SELECTED ECONOMIC INDICATORS... 2 INTERNATIONAL COMMODITY PRICE DEVELOPMENTS... 3 MERCHANDISE TRADE DEVELOPMENTS... 4 MONETARY DEVELOPMENTS...

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1 JULY i

2 Table of Contents SELECTED ECONOMIC INDICATORS... 2 INTERNATIONAL COMMODITY PRICE DEVELOPMENTS... 3 MERCHANDISE TRADE DEVELOPMENTS... 4 MONETARY DEVELOPMENTS... 6 STOCK MARKET DEVELOPMENTS... 7 INFLATION OUTTURN... 8 NATIONAL PAYMENTS SYSTEM

3 SELECTED ECONOMIC INDICATORS June July Month-on- Month Change Z.S.E. Mining Index % Z.S.E. Industrial Index % National Payment System Transactions % (US$ millions) Money Supply (US$ millions) Money Supply (M3) Annual Growth 2 (%) Yearly Inflation 3 (%) Monthly Inflation 3 (%) Nominal Lending Rate 2 (% per annum) Sources: 1. Zimbabwe Stock Exchange (ZSE) 2. Reserve Bank of Zimbabwe (RBZ) 3. Zimbabwe National Statistics Agency (ZIMSTAT) 2

4 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. Precious Metals Monthly average prices of gold declined by 2.0%, from US$1,260.57/oz in June to US$1,235.66/oz in July. 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 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, Base Metals Jul-17 Jun-17 May-17 Apr-17 Mar-17 Feb-17 Jan-17 Dec-16 Nov-16 Oct-16 Sep-16 Aug-16 Jul-16 Jun-16 May-16 Apr-16 Gold Platinum 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. 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 to US$49.65/barrel in July. 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. 3

5 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 Figure 2: International crude oil prices Figure 3: Merchandise Exports (US$ m) Source: Bloomberg, 0 Jun Source: Zimstat, Jul MERCHANDISE TRADE DEVELOPMENTS Total merchandise trade declined by 1.8%, from US$ million in June to US$US million, in July. Merchandise Export Developments Merchandise exports registered a 0.3% decline, to close the month under review at US$264.2 million. This was on the back of decreases in exports of nickel mattes, cane sugar and black tea. Gold, Tobacco and Ferrochrome exports, however, increased during the month under review. Gold, nickel, and flue-cured tobacco, exports accounted for about 56% of the total export revenues. Table 1: Exports Classified by HS Code Product June-17 US$m July-17 US$m Share of total Exports (%) Gold Nickel mattes Flue-cured tobacco Nickel ores and concentrates Ferro-chrome Chromium ores and concentrates Cane sugar Platinum Granite Black tea fermented Other Total Source: Zimstat, & RBZ Calculations, The country s merchandise exports were mainly destined for South Africa, 59.7%; Mozambique, 1 ZIMSTAT reviewed June figures. 4

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%. Kenya 1.0% Zambia 2.

1% Source: Zimstat, & RBZ Calculations, Merchandise Import Developments Singapore 0.1% Other 16.6% South Africa 59.7% Merchandise imports declined by 2.7%, from US$495.2 million in June to US$482.

6 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%. Kenya 1.0% Zambia 2.3% United Arab Emirates 4.9% Mozambique 13.9% Figure 4:Major Merchandise Botswana 0.7% Export Destinations Madagascar 0.1% Namibia 0.5% Malawi 0.1% Source: Zimstat, & RBZ Calculations, Merchandise Import Developments Singapore 0.1% Other 16.6% South Africa 59.7% Merchandise imports declined by 2.7%, from US$495.2 million in June to US$482.1 million in July. 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) Mauritius Mozambique Zambia China Singapore South Africa Source: Zimstat, & RBZ Calculations, Merchandise Trade Balance The country s merchandise trade deficit, improved from -US$230.2 million in June, to -US$217.9 million in July. This was on the back of a decline in the import bill, during the month under analysis. Figure 6: Merchandise Exports, Imports and Trade Balance (US$m) (100.0) (200.0) (300.0) Other U.K U.A.E India Japan - 0% 10% 20% 30% 40% Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Exports Imports Trade balance Source: Zimstat, & RBZ Computations, 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 % MONETARY DEVELOPMENTS Broad money 2 grew by 29.61% on an annual basis, from US$5 064.

