i


JULY 2017

Table of Contents


June

July
Month-on-
Month
Change
Z.S.E. Mining Index1
69.79
69.44
-0.50%
Z.S.E. Industrial Index1
195.97
203.25
3.71%
National Payment System Transactions
(US$ millions)
8 743.97
8 501.78
-2.77%
Money Supply (US$ millions)2
6 491.8
6 564.0

Money Supply (M3) Annual Growth2 (%)
26.91
29.61

Yearly Inflation3 (%)
0.31
0.14

Monthly Inflation3 (%)
-0.24
-0.36

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 commodity prices for precious
metals retreated, whilst those for base metals
and crude oil firmed during the month of July
2017.
Precious Metals

Monthly average prices of gold declined by
2.0%, from US$1,260.57/oz in June 2017 to
US$1,235.66/oz in July 2017. A firming U.S
dollar, following the stronger-than-forecast U.S.
jobs data, weighed down the prices. The rapid
pace of growth in jobs reassured investors that
the economy was on a strong enough footing, to
justify the Federal Reserve’s plans to raise
interest rates once more this year. These
developments dampened the yellow metal’s
investment demand outlook.
Similarly, monthly average prices of platinum
also retreated by 1.5%, from US$931.48/ounce
in June 2017 to US$917.52/ounce, during the
month under review. This was on the back of
slackening
investment
demand,
amid
heightened investor expectations for tighter US
monetary policy.


Figure 1: Precious metals prices

Source: Bloomberg, 2017

Base Metals
Base metals prices increased during the month
under review, buoyed by a positive demand
outlook in China. This followed reports that
indicated that the Chinese economy, the world’s
largest base metal consumer, had expanded at a
faster-than-expected rate of 6.9% in the second
quarter of 2017.
The price of copper registered a 5.6% increase
to close the month at US$5,996.29/tonne.
Nickel prices surged by 7.0%, to an average of
US$9,509.29/tonne, during the same month.

Brent Crude Oil
Crude oil prices firmed by 4.3%, from a monthly
average of US$47.60/barrel in June 2017 to
US$49.65/barrel in July 2017. The prices
increased on the back of indications that global
crude oil inventories, particularly in the US,
declined during the month under analysis. In
addition, Saudi Arabia committed to make
further cuts to its crude oil exports in an effort
to curb the global oil supply glut.

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

Figure 2: International crude oil prices
Source: Bloomberg, 2017
MERCHANDISE TRADE
DEVELOPMENTS

Total merchandise trade declined by 1.8%, from
US$760.21
million
in
June

to
US$US 746.2 million, in July 2017.

Merchandise Export Developments
Merchandise exports registered a 0.3% decline,
to
close
the
month
under
review
at
US$264.2 million. This was on the back of
decreases in exports of nickel mattes, cane sugar
and black tea. Gold, Tobacco and Ferrochrome
exports, however, increased during the month
under review.
Gold, nickel, and flue-cured tobacco, exports
accounted for about 56% of the total export
revenues.


1 ZIMSTAT reviewed June 2017 figures.
Figure 3: Merchandise Exports (US$ m)


Source: Zimstat, 2017

Table 1: Exports Classified by HS Code
Product
June-17
US$m
July-17
US$m
Share of
total
Exports
(%)
Gold
73.2
74.9
35.9
Nickel mattes
49.1
38.8
13.6
Flue-cured
tobacco
22.2
33.9
11.0
Nickel ores and
concentrates
27.7
30.3
7.4
Ferro-chrome
15.4
19.5
4.9
Chromium ores
and concentrates
3.1
5.4
3.5
Cane sugar
10.0
4.3
2.1
Platinum
4.2
3.7
1.6
Granite
2.9
3.0
1.5
Black tea
fermented
2.3
1.1
1.4
Other
54.9
49.2
17.1
Total
265.0
264.2
100.0
Source: Zimstat, 2017 & RBZ Calculations, 2017
The country’s merchandise exports were mainly
destined for South Africa, 59.7%; Mozambique,

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
Apr-17
May-17
Jun-17
Jul-17

30.5

91.5

152.5

213.5

274.5
Jun
Jul

13.9%; the United Arab Emirates, 4.9%;
Zambia,2.3.0%; Kenya,1.0%; Malawi, 0.1%,
Madagascar, 0.1%; Singapore,0.1%; Botswana,
0.7%;
Namibia,
0.5%;
and
other
countries, 16.6%.

