i


DECEMBER 2019

TABLE OF CONTENTS


Sources:
1. Zimbabwe National Statistics Agency.
2. Reserve Bank of Zimbabwe.
3. Zimbabwe Stock Exchange.
a- Percentage point
p- Provisional

November

December
Month-on-
Month Change
(%)
Monthly Inflation1 (%)
17.46
16.55
-0.91a

National Payment System Transactions2
(ZWL$ billions)
67.35
84.57
25.56
Money Supply2 ($ millions)
31,820.55

34,983.47p

9.94
Money Supply (M3) Annual Growth2 (%)
225.02
249.95
24.93a
Nominal Lending Rate2
(% per annum)
5.00-65.00
5.00-65.00
-
Z.S.E All share Index3
240.81
232.17
-3.59

Z.S.E. Mining Index3
344.42
316.66
-8.06

Z.S.E. Industrial Index3
801.38
773.41
-3.49

SELECTED ECONOMIC INDICATORS

INTERNATIONAL COMMODITY PRICE
DEVELOPMENTS


International commodity prices for gold,
platinum, copper and Brent crude oil firmed,
while prices for nickel declined, during the
month under review.


Precious Metals
Gold prices registered a marginal increase,
closing at a monthly average of US$1,478.92/oz
in December 2019, from US$1,470.97/oz in the
previous month. The indication by the Federal
Reserve that current interest rates may carry
through 2020, coupled with prospects of slower
global growth and the lingering Brexit
uncertainties partly contributed to the increase
in the appeal of gold as a safe haven asset.

Platinum prices continued on a positive
trajectory, increasing by 2.3% to a monthly
average of US$921.58/oz in December 2019,
from US$900.69/oz in November 2019. Power
outages in South Africa, the world’s top
producer of platinum, contributed to supply
disruptions, a development that exerted upward
pressure
on
prices.
Figure

shows
developments in precious metal prices for the
period from December 2018 to December 2019.


Figure 1: Precious metal prices (US$/oz.)
Source: Bloomberg, 2019

Base metals

Nickel prices registered declines, amid excess
supply conditions in December 2019, marking
the fourth consecutive month of decline for the
base metal price. Prices retreated by 9.0%, from
US$15,188.24/tonne in November 2019 to
US$13, 825.02/tonne in December 2019.

Copper prices firmed, to close the month under
review at US$6,077.77/tonne, a 3.6% gain from
US$5,864.00/tonne recorded in November
2019. Prices were supported by higher demand
prospects, amid positive signs of recovery in the
Chinese manufacturing sector. The dissipation
of trade tensions between the US and China also
bolstered copper prices, during the month under
review.

Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
US$/oz.
Gold
Platinum

Figure 2: Base metal prices (US$/ton)
Source: Bloomberg, 2019


Brent Crude Oil
Crude oil prices registered their highest level in
six months, to close at a monthly average of
US$65.79/barrel, after falling below the
US$70.00/barrel mark in May 2019. Prices were
supported by tighter supply conditions on the
backdrop of an agreement by the Organisation
of Petroleum Exporting Countries (OPEC) to
increase production cuts. In addition, prices
were also supported by a slump in US
stockpiles. Figure 3 shows developments in
Brent crude oil price for the period from October
2018 to December 2019.


1 Gold deliveries to Fidelity Printers and Refiners stood at
27.7 tonnes in 2019, a 16.9% decline from 33.3 tonnes in
2018. This decline was partly due to subdued production
Figure 3: International crude oil prices
(US$/barrel)

Source: Bloomberg, 2019

MERCHANDISE TRADE
DEVELOPMENTS

The country’s total merchandise trade amounted
to US$907.9 million in December 2019, up from
US$906.4 million in November 2019. This
marginal increase was driven by the growth in
exports.
Merchandise Exports
Monthly merchandise exports rose by 2.9% to
close at US$489.1 million in December 2019,
representing the best outturn for the year 2019.
This was on account of a significant increase in
gold export earnings, which increased from
US$69.6 million in November 2019 to US$ 94.2
million in December 20191. Tobacco exports,
however, declined by 24.4%, from US$185.7
million recorded in November 2019 to close at
owing to power outages and the possibility of side
marketing by producers in search of higher returns.

