i


JANUARY 2018

TABLE OF CONTENTS


December

January
Month-on-
Month
Change (%)
Z.S.E. Mining Index1
142.40
130.42
11.98
Z.S.E. Industrial Index1
333.02
305.33
27.67
National Payment System Transactions (US$
millions)
11 596.93
10 596 .92
8.6
Money Supply (US$ millions)2
8 108.22
7 837.57
-3.34
Money Supply (M3) Annual Growth2 (%)
43.77
38.39

Yearly Inflation3 (%)
3.46
3.52

Monthly Inflation3 (%)
0.53
0.30

Nominal Lending Rate2 (% per annum)
4.45-18.00
4.45-18.00

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

INTERNATIONAL COMMODITY PRICE
DEVELOPMENTS

International commodity prices of precious
metals, base metals and crude oil firmed during
the month of January 2018.

Precious Metals

Gold prices increased by 5.37%, from
US$1,264.26/oz
in
December
2017,
to
US$1,332.17/oz in January 2018. Platinum
prices also firmed by 9.37%, to close the month
under review at US$994.22/oz. Precious metal
prices were largely driven by a weakening US
dollar, following the Federal Reserve’s decision
not to increase interest rates until mid 2018. This
development bolstered the appeal of precious
metals as safe haven assets.
Figure 1: Precious metal prices
Source: Bloomberg, 2018

Base Metals
Base metal prices closed the month of January
2018 firmer, compared to the previous month.
This was underpinned by dwindling inventories
and a strong outlook for global demand,
particularly in China. Resultantly, copper and
nickel monthly average proices surged by 5.4%
and
12.5%
to
US$7,131.05/ton
and
US$12,863.41/ton, respectively during the
month under review.
Figure 2:Base metal prices
Source: Bloomberg, 2018
Brent Crude Oil
Crude oil prices closed the month under review
at US$69.04/barrel, up from US$63.85/barrel
in December 2017. The increase in prices was
on account of the agreement by OPEC and non-
OPEC oil producers to extend output cuts until
the year end of 2018.
Figure 3: International crude oil prices
Source: Bloomberg, 2018

Jan-17
Feb-17
Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Gold
Platinum

10000
12000
14000

Jan-17
Mar-17
May-17
Jul-17
Sep-17
Nov-17
Jan-18
NICKEL US/TON
COPPER US$/TON
Copper
Nickel

Mar-16
May-16
Jul-16
Sep-16
Nov-16
Jan-17
Mar-17
May-17
Jul-17
Sep-17
Nov-17
Jan-18

MONETARY DEVELOPMENTS1

Broad money2 registered an annual growth of
38.39%, to $7 837.57 million in January 2018,
from $5 663.44 million in January 2017. The
growth was due to increases in transferable
deposits, 50.23%; and negotiable certificates of
deposits (NCDs)34, 28.67%. Time deposits,
however, declined by 5.89%. Over the same
period, bond notes and coins in circulation
increased from $82.49 million to $331.08
million.

On a month-on-month basis, broad money
declined by 3.34%, from $8 108.22 million in
December 2017 to $7 837.57 million in January
2018.

Figure 4: Money Supply Developments


Source: Reserve Bank of Zimbabwe, 2018
The decline in money supply was on the back of
a negative growth of 7.21% in reserve money,

1 Provisional figures
2 Beginning January 2017, broad money is redefined using
IMF’s Monetary and Financial Statistics Manual of 2016. The
from $2 668.16 million in December 2017 to
$2 475.79 million. The decline was partly a
result of the Central Bank’s tight monetary
policy stance, which saw the mopping of excess
liquidity in the economy, through issuance of
the Savings Bond.
During the month under review, broad money
consisted of transferable deposits, 76.39%; time
deposits, 18.55%; currency in circulation,
4.22%; and negotiable certificates of deposits,
0.83%.
Figure 5: Composition of Money Supply
Source: Reserve Bank of Zimbabwe, 2018
Domestic Credit
Bank lending to local economic agents grew by
41.53%, from $7 456.40 million in January 2017
to $10 501.11 million in January 2018. The
growth largely reflected an increase of 67.51%
in net credit to Government. On a month-onmonth basis, however, domestic credit declined
major change is the exclusion of Government deposits held by
banks from broad money.

