i


MARCH 2017

Table of Contents


February

March
Month-on-
Month
Change
Merchandise Exports (US$ millions)
240.5
224.9
-6.4%
Merchandise Imports (US$ millions)
424.2
529.1
24.7%
Z.S.E. Mining Index1
56.5
58.6
3.7%
Z.S.E. Industrial Index1
135.3
139.0
2.7%
National Payment System Transactions
(US$ millions)
6 429.5
7 011.4
9.1%
Money Supply (US$ millions)2
5 771.6
5 879.9
1.9
Money Supply (M3) Annual Growth2 (%)
21.5
20.0

Yearly Inflation3 (%)
0.06
0.21

Monthly Inflation3 (%)
0.61
0.03

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

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

INTERNATIONAL COMMODITY PRICE
DEVELOPMENTS

International prices for most commodities
softened in March 2017, whilst those for gold
marginally firmed.

Precious Metals
Precious metal prices were generally depressed
during the month, following the US Federal
Reserve’s decision to raise the short-term
interest rate from 0.75 percent to 1 percent on
March 15, 2017. This development, dampened
investment demand outlook for precious metals,
which struggled to compete with interest
bearing assets as interest rates rose. Against this
background, platinum prices eased by 4.2% to
US$963.83/ounce
in
March
2017,
from
US$1,006.2/ounce registered in the previous
month.
Gold prices, however, recorded a marginal gain
as the Fed later indicated a dovish approach in
raising interest rates going forward. Resultantly,
the yellow metal’s price firmed by a marginal
0.07% to US$1,234.04/ounce in March 2017,
from
an
average
of
US$1,233.16/ounce
recorded in the previous month.
Figure 1: Precious metals prices

Source: Bloomberg, 2017

Base Metals
Base metal prices were generally depressed
during the month under review, as the US
interest rates hike dampened demand prospects
for the metals. Copper prices were also weighed
down by the resumption of mining operations in
Chile and Peru, following the end of industrial
action in the two countries.
Nickel prices were further hurt by fears of ample
supply conditions, as eight miners in the
Philippines, which had previously been ordered
to suspend operations for environmental
reasons, were granted permission to resume
nickel ore exports. Against this backdrop,
copper and nickel prices retreated by 2.3% and
1.3%, to monthly averages of US$5,808.9/tonne
and US$10,380.98/tonne in March 2017,
respectively.
Brent Crude Oil
Crude oil prices weakened in March 2017, as the
U.S. oil inventories accumulated more than
expected. This development offset optimism
that OPEC member states would follow through
on their commitment to cut production in order
to shore up prices. Prices slumped by 4.6% from
a monthly average of US$55.87/barrel in
February 2017, to US$53.3/barrel in March
2017.

Jan-16
Mar-16
May-16
Jul-16
Sep-16
Nov-16
Jan-17
Mar-17
Gold
Platinum

Figure 2: International crude oil prices

Source: Bloomberg, 2017

MERCHANDISE TRADE
DEVELOPMENTS

Total merchandise trade for March 2017 stood
at US$754.0 million, representing a 13.4%
increase from the US$664.6 million recorded in
the previous month.

Merchandise export developments
Merchandise exports amounted to US$224.9
million in March 2017, registering a 6.4%
decline from the US$240.3 million realized in
February 2017.


Figure 3: Merchandise Exports (US$m)

Source: Zimstat, 2017

The slowdown in merchandise exports during
the month under review was on account of
declines in tobacco and diamond exports.
Chrome ore exports rose in March 2017, in
response to the lifting of the ban on raw chrome
ore exports. Gold, ferrochrome and flue-cured
tobacco, were the country’s major export
commodities accounting for more than 50% of
the total export revenues during the month under
review.

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

Feb-17
Mar-17

Table 1: Exports Classified by HS Code:
Product
Jan-17
Feb-17
Mar-17
March

Share of
Total (%)
Gold

Ferro-chromium

Flue-cured
tobacco

Nickel ores and
concentrates

Chromium ores
and concentrates

Nickel mattes

Unwrought
Platinum

Industrial
diamonds

Granite

Other

Total

Source: Zimstat, 2017 & RBZ Calculations, 2017

Major Merchandise Export Destinations
The country’s merchandise exports were mainly
destined for South Africa, Mozambique, the
United Arab Emirates, Zambia and Botswana in
March 2017.
In
terms
of
proportions,
the
country’s
merchandise exports to South Africa were
72.0% of total merchandise exports during the
month under review, followed by Mozambique,
19.0%; United Arab Emirates, 4.4% and
Zambia, 3.0%.


