF)’s Word Economic Outlook (WEO) of
January 2025, global economic growth is
estimated at 3.2% in 2024 and is expected to
increase to 3.3% in both 2025 and 2026. Global
headline inflation is projected to decline, from an
annual average of 5.8% percent in 2024 to 4.2%
and 3.5% in 2025 and 2026 respectively.

In the domestic economy, Real Gross Domestic
Product (GDP) growth was still estimated at 2%
for 2024 and is expected to recover to 6% in 2025.
Growth is expected to rebound in 2025 driven
mainly by agriculture, electricity and mining.

In the fourth quarter of 2024, inflationary and
exchange rate pressures dissipated, with the
exchange rate stabilising amid a cocktail of
measures introduced by the central bank on 27
September 2024. Against this backdrop, monthly
ZWG inflation decelerated by 2.1 percentage
points from 5.8% in September 2024 to 3.7% in
December 2024. The USD month-on-month
inflation rate also declined from 0.7% recorded in
September 2024 to 0.6% in December 2024. The
willing-buyer willing-seller (WBWS) interbank
exchange rate was stable and slightly depreciated
from US$1: ZiG24.88 recorded in the third
quarter of 2024 to US$1: ZiG25.80 in the fourth
quarter.

The country recorded US$$2.3 billion worth of
merchandise exports in the fourth quarter of 2024
while merchandise imports were US$2,68 billion.
As a result, the country’s trade deficit narrowed
from US$681.7 million in the third quarter of
2024, to US$381.8 million during the quarter
under review.


Broad money stock (M3) stood at ZiG87.45
billion in December 2024, compared to ZiG75.01
billion recorded in September 2024. The growth
in broad money reflected expansion of ZiG2.88
billion (24.54%) and ZiG9.56 billion (15.11%) in
local currency and foreign currency components
of broad money, respectively. Foreign currency
deposits accounted for 83.26% of broad money,
followed by local currency deposits, at 16.63%,
while currency in circulation constituted the
balance of 0.11%.

During the fourth quarter of 2024, the Zimbabwe
Stock Exchange (ZSE) was bearish. The AllShare index dipped by 10.61%, to close at 217.58
points. Similarly, the Victoria Falls Stock
Exchange
(VFEX)
also
exhibited
bearish
sentiments, with the All-Share index losing
1.31%, to close at 105.95 points as at end of
December 2024.

The value of electronic transactions processed
through the National Payment Systems (NPS)
infrastructure during the fourth quarter increased
by 77.88% to ZiG583.14 billion from ZiG327.82
billion recorded in the previous quarter. Similarly,
NPS volume of transactions increased by 6.79%
to 188.64 million from 176.64 million during the
same period.

2.
INTERNATIONAL DEVELOPMENTS
Global growth was estimated at 3.2% in 2024,
while a modest recovery to 3.3% in both 2025 and
2026 is expected. The growth is comparatively
lower than the historical average of 3.7%
observed from 2000 to 2019. The decline was
attributed largely to subdued potential growth,
emanating from weakening investment levels and
high debt burdens. The overall picture, however,
conceals the divergent paths across different
economies.


Table 1: Global and Regional Economic
Growth & Outlook (%)
Region/Country

Est.

Proj.

Proj.
World Output
3.2
3.3
3.3
Advanced Economies
1.7
1.9
1.8
USA
2.8
2.7
2.1
Euro-Area
0.8
1.0
1.4
United Kingdom
0.9
1.6
1.5
Emerging Markets &
Developing Economies
4.2
4.2
4.3
Emerging and
Developing Asia
5.2
5.1
5.1
China
4.8
4.6
4.5
India
6.5
6.5
6.5
Emerging and
Developing Europe
3.2
2.2
2.4
Russia
3.8
1.4
1.2
Sub Saharan Africa
3.8
4.2
4.2
Nigeria
3.1
3.2
3.0
South Africa
0.8
1.5
1.6
Zimbabwe
2.0
6.0
5.0
Source: IMF World Economic Outlook (WEO):
January 2025 Update
In advanced economies, economic growth is
projected to increase from 1.7% in 2024 to 1.9%
in 2025 and 1.8% in 2026. In the United States,
real growth is estimated at 2.8% in 2024, with
expectations of a slow down to 2.7% in 2025 and
a further decline to 2.1% in 2026. The anticipated
deceleration is attributed to gradual tightening of
fiscal policy and cooling labour markets, which
are expected to dampen consumption.

Growth in the Euro area is expected to rise from
0.8% in 2024 to 1.0% in 2025, and further to 1.4%
in 2026. The growth is supported by stronger
domestic demand, as financial conditions loosen,
confidence improves, and uncertainty recedes.
Furthermore, increasing real wages are likely to
enhance consumer spending, while the gradual
easing of monetary policy is expected to foster
investment.

Growth in Emerging Markets and Developing
Economies (EMDEs) is estimated at 4.2% in 2024
and projected to remain stable at 4.2% in 2025,
before rising to 4.3% in 2026. The flat growth
reflects
heightened
concerns
regarding
trade policies, which are contributing to sluggish
demand in most of the countries.

China is expected to have stable but marginally
lower growth at 4.6% and 4.5% in 2025 and 2026
respectively compared to 4.8% recorded in 2024.
This less than projected fall in output is attributed
to dissipation of trade policy uncertainty and a
boost in labour supply. Meanwhile, in India,
growth is projected to remain stable at 6.5 percent
in 2025 and 2026, consistent with projections
made in October 2024.

The growth rate in emerging and developing
Europe is estimated at 3.2% in 2024, with
forecasts indicating a decline to 2.2% in 2025 and

2.4% in 2026. This moderation is explained by a
sharp slowdown in Russia, where growth is
projected to decline from 3.8% in 2024 to 1.4% in
2025. The slowdown in developing Europe is also
attributable to anticipated decrease in private
consumption and investment, resulting from
reduced labour market tightness.

In sub-Saharan Africa, growth is anticipated to
rise from an estimated 3.8% in 2024 to 4.2% in
both 2025 and 2026. This recovery is attributed to
the diminishing negative effects of weatherrelated disruptions from the forecasted LaNina
conditions and the gradual easing of supply
constraints.

Global Inflation
Global headline inflation is projected to decline
from 5.8% in 2024 to 4.2% in 2025, and further
to 3.5% in 2026. Advanced economies are
projected to return to their inflation targets sooner
than emerging market and developing economies.
While global disinflation persists, there are
indications that progress is slowing in some
countries, with elevated inflation persisting in
certain cases. For the previous few months, the
global median of sequential core inflation has
hovered just above 2%.

In many economies, including the U.S and the
Euro area, inflation in service prices continues to
exceed pre-COVID-19 levels, despite core goods
price inflation returning to or falling below trend.
Additionally, some emerging markets and
developing economies in Europe and Latin
America continue to experience pockets of high
inflation, driven by a variety of unique
circumstances.

Risks
The balance of risks regarding the economic
outlook is currently tilted to the downside,
suggesting that global growth is poised to be
lower than its average for 2025–26. In the short
run, the implementation of looser fiscal policies
in the US, fuelled by new expansionary measures
like tax cuts, may boost economic activity and
have a somewhat beneficial effects on global
growth. However, over the long term, this could
necessitate a larger fiscal policy adjustment
potentially disrupting markets and the economy.
Such adjustments may potentially weaken the
status of U.S treasuries as the global safe asset,
among other consequences.

Additionally, escalating geopolitical tensions
could exacerbate risks, leading to increased
commodities prices. The ongoing conflicts in the
Middle East and Ukraine may directly affect food
and energy prices, as well as disrupt trade routes.

Opportunities
On the upside, the global economy may
experience a rebound if incoming governments
focus on renegotiating trade agreements and
forging new partnerships. Such initiatives could
relieve uncertainty faster and have a significantly
less disruptive impact on growth and inflation.

INTERNATIONAL COMMODITY PRICE
DEVELOPMENTS
During the fourth quarter of 2024, prices of
precious minerals experienced a significant surge,
while prices for base metals, lithium and crude oil
considerably plummeted. The commodity prices
were largely weighed down by subdued global
demand and excess supply for most products
Table 2 shows the evolution in selected
commodity prices during the review period.

Table 2: International Commodity Prices:
October - December 2024

Q3
Averag
e
24-Oct
24-Nov
24-Dec
2024 Q4
Average
Quarterly
Changes
(Q2-Q3)
(%)
Gold
(US$/oz)
2,476.7


Platinum
(US$/oz)

Palladium
(US$/oz)

Copper
(US$/tonne)
9,333.1


Nickel
(US$/tonne)
16,501.

16,996.0

15,967.2

15,676.7

16,213.3

-1.7
Lithium
(US$/tonne)
11,064.


Crude Oil
(US$/barrel)

Source: World Bank and Bloomberg, 2024

Gold
During the fourth quarter of 2024, gold exhibited
bullish sentiments, supported by increased
demand for safe haven assets amid geopolitical
tensions in the Middle East and escalating U.SChina trade tensions. Resultantly, gold prices
increased by 7.5%, from an average of
US$2,476.77 per ounce in the third quarter of
2024 to US$2,663.21per ounce in the fourth
quarter of 2024.
Platinum
During the quarter under review, platinum prices
marginally increased by 0.5% to US$967.91 per
ounce, from an average of US$963.07 per ounce
recorded in the prior quarter. The prices
strengthened on account of weak growth in
supplies, improved demand outlook and ongoing
tensions in major platinum producing countries.

Palladium
Palladium prices also firmed, driven by strong
demand from the automotive catalyst sector,
subdued supply, and potential production cuts in
major producing regions. As a result, palladium
prices rose by 4.3%, from US$968.80 per ounce
to US$1,010.63 per ounce during the fourth
quarter of 2024. Developments in precious metal
prices for the period from March 2022 to
December 2024 are shown in Figure 1.

Figure
1:
Precious
Minerals
Prices
(US$/ounce): March 2022 – December 2024

Source: Bloomberg, 2024

1,000
1,050


Mar-22
Jun-22
Sep-22
Dec-22
Mar-23
Jun-23
Sep-23
Dec-23
Mar-24
Jun-24
Sep-24
Dec-24
Gold
Palladium
Platinum (RHS)

Copper
Copper
prices
dropped
by
0.4%,
from
US$9,333.12 per tonne in the previous quarter to
US$9,300.33 per tonne during the fourth quarter
of 2024. The price decline was attributed to global
excess supply and uncertainty regarding potential
stimulus measures from China, the leading
consumer of copper.
Nickel
Nickel prices retreated during the fourth quarter
of 2024, amid global excess supply from
Indonesia, the world’s leading nickel producer,
coupled with low demand prospects, particularly
in China, the top consumer. Consequently, nickel
recorded a 1.7% decline in price during the fourth
quarter of 2024, from a quarterly average of
US$16,501.56 per tonne in the prior quarter to
US$16,213.37 per tonne. Figure 2 depicts
developments in base metal prices from March
2022 to December 2024.
Figure 2: Base Metal Prices (US$/tonne):
March 2022 – December 2024

Source: Bloomberg, 2024
Lithium
Lithium prices registered a fall of 15.1%, from an
average of US$11,064.56 per ounce in the
previous quarter to US$9,393.30 per ounce during
the reporting period, amid persistent concerns
about an oversupplied market as evidenced by
increases in global stockpiles and subdued
demand. Figure 3 shows developments in lithium
prices from March 2023 to December 2024.
Figure 3: Lithium Prices (US$/tonne): March
2023 – December 2024
Source: Bloomberg, 2024
Brent Crude Oil
During the fourth quarter of 2024, Brent crude oil
prices declined by 5.9%, from US$78.54 per
barrel in the previous quarter to US$73.87 per
barrel. Oil prices edged lower due to fears of a
surplus, despite the OPEC+ output cut extension,
coupled with concerns about demand growth in
2025, especially in China, the world’s top crude
oil importer. Figure 4 illustrates developments in
crude oil prices from March 2022 to December


Mar-22
Jun-22
Sep-22
Dec-22
Mar-23
Jun-23
Sep-23
Dec-23
Mar-24
Jun-24
Sep-24
Dec-24
Copper
Nickel (RHS)

Mar-23
Jun-23
Sep-23
Dec-23
Mar-24
Jun-24
Sep-24
Dec-24

Figure 4: Brent Crude Oil Prices (US$/barrel):
March 2022 – December 2024

Source: Bloomberg, 2024

EXCHANGE RATE DEVELOPMENTS
During the fourth quarter of 2024, the end period
willing-buyer willing-seller (WBWS) interbank
exchange rate was stable and slightly depreciated
by 3.70%, from US$1: ZiG24.88 recorded in the
third quarter of 2024 to US$1: ZiG25.80. The
Zimbabwe Gold (ZiG) currency benefitted from
policy measures implemented by the Reserve
Bank of Zimbabwe, aimed at stabilizing the
exchange rate and anchor inflation expectations
through maintaining a tight monetary policy
stance.

