QUARTERLY
ECONOMIC
REVIEW


MARCH 2023

CONTENTS

List of Figures

List of Tables

1.
OVERVIEW


In its April 2023 World Economic Outlook
update, the IMF projected global economic
growth to decline to 2.8% in 2023, from 3.4% in
2022. The gloomy global economic outlook
reflects the recent tightening in global financial
conditions, and the negative effects of the ongoing war in Ukraine.
On the domestic front, economic activities
picked up, particularly in agriculture, mining,
tourism,
Information
and
Communication
Technology sectors, as inflationary pressures
eased during the first quarter of 2023.
Annual inflation declined from 105.5% in
December 2022 to end the first quarter of 2023
at 87.6%. The downward trend in annual
inflation, reflects the positive effects of the tight
monetary and fiscal policies implemented since
the second half of 2022.
The country’s total merchandise trade amounted
to US$3,379.7 million, during the first quarter of
2023, representing a 3.5% decline from the
US$3,503.0 million recorded during the same
quarter of 2022. This was on account of marked
declines in both exports and imports. On a
quarterly basis, merchandise trade declined by
18.6% from US$ 4153.0 million realized in the
fourth quarter of 2022.
Broad money stock (M3) stood at ZW$3 195.33
billion
in
March
2023,
compared
to
ZW$2 338.23.70 billion in December 2022. This
largely reflected quarterly expansion of 31.23%
and 40.79% in the local currency and foreign
currency
(FCA)
components
of deposits,
respectively. The increase in foreign currency
deposits largely reflected movements in the
exchange
rate,
which
depreciated
from
ZW$684.33 per US$1 in December 2022 to
ZW$929.86 per US$1 in March 2023.

During the first quarter of 2023, the Zimbabwe
Stock Exchange (ZSE) managed to withstand the
pressure arising from the mass exodus by big
counters to Victoria Falls Stock Exchange
(VFEX). Resultantly, all major indices registered
gains, with the Medium Cap, Top 15, All Share,
and Top 10 indices increasing by 105.52%,
101.04%, 97.85% and 87.49%, and to close at
75 307.75 points, 27 012.64 points, 38 568.48
points and 23 081.98 points, respectively.

The Victoria Falls Stock Exchange (VFEX)
traded in the negative trajectory despite an
increase in new listings during the first quarter of
2023. This resulted in the VFEX All Share Index
declining by 2.94% to 92.04 points, compared to
94.83 points recorded in the prior quarter.

During the quarter under review, the value of
transactions processed through the National
Payment Systems (NPS) decreased by 5% to
ZW$12.67 trillion from ZW$13.37 trillion
recorded in the previous quarter. Similarly, NPS
transaction volumes also declined by 21% to
187.17 million from 238.34 million during the
same period.

2.
INTERNATIONAL
ECONOMIC
DEVELOPMENTS
The gradual recovery of the global economy
from both the adverse impact of the Covid-19
pandemic and the invasion of Ukraine by Russia
remained on track in 2022. This was evidenced
by strong growth rebounds in advanced
economies, emerging-market economies such as
China and the developing economies.

Global economic prospects for 2023 will,
however, remain weak by historical standards. In
its April 2023 World Economic Outlook update,
the IMF projected global economic growth to
decline to 2.8 % in 2023, from 3.4% in 2022.
The gloomy global economic outlook reflects the
recent tightening in global financial conditions,
and the negative effects of the on-going war in
Ukraine. Table 1 shows the global and regional
economic growth developments and outlook.

Advanced economies are expected to experience
a pronounced slowdown in 2023, with real
growth projected to decelerate from 2.7% in
2022 to 1.4% in 2023. In particular, GDP
growths for the Euro area and the United
Kingdom are expected to fall to 0.8% and -
0.3%, respectively. GDP growth in the United
States is also projected to decline from 2.1% in
2022 to 1.6% in 2023, weighed down by the
financial sector turmoil that emanated from
fragilities in some segments of its banking
system.


Table 1: World Economic Growth Rates
(2022 -2023)
Country/Group

Est. (%)
Proj.
(%)
Proj.
(%)
World Output
3.4
2.8

Advanced
Economies
2.7
1.3
1.4
United States
2.1
1.6
1.1
Euro-Area
3.5
0.8
1.4
United Kingdom

-0.3

Emerging Market &
Developing
Economies

3.9
4.2
Emerging and
Developing Asia
4.4
5.3
5.1
China

5.2
4.5
India
6.8
5.9
6.3
Emerging and
Developing Europe
0.8
1.2
2.5
Russia
-2.1
0.7
1.3
Sub Saharan Africa
3.9
3.6
4.2
Nigeria
3.3
3.2

South Africa

0.1
1.8
Sources: IMF World Economic Outlook Update
The economic growth prospects for emerging
markets and developing economies are, on
average, stronger than for advanced economies
and vary more widely across regions. China’s
reopened economy is rebounding strongly as
supply chain disruptions are unwinding. Overall
growth for emerging and developing economies
is projected to moderate from 4.0% in 2022 to
3.9% in 2023, before picking up to 4.2% in 2024.
In emerging and developing Europe, growth is
estimated to recover to 1.2% in 2023 and is
projected to further rise to 2.5% in 2024. The
economic weaknesses in the region are largely
attributable to the impact of the 2.1% contraction
in the Russian economy in 2022, on account of
its conflict with Ukraine. However, the
contraction in the Russian economy was

moderated by the resilience in its crude oil
exports and strong domestic demand.
Growth in sub-Saharan Africa is projected to
decline to 3.6% in 2023, from 3.9% in the prior
year, amid the global economic slowdown. The
sustained elevated global inflation and tighter
monetary policies led to higher borrowing costs
for sub-Saharan African countries. Real growth
rates in the region’s two largest economies,
Nigeria and South Africa are projected at 3.2%
and 0.1%, respectively, in 2023.
The global economic outlook will continue to be
dominated by downward risks due to sustained
global inflation. In this regard, further tightening
of monetary policies might be required. This is
against
a
background
of
the
possible
intensification of the conflict in Ukraine, which
could lead to more food and energy price spikes,
further pushing inflation up.
INTERNATIONAL COMMODITY PRICE
DEVELOPMENTS
Source: World Bank and Bloomberg, 2023

Precious Metals
Gold prices rose by 6.9%, from an average of
US$1,730.53 per ounce in the last quarter of
2022, to US$1,850.34 per ounce in the first
quarter of 2023. Prices rose as investors sought
safe haven in the precious metal, following
uncertainties surrounding the unfolding of the
banking sector turmoil in the United States.
Furthermore, investor anticipation of a pause in
further interest rate hikes by the US Federal
Reserve has also supported prices of the yellow
metal.
Platinum prices increased slightly to US$963.84
per ounce in the reporting quarter, from
US$961.92 per ounce in the previous quarter.
The increase was largely on account of the
expected growth in demand for the metal, as
evidenced by firming industrial demand in
China. Production challenges in top producer,
South Africa as well as sanctions imposed on
Russia by the West also boosted prices of the
precious metal.
Palladium prices fell significantly by 12.6%,
from US$1,944.12 per ounce in the fourth quarter
of 2022 to US$1,700.04 per ounce, during the
quarter under review. Prices declined on growing
fears of a looming global economic recession that
induced low demand, as well as disruptions to the
global semi-conductor industry, which caused
supply chain shortages in the automotive
industry. The developments in precious metal
prices for the period from March 2022 to March
2023 are shown in Figure 1.

Table 2: International Commodity Prices
(January – March 2023)
Source: World Bank and Bloomberg, 2023

Gold
Platinum
Copper
Nickel
Brent
Crude Oil
US$/oz
US$/oz
US$/
tonne
US$/tonn
e
US$/
Barrel
2022 Q4
Average

Jan-23

Feb-23

Mar-


2023 Q1
Average

2022 Q4-
2023 Q1
Changes


Figure
1:
Precious
Mineral
Prices
(US$/ounce)

Source: Bloomberg, 2023

Base Metals
Copper prices remarkably rose as the reopening
of China’s economy and better-than-anticipated
industrial sector growth in Europe bolstered
demand prospects for industrial metals. Prices
rose by 9.7%, from US$8,030.07 per tonne in the
fourth quarter of 2022 to US$8,809.64 per tonne
in the quarter under review.
Nickel prices surged as investor sentiment was
boosted, following the end of zero Covid-19
policy in China, the world’s largest consumer of
industrial metals. Prices rose by 9.3%, from an
average of US$25,545.35 per tonne in the fourth
quarter of 2022 to US$27,923.02 per tonne in the
reporting quarter. Figure 2 depicts developments
in base metal prices in 2023.

Figure 2: Base Metal Prices (US$/tonne)

Source: Bloomberg, 2023

Brent Crude Oil
Brent crude oil prices recorded sharp declines in
the first quarter of 2023, amid weaker global
demand prospects and a healthy supply outlook.
As per the estimates of the International Energy
Agency (IEA), the growth in oil supply in the US,
Canada, and Brazil, is expected to offset the
restrained output in Russia and other OPEC
countries. Reflecting these developments, crude
oil prices slumped by 6.2% to an average of
US$83.04 per barrel in the quarter under
analysis. Figure 3 shows developments in Brent
Crude Oil prices from January 2022 to March
2023.


Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
Gold
Palladium
Platinum (RHS)

Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
Copper
Nickel (RHS)

Figure 3: Brent Crude Oil Prices (US$/barrel)

Source: Bloomberg, 2023

MERCHANDISE TRADE
DEVELOPMENTS
The country’s total merchandise trade for the first
quarter of 2023 declined by 18.6%, from
US$4,153.0 million in the fourth quarter of 2022
to US$3,379.7 million. This was on account of
marked declines in both exports and imports,
during the quarter under review. Figure 4 shows
merchandise total trade developments during the
first quarters of 2022 and 2023 and the fourth
quarter of 2022.
Figure 4: Quarterly Merchandise Total Trade
(US$ m)

Source: Zimstat, 2023

Relative to the corresponding quarter in 2022,
merchandise trade fell from US$3,504.0 million
to US$3,379.7 million in the reporting quarter,
owing to declines in both exports and imports.
Merchandise Export Developments
In the first three months of 2023, the country’s
exports stood at US$1,379.0 million, down by
23.8% from US$1,810.2 million recorded in the
previous quarter. The reporting quarter’s outturn
was also 10.4% lower than the US$1,539.5
million realized in the comparable quarter in
2022, as shown in Figure 5.
Figure 5: Quarterly Merchandise Exports
(US$m)

Source: Zimstat, 2023

The decline in the country’s export earnings
during the reporting quarter was largely
attributable to the 57.8% and 32.3% decline in
exports of tobacco and gold, respectively. Gold
exports were subdued in the reporting quarter due
to the effects of flooding the mining activities of
the small-scale miners during the rainy season.
The flooding was more pronounced in the first
two months of the year due to excessive rains.
Table 3 shows developments in the country’s
exports for the fourth quarter of 2022 and the first
quarter of 2023.

Jan-22
Mar-22
May-22
Jul-22
Sep-22
Nov-22
Jan-23
Mar-23

2022Q1
2022Q4
2023Q1

2022Q1
2022Q4
2023Q1

Table 3: Quarterly Merchandise Exports
(US$ m)

2022Q4
(USm)
2023Q1
(USm)
2022Q4
to
2023Q1
Change
s (%)
Share
of
Export
s (%)
Total

Of Which:


PGMs

Gold

Tobacco (Inc.
cigarettes)

Ferrochromiu
m

Coal

Industrial
diamonds

Chromium
ores and
concentrates

Granite

Black Tea

Ginned cotton

Source: Zimstat & RBZ Calculations 2023
Major Merchandise Export Destinations
During the quarter under review, the country’s
exports were mainly destined for South Africa
which absorbed about 43.3% of the total exports,
and the U.A.E and China at 27.7% and 10.0%,
respectively.
Mozambique,
Belgium,
and
Zambia also accounted for 4.2%, 2.3% and 1.6%
of total exports, respectively. The country’s
exports to South Africa were mainly PGMs and
tobacco, while those to the United Arab Emirates
were mainly precious metals, notably gold.
Figure 6 depicts the country’s top export
destinations for the reporting quarter.
Figure
6:
Zimbabwe’s
major
export
destinations.

Source: ZIMSTAT & RBZ Computations

Merchandise Import Developments

During the first quarter of 2023, the country’s
import bill stood at US$2,000.8 million, down by
14.6% from the US$2,342.8 million recorded in
the fourth quarter of 2022, as shown in Figure 7.

Figure 7: Quarterly Merchandise Imports
(US$ m)

Source: Zimstat, 2023


South Africa
United Arab Emirates
China
Mozambique
Belgium
Zambia
Netherlands
Canada
Italy
Indonesia
1,964.5
2,342.8
2,000.8
2 0 2 2 Q 1
2022Q4
2023Q1

Merchandise imports for the first quarter of 2023
were 1.8% higher than total merchandise imports
of US$1,964.5 million in the first quarter of
2022, The country’s imports were largely
dominated by energy imports, particularly diesel,
electricity, and petrol. Other major import drivers
were food, namely, crude soya bean oil, rice, and
wheat, as shown in Table 4.

Table 4: Quarterly Merchandise Imports
(US$ m)

2022Q4
(US$M)
2023Q1
(US$M)
2022Q4
-
2023Q1
Change
s (%)
Share
of
Impor
ts (%)
Total
Imports

Of which:
Diesel

Unleaded
petrol

Fertilizer
Chemicals

Electricity

Crude soya
bean oil

Wheat

Rice

Machinery

Maize
(Excluding
Seed)

LP Gas

Source: ZIMSTAT & RBZ Computations 2023


Major Import Sources
The country’s main import sources include South
Africa (37.6%), China (16.9%), Singapore
(14.1%), Mozambique (3.3%), Mauritius (3.3%)
and Zambia (2.9%), as shown in Figure 8.
Figure 8: Major Merchandise Import Sources
(% Share)
Source: ZIMSTAT & RBZ Computations 2023
TRADE BALANCE
The country’s trade balance widened from a
deficit of US$532.5 million in the fourth quarter
of 2022 to US$621.8 million, during the
reporting quarter. Relative to the corresponding
quarter in 2022, the country’s trade balance
worsened from a deficit of US$425.1 million.
Figure 9 depicts the country’s trade balances for
the first and fourth quarters of 2022 as well as the
first quarter of 2023.

South Africa
China
Singapore
India
Zambia
Mozambique
Mauritius
United Arab Emirates
Egypt
Argentina

Figure
9:
Merchandise
Trade
Balance
(US$ m)
Source: Zimstat & RBZ Computations-2023
EXCHANGE RATE DEVELOPMENTS
The domestic currency depreciated by 35.9%,
from ZW$ 684.33 per US dollar in the fourth
quarter of 2022 to ZW$929.86 per US dollar in
the interbank market as at the end of the reporting
quarter.
Similarly, on the parallel market, the local unit
witnessed a rapid depreciation from ZW$ 890.0
per US dollar in the fourth quarter of 2022 to
ZW$1,450.00 per US dollar at the end of the first
quarter in 2023. Figure 10 shows developments
in exchange rates up to the end of March 2023.

Figure 10: Exchange Rate Developments:
March 2021 to March 2023
Source: RBZ and Market Surveys

3.
DOMESTIC
ECONOMIC
DEVELOPMENTS

REAL SECTOR DEVELOPMENTS

Economic activities in key sectors, such as
mining, agriculture, ICT and tourism picked up
during the first quarter of 2023. Headline
inflation slowed down reflecting tight monetary
and fiscal policies which are being implemented
by Authorities.
AGRICULTURE

The performance of the agriculture sector in 2023
is expected to surpass 2022 following the
improved rainfall outturn as well as increased
cropped area in the 2022/2023 season as shown
in Table 5.

-1000
-500

2022Q1
2022Q4
2023Q1
Exports
Imports
Trade Balance

31-Mar
31-May
31-Jul
30-Sep
30-Nov
31-Jan
31-Mar
31-May
31-Jul
30-Sep
30-Nov
31-Jan
31-Mar
PREMIUM (%)
OFFICIAL RATES
PARALLEL RATES (Transfer)

Table 5 :Area under selected key crops (Ha)
Crop
2022/23
2021/22
%
Change
Maize
1 962 576
1 903 668

Sorghum
319 759
344 882
-7
Pearl Millet
180 661
157 634

Finger Millet
33 208
48 809
-32
Groundnuts
331 263
321 824

Soyabean
55 944
61 961
-10
Sugar bean
61 719
57 453

Sunflower
140 940
45 586

Bambara nuts
131 421
120 203

African peas
83 410
79 685

Sweet potato
32 353
27 860

Rice
1 228
3 913
-69
Paprika
1 614

Sesame
27 539
17 452

Cotton
178 864
182 559
-2
Tobacco
131 656
110 770

Totals
3 674 155
3 485 144

Source:
Ministry
of
Lands,
Agriculture,
Fisheries, Water and Rural Development, 2023

Crops
Maize
Land planted under the maize crop in the
2022/2023 season was 1 962 576 hectares,
reflecting an increase of 3%, from 1 903 668
hectares in the previous season. Over 91% of the
maize crop was planted by the end of December
2022 due to the early onset of rains and the timely
availability of inputs under the Government
supported programmes and on the open market.

According to the First Round Crop and Livestock
Assessment Report, 2023, the communal areas
continue
to
dominate
maize
production
accounting for 62% of the planted area.


Traditional Grains

The total area under traditional grains namely
sorghum, pearl and finger millet declined by
3.2% to a combined 533 628 hectares in the
2022/23 season, with finger millet recording the
worst decline.