Source: Zimstat, 2017 & RBZ Calculations, 2017

Merchandise Import Developments
Merchandise imports increased by 24.7% to
US$ 529.1 million in March 2017, from
US$424.2 million in February 2017. The
increase in imports during the month under
analysis was largely underpinned by an increase
in maize imports. Electricity and fuel (diesel and
petrol) imports, however, recorded declines.
Major Import Sources
The country’s imports were mainly sourced
from South Africa (38.3%); Singapore (18.4%);
Mexico (13.0%), China (6.0%); Zambia (2.3%)
and Mauritius (2.3%) during the month under
analysis.
South
Africa
72.0%
Mozambique
19.0%
UAE
4.4%
Zambia
3.0%
Botswana
0.3%
Namibia
0.3%
Malawi
0.2%
Hong Kong
0.2%
Singapore
0.1%
Mauritius
0.1%Figure 4:Majo
Figure 4:Major Merchandise Export Destinat
Export Destinations

Source: Zimstat, 2017 & RBZ Calculations, 2017
Merchandise Trade Balance
The country’s trade balance widened from a
deficit of US$184.1 million in February 2017 to
US$304.2 million in March 2017. This was on
the back of a surge in imports, against low
export performance.


1 Beginning January 2017, broad money redefined using IMF’s
Monetary and Financial Statistics Manual of 2000. Major
changes include the exclusion of Government deposits held by
banks from broad money.
Figure 6: Merchandise Trade Balance
(US$m)


Source: Zimstat, 2017 & RBZ Computations, 2017

MONETARY DEVELOPMENTS

During the month of March 2017, broad money1
recorded an annual growth of 20% to
US$5 879.9 million, from US$4 899.8 million
recorded in March 2016. Driving the growth
was an expansion of 27.85% in transferable2
deposits; and negotiable certificates of deposits
(NCDs)3, 8.24%. A decrease of 3.93% in time
deposits4, however, partially offset the growth.

On a month on month basis, broad money grew
by 1.88% from US$5 771.6 million in February
2017. The expansion of money supply during
2 Transferable deposits made up of demand and savings
deposits.
3 NCDs are also referred to as securities included in broad
money.
4All classes of time deposits, short and long term are classified
as time deposits, which are also termed other deposits.
South Africa
Singapore
Mexico
China
Zambia
Mauritius
Japan
Mozambique
Sweeden
UAE

Figure 5: Major Mechandise Import
sources (% Share)

Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Sep-16
Oct-16
Nov-16
Dec-16
Jan-17
Feb-17
Mar-17
Exports
Imports
Trade balance

this quarter of the year is attributable to inflows
relating to the tobacco selling season.


Source: Reserve Bank of Zimbabwe, 2017
During the month under review, transferable or
transitory deposits accounted for the highest
proportion of broad money, at 70.54%; time
deposits, 26.02%; currency in circulation,
2.42%; and negotiable certificates of deposits,
1.02%.

5 Credit to the private sector now excludes claims on
other financial corporations, as well as claims on state
and local government (local authorities)

Source: Reserve Bank of Zimbabwe, 2017
Domestic credit recorded an increase of 17.83%,
from US$6 740.5 million in March 2016 to
US$7 920.2 million in March 2017. On a monthon-month basis, domestic credit increased by
2.04%, from US$7 761.9 million recorded in
February 2017. The month on month growth,
was reflective of 3.66% and 1.55% expansions
in credit to the private sector and net claims on
government, respectively.

On an annual basis, credit to the private sector5,
declined by 0.30% to US$3 494.3 million in
March 2017, from US$3 528.4 million recorded
in March 2016. The developments in credit to
the private sector continued to reflect cautionary
lending by banks.