7 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 % MONETARY DEVELOPMENTS Broad money 2 grew by 29.61% on an annual basis, from US$ million in July to US$ million in July. The growth was on the back of annual increases of 35.45% in transferable 3 deposits and 5.4% in time deposits 4. 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$ million in June. 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%. Figure 8: Composition of Money Supply June Other Deposits (Time) 24.38% NCDs 1.01% Bond Notes and Coins 3.07% 7.0 Figure 7: Money Supply Transferable Deposits 71.55% Source: Reserve Bank of Zimbabwe, The year-on-year growth in domestic credit rose by 29.22% in July, compared to 14.84% registered in July. The growth largely reflected a 55.86% expansion in net credit to Government. M3 M3 Annual Growth rate Source: Reserve Bank of Zimbabwe, Credit to the private sector recorded an increase of 5.17%, from US$ million in July to US$ million in July. On a month on month basis, credit to the private, however, 2 Beginning January, broad money was redefined using IMF s Monetary and Financial Statistics Manual of The major change is the exclusion of Government deposits held by banks and interbank deposits from broadmoney. 3 Transferable deposits are made up of demand and savings deposits. 4 All 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. 6

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 declined by 0.88%, from US$ 3 522.

6% Households 23.6% STOCK MARKET DEVELOPMENTS The Zimbabwe Stock Exchange was bullish for the fifth consecutive month in July. Consequently, the mainstream index gained 7.

This was on the back of subdued investor interest in the resources counters. Figure 10: ZSE Indices Financial Organisati ons, 10.5% 200 150 Distribution, 9.9% Services, 16.

8% 100 50 0 Source: Reserve Bank of Zimbabwe, Industrial Mining On a sectoral basis, private sector credit was distributed as follows: households, 23.6%; agriculture, 17.

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.

8 31-Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul-17 declined by 0.88%, from US$ million in June to the July figure of US$ million. Figure 9: Sectoral Distribution of Credit Transport and Communication, 2.0% Mining, 5.1% Construction, 2.0% Other, 0.6% Households 23.6% STOCK MARKET DEVELOPMENTS The Zimbabwe Stock Exchange was bullish for the fifth consecutive month in July. Consequently, the mainstream index gained 7.28 points to close the month at points. The resources index, however, declined marginally by 0.35 points, to close the month under review at points. This was on the back of subdued investor interest in the resources counters. Figure 10: ZSE Indices Financial Organisati ons, 10.5% Distribution, 9.9% Services, 16.4% Manufacturing, 12.1% Agriculture, 17.8% Source: Reserve Bank of Zimbabwe, Industrial Mining 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%. Source: Zimbabwe Stock Exchange, The ZSE market turnover volume registered a 51.98% decline, to close the month under review at million shares. Similarly, the turnover value declined by 37.84% to US$24.71 million, in July. 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. 7

Foreign portfolio investment improved in July, with net inflows at US$1.55 million, compared to net outflows of US$2.38 million in June. INFLATION OUTTURN 0.8 0.6 0.

Annual non-food inflation continued on a downward trend decelerating further to -0.67% in July from -0.37% in June. Annual food inflation, however, increased from 1.82% in June, to 1.92% in July. 2.

9 Foreign portfolio investment improved in July, with net inflows at US$1.55 million, compared to net outflows of US$2.38 million in June. INFLATION OUTTURN Figure 12: M -O-M Inflation Annual Inflation Annual headline inflation declined to 0.14% in July, from 0.31% in June. 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 from -0.37% in June. Annual food inflation, however, increased from 1.82% in June, to 1.92% in July Figure 11: Annual Inflation (%) Source: ZIMSTAT, Monthly food inflation increased by 0.03 percentage points, to close the month of July at %. 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 Headline Inflation Food Non Food Monthly non-food inflation remained in negative territory, declining further to -0.33% from -0.14% in June. This was largely due to declines in education, communication, furniture and equipment and transport categories. Source: ZIMSTAT, Monthly Inflation Month-on-month inflation declined by 0.12 percentage points, from -0.24% in June to -0.36% in July. Contributing to the slump in the month-on-month inflation were declines in both food and non food inflation. NATIONAL PAYMENTS SYSTEM Transactions processed through the National Payment System (NPS) stood at US$8.5 billion in July, down from US$8.7 million recorded in June. NPS transaction volumes, however, increased by 12.9%, from 76.1 million in June to 85.9 million in July. 8