Cotton

The area planted under cotton declined by 2.0%,
from 182 559 hectares in the 2021/22 season to
178 864 hectares in the 2022/23 season.
Challenges in processing farmers’ payments in
the previous seasons dissuaded farmers from
expanding
cotton
production
despite
the
continued support under the Presidential input
scheme. Over 400 000 cotton farmers benefitted
from the Government input scheme, which is
being implemented by the Cotton Company of
Zimbabwe.

Oilseeds

The area under oilseeds; groundnuts, soya beans
and sunflower increased by 23.0% to a combined
528 147 hectares, from 429 371 hectares in the
2021/22 season. The threefold increase in area
under sunflower is partly due to efforts by
Government and private players, aimed at import
substitution in the edible oil value chain.

Livestock

The 2023 First Round Crop and Livestock Report
indicated that livestock condition was generally
good for all cattle, sheep and goats country wide.
This is attributed to improved grazing and water
availability.

The national beef cattle herd increased by 2%,
with the dairy herd growing by 11.3% over the
past year. Sheep and goats increased by 3% and
15%, respectively.
Table 6 summarises changes in the national herd
of the main livestock classes.
Table 6: Number of Livestock

2020/21
2021/22
2022/23
Cattle
5 478 648
5 509 983
5 642 400
Sheep
697 910
710 226
728 245
Goats
3 974 707
4 259 176
4 865 444
Pigs
278 106
314 335
339 644
Source: Ministry of Lands, Agriculture, Fisheries, Water,
and Rural Development, 2023
Cattle

Cattle slaughters at formal abattoirs surged to 87
352 head in the first quarter of 2023, a 7.51%
increase from 81 249 head, in the corresponding
period in 2022. The increased cattle offtake is in
line with the growth in beef herd size in 2022.
Table 7 shows the total number of cattle
slaughters at formal abattoirs in the first and
fourth quarters of 2022 and the first quarter of
2023.

Table 7: Quarterly Cattle Slaughters
Cattle Slaughters
Q1:2022
81 249
Q4:2022
87 500
Q1:2023
87 352
Source: Ministry of Lands, Agriculture, Fisheries, Water
and Rural Development, 2023.
Pigs
Pork output grew significantly in the first quarter
of 2023 compared to the same period in 2022, as
pig slaughters increased by 10.72% over the
same period in 2023. The rise in the piggery
subsector benefited from the 8.00% rise in herd
size in 2022. Figure 11 shows the trend in
quarterly pig slaughters since the first quarter of
2021.

Figure 11: Quarterly Pig Slaughters

Source: Ministry of Lands, Agriculture, Water and Rural
Development, 2023
Dairy

Total fresh milk output at 22.61 million litres,
reflects a 5.35% increase from 21,46 million
litres recorded in the first quarter of 2022. The
increase in milk output was largely attributed to
an increase in the dairy herd. The First Round
Crop
and
Livestock
Assessment
Report
estimates that the dairy cattle herd increased by
11.3% to 53 250 cows in 2022 up from 47 825
cows in 2021.

The increase in the herd size is partially
attributed to the importation of heifers under the
Transforming Zimbabwe's Dairy Value Chain
for the Future (TranZDVC) program. Table 8
shows the first quarterly milk production in 2022
and 2023.

Q2:2021
Q3:2021
Q4:2021
Q1:2022
Q2:2022
Q3:2022
Q4:2022
Q1:2023
Thousands

Table 8: First Quarter Milk Output (million
litres) in 2022 and 2023
Month

Variance
%
Jan
7.39
8.14
10.13
Feb
6.73
6.96
3.42
Mar
7.34
7.52
2.30
Q1
21.46
22.61
5.35
Source: Ministry of Lands, Agriculture, Fisheries, Water,
and Rural Development, 2023
MINING
There was mixed performance of the mining
sector during the first quarter of 2023, compared
to the fourth quarter of 2022 and the comparable
period in 2022. Gold, nickel, and chrome
underperformed compared to the fourth quarter
of 2022 and the first quarter of 2022 output.
Table 9 shows developments in mineral output
volumes during the first quarter of 2023, the last
quarter of 2022 and the first quarter of 2022.


Table 9: Quarterly Mineral Output Statistics

Q1 2023
Q4 2022
Q1 2022
Gold (kg)
7,708.93
10,171.46
11,567.54
Platinum (kg)
4,752.84
4,656.95
4,597.32
Palladium (kg)
3,957.46
3,878.55
3,847.85
Rhodium (kg)
414.68
405.26
400.45
Iridium (kg)
184.04
177.67
171.70
Ruthenium
(kg)
398.89
389.62
378.46
Diamond (cts)
1,637,553.70
1,527,572.90
1,704,894.65
Chrome (MT)
206,354.34
319,375.62
245,243.88
Nickel (MT)
3,471.02
4,102.68
4,140.075
Copper (MT)
3,110.69
3,041.32
3,024.86
Cobalt (MT)
103.84
80.75
64.582
Coal (MT)
1,585,335.00
1,304,972.19
1,144,132.19
Lithium (MT)
29,174.00
23,884.00
29,990
Phosphate (T)

0.00

Granite (MT)
80,587.35
48,495.31
77,066.18
Vermiculite
(MT)
4,818.60
8,246.70
8,721.5
Source: Ministry of Mines, 2023
Gold

Gold output in the first quarter of 2023 stood at
7 708.93 kgs, which is 23.9% lower than the
output of 10 171.46 kg produced in the fourth
quarter of 2022. Gold output was weighed down
by production from both the ASG and large-scale
miners whose output fell by 47% and 26%,
respectively. There was a rebound in output from
secondary producers reflecting the increased
output from PGMs in the first quarter of 2023.
Despite the lower performance during the first
quarter of 2023, gold output largely benefitted
from the timeous payment for deliveries as well
as the following:
i.
The incentives system in place for both
small-scale and large-scale miners.
ii.
In addition to the 12 gold buying centres
in place, FGR added another six gold
buying centres in 2022; and
iii.
Ongoing various expansion projects in
the sub-sector.

The incidences of power outages, high cost of
fuel, a key mining input and excessive flooding
adversely affected the performance of gold
during the period under review.

PGMS
The major components of the Platinum Group of
Metals, namely platinum, palladium, and
rhodium registered growth of 3.4%, 2.8% and
3.6%, respectively when compared to the first
quarter of 2022. Figures 12 and 13 show trends
in output from major PGMs.

Figure 12: Quarterly Trends in Platinum and
Palladium Output (kg)

Source: Ministry of Mines and Mining Development,

Figure 13: Quarterly Trends in Rhodium
Output (kg)

Source: Ministry of Mines, 2023
PGMs output benefited from ongoing investment
in mine development and exploration, and
improvement in operational efficiency including
an increase in concentrator and smelting capacity
in the sector. Depressed commodity prices due to
a weak global economic outlook remains a major
challenge for the PGMs going forward.

Nickel

Nickel output at 3 471.02 tonnes in the first
quarter of 2023 was 15.4% below output in the
fourth quarter of 2022, as shown in Figure 14.

Figure 14: Quarterly Trends in Nickel Output

Source: Ministry of Mines and Mining Development, 2022


q4

q1

q2

q3

q4

q1

Platinum (kg)
Palladium (Kg)

q4 2019
q1 2020
q2 2020
q3 2020
q4 2020
q1 2021
q2 2021
q3 2021
q4 2021
q1 2022
q2 2022
q3 2022
q4 2022
q1 2023
Kg

q4 2021
q1 2022
q2 2022
q3 2022
q4 2022
q1 2023

Output benefited from ramping up ore volumes
and nickel production at one of the major nickel
producers. In addition, Nickel output benefited
from producers who ramped up production on
account of increased investments in mining
equipment and mine development during the
years 2022 and 2023.
Diamond

Diamond output stood at 1,64 million carats in
the first quarter of 2023 and exceeded the
comparable quarter in 2022 by 53%, as shown in
Figure 15.

Figure 15: Quarterly trends in Diamond
Output (Carats)

Source: Ministry of Mines, 2023

Diamond output benefitted from the ramping up
of production across all diamond mines, driven
by increased investments in exploration, mine
development and production capacity.
Chrome

Chrome ore output for the first quarter of 2023
amounted to 412 708.68 tonnes, 23% lower than
output in the comparable period in 2022, as
shown in Figure 16.

Figure 16: Quarterly trends in Chrome Ore
Output (tonnes)

Source: Ministry of Mines, MMCZ, 2023

Coal

Coal output recorded strong growth during the
period under review when compared to the same
period in 2022. Figure 17 shows the quarterly
coal production trends.

Figure 17: Quarterly Trends in Coal Output
(tonnes)

Source: Ministry of Mines and Mining Development, 2023
Coal benefitted from increased mining capacity
at one of the key players in the sector following
the procuring of additional mining equipment
and the engagement of more contractors for the


q4 2021 q1 2022 q2 2022 q3 2022 q4 2022 q1 2023
Millions


q1 2020
q2 2020
q3 2020
q4 2020
q1 2021
q2 2021
q3 2021
q4 2021
q1 2022
q2 2022
q3 2022
q4 2022
q1 2023

q1 2022
q2 2022
q3 2022
q4 2022
q1 2023
Thousands

open pit operations. In addition, the increase in
demand for thermal coal from the new power
station that is set to be commissioned during the
first half of 2023 also facilitated coal mining.