4 NCDs are also referred to as securities included in broad
money.
-10


Jan-16
Apr-16
Jul-16
Oct-16
Jan-17
Apr-17
Jul-17
Oct-17
Jan-18
%
US$ Billions
M3
M3 Annual Growth rate
Transferable Deposits
76.39%
Other Deposits
(Time)
18.55%
NCDs
0.83%
Bond
Notes and
Coins
4.22%

by 2.31%, from $10 699.36 million in December
2017 to $10451.70 million in January 2018.
Credit to the private sector recorded an annual
growth of 6.10%, from $3 371.32 million in
January 2017 to $3 577.05 million in January
2018. Monthly credit to the private sector
declined by 3.83%, from $3 719.43 million in
December 2017.

Figure 6: Sectoral Distribution of Credit
Source: Reserve Bank of Zimbabwe, 2018
During the month under analysis, outstanding
credit to the private sector was distributed as
follows:
households, 24.23%;
agriculture,
18.80%;
services,
15.31%;
distribution,
11.36%;
financial
organisations
and
investments, 10.94%; manufacturing, 10.65%;
mining, 4.18%; construction, 2.33%; transport
and communications, 1.64%; and other, 0.56%.
Private sector credit was utilised for inventory
build-up, 28.44%; consumer durables, 18.68%;
fixed capital investment, 12.77%; and pre and
post shipment financing, 0.97%. Amounts
channelled towards other recurrent expenditures
constituted 39.14% of the total outstanding
loans and advances.
STOCK MARKET DEVELOPMENTS
The
Zimbabwe
Stock
Exchange
(ZSE)
continued on a negative trajectory during the
month of January 2018. This was attributable to
profit takings and portfolio rebalancing largely
in wealth preserving blue-chip counters.
Consequently, the industrial index decreased by
8.31%, from 333.02 points in December 2017 to
305.35 points during the month under review.
Similarly, the mining index, declined by 8.41%
to close the month of January 2018 at 130.42
points.
Figure 7: Zimbabwe Stock Exchange Indices
Source: Zimbabwe Stock Exchange, 2018
ZSE trading volumes stood at 55.03 million
shares
in
January
2018,
down
from
844.2
million
in
December
2017.
Concommittantly, the value of shares traded
declined by 58.28%, from US$75.27 million in
December 2017 to US$31.40 million, during the
month under review.
Foreign portfolio investment registered net
inflows of of US$ 12.37 million in January
2018, compared to US$4.93 million in
December 2017.
Households
24.2%
Agriculture,
18.8%
Manufacturing, 10.7%
Services,
15.3%
Distribution, 11.4%
Financial
Organisati
ons, 10.9%
Mining,
4.2%
Transport and
Communication, 1.6%
Construction, 2.3%
Other, 0.6%

31-Jan-17
28-Feb-17
31-Mar-17
30-Apr-17
31-May-17
30-Jun-17
31-Jul-17
31-Aug-17
30-Sep-17
31-Oct-17
30-Nov-17
31-Dec-17
31-Jan-18
Industrial
Mining

Figure 8: ZSE Monthly Volumes and Values
of SharesTraded

Source: Zimbabwe Stock Exchange, 2018
During the month under review, ZSE market
capitalization declined by 9.68%, to US$8.65
billion from US$9.58 billion in the previous
month.
INFLATION OUTTURN

Annual Inflation

Annual headline inflation rose from 3.42% in
December 2017 to 3.52% in January 2018,
largely driven by increases in non-food prices.
Non-food inflation increased from 2.00% in
December 2017, to 2.29% in January 2018.
Food inflation, however, declined from 6.60%
in December 2017 to 6.17%, during the month
under review.
Figure 9 shows annual inflation developments
for the period January 2016 to January 2018.


Figure 9:Annual Inflation (%)

Source: ZIMSTAT, 2018
Monthly Inflation

The month-on-month inflation rate registered a
0.23 percentage points decline, to close the
month of January 2018 at 0.3%. This was on
account of the decrease in food inflation.

Figure 10: Month On Month Inflation


Source: ZIMSTAT, 2018
Monthly food inflation decelerated to 0.39% in
January 2018, from 1.29% in December 2017.
Declines in the prices of meat, fruit, sugar, jam,
and honey, chocolate and
confectionary
weighed down food inflation.