VALUE IN US$ BILLIONS VOLUME IN THOUSANDS Zimbabwe Electronic Transfer Settlement System (ZETSS) The value of transactions processed

In volume terms, total transactions also registered a 1% decline, to close at 521 770 during the month under review.

48 million in June, to US$617.77 million in July. Cheque Transactions Cheque transactions decreased by 8.8%, from US$6.

0 100 - - Volume Value Source: Reserve Bank of Zimbabwe, Cash transactions Cash transactions closed the month of July at US$276.

10 VALUE IN US$ BILLIONS VOLUME IN THOUSANDS 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, from US$5.35 billion in June. In volume terms, total transactions also registered a 1% decline, to close at during the month under review. Figure 13: ZETSS Volumes and Va lues Card Based Transactions The total value of card based transactions increased from US$ million in June, to US$ million in July. Cheque Transactions Cheque transactions decreased by 8.8%, from US$6.28 million in June to US$5.73 million in July RESERVE BANK OF ZIMBABWE JULY Volume Value Source: Reserve Bank of Zimbabwe, Cash transactions Cash transactions closed the month of July at US$ million, a 7.4% decline from US$ million in June. 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. 9

11 Statistical Tables Monetary Statistics 1. Depository Corporations Survey Central Bank Survey Other Depository Corporations Survey 14 Other Depository Corporations 4.1 Assets Liabilities 16 Commercial Banks 5.1 Assets Liabilities 18 Building Societies 6.1 Assets Liabilities 20 Sectoral Analysis of Bank Loans and Advances and Deposits 7.1 Sectoral Analysis of Commercial Banks Loans and Advances Sectoral Analysis of Commercial Banks Deposits 22 Interest Rates 8.1 Lending Rates Banks Deposit Rates 24 Inflation 9.1 Monthly Inflation Yearly Inflation 26 External Statistics 10. Total External Debt Outstanding by Debtor Exchange Rates 28 10

12 12. Zimbabwe Stock Exchange Statistics National Payments System Statistics 13.1 Values of Transactions Volumes of Transactions Merchandise Trade Statistics 32 11