-5


US$ BILLIONS
Figure 9: Money Supply
Figure 9: Money Supply
M3
M3 Annual Growth rate
Transferable
Deposits
70.54%
Time
Deposits
26.02%
NCDs
1.02%
Currency outside
Depository
Corporations
2.42%Figure 10: Comp
Figure 10: Composition of Money Supply M
Money Supply March2017

Source: Reserve Bank of Zimbabwe, 2017
In line with the short term nature of deposits, the
sectorial distribution of outstanding credit to the
private sector showed an inclination towards
sectors that have short term turnaround. In this
regard, credit to households claimed the largest
share of credit, at 22.21%, followed by
agriculture, 16.52%; services, 13.96%; and
manufacturing, 13.58% as at end of March
2017. Sectors requiring long term capital
investments such as transport, communication,
mining and construction, received the least
shares of the credit.
Private sector credit was utilised for inventory
build-up, 27.82%; consumer durables, 16.43%;
fixed capital investment, 14.39%; and pre and
post shipment financing, 1.37%. Amounts
channelled towards other recurrent expenditures
constituted 39.99% of the total outstanding
loans and advances.
STOCK MARKET DEVELOPMENTS

The
Zimbabwe
Stock
Exchange
(ZSE)
recovered from the previous month losses,
owing to improved trading activity. This
resulted in both the industrial and mining
indices registering increases of 3.65 points and
2.09 points to close at 138.96 points and 58.56
points, respectively, in March 2017. The
increase in the resources index was largely
buttressed by improved investor interest in
RioZim Limited, following an increase in
capital expenditure by the mining house.

Source: Zimbabwe Stock Exchange, 2017
Significant
trading
in
Econet
Wireless
Zimbabwe shares resulted in a 70.24% increase
in the volume of shares traded to 145.2 million
in March 2017, compared to 85.3 million as at
28th
February
2017.
This
followed
shareholders’ approval of the US$130 million
rights issue in order to facilitate the servicing of
obligations to foreign lenders.
The positive trading on the ZSE during the
month under review, resulted in a 133.37%
increase in market turnover to US$26.9 million,
from US$11.5 million in February 2017. On a
year on year basis, the value of shares traded
registered a 63.94% growth.
Households
22.21%
Agriculture
16.52%
Services
13.96%
Manufacturing
13.58%
Financial
Organisations and
investiments
11.78%
Distribution
10.69%
Mining
6.18%
Transport and
Communication
2.46%
Construction
2.12%
Other
0.50%Figure 11: Sectoral
Figure 11: Sectoral Distribution of Credit
Distribution of Credit

31-Mar-16
30-Apr-16
31-May-16
30-Jun-16
31-Jul-16
31-Aug-16
30-Sep-16
31-Oct-16
30-Nov-16
31-Dec-16
31-Jan-17
28-Feb-17
31-Mar-17
Figure 7: ZSE Indices
Industrial
Mining

Source: Zimbabwe Stock Exchange, 2017
In line with the developments on the local
bourse, the market gained US$101.28 million
worth of capitalisation, to close the month under
review at US$3.87 billion.
INFLATION OUTTURN

Annual Inflation

Annual headline inflation increased from 0.06%
in February 2017, to 0.21% in March 2017. This
was largely driven by non-food inflation which
increased by 0.26 percentage points from
-0.50% to -0.25% during the period under
review.


Source: ZIMSTAT, 2017
Annual food inflation decelerated by 0.08
percentage points, from 1.28% in February 2017
to close the month under review at 1.21%. The
decline in annual food inflation reflected
decreases in prices of items in the fruit,
vegetables and milk, cheese and eggs sub
categories. Partially offsetting the decline were
increases in subcategories such as bread and
cereals, meat, fish and sea foods, as well as oils
and fats.
The decline in food inflation could be attributed
to increases in food supply as the harvesting
season has started around the country.
Non-Food inflation remained negative at
-0.25% in March 2017, from -0.50% in February
2017. Non-Food inflation rose on account of
increases in education, furniture, household
equipment and maintenance as well as
miscellaneous goods and services. Declines in
the housing, water, electricity, gas and other
fuels; alcoholic beverages, transport; and
communication, however, partially offset the
increases.

Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Sep-16
Oct-16
Nov-16
Dec-16
Jan-17
Feb-17
Mar-17
Values Traded (US$ Millions)
Volumes Traded (Millions)
Figure 8: ZSE Monthly Volumes
Figure 8: ZSE Monthly Volumes and Values Traded
and Values Traded
Volume
Turnover


Figure 12: Annual Inflation
(%)
Headline Inflation
Food
Non Food

Monthly Inflation


The monthly inflation rate decelerated from
0.6% in February 2017 to 0.03% in March 2017,
largely driven by declines in food inflation
emanating from increased supply of food on the
market.