1,000
Jan-17
Feb-17
Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Values Traded (US$ Millions)
Volumes Traded (Millions)
Volume
Turnover

Headline Inflation
Food
Non Food


Monthly non-food inflation stood at 0.25%
during the month under review, up from 0.16%
in December 2017. This was largely driven by
increases in transport, clothing and footwear and
recreation and culture.
NATIONAL PAYMENTS SYSTEM

During the month under review, the value of
transactions processed through the National
Payment System (NPS) stood at US$10.6
billion, down from US$11.6 billion in
December
2017.
The
volume
of
NPS
transactions also decreased by 15.7%, to close
the month under review at 124.9 million.

Zimbabwe Electronic Transfer Settlement
System (ZETSS)

The value of transactions processed through the
RTGS system declined by 5.60%, from
US$5.88 billion in December 2017, to
US$5.55 billion in January 2018. Total RTGS
volumes also declined by 4.60%, to close the
month under review at 548 125 transactions.
Figure 11: ZETTS Volumes and Values
Source: Reserve Bank of Zimbabwe, 2018

Cash transactions
Cash transactions declined by 10.3%, from
US$245.93 million in December 2017 to
US$220.50 million in January 2018.
Mobile and Internet Based Transactions
Mobile and internet based transactions stood at
US$3.3 billion in January 2018, down from
US$4.1 billion in December 2017.

Card Based Transactions
Card based transactions also decreased from
US$794.74 million in Decemebr 2017, to
US$684.74 during the month under review.

Cheque Transactions
The value of cheque transactions was 36.3%
higher, at US$4.89 million during the month
under review, compared to US$3.59 million
registered in December 2017.

RESERVE BANK OF ZIMBABWE


VALUE IN US$ BILLIONS
VOLUME IN THOUSANDS
Volume
Value

Statistical Tables

Monetary Statistics
1. Depository Corporations Survey

2. Central Bank Survey

3. Other Depository Corporations Survey

Other Depository Corporations

4.1 Assets

4.2 Liabilities

Commercial Banks
5.1 Assets

5.2 Liabilities

Building Societies
6.1 Assets

6.2 Liabilities

Sectoral Analysis of Bank Loans and Advances and Deposits

7.1 Sectoral Analysis of Commercial Banks Loans and Advances

7.2 Sectoral Analysis of Commercial Banks Deposits

Interest Rates

8.1 Lending Rates

8.2 Banks Deposit Rates

Inflation

9.1 Monthly Inflation

9.2 Yearly Inflation

External Statistics

10. Total External Debt Outstanding by Debtor

11. Exchange Rates

12. Zimbabwe Stock Exchange Statistics

13. National Payments System Statistics


13.1 Values of Transactions

13.2 Volumes of Transactions

14. Merchandise Trade Statistics

Jan-17
Feb-17
Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
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 Mo

Other Items(net)

Broad Money-M3

Securities Other than Shares Included in Broa

Broad Money-M2

Other Deposits

Narrow Money-M1

Transferable Deposits

Currency Outside Depository Corporations

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

Jan-17
Feb-17
Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Net Foreign Assets

Claims on Non Residents

Official Reserves Assets

Other Foreign Assets

Less Liabilities to Non Residents

Short Term Liabilities

Other Foreign Liabilities

Net Domestic Assets (NDA)

Domestic Claims

Net Claims on Central Government

Claims on Central Government

Of which: Securities Other than Shares

Loans

Loans and Advances

Legacy Debt

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

Monetary Base Incl. foreign currency clearing balances
Monetary Base
1,499,773.004 1,604,587.411 1,604,425.179 1,659,746.254 1,725,348.049 1,948,879.104 2,064,204.942 2,364,937.964 2,461,275.759 2,520,592.752 2,709,468.388 2,668,160.697 2,475,793.573
Bond Coins

Bond Notes

Liabilities to ODCs

Reserve Deposits

Other
1,395,502.072 1,467,941.594 1,446,635.592 1,492,786.162 1,520,837.740 1,728,301.189 1,838,460.100 2,135,122.534 2,166,837.091 2,181,116.178 2,331,782.192 2,286,227.877 2,071,823.239
Private Deposits