13 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 -393, , , , , , , , , , , , , Central Bank(net) -379, , , , , , , , , , , , , Foreign Assets 383, , , , , , , , , , , , , Foreign Liabilities -763, , , , , , ,032, ,034, ,005, ,004, ,004, , ,052, Other Depository Corporations(net) -13, , , , , , , , , , , , Foreign Assets 283, , , , , , , , , , , , , Foreign Liabilities -296, , , , , , , , , , , , , Net Domestic Assets (NDA) 5,457, ,552, ,642, ,877, ,056, ,193, ,247, ,346, ,439, ,630, ,768, ,066, ,190, Domestic Claims 6,895, ,978, ,059, ,180, ,554, ,669, ,645, ,784, ,922, ,181, ,453, ,775, ,910, Claims on Central Government(net) 3,134, ,227, ,299, ,381, ,679, ,747, ,862, ,003, ,034, ,316, ,466, ,729, ,885, Claims on Central Government 3,267, ,373, ,445, ,516, ,824, ,908, ,941, ,084, ,147, ,414, ,564, ,843, ,004, Central Bank 1,790, ,929, ,954, ,970, ,306, ,337, ,270, ,355, ,337, ,444, ,578, ,781, ,976, ODCs 1,476, ,443, ,490, ,546, ,518, ,571, ,670, ,728, ,809, ,969, ,985, ,062, ,027, Less Liabilities to Central Government -132, , , , , , , , , , , , , Claims on Other Sectors 3,760, ,751, ,759, ,798, ,874, ,921, ,783, ,780, ,887, ,865, ,986, ,046, ,024, Other Financial Corporations 134, , , , , , , , , , , , , State and Local Government 48, , , , , , , , , , , , , Public Non Financial Corporations 257, , , , , , , , , , , , , Private Sector 3,320, ,315, ,349, ,383, ,464, ,528, ,383, ,391, ,503, ,445, ,518, ,522, ,491, Central Bank 29, , , , , , , , , , , , , ODCs 3,290, ,289, ,320, ,354, ,435, ,497, ,355, ,357, ,469, ,413, ,486, ,489, ,457, Other Items(Net) 1,438, ,426, ,416, ,302, ,497, ,475, ,397, ,438, ,482, ,551, ,685, ,708, ,720, Shares and Other Equity 832, , , , , ,470, ,471, ,481, ,505, ,501, ,530, ,547, ,546, Liabilities to Other Financial Corporations 49, , , , , , , , , , , , , Restricted Deposits 149, , , , , , , , , , , , , Other Items(net) 405, , , , , , , , , , , , , Broad Money-M3 5,064, ,180, ,277, ,312, ,420, ,638, ,663, ,771, ,879, ,116, ,200, ,491, ,564, Securities Other than Shares Included in Broad Mon 71, , , , , , , , , , , , , Broad Money-M2 4,992, ,099, ,202, ,239, ,376, ,575, ,612, ,712, ,819, ,053, ,138, ,426, ,497, Other Deposits 1,517, ,553, ,534, ,508, ,467, ,471, ,544, ,552, ,529, ,530, ,558, ,538, ,600, Narrow Money-M1 3,474, ,546, ,668, ,730, ,908, ,103, ,067, ,159, ,289, ,522, ,580, ,887, ,897, Transferable Deposits 3,466, ,537, ,658, ,720, ,889, ,033, ,985, ,046, ,147, ,369, ,404, ,690, ,696, Currency Outside Depository Corporations 8, , , , , , , , , , , , , Source:Reserve Bank of Zimbabwe, Note: (i) Depository corporations survey - formerly Monetary Survey. (ii) Broad money redefined using IMF's Monetary and Financial Statistics Manual of 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. 12

14 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 -379, , , , , , , , , , , , , Claims on Non Residents 383, , , , , , , , , , , , , Official Reserves Assets 285, , , , , , , , , , , , , Other Foreign Assets 98, , , , , , , , , , , , , Less Liabilities to Non Residents 763, , , , , , ,032, ,034, ,005, ,004, ,004, , ,052, Short Term Liabilities 349, , , , , , , , , , , , , Other Foreign Liabilities 414, , , , , , , , , , , , , Net Domestic Assets (NDA) 1,431, ,528, ,582, ,651, ,910, ,046, ,082, ,193, ,189, ,257, ,349, ,521, ,737, Domestic Claims 1,909, ,028, ,036, ,070, ,396, ,420, ,449, ,551, ,545, ,683, ,852, ,029, ,245, Net Claims on Central Government 1,708, ,830, ,852, ,878, ,207, ,218, ,244, ,330, ,312, ,422, ,556, ,740, ,935, Claims on Central Government 1,790, ,929, ,954, ,970, ,306, ,337, ,270, ,355, ,337, ,444, ,578, ,781, ,976, Of which: Securities Other than Shares 279, , , , , , , , , , , , , Less Liabilities to Central Government 81, , , , , , , , , , , , , Of which: Deposits 81, , , , , , , , , , , , , Claims on Other Sectors 200, , , , , , , , , , , , , Other Financial Corporations 14, , , , , , , , , , , , , State and Local Government Public Non Financial Corporations 157, , , , , , , , , , , , , Private Sector 29, , , , , , , , , , , , , Claims on Other Depository Corporations 224, , , , , , , , , , , , , Other Liabilities to ODCs 276, , , , , , , , , , , , , Other Items(Net) 426, , , , , , , , , , , , , Monetary Base Incl. foreign currency clearing balances Monetary Base 1,051, ,138, ,198, ,105, ,319, ,472, ,499, ,604, ,604, ,659, ,725, ,948, ,064, Bond Coins 9, , , , , , , , , , , , , Bond Notes , , , , , , , , , Liabilities to ODCs 1,032, ,123, ,183, ,093, ,292, ,385, ,395, ,467, ,446, ,492, ,520, ,728, ,838, Reserve Deposits Other 1,032, ,123, ,183, ,093, ,292, ,385, ,395, ,467, ,446, ,492, ,520, ,728, ,838, Private Deposits 9, , , , , , , , , , , Source:Reserve Bank of Zimbabwe, 13