Source: ZIMSTAT, 2017
Month- on-month food inflation declined by 1.8
percentage points, from 1.6% in February 2017
to -0.21% in March 2017, on account of
decreases in bread and cereals; oils and fats;
vegetable and fish and sea food.

Monthly non-food inflation also declined, from
0.17% in February 2017 to 0.15% in March
2017. This followed declines in housing, water
and energy; restaurants and hotels; and
furniture,
household
equipment
and
maintenance and transport. Partially offsetting
the increases were declines in recreation and
culture, and restaurants and hotels.


NATIONAL PAYMENTS SYSTEM

The value of transactions processed through the
National Payments System increased by 9% to
US$7 011.38 million in March 2017, from
US$6 429.54 in February 2017. The volume of
transactions processed through the NPS, also
increased by 29%, from 39 227 571 in the
previous month to 50 729 474 during the month
under review.

Zimbabwe Electronic Transfer Settlement
System (ZETSS)

Transactions processed through the Real Time
Gross Settlement system increased by 9% to
US$4 629.83 million in March 2017, from
US$4 246.61 million recorded in February
2017.
Total
RTGS
transaction
volumes
increased by 27% to 414 167 during the same
period.

Source: Reserve Bank of Zimbabwe, 2017


Mar-15
May-15
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-16
Sep-16
Nov-16
Jan-17
Mar-17
Figure 13: M
Figure 13: M-
-O
O-
-M Inflation
M Inflation


VALUE IN US$ BILLIONS
VOLUME IN THOUSANDS
Figure 14:
Figure 14: ZETSS Volumes and Values
Values
Volume
Value

Cash transactions
Cash transactions stood at US$316.64 million in
March
2017,
a
12.1%
decline
from
US$360.42 million recorded in February 2017.

Mobile and Internet Based Transactions
The total value of mobile and internet based
transactions closed the month of March 2017
higher at US$1 071.32 million, compared to
US$796.34 million registered in February 2017.

Card Based Transactions

The value of card based transactions stood at
US$451.00 million in March 2017, up from
US$385.71 million in February 2017.

Cheque Transactions
In value terms, total cheque transactions
increased from US$7.02 million in February
2017, to US$7.38 million in March 2017.

RESERVE BANK OF ZIMBABWE
MAY 2017

Statistical Tables

Monetary Statistics

1. Depository Corporations Survey

2. Central Bank Survey

3. Other Depository Corporations Survey

Other Depository Corporations

4.1 Assets

4.2 Liabilities

Commercial Banks
5.1 Assets

5.2 Liabilities

Building Societies
6.1 Assets

6.2 Liabilities

Sectoral Analysis of Bank Loans and Advances and Deposits

7.1 Sectoral Analysis of Commercial Banks Loans and Advances

7.2 Sectoral Analysis of Commercial Banks Deposits

Interest Rates

8.1 Lending Rates

8.2 Banks Deposit Rates

Inflation

9.1 Monthly Inflation

9.2 Yearly Inflation

External Statistics

10. Total External Debt Outstanding by Debtor

11. Exchange Rates

12. Zimbabwe Stock Exchange Statistics

National Payments System Statistics


13.1 Values of Transactions

13.2 Volumes of Transactions

14. Merchandise Trade Statistics

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

Central Bank(net)

Foreign Assets

Foreign Liabilities

Other Depository Corporations(net)

Foreign Assets

Foreign Liabilities

Net Domestic Assets (NDA)

Domestic Claims

Claims on Central Government(net)

Claims on Central Government

Central Bank

ODCs

Less Liabilities to Central Government

Claims on Other Sectors

Other Financial Corporations

State and Local Government

Public Non Financial Corporations

Private Sector

Central Bank

ODCs

Other Items(Net)

Shares and Other Equity

Liabilities to Other Financial Corporations

Restricted Deposits

Other Items(net)