ELECTRICITY

Total power generated during the first quarter of
2023 amounted to 1,347.6 GWh, a 40.6% decline
from the 2,267.3 GWh produced in the same
quarter in 2022. This was also 24.72% below the
performance in the fourth quarter of 2022. The
decline in energy generated in the first quarter of
2023 is largely due to Kariba which produced
615.82GWh, down from 1,510.14GWh produced
in the first quarter of 2022 and 1,024.22 GWh
generated in the last quarter of 2022.

The lower output at Kariba is attributed to the
reduced water allocation for power generation. In
the quarter under review Kariba Power Station
contributed 45.71% of the total energy sent out,
while Hwange Power Station supplied 45.76%
and the small thermals contributed 1.24%, during
the period under review.
Independent power producers (IPPs) contributed
about 7.29% to the total energy sent out, up from
4.34% in the first quarter of 2022 and 3.97% in
the fourth quarter of 2022.
Table 10 shows power output statistics from the
major power stations and IPPs.


Table 10: Quarterly Power Output

2022Q1
2022Q4
2023Q1
Kariba
1,510.14
1,024.22
615.82
Hwange
632.48
663.49
616.70
Bulawayo
2.58
9.90
1.99
Munyati
12.01
16.33
12.25
Harare
11.52
5.10
2.54
IPPs
98.51
71.01
98.29
Total
2,267.3
1,790.04
1,347.6
Source: ZERA ZPC, 2023
Commissioning works for Hwange Unit 7
started in March 2023, which upon completion
in June 2023 are expected to add 300 MW onto
the grid. The commissioning of the equally rated
Hwange Unit 8 is expected to commence in the
second quarter of 2023.
INFLATION DEVELOPMENTS
Annual inflation slowed down from 105.5% in
December 2022 to the end of the first quarter of
2023 at 87.6%. The continued downward trend
in annual inflation, reflects the positive effects of
prevailing tight monetary and fiscal policies.
Annual food inflation retreated from 162.67% in
the fourth quarter of 2022, to 127.9% in the first
quarter of 2023.
Annual non-food inflation also slowed down
from 75.96% in December 2022 to the end of the
2023 first quarter at 65.1%. Housing, water,
electricity, gas, and other fuels continued to be
the largest contributor to non-food inflation.
Figure 18 shows the developments in annual
inflation since September 2021.

Figure 18: Annual Inflation Profile (%)
Source: Zimstat 2023
Month-on-month inflation also declined from
1.3% in December 2022 to 0.2% in March 2023.
The fall in monthly inflation was reflected in
declining food inflation which fell from 155.6%
to 127.9% over the period.

Month-on-month non-food inflation also slowed
down from 78.10% in December 2022 to 65.13%
at the end of the first quarter of 2023. Housing
and energy prices, miscellaneous goods and
services and transport, which are mostly charged
in foreign currency, continued to drive inflation,
largely through the exchange rate effect. Figure
19 shows the developments in monthly inflation
since October 2021.

Figure 19: Monthly Inflation Profile (%)
Source: Zimstat 2022

4.
MONETARY DEVELOPMENTS

Broad money stock (M3) stood at ZW$3 195.33
billion as at March 2023, compared to
ZW$2 338.27 billion in December 2022. This
largely reflected quarterly expansion of 31.23%
and 40.79% in the local currency and foreign
currency (FCA) components of the deposits,
respectively. The increase in foreign currency
deposits largely reflected movements of the
exchange
rate,
which
depreciated
from
ZW$684.33 per US dollar in December 2022 to
ZW$929.86 per US dollar in March 2023.

Foreign currency deposits accounted for 58.49%
of broad money while local currency deposits
accounted for 41.30% of broad money and
currency in circulation accounted for the balance
of 0.21%. Figure 20 shows the components of
broad money and annual growth rates.

Sep-21
Dec-21
Mar-22
Jun-22
Sep-22
Dec-22
Mar-23
Food
Non food
All Items

Oct-21
Nov-21
Dec-21
Jan-22
Feb-22
Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22
Sep-22
Food
Non-Food
Overall

Figure 20: Broad Money Developments
Source: Reserve Bank of Zimbabwe, 2023

Domestic Credit

Domestic credit registered a quarter-on-quarter
growth of 51.31%, from ZW$1 861.88 billion in
December 2022 to ZW$2 817.25 billion in
March 2023. The growth was largely driven by
increases of ZW$653.83 billion (36.98%) in
credit to the private sector; net claims on
Government, ZW$172.20 billion (37.86%); and
public non-financial enterprises, ZW$83.81
billion (52.02%).

Credit to the private sector was mainly channeled
towards agriculture and households, which
received 24.36% and 21.57% of the total credit,
respectively. The manufacturing and distribution
sectors received 13.75% and 10.92% of the
credit, respectively. Private sector credit shares
for the rest of the economic sectors are shown in
Figure 21.

Figure 21: Distribution of Private Sector
Credit.

Source: Reserve Bank of Zimbabwe. 2023
Credit to the private sector was largely utilized
for recurrent expenditures, 31.55%; inventory
build-up, 29.77%; and fixed capital investments,
16.73%.

Interest Rates

During the quarter ending March 2023, nominal
lending rates quoted by banks ranged between
60% and 230%. Time deposit rates for 60-day
and 90-day tenures averaged 74.28% and
72.61%, respectively, while the average savings
rates were quoted at up to a maximum of 37.75
% during the quarter under review.


Mar-21
May-21
Jul-21
Sep-21
Nov-21
Jan-22
Mar-22
May-22
Jul-22
Sep-22
Nov-22
Jan-23
Mar-23
ZW$ Billion
Currency in Circulation
NCDs
Local currency deposits
Annual Growth
Households
21.57%
Agriculture
24.36%
Mining
9.97%
Manufacturing
13.75%
Distribution
10.92%
Construction
1.71%
Transport &
Communicati
ons
2.06%
Services
9.44%
Financial Org.
& Investments
6.20%
Other
0.01%

5.
STOCK MARKET DEVELOPMENTS
ZIMBABWE STOCK EXCHANGE (ZSE)

In the first quarter of 2023, the Zimbabwe Stock
Exchange (ZSE) managed to withstand the
pressure arising from the mass exodus by big
counters to VFEX. Resultantly, all major indices
registered gains, with the Medium Cap, Top 15,
All Share, and Top 10 indices increasing by
105.52%, 101.04%, 97.85% and 87.49%, and to
close at 75 307.75 points, 27 012.64 points, 38
568.48 points and 23 081.98 points, respectively,
as shown in Table 11.
Table 11: Key Stock Market Indicators
Source: Zimbabwe Stock Exchange, 2023

In the same vein, the resource index added
46.58% to close at 37 359.78 points, during the
quarter under review, compared to 25 487.77
points recorded in the quarter ending 31
December 2022.
On a year-on-year basis, the Medium Cap, All
Share, Top 15 and Top 10 indices added
187.62%, 143.20%, 134.24% and 120.32%, up
from 26 183.01 points, 15 858.92 points, 11
532.19 points and 10 476.38 points recorded in
the same period last year.
Figure 22 shows the developments of the ZSE
All Share, Top 10 and Mining Indices for the
period from March 2022 to March 2023.

Figure 22: ZSE All Share and Top 10 and
Mining Indices
Source: Zimbabwe Stock Exchange 2023

Market Capitalisation and Turnover

The positive momentum exhibited on the ZSE
during the first quarter of 2023 resulted in the
ZSE gaining 65.36%, or ZW$1 336.59 billion
worth of capitalization to close at ZW$3 381.46
billion, compared to ZW$2 044 87 billion
recorded in the previous quarter. On a year-onyear basis, ZSE capitalization added 72.11%, in
comparison to ZW$1 964.74 billion recorded in
March 2022

31-Mar-22
30-Apr-22
31-May-22
30-Jun-22
31-Jul-22
31-Aug-22
30-Sep-22
31-Oct-22
30-Nov-22
31-Dec-22
31-Jan-23
28-Feb-23
31-Mar-23
All Share Index
Top 10 Index
Mining Index
ZSE
Indicator

Dec-22

March-23

Change
(%)
All Share
Index (points)
19 493.85
38 568.48
97.85
Top 10 Index
(points)
12 311.13
23 081.98
87.49
Top 15 Index
(points)
13 436.28
27 012.64
101.04
Medium Cap
Index (points)
36 642.44
75 307.75
105.52
Small Cap
Index (points)
452 056.95
697 921.97
54.39
Mining Index
(points)
25 487.77
37 359.78
46.58
The volume of
shares traded
(m)
764.80
364.72 -52.31
Market
Turnover ($m)
44 092.47
50 311.38
14.10
ZSE
Capitalization
($m)

Net Foreign
Position ($m)
-24 789.21
-5 186.60
79.08

Figure 23 shows the evolution of market
capitalization for the period 31st March 2022 to
31st March 2023.