Similarly, on the parallel market, the Zimbabwe
Gold (ZiG) currency depreciated by 22.52%, from
US$1: ZiG29.80 to US$1: ZiG36.51, amid high
demand of foreign currency due to festive season
pressures as businesses and individuals sought to
make year-end payments and import goods for the
holiday.
Figure 5 shows developments in exchange rates
from May to December 2024.

Figure 5: Official and Parallel Market
Exchange Rates April 2024 – December 2024

Source: Reserve Bank of Zimbabwe, 2024

MERCHANDISE TRADE DEVELOPMENTS
For the period October to December 2024, the
country’s total merchandise amounted to US$4.97
billion, reflecting a 16.0% increase from US$4.29
billion recorded in the third quarter of 2024. This
growth was on account of marked increase in both
merchandise exports and imports during the
period
under
analysis.
Figure

shows
merchandise total trade developments during
fourth quarter of 2023, third and fourth of 2024.

Mar-22
Jun-22
Sep-22
Dec-22
Mar-23
Jun-23
Sep-23
Dec-23
Mar-24
Jun-24
Sep-24
Dec-24


15-May
29-May
12-Jun
26-Jun
10-Jul
24-Jul
7-Aug
21-Aug
4-Sep
18-Sep
2-Oct
16-Oct
30-Oct
13-Nov
27-Nov
11-Dec
25-Dec
PREMIUM (RHS)
OFFICIAL RATES
PARALLEL RATES (Transfer)

Figure 6: Quarterly Merchandise Total Trade
(US$m)


Source: ZIMSTAT,2024
On a year-on-year basis, merchandise trade
increased by 7.8%, from US$4,613.9 million in
the comparable quarter of 2023 to US$4,973.3
million in the current quarter. This growth was
underpinned by increases in both merchandise
exports and imports in the reporting quarter.
Merchandise Export Developments
The country’s exports amounted to US$2.30
billion during the fourth quarter of 2024,
representing a 27.7% increase from US$1.80
billion recorded in the previous quarter. On yearly
basis, this quarter’s outturn was also 11.2% higher
than the US$2.06 billion realized in the
comparable quarter in 2023, as shown in Figure 7.


Figure 7: Quarterly Merchandise Exports
(US$m)

Source: ZIMSTAT, 2024
The increase in the country’s export earnings
during the fourth quarter of 2024 was primarily
underpinned by significant improvements in gold
and tobacco exports, which rose by 40.5% and
113.6%, respectively. Gold exports were driven
by
both
higher
production
volumes
and
favourable global prices. Additionally, tobacco
exports rose due to increase in sales of stockpiles
from previous production. Table 3 shows
developments in the country’s exports for the
third and fourth quarters of 2024.


2023Q4
2024Q3
2024Q4
1,797.3
2,063.8
2,295.8


2024Q3
2023Q4
2024Q4

Table 3: Quarterly Merchandise Exports
(US$m)

2024Q3
(USm)
2024Q4
(USm)
2024Q32024Q4
Changes
(%)
Share of
Exports
(%)
Total
1,797.3 2,295.8
27.7
100.0
Of Which


Gold

Tobacco
(Including
cigarettes)

PGMs1

Ferrochromiu
m

Other mineral
substances

Coal

Chromium
ores and
concentrates

Industrial
diamonds

Other ores and
concentrates

Crocodiles

Others

Source: ZIMSTAT & RBZ Calculations, 2024

Tobacco, gold and platinum group metals (PGMs)
dominated the country’s export mix, which raises
concerns due to the heavy reliance on primary
commodities. These three commodities accounted
for 83% of the country’s exports during the fourth
quarter of 2024.
Major Merchandise Export Destinations
During the fourth quarter of 2024, the country’s
exports were primarily destined for United Arab
Emirates
(UAE),
which
accounted
for
approximately 41.4% of total exports. Following

1 PGMs Include Nickel mattes, nickel ores & concentrates and
platinum
the UAE, South Africa and China were significant
destinations, absorbing 23.2% and 16.8% of
exports, respectively. Figure 8 depicts the
country’s top export destinations for the reporting
quarter.

Figure
8:
Major
Merchandise
Export
Destination

Source: ZIMSTAT & RBZ Computation, 2024
Merchandise Import Developments
In the fourth quarter of 2024, the country’s import
bill amounted to US$2.68 billion, representing a
7.6% increase from US$2.49 billion recorded in
the previous quarter.

On a year-on-year comparison, merchandise
imports for the period were 5.0% higher than the

United Arab Emirates
South Africa
China
Mozambique
Zambia
Netherlands
Belgium
Indonesia
India
United States

US$2.55 billion recorded in the comparable
quarter in 2023. Figure 9 shows the merchandise
import developments across the fourth quarter of
2023, the third quarter of 2024 and the fourth
quarter of 2024. Such increases in import
expenditure had implications for the trade balance
and overall economic health, warranting close
monitoring by policymakers and economists.
Figure 9: Quarterly Merchandise Imports
(US$m)

Source: ZIMSTAT, 2024
The country’s imports in the fourth quarter of
2024 were predominantly driven by energy
commodities, particularly diesel and petrol. These
energy imports played a significant role in the
overall import bill. Additionally, other major
contributors included maize and crude soya bean
oil, as shown in Table 4.
This reliance on specific commodities highlights
the importance of energy security and agricultural
imports in shaping the country’s trade dynamics.
Monitoring
these
trends
is
essential
for
understanding their impact on the economy and
for formulating effective trade and economic
policies.

Table 4: Quarterly Merchandise Imports (US$
m)

2024Q3
(US$M)
2024Q4
(US$M)
2024Q32024Q4
Changes (%)
Share of
Imports
(%)
Total
2,488.8 2,677.5
7.6
100.0
0f Which
Diesel

Maize
(Excluding
Seed)

Petrol

Crude soya
bean oil

Electricity

Rice

Butanes

Wheat

Herbicides

Ignition
internal
combustion
piston
engine

Others

Source: ZIMSTAT & RBZ Computations, 2024

Major Import Sources
In the fourth quarter of 2024, the country’s
imports 2024 were mainly sourced from three key
countries, South Africa (39.4%), China (12.5%),
and the Bahamas (8.8%).


2,488.8
2,550.1
2,677.5
2024Q3
2023Q4
2024Q4

Figure 10: Major Merchandise Import Source
Source: ZIMSTAT & RBZ Computations, 2024

TRADE BALANCE
The country’s trade position improved during the
fourth quarter of 2024, with the trade deficit
narrowing from US$691.5 million in the third
quarter of 2024 to US$381.8 million in the
reporting period. Relative to the corresponding
quarter in 2023, the country’s trade balance also
showed improvement, decreasing from a deficit of
US$486.2 million to a deficit of US$381.8
million. Figure 11 depicts the country’s trade
balances for the fourth quarter of 2023, as well as
the third and fourth quarters of 2024.
Figure 11: Merchandise Trade Balance
(US$m)

Source: ZIMSTAT & RBZ Computations, 2024

3.
DOMESTIC
ECONOMIC
DEVELOPMENTS

REAL SECTOR DEVELOPMENTS
The Real Gross Domestic Product (GDP) growth
for 2024 is still projected at 2.0% notwithstanding
revisions
in
agriculture,
mining
and
manufacturing.
Agriculture
was
reviewed
upwards due to higher than anticipated wheat and
dairy output. There was a downward revision in
other sectors such as mining and manufacturing.

Supporting the growth trajectory is the resilient
construction sector, which is anticipated to grow
by 6.2%, robust service sectors, particularly,
accommodation and
food services (12%),
information
and
communication
(11%),
wholesale and retail (5.1%) and financial and
insurance activities (4.8%), among other sectors.

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

2023Q4
2024Q3
2024Q4
Exports

Table 5 shows GDP growth estimates from 2022
and forecast for 2024.

Table 5: GDP Projections

Estimate

Projection
Agriculture
6.2
6.3
-15.0
Mining and quarrying
10.5
5.3
2.3
Manufacturing
1.4
2.1
2.0
Electricity,
3.5
-3.7
3.1
Water supply;
1.7
-4.7
3.8
Construction
0.3
6.8
6.2
Wholesale and retail
4.6
6.6
5.1
Transportation
and
storage
6.6
10.0
5.6
Accommodation
and
food service activities
23.7
26.4
12.0
Information
and
communication
14.1
16.1
11.0
Financial and insurance
activities
15.6
2.4
4.8
Real estate activities
0.1
0.3
3.8
Professional, technical
and scientific activities
-0.3
0.9
0.4
Administrative
and
support services
1.7
1.6
2.0
Public administration
0.3
3.1
4.6
Education
5.5
6.8
3.4
GDP
6.1
5.3
2.0
Source:
Ministry
of
Finance
and
Economic
Development, 2024

AGRICULTURE
The agriculture sector is estimated to have
contracted by 15% in 2024, largely due to the
impact of the El-Nino induced drought on major
crops such as tobacco, maize, cotton, soyabeans
and groundnuts, among others. The increase in
wheat output, however, attenuated the cropping
subsectors underperformance. The livestock
subsector also faced challenges related to water
and grazing availability as well as high cost of
stock feeds, resulting in forced offtake by some
farmers in vulnerable areas.
Rainfall Outturn
Consistent
with
the
forecast
by
the
Meteorological Services Department (MSD), the
first half of the 2024/25 season was characterized
by normal to below normal rainfall. Effective
rains, covering most of the country, were received
in the first 10 days of November 2024, followed
by a protracted dry spell, which extended to the
last 10 days of December 2024.
The dry spell caused serious moisture stress on
crops, delaying planting operations, negatively
affecting germination, and resulting in plant
wilting
and
stunted
growth
of
crops.
Development of grazing veld was also hindered
due to low rainfall affecting recovery of some
livestock classes from the hazards of the lean
season.

Tobacco
Despite challenges associated with the poor
rainfall distribution in the first half of the
cropping season, activity on tobacco production
progressed considerably well, with a 2% increase
on transplanted area compared to last season,
complemented by a 12% rise in grower
registrations by the Tobacco Industry and
Marketing Board (TIMB). Table 6 shows the area
planted under tobacco by 3 January 2025.

Table 6: Tobacco planting progress by
December 2024
Season
Irrigated
Dryland
Total

Source: Tobacco Industry and Marketing Board, 2025
Livestock
The
livestock
sector
registered
mixed
performances in 2024 with formal sector cattle,
sheep and goats’ slaughters posting significant
increases while there was a slight decline in pig
slaughters Table 7 shows cumulative slaughters
of cattle; pigs; and sheep and goats from
registered abattoirs in 2023 and 2024.
Table 7: Cumulative Livestock Slaughters in
2023 and 2024
Cattle
Pigs
Sheep and
Goats

367 306
242 288
11 186

393 292
240 805
12 004
Variance
7.07%
-0.61%
7.31%
Source: Ministry of Lands, Agriculture, Fisheries,
Water, and Rural Development, 2025
Cattle
Cattle slaughters in the formal sector were 4.52%
higher at 99 475 head in the fourth quarter of 2024
compared to the same period in 2023. This was,
however, lower than the 101 097 head slaughtered
in the third quarter of 2024. These developments
are partially attributed to hedging against potential
drought induced losses by livestock farmers due
to low availability of grazing during the year.
Cumulative cattle slaughters increased by 7.07%
in 2024 as shown in Table 8.
Table 8: Quarterly Cattle Slaughters

%
Change
Q1
87 325
94 062
7.68
Q2
91 698
98 658
7.59
Q3
93 086
101 097
8.61
Q4
95 170
99 475
4.52
Total
367 306
393 292
7.07
Source: Ministry of Lands, Agriculture, Fisheries, Water,
and Rural Development, 2025
Pigs
Pig slaughters stood at 61 283 head in the fourth
quarter of 2024, down by 2.0% compared to the
same period in 2023.
Cumulative slaughters in 2024 fell to 240 805
head, from 242 288 head in 2023. Table 9 shows
the quarterly pig slaughter trends in 2023 and
2024.
Table 9: Quarterly Pig Slaughters

% Change
Q1
61 384
59 026
-3.84
Q2
58 773
61 450
4.55
Q3
59 615
59 046
-0.95
Q4
62 516
61 283
-1.97
Total
242 288
240 805
-0.61
Source: Ministry of Lands, Agriculture, Fisheries, Water,
and Rural Development, 2025

Viability of the pig production industry was
negatively impacted by the high cost of
stockfeed, partially attributed to the low grain
harvest in 2024, which saw lower throughput
from the small-scale producers.
Milk Production
Milk output was recorded at 29 643 050 litres in
the fourth quarter of 2024, representing an
increase of 6.2% from the performance in the
same period in 2023. This was, however, 1.0%
lower than the 29 940 245 litres produced in the
previous quarter. Figure12 shows quarterly milk
output trend since 2022.
Figure 12: Quarterly Fresh Milk Output
(litres)

Source: Ministry of Lands, Agriculture, Fisheries,
Water, and Rural Development, 2025
The performance by the dairy sector in the last
quarter of 2024 caps the record annual growth of
15.8% in 2024, which saw milk output increasing
to 114 699 440 litres, up from 99 821 752 litres in
2023. The dairy sector continues to benefit from
years of investment in herd size expansion
coupled with improvements in genetics and cow
productivity.
MINING
The mining sector output performance in the
fourth quarter of 2024 was mixed. Gold,
Rhodium,
Iridium,
Diamonds,
Vermiculite
registered increased output. On the other hand,
key minerals such as Platinum, Palladium, Nickel,
Copper and Granite recorded subdued output
largely due to depressed international commodity
prices. Soft international prices characterised all
the quarters of 2024. Domestic challenges
affecting fourth quarter 2024 mining performance
include
inadequate
power
supply,
foreign
currency
shortages
and
working
capital
constraints. Table 10 shows mineral performances
for part of 2023 and 2024 by quarters.