Broad Money-M3

Securities Other than Shares Included in Broad Mo

Broad Money-M2

Other Deposits

Narrow Money-M1

Transferable Deposits

Currency Outside Depository Corporations

Source: Reserve Bank of Zimbawe
Note:
(i) Depository corporations survey - formerly Monetary Survey.
(ii) Broad money redefined using IMF's Monetary and Financial Statistics Manual of 2000. Major changes include exclusion of Government deposits held by banks from broad money.
(iii) Transferable deposits made up of demand and savings deposits.
(iv) NCDs are also referred to as securities included in broad money.
(v) All classes of time deposits, short and long term are classified as time deposits, which are also termed other deposits.
(vi) Credit to the private sector now excludes claims on other financial corporations, as well as claims on state and local government (local authorities)
(vii) Depository corporations made up of the Central Bank and other depository corporations
(viii) Other depository corporations (ODCs) - Commercial banks, merchant banks, building societies and POSB.
TABLE 1: DEPOSITORY CORPORATIONS SURVEY (US$ '000)

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

Claims on Non Residents

Official Reserves Assets

Other Foreign Assets

Less Liabilities to Non Residents

Short Term Liabilities

Other Foreign Liabilities

Net Domestic Assets (NDA)

Domestic Claims

Net Claims on Central Government

Claims on Central Government

Of which: Securities Other than Shares

Less Liabilities to Central Government

Of which: Deposits

Claims on Other Sectors

Other Financial Corporations

State and Local Government

Public Non Financial Corporations

Private Sector

Claims on Other Depository Corporations

Other Liabilities to ODCs

Other Items(Net)

Monetary Base Incl. foreign currency clearing balances
Monetary Base

Bond Notes and Coins in Circulation

Liabilities to ODCs

Reserve Deposits

Other

Private Deposits

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

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

Claims on Non Residents

Of Which: Foreign Currency

Deposits

Other

Less Liabilities to Non Residents

Of Which: Deposits

Loans

Other

Net Domestic Assets (NDA)
4,878,305.20

5,132,752.46

5,060,208.14

5,148,766.23

5,245,432.00

5,321,500.90

5,442,974.41

5,549,018.98

5,580,169.12

5,639,870.63

5,709,300.08

Domestic Claims
4,968,416.04

5,052,675.36

4,986,309.07

4,950,022.79

5,022,442.51

5,110,022.06

5,157,302.61

5,249,484.24

5,193,549.03

5,210,748.62

5,374,818.07

Net Claims on Central Government
1,230,643.24

1,415,342.33

1,425,743.21

1,396,177.93

1,446,944.29

1,503,220.41

1,472,146.07

1,528,867.51

1,617,356.78

1,673,670.22

1,722,915.15

Claims on Central Government
1,247,585.3619

1,440,948.5355

1,476,643.9874

1,443,114.9290

1,490,684.3763

1,546,271.8214

1,518,299.1187

1,571,032.9250

1,670,420.5050

1,728,929.8577

1,809,816.2513

Securities
1,225,003.3297

1,412,869.1273

1,450,083.5207

1,420,220.1988

1,463,404.5297

1,517,535.6764

1,500,671.4257

1,553,239.1020

1,654,534.6290

1,713,961.3077

1,794,113.0553

Loans
22,582.0322

28,079.4082

26,560.4666

22,894.7303

27,279.8466

28,736.1450

17,627.6930

17,793.8230

15,885.8760

14,968.5500

15,703.1960

Other
-

-

-

-

(0.0000)

-

(0.0000)

0.0000

(0.0000)

0.0000

-

Less Liabilities to Central Government
(16,942.1215)

(25,606.2057)

(50,900.7775)

(46,937.0009)

(43,740.0913)

(43,051.4118)

(46,153.0502)

(42,165.4109)

(53,063.7244)

(55,259.6416)

(86,901.1009)