15 TABLE 3: OTHER 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 -13, , , , , , , , , , , , Claims on Non Residents 283, , , , , , , , , , , , , Of Which: Foreign Currency 111, , , , , , , , , , , , , Deposits 172, , , , , , , , , , , , , Other Less Liabilities to Non Residents 296, , , , , , , , , , , , , Of Which: Deposits 150, , , , , , , , , , , , , Loans 145, , , , , , , , , , , , , Other Net Domestic Assets (NDA) 5,060, ,148, ,245, ,321, ,442, ,549, ,580, ,639, ,709, ,875, ,952, ,280, ,298, Domestic Claims 4,986, ,950, ,022, ,110, ,157, ,249, ,193, ,210, ,374, ,496, ,599, ,744, ,664, Net Claims on Central Government 1,425, ,396, ,446, ,503, ,472, ,528, ,617, ,673, ,722, ,893, ,910, ,988, ,949, Claims on Central Government 1,476, ,443, ,490, ,546, ,518, ,571, ,670, ,728, ,809, ,969, ,985, ,062, ,027, Securities 1,450, ,420, ,463, ,517, ,500, ,553, ,654, ,713, ,794, ,954, ,968, ,014, ,982, Loans 26, , , , , , , , , , , , , Other - - (0.0000) - (0.0000) (0.0000) (0.00) (0.00) (0.00) - Less Liabilities to Central Government (50, ) (46, ) (43, ) (43, ) (46, ) (42, ) (53, ) (55, ) (86, ) (76, ) (75, ) (73, ) (78, ) Claims on Other Sectors 3,560, ,553, ,575, ,606, ,685, ,720, ,576, ,537, ,651, ,602, ,688, ,756, ,714, Other Financial Corporations 120, , , , , , , , , , , , , State and Local Government 48, , , , , , , , , , , , , Public Non Financial Corporations 100, , , , , , , , , , , , , Private Sector 3,290, ,289, ,320, ,354, ,435, ,497, ,355, ,357, ,469, ,413, ,486, ,489, ,457, Claims on the Central Bank 1,055, ,178, ,209, ,156, ,323, ,435, ,475, ,507, ,498, ,505, ,505, ,682, ,814, Bond Notes and Coins 1, , , , , , , , , , , , , Reserves 1,053, ,177, ,208, ,155, ,318, ,418, ,454, ,488, ,485, ,495, ,492, ,674, ,807, Liabilities to the Central Bank Other Items(Net) 981, , , , ,037, ,134, ,088, ,078, ,162, ,126, ,152, ,145, ,180, Shares and Other Equity 1,174, ,188, ,194, ,211, ,228, ,271, ,272, ,279, ,301, ,295, ,310, ,325, ,330, Liabilities to other financial corporations 46, , , , , , , , , , , , , 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, ,167, ,263, ,302, ,397, ,567, ,579, ,654, ,734, ,960, ,009, ,278, ,345, Deposits Included in Broad Money 4,975, ,086, ,189, ,229, ,353, ,504, ,528, ,594, ,674, ,897, ,947, ,212, ,279, Transferable Deposits 3,457, ,533, ,654, ,720, ,886, ,032, ,983, ,042, ,144, ,366, ,389, ,673, ,679, Other Deposits 1,517, ,553, ,534, ,508, ,467, ,471, ,544, ,552, ,529, ,530, ,558, ,538, ,600, Money Market Instruments 71, , , , , , , , , , , , , Source:Reserve Bank of Zimbabwe, 14