Table 10: Quarterly Mineral Output Statistics
Q4 23
Q1 24
Q2 24
Q3 24
Q4 24
Gold (kgs)

Platinum
(kgs)

Palladium
(kgs)

Rhodium
(kgs)

Iridium
(kgs)

Ruthenium
(kgs)

Diamonds
(cts)
1,229,67

1,417,15

1,178,23

1,127,783
1,422,85

Nickel
(MT)

Copper
(MT)

Cobalt
(MT)

Lithium
(MT)
308,878.

902,898.

884,859.

345,892
338,038
Granite
(MT)
553,189.

446,217.

656,223.

483,443.2
37,381.7
Vermiculit
e (MT)

Source: Ministry of Mines and Mining Development &
Chamber of Mines Zimbabwe, 2024

Q1
Q2
Q3
Q4
Millions

Gold
Gold output in the fourth quarter of 2024 stood at
12,696.7 kgs, which is about 17% higher than
10,889.2 kgs produced in q3 2024. The fourth
quarter 2024 output was also 55% higher than q4
2023 output of 8,197.5 kgs.

The fourth quarter 2024 gold deliveries to Fidelity
Printers and Refineries (FPR), which excludes
gold from PGMs amounted to 12,214 kilograms.
This represents a 17% increase in deliveries from
10,421.5 kilograms delivered in the third quarter
of 2024. Deliveries in the fourth quarter of 2024
to FPR recorded a significant increase of 60%
when compared to deliveries of 7,640.81
kilograms in the comparable quarter in 2023.
Table 11 shows deliveries to FPR in 2024.

Table 11: Quarterly Gold Deliveries to FPR for
2023 and 2024 (kgs)
Source: FPR, 2024
Small scale and primary producers accounted for
65% and 35% to total gold deliveries respectively.


Platinum Group of Metals (PGMs)
Following the persistence of soft commodity
prices, throughout 2024, and some domestic
setbacks, output from PGMs was subdued in the
fourth quarter of 2024. Platinum, palladium, and
rhodium output retreated by 9%, 12% and 6%,
respectively in the fourth quarter of 2024 when
compared to the third quarter of 2024. Iridium and
ruthenium production defied the soft prices to
register increased output of 10% and 6%
respectively in the last quarter of 2024.

Generally, PGM’s fourth quarter of 2024 output
performance was mixed when compared to
similar period in 2023. Figure 13 shows trends in
output from major PGMs.

Figure 13: Quarterly Trends in Platinum and
Palladium Output & Average International

Source: Ministry of Mines and Mining Development,

Rhodium output amounted to 424.3 kgs in the
fourth quarter of 2024 compared to 450 kgs in
previous quarter, reflecting the softening of

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Platinum
Palladium
platinum price US$/ounce
palladium price US$/ounce
1ST
Quarter

2nd
Quarter

3rd
Quarter

4th
Quarter

Primary
producers/kg
3,143.07

3,224.26

3,188.3
3,185.5
Small Scale
producers/kg
2,901.80

4,515.167

7,233.3
9,028.5
Total
6,044.87

7,739.42

10,421.5
12,214.0

international commodity prices. This represents a
6% decrease in output when compared to the
preceding quarter. This output is however, a 1%
increase from comparable period in 2023.
Figure 14: Quarterly Trends in Rhodium
Output

Source: Ministry of Mines and Mining Development,

The threats of declining revenues due to depressed
commodity
prices
and
other
operational
challenges weighed down production. Platinum
mining houses have remained steadfast in their
investments to support mine development,
exploration and improvement in operational
efficiency, which has sustained PGMs output in
2024.

In 2024, there were various capital projects in the
PGMs sub-sector at various stages that supported
output despite subdued prices. These projects are
in exploration, replacement of depleting mines
and mining development, establishment of new
concentrator plant, refurbishment of plants,
construction of solar power lines, construction of
furnaces and storage facilities.

Nickel
Nickel output at 3,447.5 tonnes in the fourth
quarter of 2024 was 11% lower than 3,873.1
tonnes in the previous quarter. It is also 11% short
of the comparable period of 2023, as shown in
Figure 15.
Figure 15: Quarterly Trends in Nickel Output
and Average International prices (US$/tonne)

Source: Ministry of Mines and Mining Development,

The
primary
producer
Bindura
Nickel
Corporation (BNC) remained closed in the fourth
quarter of 2024 due to operational challenges
hence most of the nickel produced in the quarter
under review is as a by-product of PGMs.
Diamond
Diamond output for q4 2024, which stood at 1.422
million carats increased by 26% up from 1.127
million carats produced in q3 2024. Output in the
fourth quarter of 2024 was 16% up from 1.229
million carats produced in the previous quarter as
shown in Figure16.

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

kgs


Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

mt
US$/tonne

Figure 16: Quarterly Trends in Diamond
Output 2021-2024

Source: Ministry of Mines and Mining Development,

Diamond benefitted from increased investments
in mining and processing capacity. However,
diamond potential continues to be adversely
affected by frequent power outages leading to loss
of production time at some of the mining houses.

Lithium
Lithium output in the fourth quarter of 2024
remained subdued at about 338,038 tonnes after
having picked up in the first quarter of 2024 to
about 902, 899 tonnes. The subdued output is due
to the decline in prices, which averaged US$13
724 per tonne in the first quarter of 2024 to about
US$9 384.99 per tonne in the fourth quarter 2024.

Figure 17: Lithium production 2023 and 2024

Source: Ministry of Mines and Mining Development,

Several projects are currently in operation in the
lithium sector, and these include Kamaitivi, Bikita
minerals, Low alkali petalite, Max Mind, Ktulu,
Tagara, Zulu Lithium and Miamoyu.

ELECTRICITY
Total electricity generated by major power
stations and independent power producers (IPPs)
during the fourth quarter of 2024 amounted to
2,314.41 GWh, down by 21.73%, on third quarter
output of 2,956.80 GWh. This was also 4.13%
higher than the 2,222.65 GWh produced during
the fourth quarter of 2023.

Hwange Power Station, inclusive of units 7 and 8
contributed 72.62% of total production during the
fourth quarter of 2024, thus compensating for the
low output from Kariba.

Kariba Hydro Power Station produced 516.62
GWh in the fourth quarter, down from 774.73
GWh produced in the preceding quarter. Kariba

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Thousands
carats

q4 23
q1 24
q2 24
q3 24
q4 24

contributed about 22.32% of total electricity
generation in the fourth quarter of 2024, down
from a contribution of 26.20% in the third quarter
of 2024.

Table 12 shows power output statistics from the
major power stations and independent power
producers in 2024.

Table 12: Quarterly Power Output.

Q1:

Q2:

Q3
:2024
Q4:

Kariba

Hwange

Hesco
(Hwange
7&8)

IPPs

Total
(GWh)

Source: ZERA and ZPC, 2024

Power output by IPPs increased by 9.95% from
106.36 GWh in the third quarter of 2024 to 116.94
GWh in the quarter under review. The improved
performance by IPPs in the fourth quarter of 2024
is attributed to the additional 12.05 GWh
produced by Blanket mine hydro power station,
which benefited from improved inflows in the
fourth quarter. Figure 18 shows the trend of
quarterly electricity production by IPP’s since the
first quarter of 2024.


Figure 18: Quarterly Power Output by IPPs

Source: ZERA, 2024

Cumulatively Power generation in 2024 increased
by
18.44%
to

093.53
GWh
from
8 522.03 GWh recorded in 2023. The increase in
output was attributed to improved performance
from Hwange 7 and 8 and increased throughput
from IPPs. Hwange 7 and 8 operated optimally at
full capacity since commissioning during the
fourth quarter of 2024.

INFLATION DEVELOPMENTS
A combination of policy measures instituted by
Government and the Reserve Bank in the third
quarter of 2024, resulted in a marked deceleration
of prices in the fourth quarter of 2024.

In the outlook period covering 2025 month-onmonth ZWG inflation is expected to evolve in line
with
the
tight
monetary
policy
stance
complemented also by a tight fiscal policy.

2024 Q1
2024 Q2
2024 Q3
2024 Q4
GWhs

ZiG Month on Month Inflation
Monthly ZWG inflation decelerated by 2.1
percentage points from 5.8% in September 2024
to 3.7% in December 2024, driven by both food
and non-food inflation.
Food inflation retreated by 5.6 percentage points
from 10.2% in third quarter of 2024, to 4.6% in
fourth quarter of 2024. Food inflation contributed
1.6 percentage points to December 2024 inflation
rate.
Non-food inflation also slowed down from 3.9%
in September 2024 to 3.2% in December 2024.
Clothing and footwear, transport, and housing,
water, electricity, gas and other fuels and
transport drove non-food inflation during the last
quarter of 2024.
Table 13: Monthly Inflation Profiles (%)

ZWG
USD
Weighted
Sept - 2024
5.8
0.7
1.9
Oct - 2024
37.2
0.7
7.3
Nov - 2024
11.7
0.1
2.2
Dec- 2024
3.7
0.6
1.1
Source: ZIMSTAT, 2024

USD Month on Month Inflation
The USD month-on-month inflation rate receded
from the 0.7% recorded in September 2024 to
0.6% in December 2024. The decrease in
inflation, reflected in non-food component, is
attributed to the stability in the monetary
conditions
which
dampened
inflationary
pressures during the quarter.
Month on month food inflation however, surged
from 1.42% to 1.9% during the third quarter,
largely driven by transient festive season
expenditure, while non-food inflation decreased
from 0.42% to 0.0% in the same quarter under
review. Figure 19 shows the monthly inflation
developments since 2023.

Figure 19: Monthly US$ Inflation Profile (%)
Source: ZIMSTAT, 2024

Annual USD Inflation
Annual USD inflation decelerated from 4.3% in
September 2024 to end the fourth quarter of 2024
at 2.48%. Though overall inflation was stable,
non-food inflation largely shaped developments
during the last quarter of 2024.
Annual food inflation retreated from 5.38% in the
third quarter of 2024, to 5.15% in the fourth
quarter of 2024. Yearly non-food inflation also
decreased from 3.73% to 1.30% in the last quarter


Feb-23
Apr-23
Jun-23
Aug-23
Oct-23
Dec-23
Feb-24
Apr-24
Jun-24
Aug-24
Oct-24
Dec-24
Food
Non food
All Items

of 2024. Figure 20 shows annual USD inflation
developments from May 2023.
Figure 20: Annual USD Inflation Profile (%)

Source: ZIMSTAT, 2024

4.
MONETARY DEVELOPMENTS

Broad money stock (M3) stood at ZiG87.45
billion in December 2024, compared to ZiG75.01
billion recorded in September 2024. The growth
in broad money reflected expansion of ZiG2.88
billion (24.54%) and ZiG9.56 billion (15.11%) in
local currency and foreign currency components
of broad money, respectively.

Foreign currency deposits accounted for 83.26%
of broad money, followed by local currency
deposits,
at
16.63%,
while
currency
in
circulation constituted the balance of 0.11%.
Figure 21 shows the components of broad money
for the period March 2024 to December 2024.


Figure 21: Broad Money Developments (ZiG
billion)

Source: Reserve Bank of Zimbabwe, 2024

Domestic Credit
Domestic credit increased by 5.55%, from
ZiG70.63 billion in September 2024 to ZiG74.54
billion in December 2024. The growth was largely
driven by an increase of ZiG5.02 billion in credit
to the private sector, from ZiG50.45 billion in
September 2024 to ZiG55.48 billion in December
2024. Net claims on Government, however,
declined marginally from ZiG17.99 billion in
September 2024 to ZiG17.32 billion recorded
in December 2024.

Outstanding credit to the private sector was
mainly channelled to households, agriculture,
manufacturing, and distribution, which received
28.88%, 15.87%, 14.67%, and 10.82% of the total
credit, respectively. The mining sector, however,
received 10.50% of the total outstanding credit.
Private sector credit shares for the rest of the
economic sectors are shown in Figure 22.


Jun-23
Aug-23
Oct-23
Dec-23
Feb-24
Apr-24
Jun-24
Aug-24
Oct-24
Dec-24
Food
Non food
All Items

Billion
Currency in Circulation
Foreign Currency Deposits
Local Currency Deposits

Figure 22: Distribution of Private Sector
Credit

Source: Reserve Bank of Zimbabwe, 2024

Credit to the private sector was largely utilized for
recurrent expenditures, 37.10%; inventory buildup, 24.58%; and fixed capital investments,
14.54%.