Dec-18
Feb-19
Apr-19
Jun-19
Aug-19
Oct-19
Dec-19
Nickel US$/ton
Copper US$/ton
Copper
Nickel (RHS)

Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
US$/barrel

US$140.3 million, during the month under
analysis.
Figure 4: Merchandise Exports (US$ m)

Source: ZIMSTAT, 2019

The country’s exports were dominated by
primary commodities, particularly tobacco, gold
and nickel, which accounted for about 73.0% of
export earnings for December 2019.


2 Platinum Group of Metals
Table 1: Exports Classified by Harmonised
Commodity Description and Code System
Commodity
Nov-19
Dec-19
Dec
Share
of
Total
(%)
Flue-cured tobacco
185.7
140.3
28.7
Semi-manufactured
gold
69.6
94.2
19.3
Nickel mattes
60.4
78.8
16.1
Nickel ores and
concentrates
59.2
45.2
9.2
Articles & parts of
precious metals
12.4
32.3
6.6
Ferro-chrome
20.9
14.5
3.0
Industrial diamonds
0.0
7.1
1.5
Unwrought Platinum
7.5
3.6
0.7
Cane sugar
3.1
2.7
0.6
Coal (semi-coke of
coal)
2.1
2.5
0.5
Other
54.2
67.8
13.9
Total
475.2
489.1
100.0
Source: ZIMSTAT & RBZ Calculations, 2019

During the period under analysis, the country’s
exports were mainly destined for South Africa,
which accounted for 61.5% of total exports,
followed by the United Arab Emirates (20.0%);
and Mozambique (6.9%). The country’s exports
to South Africa were mainly composed of
minerals such as gold and PGMs2. Figure 5
shows the country’s major export markets,
during the month under analysis.

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

Figure 5: Top Ten Merchandise Export
Destinations (% Share)
Source: ZIMSTAT & RBZ Calculations, 2019

Merchandise Imports
Merchandise imports decreased by 2.9%, from
US$431.2 million in November to US$418.8
million in December 2019. This was partly
attributable to the decline in electricity imports.
Figure 6 shows merchandise imports for the
period from January to December 2018 and
2019.


Figure 6: Merchandise Imports classified by
HS Codes 2018 & 2019 (US$m)

Source: ZIMSTAT & RBZ Computations,2019

Notably, food imports and, in particular, maize
and wheat increased in December 2019, as the
Government resumed imports to avert a food
crisis, following the 2018/19 drought. Energy
imports, (diesel, unleaded petrol and electricity)
dominated the country’s imports, contributing
about 22.0% of the country’s total imports in
December 2019. Table 2 shows the country’s
imports for November and December 2019.


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


Table 2: Imports Classified by Harmonised
Commodity Description and Code System
Commodity
Nov 19
US$ m
Dec 19
US$ m
Share of
Total
Imports
(%)
Diesel
55.3
55.3
14.75
Unleaded petrol
19.5
20.3
-17.4
Electrical energy
37.7
11.5
-69.6
Maize (Excluding
seed)
5.9
11.1
87.6
Road
tractors
(semi-trailers)
6.4
8.5
32.3
Fertilizer
Chemicals
16.9
15.1
-10.2
Crude soya bean
oil
5.5
6.0
8.0
Rice
5.5
5.5
-0.2
Medicines
9.6
7.1
-26.3
Wheat
0.4
3.0
725.9
Other
276.7
270.9
1.2
Total
431.2
418.8

Source: ZIMSTAT & RBZ Calculations, 2019
The country sourced most of its imports from
South Africa (46.7%) and Singapore (18.1%),
during the month under review. Figure 7 shows
the country’s import sources for December
2019.
Figure 7: Top Ten Merchandise Import
Sources (% Share)

Source: ZIMSTAT & RBZ Calculations, 2019
Merchandise Trade Balance
The country’s trade balance improved from a
surplus of US$44.0 million in November 2019,
to a surplus of US$70.3 million in December
2019, as shown in Figure 8.
Figure 8: Merchandise Trade Balance
(US$ m)
Source: ZIMSTAT & RBZ Computations, 2019

South Africa
Singapore
China
Mozambique
Zambia
India
UAE
UK
Mauritius
Japan

Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Exports
Imports
Trade Balance

MONETARY DEVELOPMENTS3

Annual broad money4 stood at Z$34.98 billion
in December 2019, up from Z$31.82 billion in
November 2019. The growth in money supply
reflected increased lending to both public and
private sectors, in support of economic activity.
All
categories
of deposits
inclusive of
transferable deposits; negotiable certificates of
deposits (NCDs) and time deposits, recorded
increases over the year, reflecting the money
multiplier process.
Figure 9: Broad Money in Levels and
Growth Rates