16 TABLE 4.1: - OTHER DEPOSITORY CORPORATIONS -ASSETS US$ millions End of Foreign Debt Securities Loans and Advances Notes Bond & Balances Balances with Balances Other Claims Notes & Coin with Other Depository with on Government 1 Local Governemt Public Enterprises Other 2 Government Local Public Other Institutional Units 3 Other cliams Contigent Assets Other Assets Non Financial Coins RBZ Corporations Foreign Banks Non-residents Securities securities Government Enterprises Assets TOTAL Jan , , ,870.8 Feb , , ,748.9 Mar , , ,887.2 Apr , , ,871.5 May , , ,898.5 Jun , , , ,080.1 Jul , , , ,021.1 Aug , , , ,153.9 Sep , , , ,319.5 Oct , , , ,343.8 Nov , , , ,477.2 Dec , , , ,814.8 Jan , , , ,642.1 Feb , , , ,746.0 Mar , , , ,995.8 Apr , , , ,199.0 May , , , ,307.6 Jun , , , ,702.8 Jul , , , ,654.3 Source:Reserve Bank of Zimbabwe, 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, 15

17 TABLE 4.1 : OTHER DEPOSITORY CORPORATIONS - LIABILITIES US$millions Deposits Debt Securities Foreign Liabilities Amounts Owing to 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 2, , , , , , Feb 2, , , , , , Mar 2, , , , , , Apr 2, , , , , , May 2, , , , , , Jun 2, , , , , , Jul 2, , , , , , Aug 2, , , , , , Sep 2, , , , , , Oct 3, , , , , , Nov 3, , , , , , Dec 3, , , , , , Jan 3, , , , , , Feb 3, , , , , , Mar 3, , , , , , Apr 3, , , , , , May 3, , , , , , Jun 3, , , , , , Jul 3, , , , , , Source:Reserve Bank of Zimbabwe, 16

18 TABLE 5.1: - COMMERCIAL BANKS -ASSETS US$ millions End of Debt Securities Loans and Advances Foreign Bond Notes Balances Balances with Balances Other Claims Local Public Other Contigent Non Financial Notes & & with Other Depository with on Government 1 Local Governemt Public Enterprises Other 2 Government Government Enterprises Institutional Units 3 Other claims Assets Other Assets Assets Coins Coin RBZ Corporations Foreign Banks Non-residents Securities securities TOTAL Jan , , ,284.4 Feb , , ,158.2 Mar , , ,311.1 Apr , , ,318.6 May , , ,312.8 Jun , , ,439.3 Jul , , ,399.6 Aug , , , ,550.2 Sep , , , ,702.6 Oct , , , ,698.6 Nov , , , ,752.2 Dec , , , ,053.8 Jan , , , ,933.1 Feb , , , ,026.4 Mar , , , ,281.0 Apr , , , ,429.3 May , , , ,515.6 Jun , , , ,869.2 Jul , , , ,829.0 Source:Reserve Bank of Zimbabwe, 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, 17

19 TABLE 5.2 : COMMERCIAL BANKS - LIABILITIES US$ millions Deposits Amounts Owing to 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 2, , Feb 2, , Mar 2, , , Apr 2, , , May 2, , , Jun 2, , , Jul 2, , Aug 2, , , Sep 2, , Oct 3, , Nov 3, , Dec 3, , , Jan 3, , , Feb 3, , , Mar 3, , , Apr 3, , , May 3, , , Jun 3, , , Jul 3, , , , Source:Reserve Bank of Zimbabwe, 18

20 TABLE 6.1: BUILDING SOCIETIES -ASSETS US$ millions Foreign Debt Securities Loans and Advances Other Assets Non Financial TOTAL End of Notes Assets Bond & Balances Balances with Balances Other Claims Notes & Coin with Other Depository with on Government 1 Local Governemt Public Enterprises Other 2 Mortgages Government Other Coins RBZ Corporations Foreign Banks Non-residents Securities securities Jan ,345.3 Feb ,351.6 Mar ,343.1 Apr ,311.8 May ,345.3 Jun ,397.7 Jul ,378.9 Aug ,359.7 Sep ,365.6 Oct ,400.9 Nov ,476.7 Dec ,505.1 Jan ,451.4 Feb ,460.4 Mar ,448.6 Apr ,496.8 May ,515.4 Jun ,548.8 Jul ,551.5 Source:Reserve Bank of Zimbabwe, 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, 19