Interest Rates
During December 2024, nominal lending rates
quoted by banks on local currency-denominated
loans ranged between 20% and 58%. Time deposit
rates for 90-days, 360-days, and over a year tenure
ranged between 5% and 25%. The savings deposit
rates were quoted between 2% and 9%, during the
period
under
review.
Figure

shows
developments in the interest rates.

Figure 23: Interest Rates Developments (%)
Source: Reserve Bank of Zimbabwe, 2024
Lending rates for foreign currency-denominated
loans advanced to individuals ranged between 7%
and 27% per annum, as of the end of December
2024, while foreign currency lending rates for
corporate clients ranged between 5% and 21%.
The general increase in interest rates in the last
quarter of 2024 was mainly attributable to the
tight monetary policy measures announced the by
Monetary Policy Committee (MPC) on 27
September 2024.


Households
28.88%
Agriculture
15.87%
Mining
10.50%
Manufacturing
14.67%
Distribution
10.82%
Transport and
Communication
2.38%
Services
8.03%
Financial
Organisations and
Investiments
5.47%
Construction
2.80%
Other
0.58%

Mar-23
Apr-23
May-23
Jun-23
Jul-23
Aug-23
Sep-23
Oct-23
Nov-23
Dec-23
Jan-24
Feb-24
Mar-24
Apr-24
May-24
Jun-24
Jul-24
Aug-24
Sep-24
Oct-24
Nov-24
Dec-24
Policy rate
Max Weighted Lending Rates Individuals
Max Weighted Lending Rates Corporates
90 Day Deposit Rates

5.
STOCK MARKET DEVELOPMENTS

Table 14: Key Stock Market Indicators

Source: Zimbabwe Stock Exchange, 2024; and
Victoria Falls Stock Exchange, 2024


ZIMBABWE STOCK EXCHANGE (ZSE)
DEVELOPMENTS

During the fourth quarter of 2024, the ZSE was
characterised by bearish sentiments, as investors
sought a safe haven in other investments. As such,
major indices registered declines, with the All
Share, Top 10 and Top 15 indices declining by
10.61%, 17.20% and 17.28% to close at 217.58
points, 215.24 points and 212.54 points,
respectively. In the same vein, the resource index
lost 6.48% to close at 235.38 points during the
quarter under review.
Figure 24 shows the developments of the ZSE All
Share, Top 10 and Mining indices for the period 5
April 2024 to 31 December 2024.

Figure 24: ZSE All Share, Top 10 and Mining
Indices


Source: Zimbabwe Stock Exchange, 2024

Top 10 Index
Mining Index (Points)
ZSE ALL SHARE INDEX
ZSE Indicators

September-

December-

Change (%)
All Share Index (points)
243.41
217.58
-10.61
Top 10 Index (points)
259.95
215.24
-17.20
Top 15 Index (points)
256.93
212.54
-17.28
Medium
Cap
Index
(points)
192.59
227.60
18.18
Small
Cap
Index
(points)
100.11
100.11
0.00
Mining Index (points)
251.68
235.38
-6.48
The volume of shares
traded (mn)
468.85
333.48
-28.87
Market Turnover (ZiG
mn)
698.98
1 018.09
45.65
ZSE Capitalization (ZiG
mn)
74 489.51
66 241.20
-11.07
Net Foreign Position
(ZiG mn)
-89.75
-144.99
-61.55

VFEX Indicators


All Share Index (points)
107.35
105.95
-1.31
The volume of shares
traded (mn)
127.74
97.55
-23.63
Market Turnover (US mn)
7.79
26.91
245.29
VFEX
Capitalization
(US$m)
1 296.58
1 279.62
-1.31

Market Turnover
During the last quarter of 2024, cumulative
turnover volumes decreased by 28.87% to 333.48
million shares, whilst the cumulative value of
shares increased by 45.65% to ZiG1 018.09
million, respectively. This compares to 468.85
million shares and ZiG698.98 million recorded in
the third quarter of 2024, respectively.
Figure 25: ZSE Market Turnover

Source: Zimbabwe Stock Exchange, 2024

Foreign investor participation, as measured by its
contribution to the value of shares traded
increased to 8.83%, compared to 2.30% recorded
in the third quarter of 2024. However, the net
foreign position worsened, indicating increased
foreign sales. In this regard, the net foreign
position declined to negative ZiG144.99 million,
from negative ZiG89.75 million registered during
the quarter ending September 2024.


Market Capitalisation
As a consequence of subdued trading activity on
the ZSE during the fourth quarter of 2024, the
local bourse lost 11.07%, or ZiG8.25 billion worth
of capitalization to close at ZiG66.24 billion,
compared to ZiG74.49 billion recorded in the
previous quarter.
Figure 26 shows the evolution of market
capitalization for the period December 2023 to
December 2024.

Figure 26: ZSE Market Capitalisation (ZiG
millions)

Source: Zimbabwe Stock Exchange, 2024
VICTORIA FALLS STOCK EXCHANGE
(VFEX) DEVELOPMENTS
The VFEX followed a negative trajectory in the
fourth quarter of 2024. As a result, the VFEX All
Share index lost 1.31% to close at 105.95 points,
from 107.35 points recorded in the quarter ending
September 2024.

Volumes Traded (millions)
Values Traded (millions)

MILLIONS

On an annual basis, however, the VFEX All Share
index added 49.98%, from 70.64 points recorded
in December 2023.

Figure 27: Victoria Falls Stock Exchange All
Share Index

Source: Victoria Falls Stock Exchange, 2024

VFEX Market Capitalization (US$ billions)
During the fourth quarter of 2024, VFEX market
capitalization lost 1.31%, or US$16.96 million to
US$1.28 billion, compared to US$1.30 billion
recorded in the third quarter of 2024. On an annual
basis, VFEX market capitalization rose by 6%,
from US$1.21 billion recorded in the comparable
period in 2023.


Figure 28 VFEX Market Capitalization in
billions of US$.

Source: Victoria Falls Stock Exchange, 2024

6.
PAYMENT,
CLEARING
AND
SETTLEMENT ACTIVITIES
The value of electronic transactions processed
through
the
national
payment
systems
infrastructure during the fourth quarter ending 31
December 2024 increased by 77.88% to
ZiG583.14 billion, up from ZiG327.82 billion
recorded in the third quarter. Transactions
volumes also increased by 6.79% to 188.64
million from 176.64 million, during the same
period.


31-Dec-23
31-Jan-24
29-Feb-24
31-Mar-24
30-Apr-24
31-May-24
30-Jun-24
31-Jul-24
31-Aug-24
30-Sep-24
31-Oct-24
30-Nov-24
31-Dec-24

31-Dec-23
31-Jan-24
29-Feb-24
31-Mar-24
30-Apr-24
31-May-24
30-Jun-24
31-Jul-24
31-Aug-24
30-Sep-24
31-Oct-24
30-Nov-24
31-Dec-24

Table
15:
Consolidated
Transactional
Activities for the Fourth Quarter Ending 31
Dec 20242
PAYMENT
STREAM
THIRD
QUARTER
ENDING 30
SEPTEMBER

FOURTH
QUARTER
ENDING 31
DECEMBER

CHANGE
FROM
LAST
QUARTER
PROPORTION

VALUES IN ZIG (BILLIONS)

RTGS

POS

ATMS

MOBILE

INTERNET

TOTAL


VOLUMES (MILLIONS)

RTGS

POS

ATMs

MOBILE

INTERNET

TOTAL

Source: Reserve Bank of Zimbabwe, 2024
The USD-RTGS aggregate value recorded a
growth of 16.38% to $8.55 billion and volumes
declined by 0.73 % to 1.487 million during quarter
ending 31 December 2024.

LARGE VALUE PAYMENTS
During the fourth quarter ending 31 December
2024, the value of transactions processed through

2 Figures are inclusive of USD Transactions converted at
prevailing interbank exchange rates to ZiG at the
transaction date.
the RTGS system increased by 85.51% from
ZiG183.55 billion in the third quarter to
ZiG340.50 billion.
The volume of transactions decreased by 7.48% to
2.82 million over the same period.
Figure 29: Values (ZiG) and Volumes of
RTGS3 Transactions from Jan 2024 to Dec

Source: Reserve Bank of Zimbabwe, 2024

RETAIL PAYMENTS
The aggregate values of retail transactions
increased by 68.18% from ZiG144.28 billion
recorded in quarter ending September 2024 to
ZiG242.64 billion.


3 Real Time Gross Settlement System (RTGS) is the
Zimbabwe Electronic Transfer and Settlement System
(ZETSS)

2024 Q1
2024 Q2
2024 Q3
2024 Q4
Billions
Millions
Values
Volumes

Figure 30: Retail Transaction Values (ZiG)
from Jan 2024 to Dec 2024

Source: Reserve Bank of Zimbabwe, 2024
The aggregate retail volume also increased by
7.04% to 185.82 million during the same period.
Figure 31: Retail Transaction Volumes from
January to December 2024

Source: Reserve Bank of Zimbabwe, 2024

COLLATERAL
The value of collateral for Zimswitch, Central
Securities Depository (CSD) and Zimbabwe
Stock Exchange (ZSE) settlement systems
increased to ZiG416.24 million in the fourth
quarter of 2024 up from ZiG384.37 million
recorded in the previous quarter. This largely
reflect an increase in the value of transactions
processed through the Zimswitch platform which
resulted in the Zimswitch Collateral balances
rising by 9%.

Figure 32: Collateral Amounts (ZiG) from
January 2024 to December 2024

Source: Reserve Bank of Zimbabwe, 2024

The Victoria Falls Stock Exchange Limited
(VFEX) foreign currency collateral for the quarter
ending 31 December 2024 at USD 48.923.92
adequately covers the risk levels.

ACCESS POINTS AND DEVICES
Ordinary POS population which stood at 135,614
at the end of the third quarter slightly decreased to
135,520 as at 31 December 2024.

2024 Q1
2024Q2
2024Q3
2024Q4
Mobile in Billions
Other Retail Values in Billions
POS
ATMS
INTERNET
MOBILE

2024 Q1
2024 Q2
2024 Q3
2024 Q4
Mobile Volumes in Millions
Other Retai Volumes in Millions
POS
ATMs
INTERNET
MOBILE
-50

Quarter Ending
31 March 2024
Quarter Ending
30 June 2024
Quarter Ending
30 September

Quarter Ending
31 December

MILLIONS
ZSE
Zimswitch
CDC

Table 16: Payment Systems Access Points and
Devices for the Fourth Quarter of 2024
PAYMENT SYSTEMS ACCESS POINTS

Q1 2024
Q2 2024
Q3 2024
Q4 2024
Mobile
Banking
Merchants

ATMs

POS

PAYMENTS SYSTEMS ACCESS DEVICES
Debit Cards

Credit Cards

Prepaid Cards

Mobile
Banking
Subscribers

Internet
Banking
Subscribers

Source: Reserve Bank of Zimbabwe, 2024
As at 31 December 2024 active mobile financial
services subscribers slightly rose to 10 million
from 9.96 million recorded in the quarter ending
30 September 2024


RESERVE BANK OF ZIMBABWE
FEBRUARY 2025

STATISTICAL TABLES
1. Depository Corporation Survey 28
2. Central Bank Survey 29
3. Other Depository Corporation Survey 30

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

4.2.Reserve Bank: liabilities 32


5. Other Depository Corporation
5.1.Other Depository Asset 33
5.2.Other Depository Liabilities 34

6. Commercial Banks
6.1.Commercial Banks: Assets

6.2.Commercial Banks: Liabilities

7. Building Societies


7.1.Building Societies: Assets

7.2.Building Societies: Liabilities 38


8. Sectoral Analysis of Commercial Banks
8.1.Sectoral Analysis of Commercial Banks’ Loans and Advances 39
8.2.Sectoral Analysis of Commercial Bank’s Deposits