Figure 23:Market Capitalization
Source: Zimbabwe Stock Exchange, 2023
During the quarter ending March 2023, due to
positive trading on the ZSE, the cumulative value
of shares traded increased by 14.10% to
ZW$50.31 billion, although the volume of shares
traded declined by 52.31% to 364.72 million
shares in the first quarter of 2023. Investors’
appetite was skewed towards some selected
wealth-preserving counters with strong balance
sheets, which attributed to the improved
cumulative value of shares traded.
Figure 24 shows developments in market
turnover volumes and values for the period from
end-March 2022 to end-March 2023.

Figure 24: ZSE Market Turnover
Source: Zimbabwe Stock Exchange, 2023

Foreign investor participation, as measured by its
contribution to the value of shares traded
increased to 11.55%, compared to 1.29%
recorded
in
the
last
quarter
of
2022.
Concomitantly,
the
net
foreign
position
improved to negative ZW$5 186.60 million,
from negative ZW$24 789.21 million registered
during the previous quarter.

Victoria Falls Stock Exchange (VFEX).
The Victoria Falls Stock Exchange (VFEX)
traded in the negative trajectory despite an
increase in new listings during the first quarter of
2023. This resulted in the VFEX All Share Index
declining by 2.94% to 92.04 points, compared to
94.83 points recorded in the prior quarter.
On an annual basis, the VFEX All Share Index
declined by 14.08%, from 107.12 points recorded
in March 2022.


31-Mar-22
30-Apr-22
31-May-22
30-Jun-22
31-Jul-22
31-Aug-22
30-Sep-22
31-Oct-22
30-Nov-22
31-Dec-22
31-Jan-23
28-Feb-23
31-Mar-23


31-Mar-22
30-Apr-22
31-May-22
30-Jun-22
31-Jul-22
31-Aug-22
30-Sep-22
31-Oct-22
30-Nov-22
31-Dec-22
31-Jan-23
28-Feb-23
31-Mar-23
Millions
Negotiated deal of Lafarge Cement
Zimbabwe Limited of 61.16M shares at

Figure 25: Victoria Falls Stock Exchange All
Share Index


Source: Victoria Falls Stock Exchange, 2023
Market Capitalization
Despite bearish sentiments that characterized the
VFEX market in the first quarter of 2023, market
capitalization added 123.72%, or US$0.55
billion worth of capitalization to close at
US$0.99 billion, compared to US$0.44 billion
recorded in the previous quarter.

The increase in market capitalization in the first
quarter of 2023 was largely attributed to new
listings by Innscor Africa Limited and Axia
Corporation Limited on 27th February 2023 and
6th March 2023, respectively. As such, these new
listings resulted in an increase in the number of
outstanding issued shares on the VFEX, hence
raising the number of trading counters to nine,
from seven in the previous quarter.


6.
PAYMENT,
CLEARING
AND
SETTLEMENT ACTIVITIES

The value of electronic transactions processed
through the National Payment Systems in the
quarter ended 31 March 2023 decreased by 5%
to ZWL$12.67 trillion from ZWL$13.37 trillion
recorded in the quarter ended 31 December 2022.
Similarly, NPS transactional volumes decreased
by 21% to 187.17 million from 238.34 million
during the same period.

Table 12 provides the statistical information on
various payment streams for the quarters ending
December 2022 and March 2023.

Table
12:
Consolidated
Transactional
Activities
Values in ZW$ Billion

Q4

Q1
Change Proportion

RTGS

POS

ATMS

MOBILE

INTERNET


TOTAL


13,370.57


12,636.04


-5%


100.00%
Volumes
RTGS

POS
39,627,73

35,252,45

-11%
18.83%
ATMs

MOBILE
187,377,6

141,981,0

-24%
75.86%
INTERNET

TOTAL
238,342,6

187,165,4

-21%


100.00%
Source: Reserve Bank of Zimbabwe, 2023


31-Mar-22
30-Apr-22
31-May-22
30-Jun-22
31-Jul-22
31-Aug-22
30-Sep-22
31-Oct-22
30-Nov-22
31-Dec-22
31-Jan-23
28-Feb-23
31-Mar-23

LARGE VALUE PAYMENTS
Zimbabwe
Electronic
Transfer
and
Settlement System
The value of transactions processed through the
RTGS system decreased by 26% from
ZWL$9.41 trillion to ZWL$7.00 trillion for the
quarter ending 31st March 2023 compared to the
previous quarter while the volume decreased by
3% to 2.90 million from 2.98 million in the
same period, as shown in Figure 26.

Figure 26: Values and Volumes of RTGS
Transactions

Source: Reserve Bank of Zimbabwe, 2023

Retail Payments
The aggregate values of retail transactions
increased by 42.33 % to ZW$5.64 trillion in the
period under review from ZW$3.96 trillion
recorded in the quarter ended 31 December 2022.
The retail volumes, however decreased by
21.71% to 184.27 million from 235.36 million
during the same period.

Figures 27 and 28 show the trend in the aggregate
values and volumes of retail transactions from
the quarter ending 30 June 2021 to the quarter
ending 31 March 2023.
Figure 27: Retail Transaction Values
Source: Reserve Bank of Zimbabwe, 2023
Figure 28: Retail Transaction Volumes
Source: Reserve Bank of Zimbabwe, 2023


Q4

Q1

Q2

Q3

Q4

Q1
RTGS Volumes Thousands
RTGS Values Billions
Volumes
Values


2021 Q2
2021 Q3
2021 Q4
2022 Q1
2022 Q2
2022 Q3
2022 Q4
2023 Q1
Mobile in Billions
Other Retail Values in Billions
POS
ATMS
INTERNET
MOBILE


2021 Q2
2021 Q3
2021 Q4
2022 Q1
2022 Q2
2022 Q3
2022 Q4
2023 Q1
Mobile Volumes in Millions
Other Retai Volumes in Millions
RTGS
POS
ATMs
INTERNET
MOBILE

Collateral1

The value of local collateral for retail payments
(Zimswitch) and central securities depository
settlement systems increased to ZW$24.34
billion in the quarter ended 31 March 2023 from
ZW$19.38 billion recorded in the previous
quarter. This was mainly due to the increase in
Chengetedzai Depository Corporation (CDC)
collateral of 94% increase from ZW$2.2 billion
to ZW$4.2 billion. as shown in Figure 29.

Figure 29: Collateral: January 2021 to
December 2022
Source: Reserve Bank of Zimbabwe, 2023
The Victoria Falls Stock Exchange Limited
(VFEX) foreign currency collateral for the
quarter
ended

March

was
US$59,776.36. It remained stable and adequately
covered the risk levels associated with the
platform’s transactional activities.


1 The local collateral figure comprises of Cheque, Zimswitch,
Chengetedzai Deposit Corporation settlement system
Access Points and Devices
During the quarter under review, the POS
population decreased to 133,205 from 135,198
recorded in the quarter ended 31 December 2022.
There were 7.10 million active mobile financial
services subscribers registered in the period
under review from 7.84 million recorded in the
fourth quarter ending 32022. The figure includes
the banked subscribers in addition to mobile
money users. Table 13 shows payment access
points and devices for the second, third and
fourth quarters of 2022 and the first quarter of
2023.


Q3 2021
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Q4 2022
Q1 2023
MILLIONS

Table 13: Payment Systems Access Points and
Devices

Source: Reserve Bank of Zimbabwe, 2023

7.
FISCAL DEVELOPMENTS
Cumulative revenue inflows for the first quarter
of 2023 amounted to ZW$1 056.64 million
against expenditures of ZW$1 078.11 million
culminating in a fiscal deficit of ZW$21.17
million. Table 14 shows the summary of fiscal
developments during the first quarter of 2023.