21 TABLE 6.2: BUILDING SOCIETIES -LIABILITIES US$ millions Debt Securities Foreign Liabilities Amounts Owing to 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, 20

22 TABLE 7.1 : SECTORAL ANALYSIS OF COMMERCIAL BANKS LOANS AND ADVANCES/1 US$ thousands AGRICULTURE CO NSTRUCTIO N CO MMUNICATIO N DISTRIBUTIO N FINANCIAL & FINANCIAL MANUFACTURING MINING SERVICES TRANSPO RT INDIVIDUALS CO NGLO MERATES TO TAL END O F INVESTMENTS O RGANISATIO NS Jan 577, , , , , , , , , , , ,731,402.2 Feb 539, , , , , , , , , , , ,683,125.7 Mar 586, , , , , , , , , , , ,752,615.5 Apr 527, , , , , , , , , , , , ,777,434.0 May 522, , , , , , , , , , , , ,726,621.9 Jun 510, , , , , , , , , , , , ,784,168.3 Jul 501, , , , , , , , , , , , ,677,741.9 Aug 498, , , , , , , , , , , , ,658,391.5 Sep 487, , , , , , , , , , , , ,695,851.5 Oct 513, , , , , , , , , , , , ,720,213.0 Nov 526, , , , , , , , , , , , ,738,787.0 Dec 436, , , , , , , , , , , , ,736,479.6 Jan 448, , , , , , , , , , , , ,592,877.1 Feb 436, , , , , , , , , , , , ,553,623.0 Mar 425, , , , , , , , , , , , ,576,086.9 Apr 426, , , , , , , , , , , , ,583,970.5 May 428, , , , , , , , , , , , ,549,487.0 Jun 431, , , , , , , , , , , , ,619,882.5 Jul 459, , , , , , , , , , , , ,577,588.5 Source:Reserve Bank of Zimbabwe, /1 Including the only merchant bank still in operation. 21

23 TABLE 7.2: SECTORAL ANALYSIS OF COMMERCIAL BANKS DEPOSITS US$ thousands END OF AGRICULTURE CONSTRUCTION COMMUNICATIONS DISTRIBUTION FINANCIAL & FINANCIAL MANUFACTURING MINING SERVICES TRANSPORT INDIVIDUALS CONGLOMERATES TOTAL INVESTMENTS ORGANISATIONS Jan 231, , , , , , , , ,083, , , , ,476,845.6 Feb 226, , , , , , , , ,047, , , , ,385,835.9 Mar 243, , , , , , , , ,073, , , , ,556,027.1 Apr 243, , , , , , , , ,156, , , , ,612,179.4 May 236, , , , , , , , ,107, , , , ,638,413.9 Jun 218, , , , , , , , ,128, , , , ,628,867.8 Jul 207, , , , , ,035, , , ,114, , , , ,752,262.6 Aug 233, , , , , , , , ,227, , , , ,835,125.8 Sep 236, , , , , ,046, , , ,365, , , , ,012,752.7 Oct 239, , , , , , , , ,384, , , , ,989,737.2 Nov 318, , , , , , , , ,337, , , , ,079,628.5 Dec 258, , , , , ,020, , , ,466, , , , ,213,951.8 Jan 236, , , , , ,002, , , ,393, , , , ,157,150.0 Feb 254, , , , , , , , ,402, , , , ,215,335.3 Mar 299, , , , , ,049, , , ,400, , , , ,412,960.9 Apr 281, , , , , ,013, , , ,432, , , , ,529,037.2 May 301, , , , , ,019, , , ,454, , , , ,551,035.8 Jun 295, , , , , ,121, , , ,521, , , , ,817,597.8 Jul 309, , , , , ,143, , , ,599, , , , ,842,494.6 Source: Reserve Bank of Zimbabwe, 22

Selected Economic Indicators International Commodity Prices Merchandise Trade Developments Monetary Developments...

Selected Economic Indicators International Commodity Prices Merchandise Trade Developments Monetary Developments... NOVEMBER i TABLE OF CONTENTS Selected Economic Indicators... 2 International Commodity Prices... 3 Merchandise Trade Developments... 4 Monetary Developments... 6 Stock Market Developments... 7 Inflation