9. National Payment Systems


9.1.Values of Transactions

9.2.Volumes of Transactions

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

10.2. Deposit Rates 42


11. Stock Exchange Indices

12. Inflation


12.1. Monthly Inflation

12.2. Quarterly Inflation

12.3. Annual Inflation

13. Balance of Payments
13.1. Cross Border Payments

13.2. Cross Border Receipts

Dec-23
Jan-24
Feb-24
Mar-24
*Apr-24
*May-24
*Jun-24
*Jul-24
*Aug-24
*Sep-24
*Oct-24
*Nov-24
*Dec-24
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

of which Foreign Currency Accounts

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, 2024
Notes:
(i) Depository corporations survey - formerly Monetary Survey.
(ii) Broad money redefined using IMF's Monetary and Financial Statistics Manual of 2000. Major changes include exclusion of Government deposits held by banks from broad money.
(iii) Transferable deposits made up of demand and savings deposits.
(iv) NCDs are also referred to as securities included in broad money.
(v) All classes of time deposits, short and long term are classified as time deposits, which are also termed other deposits.
(vi) Credit to the private sector now excludes claims on other financial corporations, as well as claims on state and local government (local authorities)
(vii) Depository corporations made up of the Central Bank and other depository corporations
(viii) Other depository corporations (ODCs) - Commercial banks, merchant banks, building societies and POSB.
(ix) In December 2017, the statistics were adjusted in restrospect by reclassifying Securities issued under Aftrades from claims on government to claims on central bank
(x) In December 2017, the statistics were adjusted in restrospect by reclassifying amounts accessed by banks under the Aftrades from liabilities to Other Depository corporations and Other Financial Corporations to liabilities to Central Bank
(xi) In December 2018, statistics were revised from November 2017 due to reclassification of lines of credit (foreign liabilities) that were initially classified as deposits included in broad money
(xii) All monetary and financial statistics are valued in $ since the introduction of the interbank foreign exchange market in February 2019
(xii) All monetary and financial statistics are valued in ZWL$ since the introduction of the interbank foreign exchange market in February 2019
*Statistics are denominated in ZiG
TABLE 1: DEPOSITORY CORPORATIONS SURVEY (ZWG '000)

Dec-23
Jan-24
Feb-24
Mar-24
*Apr-24
*May-24
*Jun-24
Jul-24
Aug-24
Sep-24
Oct-24
Nov-24
Dec-24
Net Foreign Assets

Claims on Non Residents

Official Reserves Assets

Other Foreign Assets

Less Liabilities to Non Residents

Short Term Liabilities

Other Foreign Liabilities*

of which blocked funds

Net Domestic Assets (NDA)

Domestic Claims

Net Claims on Central Government

Claims on Central Government

Of which: Securities Other than Shares

Loans

Loans and Advances

Legacy Debt

Export Incentives

Less Liabilities to Central Government

Of which: Deposits

Other

Claims on Other Sectors

Other Financial Corporations

State and Local Government

Public Non Financial Corporations

Private Sector

Claims on Other Depository Corporations

Of which: Loans

Other Liabilities to ODCs

Of which: Aftrades Balances

Securities

Other Items(Net)

Shares and Other Equity

Other Items(Net)

Liabilities to Other Resident Sectors

Deposits and Securities Excluded from Base Money

Monetary Base

Bond Coins

Bond Notes

Zig Notes

ZiG Coins

Liabilities to ODCs

Local Currency Reserve Deposits

Foreign Currency Reserve Deposits

Exess reserves

Private Deposits

Source: Reserve Bank of Zimbabwe 2024
NB: * Other Foreign Liabilities include blocked funds amounting to USD2.2 billion assumed by the Central Bank on behalf of Government.
*Statistics are denominated in ZiG
TABLE 2: CENTRAL BANK SURVEY (ZWG'000)

Dec-23
Jan-24
Feb-24
Mar-24
*Apr-24
*May-24
*Jun-24
Jul-24
Aug-24
Sep-24
Oct-24
Nov-24
Dec-24
Net Foreign Assets

Claims on Non Residents

Of Which: Foreign Currency

Deposits

Other

Less Liabilities to Non Residents

Of Which: Deposits

Loans

Other

Net Domestic Assets (NDA)

Domestic Claims

Net Claims on Central Government

Claims on Central Government

Securities

Loans

Other

Less Liabilities to Central Government

Of which: Deposits

Other

Claims on Other Sectors

Other Financial Corporations

State and Local Government

Public Non Financial Corporations

Private Sector

Claims on the Central Bank

Currency

Reserves

Securities

Other Claims

Liabilities to the Central Bank

Other Items(Net)

Shares and Other Equity

Liabilities to other ressident sectors

Other Items(Net)

Deposits and Securities Included in Broad Money

Deposits Included in Broad Money

Transferable Deposits

of which FCAs

Other Deposits

of which FCAs

Money Market Instruments

Source: Reserve Bankof Zimbabwe, 2024
*Statistics are denominated in ZiG
TABLE 3: OTHER DEPOSITORY CORPORATIONS SURVEY (ZWG'000)

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec

Source: Reserve Bank of Zimbabwe, 2024
*Statistics are denominated in ZiG
TABLE 4.1: RESERVE BANK - ASSETS
Foreign Assets
Loans and advances
Investments

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec

Source: Reserve Bank of Zimbabwe, 2024
*Bond coins first issued in December 2014
* Bond Notes issued on 28 November 2016
*Statistics are denominated in ZiG
ZWG Thousands
Deposits

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

Jan
1 483.3

42 733.9

77 994.4

13 109.2

40 071.8


Feb
1 735.4

41 180.7

76 140.3

17 748.1

39 141.4


Mar
1 457.1

40 953.3

83 032.1

6 945.5

42 516.8


Apr
1 699.7

40 964.4

85 330.2

6 844.8

49 733.4


May
1 906.1

30 579.1

94 330.9

7 907.2

63 644.8


Jun
1 702.8

30 255.6

75 795.2

25 605.9

72 780.6


Jul
2 139.9

30 509.1

104 983.5

17 817.9

82 032.9


Aug
2 551.1

33 323.4

93 806.9

11 919.2

72 753.9


Sep
2 853.7

38 500.1

100 996.0

8 626.8

68 707.9


Oct
2 611.1

50 074.7

108 009.2

9 575.8

89 822.4


Nov
2 721.5

53 424.3

107 781.7

15 560.6

74 072.3


Dec
2 838.3

50 031.0

118 451.3

13 654.0

91 352.6


Jan
2 891.2

53 378.3

116 654.8

13 232.3

69 668.2


Feb
2 577.7

62 064.5

122 479.8

17 480.5

76 802.2


Mar
2 111.5

76 544.2

142 962.5

19 239.6

87 884.5


Apr
2 624.9

74 716.9

160 466.5

28 352.1

123 190.3


May
3 155.9

142 118.9

236 166.0

35 928.9

207 812.8


Jun
2 801.2

138 347.1

266 691.8

45 952.0

241 920.1


Jul
2 427.6

159 024.6

315 832.5

39 388.2

230 432.5


Aug
2 640.6

263 637.4

411 439.9

69 203.5

311 107.0


Sep
3 030.7

289 230.8

504 071.1

75 446.7

417 007.1


Oct
3 022.6

300 240.3

525 870.3

104 483.2

389 979.7


Nov
3 251.4

286 365.2

575 885.7

111 716.1

342 790.1


Dec
3 361.7

295 435.1

652 284.4

119 932.8

351 906.8


Jan
4 923.3

379 841.7

704 168.6

151 980.1

389 342.8


Feb
1 880.1

436 062.8

743 888.5

81 067.5

518 081.0


Mar
2 031.6

425 326.5

817 631.1

112 374.3

531 935.4


Apr
1 844.7

462 081.4

972 122.7

161 740.7

620 095.0


May
1 107.2

1 048 116.4

2 049 066.1

309 234.1

1 554 969.0


Jun
1 984.5

2 249 201.6

4 424 350.0

471 360.3

3 050 984.1


Jul
1 489.0

1 584 403.3

4 137 377.2

380 493.0

3 132 849.9


Aug
2 292.1

1 505 916.2

4 651 358.8

448 025.8

3 179 274.3


Sep
2 465.6

2 015 621.6

5 263 338.5

560 033.8

3 210 332.7


Oct
2 425.4

2 312 575.1

5 910 277.9

751 077.6

2 663 186.5


Nov
2 705.3

2 558 589.3

6 324 144.1

730 377.0

2 788 783.6


Dec
3 398.4

2 868 505.6

5 973 706.9

918 524.5

2 631 445.7


Jan
2 947.9

5 196 670.6

9 096 074.6

1 414 527.9

3 957 664.6


Feb
3 143.6

7 309 077.0

12 595 037.9

2 395 225.7

5 340 576.7


Mar
2 831.0

9 785 505.6

16 734 744.0

3 185 636.7

7 548 560.1


*Apr
7.5

4 794.8

11 004.0

2 108.7

5 798.1


*May
15.0

4 337.6

12 420.7

2 281.4

6 437.2


*Jun
9.2

4 753.1

12 746.0

2 349.5

6 493.3


*Jul
7.5

5 739.9

11 453.3

1 987.0

6 135.6


*Aug
6.4

6 444.9

13 516.2

2 310.5

4 922.1


*Sep
7.9

10 895.9

22 399.7

3 870.6

8 728.6


*Oct
56.7

13 662.1

30 414.7

5 068.5

8 024.4


*Nov
72.6

11 233.7

29 835.6

4 498.6

6 365.0


*Dec
82.6

10 274.6

32 110.0

5 538.7

8 540.2


Source:Reserve Bank of Zimbabwe, 2024
Notes
1.Government securities includes treasuary bills and bonds
2.Includes bankers acceptances, discounted bills and negotiable certificates of deposits.
3.Includes households and other financial corporations.
*Statistics are denominated in ZiG
Debt Securities
Loans and Advances
Public
Enterprises
TABLE 5.1: OTHER DEPOSITORY CORPORATIONS -ASSETS
ZWG millions

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec

Source:Reserve Bank of Zimbabwe,2024
*Statistics are denominated in ZiG
TABLE 5.2 : OTHER DEPOSITORY CORPORATIONS - LIABILITIES
ZWG millions
Deposits
Amounts Owing to
Debt Securities