Source: Zimstat, 2017 & RBZ Calculations, 2017
Merchandise Import Developments
Merchandise imports declined by 2.7%, from
US$495.2 million in June 2017 to US$482.1
million in July 2017. In terms of proportions,
diesel accounted for 14.3%; unleaded petrol,
6.2%; electricity, 4.1%; and aviation spirit,
3.5%, of total imports.
The
country
sourced
imports
from
South Africa (43.0%); Singapore (23.0%);
Zambia (3.2%); Japan (2.5%), Mozambique
(2.2%); and India (1.5%), during the month
under analysis, as shown in Figure 5.

Figure 5: Major Merchandise Import
Sources (% Share)

Source: Zimstat, 2017 & RBZ Calculations, 2017

Merchandise Trade Balance
The country’s merchandise trade deficit,
improved from -US$230.2 million in June 2017,
to -US$217.9 million in July 2017. This was on
the back of a decline in the import bill, during
the month under analysis.
Figure 6: Merchandise Exports, Imports and
Trade Balance (US$m)

Source: Zimstat, 2017 & RBZ Computations, 2017
South
Africa
59.7%
Mozambique
13.9%
United
Arab
Emirates
4.9%
Zambia
2.3%
Kenya
1.0%
Botswana
0.7%
Namibia
0.5%
Malawi
0.1%
Madagascar
0.1%
Singapore
0.1%
Other
16.6%Figure 4:Major Merchandise
Figure 4:Major Merchandise Export Destinations
Export Destinations
South Africa
Singapore
China
Zambia
Mozambique
Japan
India
Mauritius
U.A.E
U.K
Other

Jan-17
Feb-17
Mar-17
Apr-17
May-17
Jun-17
Jul-17
Exports
Imports
Trade balance

MONETARY DEVELOPMENTS

Broad money2 grew by 29.61% on an annual
basis, from US$5 064.3 million in July 2016 to
US$6 564.0 million in July 2017. The growth
was on the back of annual increases of 35.45%
in transferable3 deposits and 5.4% in time
deposits4. Partially offsetting these increases,
was a decline of 7.6% in negotiable certificates
of deposits (NCDs)5.

On a month-on- month basis, broad money
recorded a 1.1% growth, from US$6 491.7
million in June 2017.


Source: Reserve Bank of Zimbabwe, 2017


2 Beginning January 2017, broad money was redefined using
IMF’s Monetary and Financial Statistics Manual of 2000. The
major change is the exclusion of Government deposits held by
banks and interbank deposits from broadmoney.
Broad money consisted of transferable or
transitory deposits, 71.55%; time deposits,
24.38%; currency in circulation, 3.07%; and
negotiable certificates of deposits, 1.01%.

Source: Reserve Bank of Zimbabwe, 2017
The year-on-year growth in domestic credit rose
by 29.22% in July 2017, compared to 14.84%
registered in July 2016. The growth largely
reflected a 55.86% expansion in net credit to
Government.
Credit to the private sector recorded an increase
of 5.17%, from US$3 320.0 million in July 2016
to US$3 491.6 million in July 2017. On a month
on month basis, credit to the private, however,
3 Transferable deposits are made up of demand and savings
deposits.
4All classes of time deposits, short and long term, are classified
as time deposits, which are also termed other deposits.
5 NCDs are also referred to as securities included in broad
money.
-5


Jul-16
Aug-16
Sep-16
Oct-16
Nov-16
Dec-16
Jan-17
Feb-17
Mar-17
Apr-17
May-17
Jun-17
Jul-17
%
US$ BILLIONS
Figure 7: Money Supply
Figure 7: Money Supply
M3
M3 Annual Growth rate
Transferable
Deposits
71.55%
Other
Deposits
(Time)
24.38%
NCDs
1.01%
Bond
Notes and
Coins
3.07%Figure 8:
Figure 8: Composition of Money Supply Ju
Supply June2017

declined by 0.88%, from US$ 3 522.9 million in
June 2017 to the July figure of US$3 491.6
million.

Source: Reserve Bank of Zimbabwe, 2017
On a sectoral basis, private sector credit was
distributed as follows: households, 23.6%;
agriculture,
17.8%;
services,
16.4%;
manufacturing, 12.1%; financial organisations
and investments, 10.5%; distribution, 9.9%;
mining, 5.1%; transport and communications,
2.0%; construction, 2.0%; and other, 0.6%.
During the month under review, private sector
credit
was
largely
channelled
towards:
inventory build-up, 30.9%; consumer durables,
16.3%; and fixed capital investment, 12.7%.
STOCK MARKET DEVELOPMENTS

The Zimbabwe Stock Exchange was bullish for
the fifth consecutive month in July 2017.
Consequently, the mainstream index gained
7.28 points to close the month at 203.25 points.
The
resources
index,
however,
declined
marginally by 0.35 points, to close the month
under review at 69.44 points. This was on the
back of subdued investor interest in the
resources counters.