Source: Reserve Bank of Zimbabwe,2018
TABLE 2: CENTRAL BANK SURVEY (US$'000)

Jan-17
Feb-17
Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
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)
5,580,169.12

5,639,870.63

5,709,300.08

5,875,774.29

5,952,966.10

6,280,977.27

6,298,478.80

6,804,652.82

7,083,536.41

7,220,331.96

7,501,636.53

7,576,382.51

7,277,787.26

Domestic Claims
5,005,600.80

5,033,682.47

5,146,513.06

5,166,270.84

5,256,547.58

5,399,799.92

5,318,218.47

5,539,090.73

5,732,954.31

5,889,257.98

6,058,686.31

6,286,090.74

6,093,709.37

Net Claims on Central Government
1,466,527.53

1,529,297.84

1,527,497.74

1,596,904.80

1,611,970.31

1,688,140.84

1,647,948.26

1,750,215.27

1,916,341.54

2,041,284.38

2,194,286.98

2,331,967.01

2,255,580.79

Claims on Central Government
1,519,591.25

1,584,557.48

1,614,398.84

1,673,138.81

1,687,074.29

1,761,855.63

1,726,007.68

1,838,546.24

1,971,537.77

2,084,380.00

2,229,035.44

2,426,572.26

2,362,910.40

Securities
1,503,705.38

1,569,588.93

1,598,695.64

1,657,317.09

1,670,327.43

1,713,932.99

1,680,825.17

1,797,227.42

1,930,046.62

2,049,535.06

2,196,782.06

2,397,156.98

2,336,591.08

Loans
15,885.88

14,968.55

15,703.20

15,821.72

16,746.86

47,922.65

45,182.51

41,318.82

41,491.15

34,844.95

32,253.38

29,415.28

26,319.33

Other
-

-

-

-

-

-

-

-

-

-

-

-

-

Less Liabilities to Central Government
53,063.72

55,259.64

86,901.10

76,234.01

75,103.98

73,714.80

78,059.42

88,330.97

55,196.23

43,095.62

34,748.45

94,605.25

107,329.61

Of which: Deposits
53,063.72

55,259.64

86,901.10

76,234.01

75,103.98

73,714.80

78,059.42

88,330.97

55,196.23

43,095.62

34,748.45

94,605.25

107,329.61

Other

Claims on Other Sectors
3,539,073.27

3,504,384.63

3,619,015.32

3,569,366.04

3,644,577.26

3,711,659.09

3,670,270.21

3,788,875.46

3,816,612.76

3,847,973.60

3,864,399.32

3,954,123.73

3,838,128.58

Other Financial Corporations
63,104.52

27,907.03

28,798.81

30,480.82

33,050.68

87,624.43

35,875.21

29,252.04

30,507.19

29,078.55

31,791.66

45,379.41

41,523.69

State and Local Government
35,909.11

35,006.53

34,312.18

34,732.93

36,595.52

35,573.02

34,059.17

34,223.63

31,707.35

33,198.40

38,416.75

46,177.22

55,046.17

Public Non Financial Corporations
84,675.48

84,417.84

86,380.62

90,267.74

88,656.44

98,878.45

142,891.35

171,759.70

142,254.70

124,030.93

130,803.39

168,917.77

178,716.82

Private Sector
3,355,384.15

3,357,053.23

3,469,523.72

3,413,884.55

3,486,274.63

3,489,583.19

3,457,444.48

3,553,640.10

3,612,143.52

3,661,665.72

3,663,387.53

3,693,649.33

3,562,841.90

Claims on the Central Bank
1,684,125.02

1,692,364.62

1,734,347.30

1,843,336.43

1,856,234.16

2,034,646.02

2,168,966.56

2,440,107.43

2,495,688.75

2,525,633.85

2,671,576.69

2,604,575.55

2,552,269.94

Currency
20,206.055

19,301.209

12,559.660

10,691.409

13,438.609

7,361.926

7,148.374

12,310.361

11,999.682

8,696.697

9,788.767

12,577.130

23,415.822

Other Claims including Reserves
1,663,918.96

1,673,063.41

1,721,787.64

1,832,645.02

1,842,795.55

2,027,284.09