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

Jan
1,237.43

39,565.64

71,463.64

12,288.89

39,092.85

10,921.99

8,281.80

-

-

1.18

16.67

18.01

1,264.28

71,090.96

718.83

25,036.22

12,333.21

32,123.11

325,454.7

Feb
1,320.27

38,100.03

69,341.48

16,867.76

38,108.83

6,341.39

12,518.15

-

-

1.26

24.15

22.69

1,493.66

77,324.34

774.89

28,339.17

15,953.14

33,612.14

340,143.4

Mar
1,244.16

38,369.53

76,479.44

5,317.61

41,401.24

8,733.65

15,889.61

-

19.21

34.56

15.17

21.67

1,309.75

80,607.03

878.97

32,908.13

19,302.34

30,861.86

353,393.9

Apr
1,430.83

38,008.89

79,592.64

5,639.40

48,564.03

7,679.05

18,267.01

-

19.23

62.89

19.86

12.71

1,336.70

91,062.16

956.75

34,537.88

21,214.88

32,383.77

380,788.7

May
1,648.09

28,677.21

87,611.51

6,479.66

59,745.10

11,582.44

18,846.75

-

152.75

93.37

21.77

16.58

1,263.75

94,790.46

990.41

35,592.28

21,398.95

31,307.45

400,218.5

Jun
1,419.27

28,452.53

69,413.26

24,215.35

70,835.98

17,601.31

17,152.75

-

19.46

92.91

17.91

77.79

1,511.86

106,954.15

1,247.08

26,856.45

26,444.57

33,288.94

425,601.6

Jul
1,794.72

29,100.73

97,429.50

15,901.02

79,937.02

25,314.30

21,665.10

-

290.76

47.39

17.32

67.80

1,351.13

117,348.16

1,301.18

26,869.18

29,079.64

33,587.68

481,102.6

Aug
2,137.72

31,734.84

85,441.98

9,099.10

70,391.64

25,194.95

31,434.20

-

339.72

51.28

22.49

63.94

1,583.28

132,522.63

1,337.19

32,281.12

30,022.43

37,697.05

491,355.6

Sep
2,417.81

36,259.54

93,032.71

6,164.78

66,640.78

25,023.38

31,460.81

-

366.88

57.60

21.07

62.45

1,531.08

134,780.92

1,342.62

31,980.97

30,439.34

34,630.85

496,213.6

Oct
1,993.06

47,379.62

99,470.02

7,339.71

86,302.62

26,924.18

37,639.16

-

188.07

121.59

21.20

75.41

1,683.89

149,477.36

1,523.34

49,580.96

40,853.06

36,664.31

587,237.6

Nov
2,168.80

49,327.15

100,125.90

12,723.73

71,667.33

29,748.47

41,015.56

-

187.03

999.12

21.24

74.76

1,882.53

168,661.25

1,484.24

52,327.68

40,073.22

43,878.52

616,366.5

Dec
2,315.32

46,412.99

109,803.84

10,942.92

87,347.07

33,690.93

38,610.29

-

185.99

4,146.13

21.09

167.53

2,798.61

184,836.87

3,368.75

60,916.98

41,811.67

59,011.63

686,388.6

Jan
2,359.27

49,206.02

108,119.97

10,419.90

66,808.45

30,774.31

38,636.84

-

186.80

801.50

20.33

163.02

3,628.73

199,495.34

2,997.94

53,627.76

47,405.91

69,989.80

684,641.89

Feb
1,971.78

57,553.54

112,522.99

14,300.66

70,750.63

28,703.53

44,705.21

-

-

976.55

20.34

158.06

5,367.16

215,520.37

3,055.50

55,099.61

53,459.12

70,832.47

734,997.53

Mar
1,541.49

70,856.33

130,423.48

15,503.46

82,662.70

43,284.13

44,874.23

-

-

1,380.20

19.40

253.42

6,240.94

258,715.05

3,092.69

65,660.61

58,874.69

76,938.87

860,321.67

Apr
1,939.64

70,204.43

144,168.02

23,452.88

117,033.42

26,628.79

57,772.47

-

-

722.54

37.54

252.44

6,858.06

305,476.79

4,348.46

53,372.28

62,788.55

71,414.75

946,471.05

May
2,397.94

131,996.38

211,837.59

31,586.61

190,366.81

61,757.62

64,373.91

-

154.99

1,559.14

41.28

289.00

16,193.81

398,048.90

4,712.74

134,993.54

94,851.60

111,543.84

1,456,705.70

Jun
2,263.18

127,839.16

234,109.43

40,937.28

219,607.39

63,631.76

83,690.44

-

653.97

2,159.12

61.20

226.29

13,888.60

478,163.38

8,954.46

169,511.81

110,528.09

168,440.54

1,724,666.09

Jul
1,578.47

147,217.74

284,912.89

34,334.13

202,815.28

41,246.78

86,971.63

-

394.34

1,852.14

100.65

349.68

22,516.21

556,692.12

9,737.92

144,090.18

129,869.55

192,524.32

1,857,204.02

Aug
1,630.70

247,190.46

377,078.80

64,650.96

273,181.97

29,186.59

95,346.12

-

330.12

3,556.96

113.50

287.14

26,564.57

681,253.30

11,493.92

167,029.36

238,442.98

194,745.11

2,412,082.57

Sep
1,791.71

270,594.59

465,301.31

68,020.95

370,323.69

18,184.96

134,414.53

-

267.40

4,916.56

115.11

306.33

21,773.50

806,774.24

12,680.89

146,133.14

215,417.68

219,933.24

2,756,949.83

Oct
1,704.79

281,204.64

480,106.49

94,573.08

343,440.15

22,895.35

136,939.74

-
204.69

2,201.55

116.48

341.96

22,935.50

852,069.39

15,525.65

165,306.91

232,188.99

245,924.22

2,897,679.60

Nov
1,644.95

259,109.18

533,438.97

101,870.32

299,715.01

17,089.04

180,534.44

-
141.97

2,292.28

119.53

303.55

22,178.73

960,814.77

15,450.39

170,944.78

196,338.19

250,551.19

3,012,537.30

Dec
1,778.71

263,863.65

603,136.26

110,935.77

299,087.30

7,965.37

266,725.41

-
79.26

3,887.78

114.42

282.61

30,272.25

1,066,654.12

16,130.63

159,126.16

189,560.01

344,235.10

3,363,834.80

Jan
2,391.61

340,953.56

654,740.29

143,455.70

335,380.17

(1,443.59)

301,026.07

-

105.97

4,873.87

228.45

251.24

44,113.17

1,307,512.98

17,767.70

227,545.42

204,830.78

374,080.77

3,957,814.16

Feb
1,470.56

366,544.71

691,937.49

71,097.36

452,795.43

21,074.53

306,913.92

-

50.02

1,524.98

318.96

197.44

44,691.50

1,481,851.05

18,037.18

226,932.96

224,983.29

411,002.80

4,321,424.21

Mar
1,771.98

344,570.46

755,463.34

103,284.07

478,333.21

41,928.66

330,669.68

-

-

3,884.11

432.22

149.78

48,725.38

1,679,284.89

28,439.56

554,840.85

254,605.57

438,790.17

5,065,173.94

Apr
1,631.24

388,822.83

903,029.49

144,252.31

555,886.92

32,206.95

361,846.09

-

-

8,716.45

559.82

99.28

54,058.39

1,722,384.40

28,899.91

214,270.92

321,765.39

476,263.19

5,214,693.59

May
1,010.26

907,818.70

1,932,225.57

281,052.93

1,351,116.97

84,147.32

570,367.60

-

-

8,974.78

4,599.15

80.34

112,188.06

3,844,133.80

65,696.39

607,438.10

669,908.72

758,154.17

11,198,912.85

Jun
1,762.11

1,979,000.71

4,218,755.04

444,538.09

2,584,596.63

350,042.51

865,465.55

-

-

221.09

10,133.46

8,052.34

260,946.26

8,487,837.63

92,224.26

1,390,786.24

1,304,228.92

2,222,499.38

24,221,090.21

Jul
1,305.13

1,428,604.02

3,898,282.53

359,151.15

2,646,743.26

337,541.82

1,133,463.14

-

-

153.30

7,368.09

68.07

208,253.70

6,917,007.30

129,308.58

829,382.28

1,155,945.57

2,438,538.20

21,491,116.14

Aug
1,664.09

1,370,651.81

4,309,693.74

391,792.23

2,693,989.06

208,098.88

1,084,784.90

-

-

138.30

7,469.95

75.80

205,341.47

6,863,348.14

127,816.16

701,626.16

1,081,800.09

2,446,465.02

21,494,755.81

Sep
1,503.56

1,763,364.33

4,914,305.55

517,813.92

2,760,807.78

247,094.60

1,204,684.14

-

-

9.75

9,935.82

92.05

219,878.94

8,245,053.80

151,685.43

776,997.57

1,312,147.78

2,668,520.81

24,793,895.84

Oct
1,977.18

2,059,471.85

5,625,069.70

562,790.91

2,202,475.21

175,235.94

1,172,130.22

-

-

0.03

10,816.83

98.06

237,525.73

8,864,363.09

153,534.70

958,746.42

1,351,846.54

2,767,099.33

26,143,181.72

Nov
2,295.18

2,278,921.91

5,913,094.15

568,556.41

2,451,981.00

180,229.25

1,337,040.40

-

-

0.03

10,921.42

59.77

238,702.30

9,040,518.08

158,702.11

1,046,256.98

1,702,370.26

2,868,031.98

27,797,681.23

Dec
2,947.49

2,536,437.97

5,489,443.24

657,432.63

2,268,702.96

155,742.88

2,420,663.39

-

-

0.03

12,324.59

73.45

248,699.79

9,507,281.46

255,007.08

1,184,706.91

1,748,495.98

3,349,062.31

29,837,022.16

Jan
2,536.36

4,749,173.95

8,535,153.83

940,210.80

3,564,879.01

285,807.60

3,972,600.87

-

-

0.03

17,912.41

198.80

374,088.29

14,957,169.30

312,516.30

1,949,662.45

2,737,500.88

4,289,981.53

46,689,392.37

Feb
2,519.25

6,564,463.71

11,709,703.62

1,772,649.65

4,708,270.62

153,450.01

5,911,393.45

-

-

0.03

26,073.06

232.00

488,602.76

22,234,523.09

378,975.16

2,608,075.14

3,125,793.33

5,812,047.28

65,496,772.18

Mar
2,435.72

8,601,285.46

15,501,059.95

2,213,233.27

6,701,169.42

775,336.87

8,098,495.31

-

-

0.03

47,609.35

143.35

729,484.92

34,077,197.02

597,886.20

2,860,196.61

4,317,386.46

8,974,860.63

93,497,780.56

*Apr
5.89

4,141.51

9,980.68

1,414.28

5,461.70

287.09

5,206.08

-

-

0.00

31.18

88.00

440.49

20,170.86

246.21

2,510.15

5,472.97

4,360.99

59,818.08

*May
10.60

3,583.02

11,575.45

1,506.01

6,092.37

382.87

5,420.56

-

-

0.00

29.63

1.37

433.36

21,315.87

348.50

2,114.73

6,339.55

4,613.87

63,767.76

*Jun
8.01

4,111.49

11,498.97

1,627.32

5,775.34

298.05

6,080.69

-

-

7.23

24.70

1.49

446.45

22,801.09

345.72

2,541.32

6,558.03

5,419.46

67,545.34

*Jul
5.05

4,943.82

10,426.18

1,342.47

5,743.94

351.44

6,988.99

-

0.00

5.21

25.13

0.16

432.35

24,895.03

348.09

2,342.85

6,539.59

6,244.23

70,634.52

*Aug
5.26

5,703.86

12,540.81

1,453.04

4,411.38

205.93

6,149.38

-

-

2.43

126.05

0.19

378.05

25,591.15

542.15

2,767.89

7,004.36

6,832.60

73,714.52

*Sep
6.82

9,465.31

20,161.22

2,742.22

7,903.81

340.45

10,295.58

-

-

0.00

244.94

0.33

600.93

43,094.11

979.13

4,853.44

11,326.85

9,785.35

121,800.51

*Oct
39.65

12,315.40

27,597.64

3,670.13

7,120.62

129.14

11,256.45

-

-

0.00

239.01

0.08

679.62

49,545.16

1,042.81

6,380.10

11,454.83

11,116.57

142,587.19

*Nov
58.26

10,111.62

27,498.54

3,102.17

5,626.08

117.33

9,757.48

-

0.00

0.00

287.55

2,326.36

572.57

45,782.99

1,064.73

6,685.94

11,362.33

10,783.91

135,137.84

*Dec
64.89

8,774.50

29,312.78

3,217.87

7,673.17

287.57

10,942.77

-

0.00

8.29

54.88

0.57

549.66

46,926.14

1,073.63

6,555.30

13,399.70

11,326.46

140,168.19

Source:Reserve Bank of Zimbabwe,2024
Statistics are denominated in ZiG
TABLE 6.1: COMMERCIAL BANKS -ASSETS
ZWG millions
Debt Securities
Loans and Advances

ZWG millions
End of
Demand
Savings
Time Deposits Total Deposits Other Depository Government
Total
Debt SecuritiesForeign 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

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


Source: Reserve Bank of Zimbabwe, 2024
*Statistics are denominated in ZiG
TABLE 6.2 : COMMERCIAL BANKS - LIABILITIES
Deposits
Amounts Owing to