Source: Reserve Bank of Zimbabwe, 2019
On a month-on-month basis, broad money
increased from Z$31.82 billion in November
2019 to Z$34.98 billion in December 2019.
Broad money was composed of domestic
currency transferable deposits, 57.19%; and

3 All monetary numbers valued in Zimbabwean Dollar
since the adoption of an interbank market determined
exchange rate in February 2019.
foreign currency deposits, 34.13%; as shown in
Figure 10.
Figure 10: Composition of Money Supply

Source: Reserve Bank of Zimbabwe, 2019
The annual growth in net credit to government
marginally declined to 62.71% during the month
under review, from 62.86% in November 2019.
On a monthly basis, net credit to government
rose by 2.69%, from Z$15.81 billion in
November 2019, to Z$16.24 billion in
December 2019.
Credit to the private sector registered an annual
growth of 173.99% in December 2019, from
143.43% in November 2019. Monthly credit to
the private sector stood at Z$11.12 billion in
December 2019.
Credit to the private sector was mainly
channelled
towards
agriculture,
31.69%;
financial organisations, 14.62%; households,
Note: Monetary statistics are based on the provisional
RBZ balance sheet as at 27th December 2019

-

Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
%
$ Billions
M3
M3 Annual Growth rate
Local
Currency
Transeferab
le deposits
57.19%
Foreign
Currency
Deposits
34.13%
Time
Deposits
Currency in
Circulation
2.59%
NCDs
0.70%

13.88%; and distribution, 10.84%; as shown in
Figure 11.
Figure 11: Distribution of Private Sector
Credit

Source: Reserve Bank of Zimbabwe, 2019
Credit to the private sector was utilised as
follows: inventory build-up, 33.36%; other
recurrent expenditures, 33.15%; consumer
durables, 12.24%; and fixed capital investment,
18.42%.
STOCK MARKET DEVELOPMENTS

The Zimbabwe Stock Exchange (ZSE) was
bearish, during the month of December 2019.
Resultantly, the All Share and Top 10 indices
decreased by 3.59% and 4.59%, to close at
232.17 and 206.37 points, respectively.


Figure 12: Zimbabwe Stock Exchange All
Share and Top 10 Indices
Source: Zimbabwe Stock Exchange, 2019

The industrial and mining indices also shed
3.49% and 8.06%, to close at 773.41 and 316.66
points, respectively.

On a year-on-year basis, the industrial and
mining indices grew by 58.77% and 39.06%,
from 487.13 and 227.71 points registered in
December 2018, respectively.

Figure 13: Zimbabwe Stock Exchange
Indices
Source: Zimbabwe Stock Exchange, 2019
Trading activity was concentrated in some
selected wealth preserving and mid cap
Households
15.30%
Agriculture
25.45%
Mining
7.36%
Manufacturing
8.28%
Distribution
11.67%
Construction
1.37%
Transport
&Communi
cations
1.11%
Services
8.27%
Financial
Org.&Inves
tments
21.13%
Other

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

Mining Index Points
Industrial Inedx Points
Industrial
Mining

counters. As a result, the volume of shares
traded rose by 53.42%, to close at 199 million
shares in December 2019. The value of shares
also increased by 52.75% to Z$198.40 million,
during the same period.

Figure 14: ZSE Monthly Volumes and Values
Traded
Source: Zimbabwe Stock Exchange, 2019
ZSE market capitalization decreased by Z$1.17
billion, or 3.76% of the previous month value to
close at Z$30.05 billion. On a year-on-year
basis, the local bourse capitalization increased
by 54.7%, from Z$19.42 billion recorded in
December 2018.

INFLATION OUTTURN


Monthly Inflation

Month-on-month inflation declined to 16.6% in
December 2019, from 17.5% recorded in
November 2019. This was largely on account of
the softening of food inflation.
Monthly food inflation stood at 15.8% during
the month under review, down from 22.6% in
November 2019. This was underpinned by the
slowdown in price increases for all food
sub-categories, during the month under review.

On the contrary, monthly non-food inflation
accelerated to 17.1% in December 2019, gaining
3.2
percentage
points
from
13.94%
in
November 2019. Price increases were recorded
for housing water electricity, gas and other fuels
and transport. Partially offsetting the increases
were price declines for restaurants and hotels
and recreation and culture and communication.
Figure 15 shows the month-on-month inflation
rate for the period from December 2018 to
December 2019.