Claims on Other Sectors
3,737,772.8017

3,637,333.0280

3,560,565.8611

3,553,844.8587

3,575,498.2216

3,606,801.6478

3,685,156.5434

3,720,616.7211

3,576,192.2507

3,537,078.4083

3,651,902.92

Other Financial Corporations
106,004.42

110,807.60

120,221.91

116,453.99

117,440.18

106,745.29

109,892.67

102,641.44

100,223.50

60,600.81

61,686.40

State and Local Government
42,766.93

40,448.43

48,803.79

47,676.40

43,554.41

41,728.47

37,784.82

34,237.41

35,909.11

35,006.53

34,312.18

Public Non Financial Corporations
109,014.22

98,902.80

100,732.47

100,520.49

93,825.28

103,499.64

101,612.03

86,631.35

84,675.48

84,417.84

86,380.62

Private Sector
3,479,987.23

3,387,174.20

3,290,807.69

3,289,193.98

3,320,678.35

3,354,828.25

3,435,867.03

3,497,106.53

3,355,384.15

3,357,053.23

3,469,523.72

Claims on the Central Bank
810,741.643

1,017,467.818

1,055,340.530

1,178,684.455

1,209,909.110

1,156,606.119

1,323,120.314

1,435,556.219

1,475,197.651

1,507,778.322

1,498,477.568

Bond Notes and Coins
1,526.163

1,614.904

1,620.368

1,580.191

1,627.106

1,420.818

4,565.027

16,563.071

20,206.055

19,301.209

12,559.660

Reserves
809,215.480

1,015,852.915

1,053,720.162

1,177,104.264

1,208,282.003

1,155,185.301

1,318,555.287

1,418,993.147

1,454,991.597

1,488,477.113

1,485,917.908

Liabilities to the Central Bank

Other Items(Net)
900,850.66

937,390.03

981,438.87

979,940.77

986,918.90

945,127.17

1,037,448.30

1,134,271.35

1,088,577.32

1,078,654.52

1,162,242.90

Shares and Other Equity
1,103,911.46

1,160,998.70

1,174,877.57

1,188,635.39

1,194,352.25

1,211,644.10

1,228,902.77

1,271,826.05

1,272,987.21

1,279,285.69

1,301,867.36

Liabilities to other financial corporations
37,325.07

47,396.74

46,151.88

41,248.99

36,195.23

28,299.00

28,777.63

48,770.44

41,105.95

43,353.63

41,885.62

Other Items(Net)
(240,385.87)

(271,005.41)

(239,590.58)

(249,943.61)

(243,628.59)

(294,815.93)

(220,232.10)

(186,325.14)

(225,515.85)

(243,984.80)

(181,510.08)

Deposits and Securities Included in Broad Money
4,890,832.17

5,103,294.98

5,047,074.28

5,167,680.67

5,263,571.88

5,302,500.30

5,397,590.93

5,567,120.14

5,579,371.63

5,654,297.27

5,734,703.72

Deposits Included in Broad Money
4,835,248.40

5,022,342.85

4,975,283.25

5,086,840.39

5,189,453.59

5,229,143.63

5,353,728.76

5,504,225.78

5,528,809.61

5,594,968.03

5,674,542.57

Transferable Deposits
3,242,880.58

3,453,134.13

3,457,573.92

3,533,492.69

3,654,543.14

3,720,200.45

3,886,146.76

4,032,568.59

3,983,863.96

4,042,323.47

4,144,685.59

Other Deposits
1,592,367.82

1,569,208.72

1,517,709.33

1,553,347.70

1,534,910.45

1,508,943.19

1,467,582.00

1,471,657.19

1,544,945.66

1,552,644.56

1,529,856.98

Money Market Instruments
55,583.77

80,952.14

71,791.03

80,840.29

74,118.29

73,356.67

43,862.17

62,894.35

50,562.02

59,329.24

60,161.15

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

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

Jan
1.22


Feb
1.44


Mar
1.53


Apr
1.55


May
1.53


Jun
1.61


Jul
1.62


Aug
1.58


Sep
1.63


Oct
1.42


Nov
4.57


Dec
16.56


Jan
20.21


Feb
19.30


Mar
12.56


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

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

Jan


Feb


Mar


Apr


May


June


July


Aug


Sep


Oct


Nov


Dec


Jan


Feb


Mar


Source:Reserve Bank of Zimbabwe,2017
TABLE 4.1 : OTHER DEPOSITORY CORPORATIONS - LIABILITIES
Deposits
Amounts Owing to
US$millions

TOTAL
End of
Foreign
Bond
Notes
Balances
Balances with
Balances
Other Claims
Local
Public
Other
Contigent
Non Financial
Notes &
&
with
Other Depository
with
on
Government

Local Governemt
Public Enterprises
Other

Government
Government
Enterprises
Institutional Units

Other claims
Assets
Other Assets
Assets
Coins
Coin
RBZ
Corporations
Foreign Banks
Non-residents
Securities
securities