Table 14: Fourth Quarter 2021 and First
Quarter 2022 Fiscal Positions (ZW$ billion)

ZWL Millions
Revenue
1 056.64
Tax revenue
988.05
Non-Tax Revenue
68.59
Expenditure
1 078.11
Current expenditure
834.06
o/w employment costs
324.15
Capital Expenditure
244.06
Overall, Balance
21.17
Source: Ministry of Finance and Economic
Development, 2023
Government Revenue
Tax
revenue
collections
amounted
to
ZW$988.05 billion, accounting for 93.51% of
total government revenue, whilst non-tax
revenues collected amounted to ZW$68.59
million, as shown in Figure 30.
Figure 30: Government Revenue Structure
Source: Ministry of Finance and Economic Development,

Tax on Income and Profits amounted to
ZW$339.35 million, accounting for 36.1% of
total revenue. During the period under review.
Tax on
Income and
Profits, 36.1%
Customs
duties, 6.4%
Excise duties,
13.1%
Taxes on
Specific
Services, 2.2%
Value Added
Tax (VAT),
24.1%
Tax on gross
Revenue,
4.6%
Taxes on
financial and
capital
transactions ,
6.1%
Other Indirect
taxes , 0.2%
Non-tax
Revenue,
7.2%

Quarter
ending
June

Quarter
ending
September
20222
Quarter
ending
December

Quarter
ending
March

PAYMENT SYSTEMS ACCESS POINTS
Mobile
Banking
agents

52,983

53,248

53,514

53,781
ATMs

POS

PAYMENT SYSTEMS ACCESS DEVICES
Debit Cards

Credit Cards

Prepaid Cards

Mobile
Banking
subscribers


6,964,193


7,761,222


7,840,317


7,097,833
Internet
Banking
subscribers

624,706

629,308

628,478

626,313

value added tax collections accounted for 24.1%;
excise duty collections 13.1%; non-tax revenue
7.2%; customs duties 6.4%; taxes on financial
and capital transactions 6.1%; taxes on financial
and capital transactions 6.1%; tax on gross
revenue 4.6%; tax on specific services 2.2% and
other indirect taxes; 0.2%.
Government Expenditure
During the first quarter of 2023, government
expenditure amounted to ZW$1 078.14 million.
Government
expenditure
comprised
of
ZW$834.06
million
(77.4%)
in
current
expenditure and ZW$244.06 million (22.6%) in
capital expenditure. Table 15 shows a summary
of Government expenditure in the fourth quarter
of 2022 and the first quarter of 2023.
Table 15: Summarised Government Spending
(ZW$ billion)

Q4 2022
Q1 2023
Total Expenditure
1 058.16
1 078.11
Current
Expenditure
825.29
834.06
Employment
Costs
302.75
324.15
Operations and
Maintenance
425.22
478.82
Interest On Debt
33.56
14.80
Transfers to
Provincial and
Local Authorities
122.48
16.29
Capital
Expenditure
232.88
244.06
Source: Ministry of Finance and Economic Development,

Current Expenditure
Expenditure on operations and maintenance
increased from ZW$425.22 million of total
expenditure, in the fourth quarter of 2022 to
ZW$478.82 million in the first quarter of 2023,
attributed to increases in the use of goods and
services, grants, social benefits and subsidies.
Employment costs during the first quarter of
2023 amounted to ZW$324.15 million, a 7.07 %
increase from ZW$302.75 million realised in the
fourth quarter of 2022.
Figure 31 shows the composition of Government
expenditure in the first quarter of 2023.
Figure 31: Government Expenditure, 1st
Quarter 2023
Source: Ministry of Finance and Economic Development,

Capital Expenditure
Capital expenditure at ZW$244.06 million,
accounted for 22.63% of total spending during
the period under review. The bulk of capital
expenditure was allocated towards capital grants
and
construction
projects
such
as
the
rehabilitation of Harare Masvingo Beitbridge
road.
Overall Budget Balance
The fiscal developments in the first quarter of
2023 culminated in a budget deficit of
ZW$21.47 million. Figure 32 shows the
Operations
and
Maintanance
Transferes to
Provincial Councils
and Local Authorities
Employment
Costs
Interest
On debt
Capital
Expenditure

quarterly developments in the overall budget
balance in 2023.
Figure 32: Budget balance (ZWL Million)

Source: Ministry of Finance and Economic Development,

RESERVE BANK OF ZIMBABWE
JUNE 2023
JUNE 2023

Revenue
Expenditure
Overall
Balance
TRILLIONS
Q 4 2022
Q 1 2023
STATISTICAL TABLES
1. Depository Corporation Survey S1
2. Central Bank Survey S2
3. Other Depository Corporation Survey S3

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


S4

4.2.Reserve Bank: liabilities S5


5. Other Depository Corporation
5.1.Other Depository Asset S6
5.2.Other Depository Liabilities S7

6. Commercial Banks
6.1.Commercial Banks: Assets

S8
6.2.Commercial Banks: Liabilities
S9
7. Building Societies


7.1.Building Societies: Assets

S10

7.2.Building Societies: Liabilities S11


8. Sectoral Analysis of Commercial Banks
8.1.Sectoral Analysis of Commercial Banks’ Loans and Advances S12
8.2.Sectoral Analysis of Commercial Bank’s Deposits

S13


9. National Payment Systems


9.1.Values of Transactions


S14
9.2.Volumes of Transactions


S14

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


S15
10.2. Deposit Rates S15


11. Stock Exchange Indices


S16

12. Inflation


12.1. Monthly Inflation


S17
12.2. Quarterly Inflation


S18
12.3. Annual Inflation


S19

13. Balance of Payments
13.1. Cross Border Payments


S20
13.2. Cross Border Receipts


S21

Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
Net Foreign Assets

Central Bank(net)
-717,594,313.10 -794,405,282.55 -1,478,375,394.21 -1,802,992,102.87 -2,132,218,475.50 -2,281,673,543.14 -2,540,535,213.92 -2,594,453,844.31 -2,593,755,912.16 -2,828,947,111.97 -3,452,276,894.90 -3,703,145,007.04 -3,879,607,940.46
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)
-706,648,761.86 -771,611,360.55 -1,438,934,445.60 -1,792,258,767.54 -2,095,256,909.29 -2,220,199,503.78 -2,500,436,757.40 -2,494,250,471.13 -2,522,875,767.52 -2,826,219,433.14 -3,424,171,180.73 -3,493,460,014.79 -3,513,269,124.11
Shares and Other Equity
-647,259,441.19 -736,032,264.92 -1,471,834,260.31 -1,750,654,766.50 -2,109,505,152.97 -2,196,010,760.22 -2,353,032,948.01 -2,415,295,348.56 -2,460,253,452.61 -2,498,410,570.61 -2,986,715,368.94 -3,242,302,470.17 -3,120,696,262.03
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, 2023
Notes:
(i) Depository corporations survey - formerly Monetary Survey.
(ii) Broad money redefined using IMF's Monetary and Financial Statistics Manual of 2000. Major changes include exclusion of Government deposits held by banks from broad money.
(iii) Transferable deposits made up of demand and savings deposits.
(iv) NCDs are also referred to as securities included in broad money.
(v) All classes of time deposits, short and long term are classified as time deposits, which are also termed other deposits.
(vi) Credit to the private sector now excludes claims on other financial corporations, as well as claims on state and local government (local authorities)
(vii) Depository corporations made up of the Central Bank and other depository corporations
(viii) Other depository corporations (ODCs) - Commercial banks, merchant banks, building societies and POSB.
(ix) In December 2017, the statistics were adjusted in restrospect by reclassifying Securities issued under Aftrades from claims on government to claims on central bank
(x) In December 2017, the statistics were adjusted in restrospect by reclassifying amounts accessed by banks under the Aftrades from liabilities to Other Depository corporations and Other Financial Corporations to liabilities to Central Bank
(xi) In December 2018, statistics were revised from November 2017 due to reclassification of lines of credit (foreign liabilities) that were initially classified as deposits included in broad money
(xii) All monetary and financial statistics are valued in $ since the introduction of the interbank foreign exchange market in February 2019
(xii) All monetary and financial statistics are valued in ZWL$ since the introduction of the interbank foreign exchange market in February 2019
TABLE 1: DEPOSITORY CORPORATIONS SURVEY (ZWL$ '000)

Mar-22
Jun-22
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
Net Foreign Assets
-717,594,313.10 -1,802,992,102.87 -2,540,535,213.92 -2,594,453,844.31 -2,593,755,912.16 -2,828,947,111.97 -3,452,276,894.90 -3,703,145,007.04 -3,879,607,940.46
Claims on Non Residents

Official Reserves Assets

Other Foreign Assets

Less Liabilities to Non Residents

Short Term Liabilities

Other Foreign Liabilities*

of which blocked funds

Net Domestic Assets (NDA)

Domestic Claims

Net Claims on Central Government

Claims on Central Government

Of which: Securities Other than Shares

Loans

Loans and Advances

Legacy Debt

Export Incentives

Less Liabilities to Central Government

Of which: Deposits

Other

Claims on Other Sectors

Other Financial Corporations

State and Local Government

Public Non Financial Corporations

Private Sector

Claims on Other Depository Corporations

Of which: Loans

Other Liabilities to ODCs

Of which: Aftrades Balances

Securities

Other Items(Net)
-791,721,093.43 -1,974,951,446.35 -2,860,511,797.67 -2,963,504,823.70 -3,058,656,720.83 -3,298,528,798.05 -3,946,606,649.23 -4,210,103,398.17 -4,236,336,030.06
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

Local Currency Reserve Deposits

Foreign Currency Reserve Deposits

Exess reserves

Private Deposits

Source: Reserve Bank of Zimbabwe 2023
NB: * Other Foreign Liabilities include blocked funds amounting to USD2.2 billion assumed by the Central Bank on behalf of Government.
TABLE 2: CENTRAL BANK SURVEY (ZWL$'000)

Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
Net Foreign Assets

Claims on Non Residents

Of Which: Foreign Currency

Deposits

Other

Less Liabilities to Non Residents

Of Which: Deposits

Loans

Other

Net Domestic Assets (NDA)