Figure 15: Month-on-Month Inflation (%)

Source: ZIMSTAT, 2019

NATIONAL PAYMENTS SYSTEM


Transactions processed through the National
Payment System (NPS) increased from Z$67.35
billion in November 2019 to Z$84.57 million in
December 2019. NPS transaction volumes stood
at 178.6 million in December 2019, a 2.8%
decrease from 183.7 million registered in the
previous month.

Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Values Traded ($ millions)
Volumes Traded (milions)
Volume
Turnover

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

Zimbabwe Electronic Transfer Settlement
System (ZETSS)

The value of transactions processed through the
RTGS system increased by 21.3% to Z$49.58
billion in December 2019, from Z$40.87 billion
in November 2019. RTGS transaction volumes
also registered an increase of 2.2%, to close at
1,003,806 in December 2019.
Figure 16: ZETSS Volumes and Values

Source: Reserve Bank of Zimbabwe, 2019

Cash transactions

During the month of November 2019, the value
of cash based transactions declined by 24.6%, to
close at Z$1,109.68 million.
Mobile and Internet Based Transactions
Mobile and internet based transactions rose by
35.41%, from Z$20.74 billion in the previous
period to Z$28.08 billion, during the period
under analysis.
Card Based Transactions
Card based transactions stood at Z$5.79 billion
in December 2019, a 35.76% increase from
Z$4.27 billion recorded in November 2019.
Cheque Transactions
Cheque transactions totalled Z$2.75 million
during the period under review, down from
Z$3.53 billion in November 2019.

JANUARY 2020
RESERVE BANK OF ZIMBABWE


Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Value in $ 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 Market Statistics

13. National Payments System Statistics


13.1 Values of Transactions

13.2 Volumes of Transactions

14. Merchandise Trade Statistics

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

Central Bank(net)

Foreign Assets

Foreign Liabilities

Other Depository Corporations(net)

Foreign Assets

Foreign Liabilities

Net Domestic Assets (NDA)

Domestic Claims

Claims on Central Government(net)

Claims on Central Government

Central Bank

ODCs

Less Liabilities to Central Government

Central Bank

ODCs

Claims on Other Sectors

Other Financial Corporations

State and Local Government

Public Non Financial Corporations

Private Sector

Central Bank

ODCs

Other Items(Net)

Shares and Other Equity

Liabilities to Other Financial Corporations

Restricted Deposits

Deposits and Securities Excluded from Base Money

Other Items(net)

Broad Money-M3

Securities Other than Shares Included in Broad Money

Broad Money-M2

Other Deposits

Narrow Money-M1

Transferable Deposits

Of which Foreign Currency Accounts

Currency Outside Depository Corporations

Memorandum Items
Reserve Money

FCAs as a Percentage of Deposits in M3

End Period Exchange Rate

Source: Reserve Bank of Zimbabwe,2019
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 ZWL$ since the introduction of the interbank foreign exchange market in February 2019
TABLE 1: DEPOSITORY CORPORATIONS SURVEY ($ '000)

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

Claims on Non Residents

Official Reserves Assets

Other Foreign Assets

Less Liabilities to Non Residents

Short Term Liabilities

Other Foreign Liabilities

Net Domestic Assets (NDA)

Domestic Claims

Net Claims on Central Government

Claims on Central Government

Of which: Securities Other than Shares

of which USD Securities revaluations (Excha

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

Liabilities to ODCs

Reserve Deposits

Exess reserves

Private Deposits

Source: Reserve Bank of Zimbabwe,2019
Notes
1. RBZ balance sheet as at 27 December 2019
TABLE 2: CENTRAL BANK SURVEY ($'000)

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

Claims on Non Residents

Of Which: Foreign Currency

Deposits

Other

Less Liabilities to Non Residents

Of Which: Deposits

Loans

Other

Net Domestic Assets (NDA)