2,161,818.18

2,427,797.07

2,483,689.07

2,516,937.16

2,661,787.92

2,591,998.42

2,528,854.12

Liabilities to the Central Bank
39,193.97

41,437.92

43,486.92

42,006.71

42,321.73

44,233.20

32,516.41

20,544.52

20,550.87

32,863.80

51,156.39

113,727.10

115,100.80

Other Items(Net)
1,070,362.72

1,044,738.54

1,128,073.36

1,091,826.28

1,117,493.91

1,109,235.47

1,156,189.82

1,154,000.82

1,124,555.78

1,161,696.08

1,177,470.09

1,200,556.69

1,253,091.25

Shares and Other Equity
1,272,987.21

1,279,285.69

1,301,867.36

1,295,023.50

1,310,286.87

1,325,276.01

1,330,874.62

1,342,135.53

1,356,314.17

1,398,886.31

1,422,958.60

1,530,397.97

1,506,334.56

Liabilities to other ressident sectors
1,912.23

1,917.51

151.35

(115.98)

(77.72)

2,369.41

3,063.52

2,286.29

11,565.72

9,175.78

9,031.56

6,152.75

2,600.12

Other Items(Net)
(204,536.72)

(236,464.66)

(173,945.36)

(203,081.24)

(192,715.24)

(218,409.95)

(177,748.32)

(190,420.99)

(243,324.12)

(246,366.01)

(254,520.08)

(335,994.03)

(255,843.43)

Deposits and Securities Included in Broad Mon
5,579,371.63

5,654,297.27

5,734,703.72

5,960,513.96

6,009,210.65

6,278,455.63

6,345,429.42

6,858,037.73

7,177,759.33

7,356,243.13

7,652,130.15

7,738,868.88

7,457,013.27

Deposits Included in Broad Money
5,528,809.61

5,594,968.03

5,674,542.57

5,897,221.76

5,947,817.72

6,212,788.17

6,279,146.84

6,786,983.35

7,121,929.07

7,293,267.77

7,585,647.37

7,670,230.41

7,391,957.08

Transferable Deposits

Money Market Instruments
50,562.02

59,329.24

60,161.15

63,292.20

61,392.93

65,667.46

66,282.58

71,054.38

55,830.26

62,975.36

66,482.78

68,638.47

65,056.19

Source:Reserve Bank of Zimbabwe,2018
TABLE 2 : 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


Apr
10.69


May
13.44


Jun
7.36


Jul
7.15


Aug
12.31


Sep
12.00


Oct
8.70


Nov
9.79


Dec
12.58


Jan
23.42


Source:Reserve Bank of Zimbabwe,2018
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


Jun


Jul


Aug


Sep


Oct


Nov


Dec


Jan


Feb


Mar


Apr


May


Jun


Jul


Aug


Sep


Oct


Nov


Dec


Jan


Source:Reserve Bank of Zimbabwe,2018
TABLE 4.2 : OTHER DEPOSITORY CORPORATIONS - LIABILITIES
Deposits
Amounts Owing to
US$ millions

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

Jan
1.05


Feb
1.21


Mar
1.31


Apr
1.35


May
1.38


Jun
1.42


Jul
1.45


Aug
1.36


Sep
1.40


Oct
1.27


Nov
4.24


Dec
14.07


Jan
17.72


Feb
16.29


Mar
10.74


Apr
9.82


May
12.36


Jun
7.01


Jul
6.71


Aug
11.80


Sep
11.43


Oct
8.10


Nov
9.04


Dec
11.43


Jan
22.40


Source:Reserve Bank of Zimbabwe,2018
Notes
1.Government securities include 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


Jun


Jul


Aug


Sep


Oct


Nov


Dec


Jan


Feb


Mar


Apr


May


Jun


Jul


Aug


Sep


Oct


Nov


Dec


Jan


Source:Reserve Bank of Zimbabwe,2018
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


Apr
0.74


May
0.92


Jun
0.34


Jul
0.39


Aug
0.44


Sep
0.56


Oct
0.57


Nov
0.75


Dec
1.05


Jan
0.90


Source:Reserve Bank of Zimbabwe,2018
Notes
1.Government securities include 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