Source: Zimbabwe Stock Exchange, 2017
The ZSE market turnover volume registered a
51.98% decline, to close the month under
review at 149.4 million shares. Similarly, the
turnover value declined by 37.84% to US$24.71
million, in July 2017.
The local bourse registered two block trades
which saw 2.2 million Axia Corporation
Limited shares and 0.98 million CBZ Holdings
Limited shares exchanging hands at US$0.125
and US$0.10, respectively.
Households
23.6%
Agriculture,
17.8%
Manufacturing,
12.1%
Services,
16.4%
Distribution,
9.9%
Financial
Organisati
ons,
10.5%
Mining,
5.1%
Transport and
Communication,
2.0%
Construction,
2.0%
Other, 0.6%
Figure 9: Sectoral Distribution of
Credit

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
30-Apr-17
31-May-17
30-Jun-17
31-Jul-17
Figure 10: ZSE Indices
Industrial
Mining

Foreign portfolio investment improved in July
2017, with net inflows at US$1.55 million,
compared to net outflows of US$2.38 million in
June 2017.
INFLATION OUTTURN

Annual Inflation

Annual headline inflation declined to 0.14% in
July 2017, from 0.31% in June 2017. This was
on account of a decline in non-food inflation.
Annual non-food inflation continued on a
downward trend decelerating further to -0.67%
in July 2017 from -0.37% in June 2017. Annual
food inflation, however, increased from 1.82%
in June 2017, to 1.92% in July 2017.


Source: ZIMSTAT, 2017
Monthly Inflation

Month-on-month inflation declined by 0.12
percentage points, from -0.24% in June 2017 to
-0.36% in July 2017. Contributing to the slump
in the month-on-month inflation were declines
in both food and non –food inflation.


Source: ZIMSTAT, 2017
Monthly
food
inflation
increased
by
0.03 percentage points, to close the month of
July 2017 at -0.42 %. This followed increases in
prices of meat, fish and sea- food, among others.
Partially offsetting the increases were declines
in prices of bread and cereals, fruits, vegetables
and oils and fats.

Monthly non-food inflation remained in
negative territory, declining further to -0.33%
from -0.14% in June 2017. This was largely due
to declines in education, communication,
furniture
and
equipment
and
transport
categories.

NATIONAL PAYMENTS SYSTEM

Transactions processed through the National
Payment
System
(NPS)
stood
at
US$8.5 billion in July 2017, down from
US$8.7 million recorded in June 2017. NPS
transaction volumes, however, increased by
12.9%, from 76.1 million in June 2017 to 85.9
million in July 2017.


Figure 11: Annual Inflation
(%)
Headline Inflation
Food
Non Food

0.8Figure 12: M
Figure 12: M-
-O
O-
-M Inflation
M Inflation

Zimbabwe Electronic Transfer Settlement
System (ZETSS)

The value of transactions processed through the
RTGS system declined by 10.1% to US$4.81
billion in July 2017, from US$5.35 billion in
June 2017. In volume terms, total transactions
also registered a 1% decline, to close at 521 770
during the month under review.
Source: Reserve Bank of Zimbabwe, 2017
Cash transactions
Cash transactions closed the month of July 2017
at US$276.82 million, a 7.4% decline from
US$298.98 million in June 2017.
Mobile and Internet Based Transactions
The total value of mobile and internet based
transactions increased from US$1.6 billion
recorded
in
June

to
US$2.2 billion during the month under analysis.


Card Based Transactions
The total value of card based transactions
increased from US$593.48 million in June 2017,
to
US$617.77
million
in
July
2017.


Cheque Transactions
Cheque transactions decreased by 8.8%, from
US$6.28
million
in
June

to
US$5.73
million
in
July
2017.


RESERVE BANK OF ZIMBABWE
JULY 2017


VALUE IN US$ BILLIONS
VOLUME IN THOUSANDS
Figure 13: ZETSS Volumes and
Figure 13: ZETSS Volumes and Values
Values
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

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

Broad Money-M2

Other Deposits

Narrow Money-M1

Transferable Deposits

Currency Outside Depository Corporations

Source:Reserve Bank of Zimbabwe,2017
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)

Jul-16
Aug-16
Sep-16
Oct-16
Nov-16
Dec-16
Jan-17
Feb-17
Mar-17
Apr-17
May-17
Jun-17
Jul-17
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
1,051,559.320 1,138,557.468 1,198,220.393 1,105,507.110 1,319,638.956 1,472,735.173 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
Bond Coins

Bond Notes

Liabilities to ODCs
1,032,687.846 1,123,924.446 1,183,078.547 1,093,687.178 1,292,654.095 1,385,011.220 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
Reserve Deposits