Domestic Claims

Net Claims on Central Government

Claims on Central Government

Securities

Loans

Other


-
Less Liabilities to Central Government

Of which: Deposits

Other

Claims on Other Sectors

Other Financial Corporations

State and Local Government

Public Non Financial Corporations

Private Sector

Claims on the Central Bank

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 Mo

Deposits Included in Broad Money
9,432,073.48

9,249,189.49

9,796,911.59

9,999,066.93

10,698,817.40

12,307,411.86

14,024,153.85

16,316,355.79

18,607,561.81

22,546,030.38

27,593,648.82

29,819,025.32

32,968,794.78

Transferable Deposits
7,923,171.01

7,782,391.98

8,323,687.16

8,562,013.77

9,211,180.01

10,695,596.51

12,595,266.96

14,675,509.25

16,987,786.03

20,883,074.13

25,739,354.63

27,983,294.46

31,080,869.95

of which FCAs
343,305.00

418,087.02

1,190,521.05

1,417,836.22

1,753,489.14

3,031,536.97

3,887,787.41

4,049,120.88

5,737,719.98

9,859,484.27

11,155,597.09

11,472,035.58

11,938,732.84

Other Deposits
1,508,902.47


Money Market Instruments
58,584.04

59,302.10

71,792.12

74,503.10

90,813.24

139,439.93

171,667.83

168,169.20

202,928.98

219,889.50

205,671.08

235,117.26

243,976.57

Source:Reserve Bank of Zimbabwe,2019
TABLE 3 : OTHER DEPOSITORY CORPORATIONS SURVEY ( $ '000)

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

Jun
7.4

57.1

1,674.9

350.3

92.1


Jul
7.1

45.2

1,807.4

302.3

63.1


Aug
12.3

40.6

2,061.9

276.6

165.3


Sep
12.0

38.1

2,110.4

226.8

179.7


Oct
8.7

41.8

2,139.3

254.1

190.8


Nov
9.8

46.1

2,315.5

289.8

184.2


Dec
12.6

58.1

2,592.0

276.0

213.4


Jan
23.4

66.9

2,528.5

291.2

111.9


Feb
20.0

46.8

2,516.8

347.6

114.2


Mar
16.7

57.9

2,457.7

312.8

139.2


Apr
14.9

61.9

2,423.5

337.0

120.8


May
14.2

71.7

2,543.0

477.8

138.6


Jun
9.0

58.5

3,081.0

509.8

120.0


Jul
20.6

61.9

3,450.6

466.4

111.6


Aug
23.1

72.3

3,475.7

377.8

105.3


Sep
18.2

61.5

3,781.6

398.1

159.1


Oct
39.9

70.4

3,771.3

368.3

185.5


Nov
30.6

84.6

3,696.3

300.6

209.8


Dec
20.5

94.5

3,949.5

439.6

235.5


Jan
49.0

113.4

3,901.0

401.9

261.6


Feb
59.7

256.8

3,764.8

357.1

570.4


Mar
62.5

263.2

3,891.0

432.9

739.3


Apr
45.2

363.5

4,153.9

578.9

1,031.9


May
98.7

484.2

4,089.2

694.1

1,890.1


Jun
126.3

882.2

4,518.6

560.2

2,383.0


Jul
232.4

968.8

5,605.6

370.4

3,738.0


Aug
184.4

1,150.4

7,956.5

527.8

3,904.2


Sep
124.5

2,108.5

9,128.1

874.0

5,678.3


Oct
144.3

1,906.0

11,613.0

2,511.0

7,644.9


Nov
128.8

2,243.1

11,417.7

2,236.3

8,417.4


Dec
169.8

2,526.2

13,994.1

1,254.7

8,415.7


Source:Reserve Bank of Zimbabwe,2019
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.
Public
Enterprises
TABLE 4.1: OTHER DEPOSITORY CORPORATIONS -ASSETS
$ 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

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

June

July

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Source:Reserve Bank of Zimbabwe,2019
TABLE 4.2 : OTHER DEPOSITORY CORPORATIONS - LIABILITIES
Deposits
Amounts Owing to
$ millions

End of
Nominal
Lending
Rates 1
Individuals
Corporate

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
Feb
4.45-18.00
9.57
6.93
Mar
4.45-18.00
9.64
6.98
Apr
4.00-18.00
9.32
7.08
May
4.00-18.00
9.28
7.09
Jun
4.00-18.00
9.32
7.14
Jul
4.00-18.00
9.75
6.97
Aug
4.00-18.00
9.87
7.10
Sep
4.00-18.00
9.56
7.11
Oct
4.00-18.00
9.47
7.38
Nov
4.00-18.00
9.49
7.38
Dec
4.00-18.00
9.48
7.39