Jun


Jul


Aug


Sep


Oct


Nov


Dec


Jan


Feb


Mar


Apr


May


Jun


Jul


Aug


Sep


Oct


Nov


Dec


Jan


Source:Reserve Bank of Zimbabwe,2018
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

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Source:Reserve Bank of Zimbabwe,2018
/1 Including the only merchant bank still in operation.
TABLE 7.1 : SECTORAL ANALYSIS OF COMMERCIAL BANKS LOANS AND ADVANCES/1
US$ ('000)

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

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Source: Reserve Bank of Zimbabwe,2018
TABLE 7.2: SECTORAL ANALYSIS OF COMMERCIAL BANKS DEPOSITS
US$ ('000)

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
Apr
4.00-18.00
9.25
7.02
May
4.00-18.00
9.17
7.03
Jun
4.00-18.00
9.01
7.05
Jul
4.00-18.00
8.94
7.05
Aug
4.00-18.00
8.88
6.95
Sep
4.45-18.00
8.86
7.01
Oct
4.45-18.00
9.66
7.06
Nov
4.45-18.00
9.66
7.03
Dec
4.45-18.00
9.39
7.00

Jan
4.45-18.00
9.33
6.99
Source:Reserve Bank of Zimbabwe, 2018
Notes
TABLE 8.1: LENDING RATES (percent per annum)
1. Nominal lending rates depict the range of rates quoted by banks.
Commercial Banks
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
Apr
0.50-6.00
1.00-17.00
May
0.50-6.00
1.00-9.50**
Jun
0.50-6.00
1.00-12.00
Jul
0.50-6.00
1.00-12.00
Aug
0.50-6.00
1.00-12.00
Sep
0.50-12.00
0.75-8.00
Oct
0.50-12.00
0.75-8.00
Nov
0.50-12.00
0.75-8.00
Dec
0.50-12.00
0.75-8.00

Jan
0.22-12.00
0.75-8.00
Source:Reserve Bank of Zimbabwe, 2018
* Deposit rates depict the range of rates qouted by banks.
**Banks have adjusted their costs of holding deposits following the call by the RBZ to reduce lending rates.
TABLE 8.2 : BANK 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

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Source:Zimstat, 2018
NON-FOOD INFLATION
TABLE 9.1 : MONTHLY INFLATION - % 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

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Source:Zimstat, 2018
C OM M UN IC A TION
TR A N S P OR T
HEA LTH
ED UC A TION
N ON -F OOD IN F LA TION
TABLE 9.2 : YEARLY INFLATION - % CHANGE IN CONSUMER PRICE INDEX
(December 2012 = 100)

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
1,348
2,040
1,286


Supplier's Credits

Reserve Bank

1,300

Private


Total External Debt

Source: Ministry of Finance & Economic Development, 2018; & Reserve Bank of Zimbabwe, 2018
TABLE 10: ZIMBABWE: EXTERNAL DEBT OUTSTANDING BY DEBTOR (INCLUDING ALL ARREARS)

SOUTH ARFICAN
BOTSWANA
JAPANESE
EURO/2
POUND
END OF
RAND/1
PULA/1
YEN/1
STERLING/2

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

Source: Reserve Bank of Zimbabwe, 2018
TABLE 11 : SELECTED INTERNATIONAL EXCHANGE RATES
1. Foreign currency per US dollar.
2. US dollars per unit of foreign currency.

Market Capitalisation
END OF
US$ millions

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

Source:Zimbabwe Stock Exchange ,2018
Indices
TABLE 12: ZIMBABWE STOCK MARKET STATISTICS
Industrial
Market Turnover
US$ million
Volume of Shares
Mining

END OF
ZETSS
CHEQUE
POS
ATM
MOBILE

INTERNET

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

Source:Reserve Bank of Zimbabwe, 2018
TABLE 13.1 : ZETSS AND RETAIL PAYMENTS
Values of Transactions (US$ millions)

END OF
ZETSS
CHEQUE
POS
ATM
MOBILE
INTERNET

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Annual Total


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Annual Total


Jan

Source:Reserve Bank of Zimbabwe, 2018
TABLE 13.2 : ZETSS AND RETAIL PAYMENTS
Volumes of Transactions (000's)

END OF
EXPORTS
IMPORTS
TOTAL TRADE TRADE BALANCE

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Total


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

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