Domestic Claims

Net Claims on Central Government

Claims on Central Government

Securities

Loans

Other

Less Liabilities to Central Government

Of which: Deposits

Other

Claims on Other Sectors

Other Financial Corporations

State and Local Government

Public Non Financial Corporations

Private Sector

Claims on the Central Bank

Currency

Reserves

Securities

Other Claims

Liabilities to the Central Bank

Other Items(Net)

Shares and Other Equity

Liabilities to other ressident sectors

Other Items(Net)

Deposits and Securities Included in Broad Money

Deposits Included in Broad Money

Transferable Deposits

of which FCAs

Other Deposits

Money Market Instruments

Source: Reserve Bankof Zimbabwe, 2023
TABLE 3: OTHER DEPOSITORY CORPORATIONS SURVEY (ZW$'000)

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source: Reserve Bank of Zimbabwe, 2023
TABLE 4.1: RESERVE BANK - ASSETS
Foreign Assets
Loans and advances
Investments

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source: Reserve Bank of Zimbabwe, 2023
*Bond coins first issued in December 2014
* Bond Notes issued on 28 November 2016
ZWL$ Thousands
Deposits

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

Jan
1,483.3

42,733.9

77,994.4

13,109.2

40,071.8


Feb
1,735.4

41,180.7

76,140.3

17,748.1

39,141.4


Mar
1,457.1

40,953.3

83,032.1

6,945.5

42,516.8


Apr
1,699.7

40,964.4

85,330.2

6,844.8

49,733.4


May
1,906.1

30,579.1

94,330.9

7,907.2

63,644.8


Jun
1,702.8

30,255.6

75,795.2

25,605.9

72,780.6


Jul
2,139.9

30,509.1

104,983.5

17,817.9

82,032.9


Aug
2,551.1

33,323.4

93,806.9

11,919.2

72,753.9


Sep
2,853.7

38,500.1

100,996.0

8,626.8

68,707.9


Oct
2,611.1

50,074.7

108,009.2

9,575.8

89,822.4


Nov
2,721.5

53,424.3

107,781.7

15,560.6

74,072.3


Dec
2,838.3

50,031.0

118,451.3

13,654.0

91,352.6


Jan
2,891.2

53,378.3

116,654.8

13,232.3

69,668.2


Feb
2,577.7

62,064.5

122,479.8

17,480.5

76,802.2


Mar
2,111.5

76,544.2

142,962.5

19,239.6

87,884.5


Apr
2,624.9

74,716.9

160,466.5

28,352.1

123,190.3


May
3,155.9

142,118.9

236,166.0

35,928.9

207,812.8


Jun
2,801.2

138,347.1

266,691.8

45,952.0

241,920.1


Jul
2,427.6

159,024.6

315,832.5

39,388.2

230,432.5


Aug
2,640.6

263,637.4

411,439.9

69,203.5

311,107.0


Sep
3,030.7

289,230.8

504,071.1

75,446.7

417,007.1


Oct
3,022.6

300,240.3

525,870.3

104,483.2

389,979.7


Nov
3,251.4

286,365.2

575,885.7

111,716.1

342,790.1


Dec
3,361.7

295,435.1

652,284.4

119,932.8

351,906.8


Jan
4,923.3

379,841.7

704,168.6

151,980.1

389,342.8


Feb
1,880.1

436,062.8

743,888.5

81,067.5

518,081.0


Mar
2,031.6

425,326.5

817,631.1

112,374.3

531,935.4


Source:Reserve Bank of Zimbabwe, 2023
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.
Debt Securities
Loans and Advances
Public
Enterprises
TABLE 5.1: OTHER DEPOSITORY CORPORATIONS -ASSETS
ZWL$ millions

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source:Reserve Bank of Zimbabwe,2023
TABLE 5.2 : OTHER DEPOSITORY CORPORATIONS - LIABILITIES
ZWL$ millions
Deposits
Amounts Owing to
Debt Securities

TOTAL
End of
Foreign
Bond
Notes
Balances
Balances with
Balances
Other Claims
Local
Public
Other
Contigent
Non Financial
Notes &
&
with
Other Depository
with
on
Government
1Local GovernemtPublic Enterprises
Other

Government Government
Enterprises
Institutional Units
3 Other claims
Assets
Other Assets
Assets
Coins
Coin
RBZ
Corporations
Foreign Banks Non-residents
Securities
securities