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

Jan
188.7

2943.3
5 986.5

793.8
843.5

-

1 783.8

10.2
-

211.3

1 091.3

0.0

9 329.1

2980.3
7 685.1

33 846.9

Feb
345.7

2762.9
6 004.8

811.1
984.2

-

2 731.0

9.2
-

236.8

2 089.3

-

8 950.2

2949.2
7 790.6

35 665.0

Mar
168.3

2278.9
6 313.1

1594.4
1 028.2

-

1 341.7

8.4
-

415.1

1 242.4

-

10 867.7

3027.5
7 841.0

36 126.8

Apr
206.9

2702.1
5 302.6

1156.7
1 085.4

-

871.7

7.7
-

508.9

1 581.5

-

14 233.6

3431.1
7 237.9

38 326.2

May
210.3

1687.6
5 962.2

1250.9
3 847.1

-

116.9

7.0
-

517.7

1 568.8

-

17 154.9

2927.9
7 532.9

42 784.2

Jun
249.6

1649.7
6 202.6

1163.8
1 866.7

-

204.6

6.5
-

588.0

1 851.9

-

18 795.4

2580.9
7 701.1

42 860.7

Jul
283.7

1212.2
7 193.4

1892.7
1 875.4

-

1 143.4

6.0
-

447.3

1 963.2

-

18 280.3

3923.5
7 695.6

45 916.5

Aug
352.8

1408.8
7 869.3

2537.6
2 316.2

-

3 535.6

5.4
-

399.5

2 101.3

-

19 422.2

3837.6
7 666.6

51 453.0

Sep
349.8

1926.6
7 608.5

2430.2
1 941.4

-

4 314.6

5.1
-

205.2

2 231.7

-

20 461.1

4013.2
9 460.7

54 948.1

Oct
411.5

2396.2
8 221.0

2162.4
3 421.5

-

5 627.7

4.3
-

271.1

2 539.5

-

22 881.3

5432.3
9 501.3

62 870.1

Nov
339.8

3578.4
7 561.6

2568.8
2 299.5

-

5 882.7

3.7
-

566.4

2 788.5

-

27 326.1

4400.3
9 614.3

66 930.0

Dec
351.1

3217.3
8 557.8

2619.2
3 620.2

-

2 353.6

3.0
-

1 189.0

2 786.9

-

33 115.3

5610.8
11 334.1

74 758.3

Jan
324.6

3504.3
8 506.5

2680.3
2 631.0

-

1 110.8

2.4
-

1 487.3

2 967.6

-

35 913.5

6693.8
14 008.7

79 830.9

Feb
411.5

4021.5
9 763.6

3069.7
5 678.0

-

4 048.9

1.6
-

1 465.4

3 241.1

-

39 977.5

4511.5
13 964.4

90 154.6

Mar
354.3

4413.6
11 882.6

3691.3
4 932.3

-

5 235.0

0.9
-

1 590.0

3 888.3

-

42 741.3

9086.6
15 421.2

103 237.4

Apr
546.4

3054.1
15 585.8

4857.7
5 768.6

-

5 714.4

0.2
-

1 861.4

4 143.7

-

48 582.4

9654.2
16 999.2

116 768.1

May
639.5

8326.7
23 817.6

4251.9
16 001.6

-

6 150.9

0.0
-

1 486.3

8 474.8

-

74 864.0

14793.9
17 091.2

175 898.5

Jun
418.5

8464.3
32 497.6

3807.5
21 184.8

-

2 639.3

0.0
-

1 340.0

10 851.1

-

85 145.9

18155.8
35 128.1

219 633.0

Jul
700.4

9914.6
30 660.3

4983.4
24 902.9

-

4 077.6

0.0
-

1 411.5

13 722.1

-

98 066.0

9998.6
45 127.9

243 565.1

Aug
863.8

14422.1
33 703.2

4483.0
34 971.8

-

4 379.8

0.0
-

2 106.6

16 515.4

-

115 491.9

8745.3
45 694.0

281 377.1

Sep
1 086.8

14998.2
37 911.3

7470.1
45 094.8

-

8 440.8

0.0
-

1 302.8

17 996.8

-

129 242.7

11630.7
60 830.4

336 005.2

Oct
1 158.3

14768.7
44 296.5

10013.7
44 664.1

-

14 109.9

0.0
-

1 142.4

16 817.7

-

123 793.8

30036.4
47 678.2

348 479.7

Nov
1 449.3

22456.9
41 398.0

9771.8
41 317.6

-

17 572.6

0.0
-

2 085.3

16 785.8

-

136 029.9

30694.0
46 275.8

365 836.9

Dec
1 470.7

23012.7
48 533.8

8913.7
50 229.0

-

21 411.1

0.0
19993.4
2 176.2

17 693.7

-

119 322.3

39279.1
69 102.5

421 138.1

Jan
2 402.7

32405.1
47 062.6

8410.8
50 364.6

-

17 976.2

0.0
23 668.5

2 406.3

18 311.0

-

132 757.4

41367.4
69 570.1

446 702.8

Feb
234.9

59685.4
50 103.0

9568.6
62 701.4

889.9

24 809.7

0.0
26 667.1

4 451.9

21 629.1

-

146 798.4

50093.6
70 987.9

528 620.9

Mar
214.6

72311.9
57 399.6

9196.8
51 300.9

-

28 841.5

0.0
24 689.0

5 503.9

19 118.6

-

170 376.6

54524.7
84 489.1

577 967.3

Apr
184.1

61341.6
63 129.5

16343.2
61 444.0

-

28 727.0

0.0
28 119.0

5 989.2

27 619.9

-

205 412.2

81442.9
86 571.2

666 323.9

May
78.1

125685.1
100 808.7

22707.0
195 646.6

-

81 344.3

0.0
69 908.9

6 246.8

53 180.7

-

440 462.4

103176.1
116 103.7

1 315 348.2

Jun
176.6

227001.8
172 666.5

25998.2
452 772.6

40 326.7

115 193.3

0.0
196 310.3

4 209.5

121 677.5

-

870 075.1

230604.4
544 587.8

3 001 600.3

Jul
162.7

132017.2
220 995.0

20797.2
459 668.2

32 010.8

105 308.6

0.0
154 472.7

13 777.8

153 638.5

-

697 177.8

209734.6
612 937.8

2 812 698.9

Aug
611.0

105296.6
309 821.7

55744.7
475 838.3

37 447.1

102 495.2

0.0
153 578.2

6 767.5

135 193.3

-

758 439.2

223114.4
564 622.1

2 928 969.2

Sep
949.3

193065.6
339 269.2

41680.1
437 996.0

58 554.5

110 351.3

0.0
161 346.6

4 522.1

153 113.7

-

880 148.8

290026.7
565 616.4

3 236 640.3

Oct
403.8

204713.4
254 684.1

187632.1
440 150.3

65 022.1

97 046.1

0.0
176 111.9

13 771.8

173 523.5

-

829 479.5

345029.3
586 015.6

3 373 583.5

Nov
370.5

222344.7
387 213.2

160896.0
326 510.1

50 688.3

159 225.4

0.0
173 990.9

28 127.2

187 363.3

-

926 663.7

395549.5
595 811.6

3 614 754.5

Dec
403.7

251968.8
457 034.9

261067.9
345 348.0

56 551.7

185 131.1

0.0
166902.0
27 875.9

222 503.1

0.7

973 788.6

507890.9
658 045.7

4 114 512.9

Jan
367.9

368046.7
524 020.9

471915.0
363 325.6

40 412.9

280 803.2

0.0
280441.0
45 935.9

339 610.7

-

1 563 405.5

649087.4
742 734.0

5 670 106.8

Feb
578.8

637645.2
797 581.2

618074.6
613 309.7

24 680.4

425 783.2

0.0
399313.5
67 900.2

519 513.4

-

2 188 186.8

904519.6
937 957.6

8 135 044.1

Mar
356.6

1026840.5
1 171 941.4

888362.3
829 470.4

-

440 943.8

0.0
528820.5
103 276.3

787 872.2

-

3 761 909.8

1403556.4
1 697 667.5

12 641 017.5

*Apr
1.0

564.4
864.1

693.0
326.5

67.2

337.2

0.0
313.5
-

593.2

212.7

2 856.8

420.1
824.2

8 074.0

*May
4.0

639.2
783.2

772.6
296.2

109.6

407.6

0.0
303.7
-

309.2

19.8

2 946.5

712.1
903.7

8 207.5

*Jun
1.1

520.3
1 122.4

718.7
678.1

110.9

188.6

0.0
282.9
-

424.7

20.4

2 998.6

858.8
1 229.8

9 155.3

*Jul
2.4

681.0
918.2

640.3
336.2

99.8

676.7

0.0
276.2
5.0

333.9

20.5

3 022.2

1332.3
1 250.3

9 595.1

*Aug
1.1

642.2
853.3

852.1
428.1

-

764.6

0.0
246.2
5.1

373.1

20.6

3 042.5

1811.8
1 318.9

10 359.6

*Sep
1.0

1230.9
1 985.1

1121.2
705.4

-

555.5

0.0
431.0
34.5

1 130.0

37.0

4 878.1

2054.8
2 298.6

16 463.3

*Oct
13.1

1166.2
2 512.0

1391.6
769.7

-

745.1

0.0
502.2
5.3

1 380.9

42.7

5 751.9

2214.8
2 435.0

18 930.4

*Nov
14.0

918.9
2 141.3

1383.8
649.7

-

602.6

0.0
367.6
5.4

1 293.8

39.5

4 997.5

2566.9
2 458.3

17 439.1

*Dec
17.1

1089.4
2 633.9

2306.6
754.5

-

675.7

0.0
361.0
-

1 424.9

35.4

5 500.8

2343.9
2 593.3

19 736.5

Source:Reserve Bank of Zimbabwe,2024
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,
* Statistics are denominated in ZiG
TABLE 7.1: BUILDING SOCIETIES -ASSETS
ZWG 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

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec

Source:Reserve Bank of Zimbabwe, 2024
* Statistics are denominated in ZiG
Amounts Owing to
TABLE 7.2: BUILDING SOCIETIES -LIABILITIES
ZWG millions

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

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


INVESTMENTS
ORGANISATIONS

Jan

Feb

Mar

Apr

May

June

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec


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

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Apr

*May

*Jun

*Jul

*Aug

*Sept

*Oct

*Nov

*Dec

Source:Reserve Bank of Zimbabwe, 2024
*Statistics are denominated in ZiG
TABLE 8.2: SECTORAL ANALYSIS OF COMMERCIAL BANKS DEPOSITS
ZWG('000)

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

Jan
255,551.32
-
21,042.23 2,300.31 35,349.13 66,624.38
Jan
720.03
-
9,849.33 228.95 94,691.39 872.24
Feb
226,335.83
-
22,882.64 2,288.90 36,434.44 63,598.24
Feb
805.99
-
12,309.28 527.83 90,078.04 754.86
Mar
320,422.14
-
28,569.92 3,316.59 44,523.99 86,463.87
Mar
1,112.80
-
15,178.81 751.04 105,271.97 1,003.73
Apr
288,958.76
-
30,071.50 2,807.02 44,131.56 90,580.45
Apr
951.67
-
15,184.98 605.53 97,253.26 1,040.08
May
361,427.10
-
36,765.06 3,193.67 49,745.80 89,471.34
May
1,029.79
-
16,511.28 664.43 103,708.73 994.81
Jun
388,757.52
-
38,540.10 3,200.04 51,437.41 115,145.66
Jun
1,076.92
-
14,797.88 581.86 99,349.63 982.07
Jul
379,659.93
-
45,808.07 2,489.07 57,565.84 145,026.95
Jul
1,028.17
-
15,217.56 550.97 102,587.60 980.77
Aug
397,539.02
-
52,853.87 4,086.04 60,908.40 159,206.60
Aug
1,045.02
-
14,624.45 475.41 105,269.73 955.77
Sep
477,933.57
-
52,262.68 4,179.52 64,139.24 181,194.82
Sep
1,193.13
-
15,397.64 492.21 104,141.94 2,092.60
Oct
481,180.88
-
53,165.93 3,839.95 65,329.02 197,972.49
Oct
1,114.18
-
18,207.42 434.49 107,294.58 2,342.61
Nov
621,896.69
-
56,025.31 4,877.03 63,017.52 252,407.92
Nov
1,144.91
-
17,435.88 477.03 98,386.51 2,322.92
Dec
747,035.61
-
67,903.92 4,705.45 76,511.57 264,749.24
Dec
1,220.28
-
20,029.57 519.50 106,428.62 2,580.64

Jan
802,677.72
-
55,961.62 5,074.74 53,456.29 218,545.32
Jan
957.90
-
15,480.23 439.87 83,661.76 1,902.89
Feb
672,722.97
-
59,581.58 5,607.02 66,811.97 238,910.83
Feb
981.01
-
15,190.39 433.68 78,916.08 1,895.33
Mar
961,452.00
-
75,050.75 7,882.23 82,886.94 342,168.72
Mar
1,242.33
-
16,967.63 519.12 87,501.09 2,128.58
Apr
976,617.19
-
89,192.57 8,391.54 89,671.98 293,204.61
Apr
1,073.00
-
15,906.24 457.99 82,673.39 1,937.64
May
1,205,990.00
-
110,807.30 13,712.78 106,881.76 469,185.15
May
1,213.50
-
16,069.94 477.80 78,385.20 2,001.20
Jun
1,601,225.31
134,550.97 18,810.59 123,721.28 618,347.53
Jun
1,190.30
-
15,304.67 474.16 75,631.66 1,705.09
Jul
1,754,111.97
-
170,480.64 20,413.15 172,562.48 713,401.10
Jul
1,115.80
-
16,063.84 517.03 88,030.56 1,866.70
Aug
2,334,295.00
-
152,343.37 31,418.59 178,188.87 826,377.12
Aug
1,028.04
-
13,686.77 489.08 76,957.81 1,623.75
Sep
2,793,056.56
-
177,701.71 35,144.35 202,368.06 872,807.43
Sep
1,084.61
-
13,818.44 455.52 71,362.13 2,225.19
Oct
2,728,731.30
-
186,478.90 50,202.30 209,758.00 622,412.80
Oct
969.30
-
12,986.80 510.90 67,641.70 1,825.40
Nov
3,370,779.90
-
202,876.20 61,086.70 213,295.30 734,610.60
Nov
1,001.40
-
12,324.10 499.90 59,151.50 2,430.20
Dec
3,310,814.90
-
246,783.60 76,872.00 249,516.40 1,106,346.50
Dec
1,013.60
-
14,316.90 616.70 60,584.50 2,469.80

Jan
3,289,379.32
-
240,010.34 68,386.68 238,455.31 1,107,756.41
Jan
918.88
-
11,733.99 444.00 48,617.07 1,692.96
Feb
3,050,933.28
-
219,437.84 73,672.28 245,282.55 1,202,998.52
Feb
886.75
-
10,301.47 479.91 43,326.51 1,895.81
Mar
5,068,223.68
-
308,609.08 85,343.38 328,822.35 1,517,972.57
Mar
1,092.60
-
13,216.99 593.97 50,037.43 1,927.14
Apr
5,294,044.55
-
341,571.29 79,754.60 355,007.31 1,517,972.57
Apr
907.55
-
14,375.14 526.73 47,171.67 1,982.93
May
6,275,310.72
-
518,333.86 173,170.74 532,078.61 3,274,968.53
May
1,119.24
-
12,808.69 576.68 49,143.18 2,233.62
Jun
17,059,664.04
-
882,362.57 615,190.92 1,210,486.16 6,640,627.10
Jun
1,050.21
-
10,190.63 606.04 45,488.80 1,212.97
Jul
17,859,586.39
-
1,033,836.89 541,445.55 1,620,242.78 6,077,538.29
Jul
942.67
-
8,226.82 1,777.10 42,648.82 993.68
Aug
17,955,865.49
-
1,017,990.47 649,827.89 1,440,537.41 6,244,772.44
Aug
888.00
-
8,434.65 653.58 42,648.82 977.54
Sep
18,690,087.00
-
1,221,725.29 773,363.92 1,672,654.21 7,746,084.35
Sep
964.06
-
9,658.95 703.55 45,148.73 1,061.36
Oct
19,808,639.10
-
1,264,577.16 826,681.17 5,116,902.86 8,661,662.90
Oct
949.14
-
9,449.30 618.97 50,640.61 904.41
Nov
23,685,304.81
-
1,429,269.50 901,515.57 1,999,069.40 9,557,300.70
Nov
924.50
-
9,525.69 623.29 52,332.44 1,048.50
Dec
26,396,219.43
-
1,805,050.47 1,092,682.60 2,604,059.19 10,150,615.33
Dec
924.47
-
11,845.97 776.49 56,450.97 1,026.21