Jan
1.05


Feb
1.21


Mar
1.31


Apr
1.35


May
1.38


Jun
1.42


Jul
1.45


Aug
1.36


Sep
1.40


Oct
1.27


Nov
4.24


Dec
14.07


Jan
17.72


Feb
16.29


Mar
10.74


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

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

Jan

Feb

Mar

Apr

May

June

July

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

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

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

Jan
0.13


Feb
0.20


Mar
0.19


Apr
0.19


May
0.14


Jun
0.18


Jul
0.16


Aug
0.20


Sep
0.21


Oct
0.12


Nov
0.14


Dec
1.72


Jan
2.35


Feb
1.19


Mar
1.65


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

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

Jan

Feb

Mar

Apr

May

June

July

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

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

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


INVESTMENTS
ORGANISATIONS

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source:Reserve Bank of Zimbabwe,2017
/1 Including the only merchant bank still in operation.
TABLE 8.1 : SECTORAL ANALYSIS OF COMMERCIAL BANKS LOANS AND ADVANCES/1
US$ thousands

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source: Reserve Bank of Zimbabwe,2017
TABLE 8.2: SECTORAL ANALYSIS OF COMMERCIAL BANKS DEPOSITS
US$ thousands

End Period
Nominal Lending Rates 1
Individuals
Corporate

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

Jan
4.00-18.00
10.61
6.68
Feb
4.00-18.00
10.06
6.52
Mar
4.00-18.00
9.12
7.02
Source:Reserve Bank of Zimbabwe, 2017
Notes
TABLE 9.1: LENDING RATES (percent per annum)
1. Nominal Lending Rates depict the range of rates quoted by banks.
Commercial Banks
Weighted Average Lending Rates

END OF
SAVINGS
3 MONTHS

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

Jan
0.50-6.00
1.00-17.00
Feb
0.50-6.00
1.00-17.00
Mar
0.50-6.00
1.00-17.00
Source:Reserve Bank of Zimbabwe, 2017
* The range of rates qouted by banks during the period.
TABLE 9.2 : BANKS DEPOSIT RATES (percent per annum)*
COMMERCIAL BANKS

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


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source:Zimstat, 2017
NON-FOOD INFLATION
TABLE 10.1 : MONTHLY INFLATION -- PERCENTAGE CHANGE IN CONSUMER PRICE INDEX
( DECEMBER 2012 = 100)

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source: Zimstat, 2017
C OM M UN IC A TION
TR A N S P OR T
HEA LTH
ED UC A TION
N ON -F OOD IN F LA TION
TABLE 10.2 : YEARLY INFLATION -- PERCENTAGE CHANGE IN CONSUMER PRICE INDEX
(DECEMBER 2012 = 100)

(US$ millions)
End Period

Long-Term External Debt

Government

Bilateral Creditors

Multilateral Creditors

Private Creditors

Public Enterprises


Bilateral Creditors

1,155

Multilateral Creditors

Private Creditors

Monetary Authorities

Multilateral Creditors - IMF

Private


Short-Term External Debt

1,198
1,382
1,289


Supplier's Credits

Reserve Bank

Private

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

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

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

JAN

FEB

MAR

APR

MAY

JUN

JUL

AUG

SEP

OCT

NOV

DEC


Jan

Feb

Mar

Source: Reserve Bank of Zimbabwe, 2017
TABLE 12 : SELECTED INTERNATIONAL EXCHANGE RATES
1. Foreign currency per US dollar.

Market Capitalisation
US$ millions

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source:Zimbabwe Stock Exchange (ZSE),2017
TABLE 13: ZIMBABWE STOCK MARKET STATISTICS
Industrial
Market Turnover
US$ million
Volume of Shares
Mining
Indices

MONTH
ZETSS
CHEQUE
POS
ATM
MOBILE INTERNET

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

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

MONTH
ZETSS
CHEQUE
POS
ATM
MOBILE
INTERNET

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Annual Total


Jan

Feb

Mar

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

Month
Exports
Imports
Total Trade
Trade Balance

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Total


Jan

Feb

Mar

Source: Zimstat, 2017
TABLE 15 : MERCHANDISE TRADE STATISTICS
(US$ millions)