Jan
1,237.43

39,565.64

71,463.64

12,288.89

39,092.85

10,921.99

8,281.80

-

-

1.18

16.67

18.01

1,264.28

71,090.96

718.83

25,036.22

12,333.21

32,123.11

325,454.7

Feb
1,320.27

38,100.03

69,341.48

16,867.76

38,108.83

6,341.39

12,518.15

-

-

1.26

24.15

22.69

1,493.66

77,324.34

774.89

28,339.17

15,953.14

33,612.14

340,143.4

Mar
1,244.16

38,369.53

76,479.44

5,317.61

41,401.24

8,733.65

15,889.61

-

19.21

34.56

15.17

21.67

1,309.75

80,607.03

878.97

32,908.13

19,302.34

30,861.86

353,393.9

Apr
1,430.83

38,008.89

79,592.64

5,639.40

48,564.03

7,679.05

18,267.01

-

19.23

62.89

19.86

12.71

1,336.70

91,062.16

956.75

34,537.88

21,214.88

32,383.77

380,788.7

May
1,648.09

28,677.21

87,611.51

6,479.66

59,745.10

11,582.44

18,846.75

-

152.75

93.37

21.77

16.58

1,263.75

94,790.46

990.41

35,592.28

21,398.95

31,307.45

400,218.5

Jun
1,419.27

28,452.53

69,413.26

24,215.35

70,835.98

17,601.31

17,152.75

-

19.46

92.91

17.91

77.79

1,511.86

106,954.15

1,247.08

26,856.45

26,444.57

33,288.94

425,601.6

Jul
1,794.72

29,100.73

97,429.50

15,901.02

79,937.02

25,314.30

21,665.10

-

290.76

47.39

17.32

67.80

1,351.13

117,348.16

1,301.18

26,869.18

29,079.64

33,587.68

481,102.6

Aug
2,137.72

31,734.84

85,441.98

9,099.10

70,391.64

25,194.95

31,434.20

-

339.72

51.28

22.49

63.94

1,583.28

132,522.63

1,337.19

32,281.12

30,022.43

37,697.05

491,355.6

Sep
2,417.81

36,259.54

93,032.71

6,164.78

66,640.78

25,023.38

31,460.81

-

366.88

57.60

21.07

62.45

1,531.08

134,780.92

1,342.62

31,980.97

30,439.34

34,630.85

496,213.6

Oct
1,993.06

47,379.62

99,470.02

7,339.71

86,302.62

26,924.18

37,639.16

-

188.07

121.59

21.20

75.41

1,683.89

149,477.36

1,523.34

49,580.96

40,853.06

36,664.31

587,237.6

Nov
2,168.80

49,327.15

100,125.90

12,723.73

71,667.33

29,748.47

41,015.56

-

187.03

999.12

21.24

74.76

1,882.53

168,661.25

1,484.24

52,327.68

40,073.22

43,878.52

616,366.5

Dec
2,315.32

46,412.99

109,803.84

10,942.92

87,347.07

33,690.93

38,610.29

-

185.99

4,146.13

21.09

167.53

2,798.61

184,836.87

3,368.75

60,916.98

41,811.67

59,011.63

686,388.6

Jan
2,359.27

49,206.02

108,119.97

10,419.90

66,808.45

30,774.31

38,636.84

-

186.80

801.50

20.33

163.02

3,628.73

199,495.34

2,997.94

53,627.76

47,405.91

69,989.80

684,641.89

Feb
1,971.78

57,553.54

112,522.99

14,300.66

70,750.63

28,703.53

44,705.21

-

-

976.55

20.34

158.06

5,367.16

215,520.37

3,055.50

55,099.61

53,459.12

70,832.47

734,997.53

Mar
1,541.49

70,856.33

130,423.48

15,503.46

82,662.70

43,284.13

44,874.23

-

-

1,380.20

19.40

253.42

6,240.94

258,715.05

3,092.69

65,660.61

58,874.69

76,938.87

860,321.67

Apr
1,939.64

70,204.43

144,168.02

23,452.88

117,033.42

26,628.79

57,772.47

-

-

722.54

37.54

252.44

6,858.06

305,476.79

4,348.46

53,372.28

62,788.55

71,414.75

946,471.05

May
2,397.94

131,996.38

211,837.59

31,586.61

190,366.81

61,757.62

64,373.91

-

154.99

1,559.14

41.28

289.00

16,193.81

398,048.90

4,712.74

134,993.54

94,851.60

111,543.84

1,456,705.70

Jun
2,263.18

127,839.16

234,109.43

40,937.28

219,607.39

63,631.76

83,690.44

-

653.97

2,159.12

61.20

226.29

13,888.60

478,163.38

8,954.46

169,511.81

110,528.09

168,440.54

1,724,666.09

Jul
1,578.47

147,217.74

284,912.89

34,334.13

202,815.28

41,246.78

86,971.63

-

394.34

1,852.14

100.65

349.68

22,516.21

556,692.12

9,737.92

144,090.18

129,869.55

192,524.32

1,857,204.02

Aug
1,630.70

247,190.46

377,078.80

64,650.96

273,181.97

29,186.59

95,346.12

-

330.12

3,556.96

113.50

287.14

26,564.57

681,253.30

11,493.92

167,029.36

238,442.98

194,745.11

2,412,082.57

Sep
1,791.71

270,594.59

465,301.31

68,020.95

370,323.69

18,184.96

134,414.53

-

267.40

4,916.56

115.11

306.33

21,773.50

806,774.24

12,680.89

146,133.14

215,417.68

219,933.24

2,756,949.83

Oct
1,704.79

281,204.64

480,106.49

94,573.08

343,440.15

22,895.35

136,939.74

-
204.69

2,201.55

116.48

341.96

22,935.50

852,069.39

15,525.65

165,306.91

232,188.99

245,924.22

2,897,679.60

Nov
1,644.95

259,109.18

533,438.97

101,870.32

299,715.01

17,089.04

180,534.44

-
141.97

2,292.28

119.53

303.55

22,178.73

960,814.77

15,450.39

170,944.78

196,338.19

250,551.19

3,012,537.30

Dec
1,778.71

263,863.65

603,136.26

110,935.77

299,087.30

7,965.37

266,725.41

-
79.26

3,887.78

114.42

282.61

30,272.25

1,066,654.12

16,130.63

159,126.16

189,560.01

344,235.10

3,363,834.80

Jan
2,391.61

340,953.56

654,740.29

143,455.70

335,380.17

(1,443.59)

301,026.07

-

105.97

4,873.87

228.45

251.24

44,113.17

1,307,512.98

17,767.70

227,545.42

204,830.78

374,080.77

3,957,814.16

Feb
1,470.56

366,544.71

691,937.49

71,097.36

452,795.43

21,074.53

306,913.92

-

50.02

1,524.98

318.96

197.44

44,691.50

1,481,851.05

18,037.18

226,932.96

224,983.29

411,002.80

4,321,424.21

Mar
1,771.98

344,570.46

755,463.34

103,284.07

478,333.21

41,928.66

330,669.68

-

-

3,884.11

432.22

149.78

48,725.38

1,679,284.89

28,439.56

554,840.85

254,605.57

438,790.17

5,065,173.94

Source:Reserve Bank of Zimbabwe,2023
TABLE 6.1: COMMERCIAL BANKS -ASSETS
ZWL$ millions
Debt Securities
Loans and Advances

ZWL$ 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

Feb

Mar


Source: Reserve Bank of Zimbabwe, 2023
TABLE 6.2 : COMMERCIAL BANKS - LIABILITIES
Deposits
Amounts Owing to

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source:Reserve Bank of Zimbabwe, 2023
Amounts Owing to
TABLE 7.2: BUILDING SOCIETIES -LIABILITIES
ZWL$ millions

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

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


INVESTMENTS
ORGANISATIONS

Jan

Feb

Mar

Apr

May

June

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source:Reserve Bank of Zimbabwe,2023

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

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source:Reserve Bank of Zimbabwe, 2023
TABLE 8.2: SECTORAL ANALYSIS OF COMMERCIAL BANKS DEPOSITS
$ ('000)

End of
Nominal Lending
Rates2
Individuals
Corporate
Savings
3 Months2

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

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

Jan
100.00-240.00
90.05
116.03
Jan
40.00
80.00-110.00
Feb
65.00-230.00
60.12
80.88
Feb
30.00
50.00-110.00
Mar
65.00-230.00
74.35
81.46
Mar
30.00
50.00-110.00
Source:Reserve Bank of Zimbabwe, 2023
Notes
3. Lending rates exclude rates on staff loans.
TABLE 10.2 : BANKS DEPOSIT RATES (percent per annum)1
1. The range of rates qouted by banks during the period.
2. Three (3) months deposit rates revised to exclude rates on
inactive or dormant accounts.
TABLE 10.1: LENDING RATES (percent per annum)1
1. Table revised, to separate weighted lending rates for individuals and
corporate bodies.
2. Nominal Lending Rates depict the range of rates quoted by banks.
Weighted Average Lending Rates3
Commercial Banks
Commercial Banks
End of

End of
All Share
Mining
Market Turnover ZWL
$million
Volume of Shares
Market Capitalisation

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source:Zimbabwe Stock Exchange, 2023
ZW$
TABLE 11: ZIMBABWE STOCK MARKET STATISTICS
Indices

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


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Source:Zimstat, 2023
NON-FOOD INFLATION
TABLE 12.1 : MONTHLY INFLATION -- PERCENTAGE CHANGE IN CONSUMER PRICE INDEX
( FEBRUARY 2019 = 100)

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


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Source: ZIMSTAT, 2023
TABLE 12.2 : QUARTERLY INFLATION -- PERCENTAGE CHANGE IN CONSUMER PRICE INDEX
(FEBRUARY 2019 = 100)
NON-FOOD INFLATION

FOOD
INFLATION
ALCOHOLIC
CLOT HING
HOUS ING,
W AT E R,
FURNIT URE
MIS C.
FOOD &
B E VE RAGE S
&
E LE CT RICT Y,
GAS
AND
RE CRE AT ION &
RE S T AURANT S
&
GOODS &
T OT AL NON
NON
ALCOHOLIC
ALL
& T OB ACCO
FOOT W E AR
& OT HE R
E QUIP ME NT
CULT URE
HOT E LS
S E RVICE S
FOOD
B E VE RAGE S
IT E MS
FUE LS
WEIGHTS


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Source: ZIMSTAT, 2023
TABLE 12.3 : YEARLY INFLATION - % CHANGE IN CONSUMER PRICE INDEX
(February 2019 = 100)
COMMUNICAT ION
T RANS P ORT
HE ALT H
E DUCAT ION
NON-FOOD INFLATION

End of
Mar-22 Apr-22 May-22 Jun-22 Jul-22
Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23
Merchandise Imports (excl. energy)
364.4

368.7

335.1

323.2

428.4

386.5

389.0

400.9

445.9

359.3

478.5

348.7

420.9

- Consumption Goods
115.4

104.0

100.4

96.5

96.5

99.8

93.9

105.6

98.4

113.7

139.8

83.3

123.6

- Capital Goods
151.4

158.2

137.5

138.6

138.6

190.6

161.1

179.1

205.5

136.5

189.1

138.6

162.8

- Intermediate Goods
97.5

106.4

97.2

88.1

88.1

138.0

131.6

116.2

142.0

109.1

149.6

126.8

134.5

Energy (Fuel & Electricity)
108.8

92.6

123.0

149.2

169.0

155.2

201.8

166.6

151.7

220.7

156.1

148.1

169.1

Service Payments
61.2

55.6

60.7

90.9

70.9

67.2

65.4

101.2

79.1

93.0

62.1

49.5

77.6

- Technical, Professional & consult
31.9

26.6

33.4

50.2

38.9

34.0

25.9

61.9

39.9

52.5

30.8

26.5

32.6

- Software
7.4

4.9

9.0

5.0

11.1

7.4

10.9

15.2

9.5

11.9

5.5

5.5

15.7

- Other (tourism, edu, freight etc)
22.0

24.1

18.3

35.7

21.0

25.8

28.6

24.0

29.6

28.5

25.7

17.5

29.3

Income Payments (Profits, Dividends)
19.6

20.9

77.3

83.4

38.2

41.8

16.1

9.7

40.6

74.4

19.8

11.7

38.8

Capital Remittances (outward)
44.2

24.4

29.9

38.8

58.2

81.4

57.3

66.4

75.4

52.8

68.2

52.2

61.4

- External Loan Repayments
41.6

15.4

25.6

30.0

49.7

33.0

49.2

59.4

69.3

44.5

66.5

48.9

47.5

- Disinvestments
0.4

7.4

1.3

1.8

5.0

7.6

3.2

3.2

3.1

6.5

3.4

2.5

6.8

- Cross Border Investment
2.2

1.6

3.0

7.0

3.5

40.8

4.9

3.8

2.9

1.8

7.6

1.3

10.5

Other Payments
11.9

10.7

15.1

15.6

15.3

11.6

13.4

13.7

16.0

15.4

16.2

16.4

13.6

TOTAL
610.1

572.7

641.0

701.2

780.1

743.7

743.0

758.4

808.6

815.7

810.2

627.1

784.7

Source:Reserve Bank of Zimbabwe, 2023
Table 13.1: Monthly Cross Border Payments (US$ Millions)

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Jan

Feb

March

Source:Reserve Bank of Zimbabwe, 2023
Table 13.2: Monthly Cross Border Receipts (US$Millions)