Jan
28,285,124.94
-
1,907,120.03 1,843,871.04 4,295,911.58 22,017,137.88
Jan
914.90
10,017.90 708.10 52,445.00 882.80
Feb
38,298,901.05
-
2,856,866.96 2,676,718.17 5,734,025.51 29,563,851.53
Feb
889.70
-
7,868.70 737.50 51,545.90 904.20
Mar
60,432,584.71
-
3,937,099.72 4,464,712.77 8,691,084.21 37,343,406.06
Mar
941.14
-
7,569.28 728.43 58,151.43 921.38
*Apr
41,317.54
-
2,063.05 2,797.06 4,754.91 15,996.48
*Apr
791.83
-
5,729.47 744.79 30,450.44 938.01
*May
53,741.28
-
3,335.65 3,355.39 7,058.05 22,545.40
*May
1,046.65
-
7,950.08 899.38 42,290.80 1,690.28
*Jun
51,046.38
-
3,281.73 3,230.95 6,470.44 22,040.12
*Jun
927.30
-
7,224.24 849.61 41,224.15 1,155.79
*Jul
63,526.12
-
3,956.03 3,646.28 7,361.68 27,328.40
*Jul
1,059.13
-
8,228.22 920.88 44,159.41 1,318.93
*Aug
54,975.89
-
3,973.70 3,937.26 7,555.92 25,760.62
*Aug
974.38
-
8,669.34 965.97 47,536.92 1,233.10
*Sep
6,504.55
-
4,685.21 5,331.36 1,194.06 38,798.22
*Sep
1,009.71
- 8,369.30 860.54 49,927.24 1,408.88
*Oct
109,554.74
-
6,900.07 6,836.32 16,082.35 50,983.09
*Oct
1,015.68
-
8,101.53 866.85 52,795.20 1,447.54
*Nov
107,345.13
-
7,074.56 6,940.40 15,645.29 47,876.36
*Nov
868.41
-
7,253.15 864.37 50,820.53 1,359.22
*Dec
123,594.82
-
7,954.46 8,665.18 17,068.54 50,613.24
*Dec
931.58
-
8,017.72 1,071.61 50,767.85 1,541.29
Source:Reserve Bank of Zimbabwe, 2024
*Statistics are denominated in ZiG
TABLE 9.1 : ZETSS AND RETAIL PAYMENTS TRANSACTIONAL ACTIVITY
Values of Transactions (ZWG in millions)
TABLE 9.2 : ZETSS AND RETAIL PAYMENTS TRANSACTIONAL ACTIVITY
Volumes of Transactions (in thousands)

End of
Nominal Lending
Rates2
Individuals
Corporate
Savings
3 Months2

Jan
6.00-65.00
32.65
24.77
Jan
0.22-12.00
2.00-21.50
Feb
6.00-85.00
36.67
21.36
Feb
0.22-12.00
2.00-21.50
Mar
6.00-85.00
35.83
22.61
Mar
0.22-12.00
2.00-21.50
Apr
6.00-85.00
35.22
22.59
Apr
0.22-12.00
2.00-21.50
May
6.00-85.00
34.84
21.76
May
0.22-12.00
2.00-21.50
Jun
6.00-85.00
36.25
22.46
Jun
0.25-12.00
2.00-26.00
Jul
6.00-85.00
36.56
21.66
Jul
0.50-12.00
2.00-26.00
Aug
6.00-85.00
41.06
39.65
Aug
0.50-12.00
2.00-26.00
Sep
6.00-85.00
40.61
39.50
Sep
0.50-12.00
2.00-26.00
Oct
6.00-85.00
41.86
45.81
Oct
0.50-12.00
2.00-26.00
Nov
6.00-8500
39.13
38.10
Nov
0.50-12.00
2.00-26.00
Dec
6.00-8500
39.34
37.94
Dec
0.50-12.00
2.00-26.00

Jan
15.00-8500
39.32
39.62
Jan
0.50-12.00
2.00-26.00
Feb
15.00-8500
40.55
64.02
Feb
0.50-12.00
2.00-26.00
Mar
15.00-8500
40.74
43.88
Mar
0.50-12.00
2.00-26.00
Apr
15.00-8500
38.15
45.56
Apr
0.50-12.50
2.00-30.00
May
15.00-8500
38.01
47.25
May
0.50-12.50
2.00-32.00
Jun
15.00-8500
38.45
48.25
Jun
0.50-12.50
2.00-32.00
Jul
80.00-240.00
82.75
165.45
Jul
40.00
80.00-92.00
Aug
80.00-230.00
88.46
155.96
Aug
40.00
80.00-92.00
Sep
100.00-230.00
98.07
158.46
Sep
40.00
80.00-92.00
Oct
100.00-290.00
99.37
115.26
Oct
40.00
80.00-92.00
Nov
100.00-290.00
99.03
110.97
Nov
40.00
80.00-92.00
Dec
100.00-290.00
99.02
110.83
Dec
40.00
80.00-95.00

Jan
100.00-240.00
90.05
116.03
Jan
40.00
80.00-110.00
Feb
65.00-230.00
60.12
80.88
Feb
30.00
50.00-110.00
Mar
65.00-230.00
74.35
81.46
Mar
30.00
50.00-110.00
Apr
70.00-230.00
74.48
86.96
Apr
30.00
50.00-110.00
May
70.00-230.00
77.86
83.61
May
30.00
50.00-110.00
Jun
70.00-155.00
76.33
92.64
Jun
30.00
50.00-110.00
Jul
64.00-155.00
77.82
94.80
Jul
30.00
50.00-110.00
Aug
64.00-155.00
77.63
93.18
Aug
30.00
50.00-110.00
Sep
64.00-160.00
76.49
92.69
Sep
30.00
50.00-110.00
Oct
64.00-160.00
71.72
92.43
Oct
30.00
50.00-110.00
Nov
64.00-160.00
70.15
93.15
Nov
30.00
50.00-110.00
Dec
64.00-155.00
69.02
93.77
Dec
30.00
50.00-110.00

Jan
70.00-230.00
70.18
95.24
Jan
33.75
50.00-110.00
Feb
70.00-230.00
76.05
93.76
Feb
33.75
50.00-110.00
Mar
70.00-230.00
73.43
91.40
Mar
33.75
50.00-110.00
*Apr
20.00-60.00
25.91
24.29
*Apr
5.22
5.00-10.00
*May
10.00-60.00
25.17
24.52
*May
3.75
5.00-10.00
*Jun
10.00-40.00
24.89
24.46
*Jun
3.75
5.00-10.00
*Jul
20.00-40.00
24.69
24.44
*Jul
3.75
5.00-10.00
*Aug
20.00-40.00
24.42
24.15
*Aug
3.75
5.00-10.00
*Sep
20.00-40.00
24.27
23.92
*Sep
3.75
5.00-10.00
*Oct
25.00-58.00
38.49
45.17
*Oct
3.75
5.00-10.00
*Nov
25.00-58.00
39.25
45.63
*Nov
3.75
5.00-10.00
*Dec
25.00-58.00
41.03
46.47
*Dec
3.54
5.00-10.00
Source:Reserve Bank of Zimbabwe, 2024
Notes
*Statistics are denominated in ZiG
3. Lending rates exclude rates on staff loans.
TABLE 10.2 : BANKS DEPOSIT RATES (percent per annum)1
1. The range of rates qouted by banks during the period.
2. Three (3) months deposit rates revised to exclude rates on inactive or
dormant accounts.
TABLE 10.1: LENDING RATES (percent per annum)1
1. Table revised, to separate weighted lending rates for individuals and
corporate bodies.
2. Nominal Lending Rates depict the range of rates quoted by banks.
Weighted Average Lending Rates3
Commercial Banks
Commercial Banks
End of

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar


*Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec

Source:Zimbabwe Stock Exchange, 2024
*Statistics are denominated in ZiG
**As at 30 September 2020
ZWG
TABLE 11: ZIMBABWE STOCK MARKET STATISTICS
Indices
*All Share index was introduced

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


Jan

Feb

Mar

Apr

*May

*Jun

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec

Source:Zimstat, 2024
*Statistics are in ZiG
NON-FOOD INFLATION
TABLE 12.1 : MONTHLY INFLATION -- PERCENTAGE CHANGE IN CONSUMER PRICE INDEX
( April 2024 = 100)

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


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

*Jul

*Aug

*Sep

*Oct

*Nov

*Dec

Source: ZIMSTAT, 2024
* Statistics are for ZiG Inflation
TABLE 12.2 : QUARTERLY INFLATION -- PERCENTAGE CHANGE IN CONSUMER PRICE INDEX
(April 2024 = 100)
NON-FOOD INFLATION

FOOD
INFLATION
ALCO HO LIC
CLO T HING
HO US ING ,
W AT E R,
FURNIT URE
MIS C.
FO O D &
B E VE RAG E S
&
E LE CT RICT Y,
G AS
AND
RE CRE AT IO N &
RE S T AURANT S
&
G O O DS &
T O T AL NO N
NO N
ALCO HO LIC
ALL
& T O B ACCO
FO O T W E AR
& O T HE R
E Q UIP ME NT
CULT URE
HO T E LS
S E RVICE S
FO O D
B E VE RAG E S
IT E MS
FUE LS
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


Jan

Feb

Mar

Apr

Source: ZIMSTAT, 2024
TABLE 12.3 : YEARLY INFLATION - % CHANGE IN CONSUMER PRICE INDEX
(February 2019 = 100)
CO MMUNICAT IO N
T RANS P O RT
HE ALT H
E DUCAT IO N
NON-FOOD INFLATION

End of
Dec-23 Jan-24 Feb-24
Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24
Merchandise Imports (excl. energy)
344.4

397.2

378.8

346.3

353.8

447.0

373.4

492.8

408.6

461.0

503.2

430.2

420.1

- Consumption Goods
90.7

119.1

104.6

100.6

144.2

163.2

143.2

154.3

118.1

166.3

173.5

160.7

156.8

- Capital Goods
145.0

148.8

140.0

135.2

126.5

165.2

123.4

174.3

139.7

144.1

178.5

143.3

132.7

- Intermediate Goods
108.7

129.4

134.3

110.4

83.1

118.6

106.8

154.3

118.1

166.3

151.2

126.2

130.6

Energy (Fuel & Electricity)
160.0

142.5

133.9

131.4

142.0

155.1

127.1

159.2

149.1

143.7

173.9

148.4

140.1

Service Payments
90.1

72.3

88.4

77.5

71.7

81.1

79.6

845.1

102.1

915.1

100.9

86.1

87.3

- Technical, Professional & consult
51.0

32.8

40.0

34.1

26.9

32.9

25.2

378.2

512.8

379.9

32.7

29.5

42.4

- Software
8.8

98.0

11.3

12.9

8.9

13.0

12.7

145.6

134.5

110.8

20.8

21.8

17.3

- Other (tourism, edu, freight etc)
30.3

29.7

37.0

30.5

35.9

35.2

41.7

321.3

373.4

424.5

47.4

34.8

27.6

Income Payments (Profits, Dividends)
23.9

22.4

21.1

30.6

28.3

13.1

23.7

38.1

858.6

417.1

20.4

20.8

58.5

Capital Remittances (outward)
50.2

77.5

76.5

55.4

49.0

83.3

48.8

111.1

735.7

763.5

59.8

80.8

102.8

- External Loan Repayments
39.4

61.5

66.4

40.3

31.6

59.0

41.8

95.1

60.3

64.0

46.3

45.5

76.9

- Disinvestments
7.7

67.7

45.4

75.8

6.4

17.2

2.6

80.4

10.8

38.5

5.9

14.4

17.6

- Cross Border Investment
3.1

92.9

54.8

74.9

11.0

7.1

4.4

79.6

24.9

84.8

7.6

20.9

8.3

Other Payments
16.9

17.7

22.7

23.6

7.9

31.0

22.3

28.9

20.3

21.7

21.3

22.7

22.7

TOTAL
685.4

729.7

721.4

664.8

652.8

810.7

675.0

914.7

839.5

836.0

879.5

788.9

831.5

Source:Reserve Bank of Zimbabwe, 2024
Table 13.1: Monthly Cross Border Payments (US$ Millions)

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Source:Reserve Bank of Zimbabwe, 2024
Table 13.2: Monthly Cross Border Receipts (US$Millions)