Other
1,032,687.846 1,123,924.446 1,183,078.547 1,093,687.178 1,292,654.095 1,385,011.220 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
Private Deposits

Source:Reserve Bank of Zimbabwe,2017
TABLE 2: CENTRAL BANK SURVEY (US$'000)

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

5,875,774.29

5,952,966.10

6,280,977.27

6,298,478.80

Domestic Claims
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

5,496,061.61

5,599,314.81

5,744,480.55

5,664,876.26

Net Claims on Central Government
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

1,893,632.91

1,910,530.23

1,988,366.03

1,949,894.23

Claims on Central Government
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

1,969,866.9249

1,985,634.2076

2,062,080.8211

2,027,953.6484

Securities
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

1,954,045.2049

1,968,887.3446

2,014,158.1741

1,982,771.1424

Loans
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

15,821.7200

16,746.8630

47,922.6470

45,182.5060

Other
-

-

(0.0000)

-

(0.0000)

0.0000

(0.0000)

0.0000

-

(0.00)

(0.00)

(0.00)

-

Less Liabilities to Central Government
(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)

(76,234.0149)

(75,103.9806)

(73,714.7955)

(78,059.4171)

Claims on Other Sectors
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

3,602,428.70

3,688,784.58

3,756,114.52

3,714,982.03

Other Financial Corporations
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

63,543.47

77,258.00

132,079.86

80,587.02

State and Local Government
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

34,732.93

36,595.52

35,573.02

34,059.17

Public Non Financial Corporations
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

90,267.74

88,656.44

98,878.45

142,891.35

Private Sector
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

3,413,884.55

3,486,274.63

3,489,583.19

3,457,444.48

Claims on the Central Bank
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

1,505,940.672

1,505,814.461

1,682,269.779

1,814,568.562

Bond Notes and Coins
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

10,691.409

13,438.609

7,361.926

7,148.374

Reserves
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

1,495,249.263

1,492,375.852

1,674,907.853

1,807,420.188

Liabilities to the Central Bank


Other Items(Net)
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

1,126,224.85

1,152,162.40

1,145,772.36

1,180,966.02

Shares and Other Equity
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

1,295,023.50

1,310,286.87

1,325,276.01

1,330,874.62

Liabilities to other financial corporations
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

41,887.59

42,243.24

46,601.91

35,579.93

Other Items(Net)
(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)

(210,686.24)

(200,367.71)

(226,105.56)

(185,488.52)

Deposits and Securities Included in Broad Money
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

5,960,513.96

6,009,210.65

6,278,455.63

6,345,429.42

Deposits Included in Broad Money
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

5,897,221.76

5,947,817.72

6,212,788.17

6,279,146.84

Transferable Deposits
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

4,366,516.18

4,389,399.64

4,673,922.65

4,679,042.08

Other Deposits
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

1,530,705.58

1,558,418.08

1,538,865.52

1,600,104.76

Money Market Instruments
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

63,292.20

61,392.93

65,667.46

66,282.58

Source:Reserve Bank of Zimbabwe,2017
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


Apr
10.69


May
13.44


Jun
7.36


Jul
7.15


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


Jun


Jul


Aug


Sep


Oct


Nov


Dec


Jan


Feb


Mar


Apr


May


Jun


Jul


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
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


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

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

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


Apr
0.74


May
0.92


Jun
0.34


Jul
0.39


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

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

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

Apr

May

Jun

Jul

Source:Reserve Bank of Zimbabwe,2017
/1 Including the only merchant bank still in operation.
TABLE 7.1 : 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

Apr

May

Jun

Jul

Source: Reserve Bank of Zimbabwe,2017
TABLE 7.2: 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
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
Source:Reserve Bank of Zimbabwe, 2017
Notes
TABLE 8.1: 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
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
0.5-6.00
1.00-12.00
Source:Reserve Bank of Zimbabwe, 2017
* The range of rates qouted by banks during the period.
**Banks have adjusted their costs of holding deposits following the call by the RBZ to reduce lending rates.
TABLE 8.2 : 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

Apr

May

Jun

Jul

Source:Zimstat, 2017
NON-FOOD INFLATION
TABLE 9.1 : 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

Apr

May

Jun

Jul

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 9.2 : 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

Apr

May

Jun

Jul

Source: Reserve Bank of Zimbabwe, 2017
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

Source:Zimbabwe Stock Exchange (ZSE),2017
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

Source:Reserve Bank of Zimbabwe, 2017
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

May

Apr

May

Jun

Jul

Source:Reserve Bank of Zimbabwe, 2017
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

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