Jan
4.00-18.00
9.47
7.40
Feb
4.00-18.00
9.23
7.30
Mar
4.00-18.00
9.23
7.31
Apr
4.00-18.00
9.30
7.38
May
4.00-22.00
9.31
7.33
Jun
4.00-22.00
9.15
7.67
Jul
4.00-35.00
9.54
8.40
Aug
5.00-55.00
14.37
18.43
Sep
5.00-65.00
14.64
19.81
Oct
5.00-65.00
15.59
19.66
Nov
5.00-65.00
15.06
18.00
Dec
5.00-65.00
16.08
18.31
Source:Reserve Bank of Zimbabwe, 2019
Notes
TABLE 8.1: LENDING RATES (percent per annum)
1. Nominal lending rates depict the range of rates quoted by banks.
Commercial Banks
Weighted Lending Rates

TABLE 8.2 : BANK DEPOSIT RATES (percent per annum)
END OF
SAVINGS
3 MONTHS

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
Feb
0.22-12.00
0.75-8.00
Mar
0.22-12.00
0.75-8.00
Apr
0.22-12.00
0.75-8.00
May
0.22-12.00
0.75-8.00
Jun
0.22-12.00
0.75-8.00
Jul
0.22-12.00
0.75-8.00
Aug
0.22-12.00
0.75-8.00
Sep
0.22-12.00
0.75-8.00
Oct
0.22-12.00
0.75-8.00
Nov
0.22-12.00
1.00-8.00
Dec
0.22-12.00
1.00-6.75

Jan
0.22-12.00
1.00-8.00
Feb
0.22-12.00
1.00-6.75
Mar
0.22-12.00
1.00-8.00
Apr
0.22-12.00
1.00-8.00
May
0.22-12.00
1.00-8.00
Jun
0.22-12.00
1.00-8.00
Jul
0.22-12.00
1.00-8.00
Aug
0.22-12.00
1.00-8.00
Sep
0.22-12.00
1.00-8.00
Oct
0.22-12.00
1.00-8.00
Nov
0.22-12.00
1.00-8.00
Dec
0.22-12.00
1.00-8.00
Source:Reserve Bank of Zimbabwe, 2019
* 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.
COMMERCIAL BANKS

ALCOHOLIC
BEVERAGES
CLOTHING &
HOUSING,
WATER,
FURNITURE
HEALTH
TRANSPORT
COMMUNICA
TION
RECREATION
&
EDUCATION
RESTAURA
NTS &
MISC.
TOTAL NON
& TOBACCO
FOOTWEAR
ELECTRICTY,
GAS
AND
CULTURE
HOTELS
GOODS &
FOOD
& OTHER
EQUIPMENT
SERVICES
FUELS
WEIGHTS


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Source:Zimstat, 2019
FOOD & NON
ALCOHOLIC
BEVERAGES
ALL
ITEMS
TABLE 9.1 : MONTHLY INFLATION - % CHANGE IN CONSUMER PRICE INDEX
(February 2019 = 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 TY,
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
WEIGHTS


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Source:Zimstat, 2019
TABLE 9.2 : YEARLY INFLATION - % CHANGE IN CONSUMER PRICE INDEX
(February 2019 = 100)
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

(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
1,348
2,040
1,286


Supplier's Credits

Reserve Bank

1,300

Private


Total External Debt

Source: Ministry of Finance & Economic Development, 2019; & Reserve Bank of Zimbabwe, 2019
TABLE 10: ZIMBABWE: EXTERNAL DEBT OUTSTANDING BY DEBTOR (INCLUDING ALL ARREARS)

USA
SOUTH ARFICAN
BOTSWANA
JAPANESE
EURO
POUND
END OF
Dollar
RAND
PULA
YEN
STERLING

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Source: Reserve Bank of Zimbabwe, 2019
TABLE 11 : SELECTED INTERNATIONAL EXCHANGE RATES
1. ZWL$ dollar per unit of foreign currency

Market Capitalisation
END OF
All Share*
ZWL$ 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

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Source:Zimbabwe Stock Exchange ,2019
*All Share index was introduced in January 2018
TABLE 12: ZIMBABWE STOCK MARKET STATISTICS
Industrial
Market Turnover
ZWL$ million
Volume of Shares
Mining
Indices

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

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Source:Reserve Bank of Zimbabwe, 2019
TABLE 13.1 : ZETSS AND RETAIL PAYMENTS
Values of Transactions (ZWL$ 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
6,404.4
234.6
271,618.6 3,410.1 1,670,402.1 5,857.13

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Source:Reserve Bank of Zimbabwe, 2019
TABLE 13.2 : ZETSS AND RETAIL PAYMENTS
Volumes of Transactions (ZWL$ 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

Dec

Total


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Source: ZIMSTAT, 2019
TABLE 14 : MERCHANDISE TRADE STATISTICS
(US$ millions)